HomeMy WebLinkAboutR-84-0624t ja•,
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RESOLUTION NO.
4 24
A RESOLtlTIONO RECSIVE, OPEN, it13IDS AUTHORIZED
AND REFER TO TOE
CtT1t MANAGER FOR TABULATION AND REPAUTHORIZED
ORT 13
4-601
. T O HE RECEIVED THIS DATE UNDER RESOLUTION FIREBPREVEN-
FOR THE SALE OF $200000000 FIRE FIGHTSIN00t000 HOUSING
TION AND RESCUE FACILITIES BONDS,
BONDS, $3,000,000 STOP SEWER IMPROVEMENT BONDS AND
$'i,100,0STREET AND HIGHWAY IMPROVEMENT BONDS OF
THE CITY OF MIAMI.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI►
FLORIDA:
That bids authorized to be received this date under
Resolution No. 84-601 for the sale of $2,000,000 Fire
Fighting, Fire Prevention and Rescue Facilities Bonds,
$18,100,000 Housing Bonds, $3,000,000 Storm Sewer improve-
ment Bonds and $7,100,000 Street and Highway Improvement
Bonds of The City of Miami, Florida, be, and they are
hereby received, opened, read and referred to the City
Manager for tabulation and report.
PASSED AND ADOPTED this ._141-h _ day of June 1984.
Maurice A. Fe=e
Maurice A . Ferre, yor
ATT T'
p G. Ong e, ity C e
P EARED AND APPROVED BY:
putt' City Attorney
APPROVED AS TO FORM AND CORRECTNESS:
t Attorney
"R.rcla-Pe rosa, y
CITY COMMISSION
MEETING OF
J U ra 14 19B4
RESOLUDOW 4+U.
� rtGlpnnn+.
F. YC'st+t rFe . c` $ s : x 4"' o;-
-_
M
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1 �G
cl" OF MIAMh PLOMOA
x Y }r
INtalt-dRR'ICk MlMdfRANDUM '
Tn; Howard V. Gary May 31, 1984
City Manager DATE:
SUBJECT:
Agenda Item for Meeting
FROM: Carlos E. Garcia
Director of Finance
of June 14 , 1984
REFERENCES:
ENCLOSURES:
It is recommended that the attached Reso-
lution to receive, open, read, and refer to
the City Manager for tabulation and report
bids authorized to be received this date under
Resolution No.84-601, for the sale of $2,000,000
Fire Fighting, Fire Prevention, and Rescue
Facilities Bonds; $18,100,000 Housing Bonds;
$3,000,000 Storm Sewer Improvement Bonds;
and $7,100,000 Highway Improvement Bonds,
of the City of Miami, Florida, and setting
forth the rates of interest and other de-
tails respecting such bonds.
Resolution 84-601, authorized notice of sale of $30,200,000
general obligation bonds, bids to be received by 11:00 a.m., June
14, 1984.
This Resolution authorizes the Manager to receive, open, read, and
tabulate the bid to award the bond sale.
cc: Law Department
84"--624
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CITY Or MIAMI, FWRItyA
INTER•0FFIC1[ MEMORANCIUM
ro. Howard Y. Cary OATS: May 31 , 1984 " F_
City Manager V)a =
SUOJECT: Agenda Item for l#eetl g
of June 14, t9
FROM REFERENCES f`.J
Carlos E. Garcia - —,
Director of Finance ENCLOSURES:
It is recommended that the attached Reso-
lution to receive, open., read, and refer too
the City Manager for tabulation and report
bids authorized to be received this date under
Resolution No.84-601, for the sale of $29000,000
Fire Fighting, Fire Prevention, and Rescue
Facilities Bonds; $18,100,000 Housing Bonds;
$3,000,000 Storm Sewer Improvement Bonds;
and $7,100,000 Highway Improvement Bords,
of the City of Miami, Florida, and setting
forth the rates of interest and other de-
tails respecting such bonds be approved.
The City Commission approved Resolution. No. 84-601, on May 24th,
authorizing notice of sale of $30,200,000 general obligation
bonds.
This Resolution authorizes the Manager to receive, open, read, and
tabulate the bid to award the bond sale in agreement with previous
legislation adopted by the Commission.
Such notice of sale Mated that bids from prospective underwriters
would be received by the City Commission by 11:00 a.m., on June
14, 1984.
cc: Law Department-"
84- 624
,c
"OFF
CITY OF MiAMI. FLORIDA
M�MoRAN"SUM ATTACHMENT 1
{o Randolph Rosencrantz CATS: April 25 ; 19.84 FILE: s
Assistant City Manager
sue:Ecr: Projects to be funded
with 184 Bond Sale ,
(%
Carlos E. Garcia REFERENCES:
FROM' Director of Finance
ENCLOSURES:
Proceeds of the 1984 - $30.2M G.0-. Bond Sale are projected to be
as follows:
Housing Bonds
Affordable Housing
Overtown Park West
Streets_& Highways
City Wide Paving
Design Plaza
Manor Highway Improvement
S.W. 27th Avenue
Allapattah Industrial Area
Grand Avenue Sidewalk
Overtown Highway
E. Little Havana Highway
S.W. 16th Street Highway
Overtown Parkwest
Storm Sewers
Flagler Storm Mods.
Local Drainage E-54
Riverview P.S. Mods.
Orange Bowl P.S. Mods
Manor
Shenandoah
Leieune Station
Fire Bonds
New Communications System
Total
$ 79000,000
11 1009000
1 , 100,000
$ 250,000
500,000
7009000
70,000
11000,000
200,000
400,000
11000,000
8809000
2,100,000
7,1009000
200,000
800,000
50,000
100,000
6009000
420,000
830,000
3 , 000 , 000
2,00.0,000
$ 30,_200,000
84-624
ih'D`SF
pi
„�aPitf
4
g
1
2
G. 0. Bonds
Authorized & Issued
9/30/83,�
A -
Issued
e
Balance,
Date
Purpose
_
� $ 81,475, 000
$ 75,100,000••
$6,375,000+�
6/30/70
Highways
Pollution
Control
25,000,000
22 000 ,000
39000,000
9/28y76
Sanitary
Sewers
10,000,000
10'000 000
-0-
Fire
25,0009000
6,�00,000
.18,100,000
,3/9/76
Housing
15,000,000
12,000,000
390009000
3/7/78
Storm Sewer
4590001000
-0-
451000,000
10/7/80
Sanitary
Sewer 309000,000
6,000,000
2410009000
Streets
219000,000
89000,000
13,000,000
11/3/81
Fire
20,000,000
-0-
2010001000
3/12/84
Police
30 000 000
-0-
30 000 000
Sewer
, 0
9
. ,
*Interest limit of 7%
84--624
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Dated: June 1, 1984
PREUNWARY OFFICIAL. STATEMENT DATED JUNE , 19"
In the opinion bf 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 taxis 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
front intangible personal property taxes imposed by Chaper 199, Florida Statutes.
NEW ISSUE
$309200,1000
The City of Miami, Florida
General Obligation Bonds
S 2,000,000 Fire Fighting, Foe Prevention and Rescue Facilities Bonds
18,100,000 Housing Bonds
3,000,000 Storm Sewer Improvement Bonds
7,100,000 Street and Highway Improvement Bonds
Due: June 1, in the years as shown below
Interest on the Bonds is payable semi-annually on June 1 and December 1 in each year, commencing
December 1, 1984. The Bonds are issuable as fully registered bonds in the denomination of $5.000. Interest on
the Bonds gill be payable to the registered owners shown on the registration books of the City on the fifteenth
day of the nwrith preceding an interest payment date, by check or draft mailed to such
blregistered owners by and
the
Bond Registrar and Paying Agent. The principal of, and premium, if any, are pay uponpresentation
surrender of the Bonds, at the option of the registered owner, at Chemical Bank, in the Borough of Manhattan
in the City and State of New York, as Bond Registrar and Paying Agent or at Pan American Bank, N.A., in the
City of Miami, Florida as Paying Agent.
The Bonds maturing on or after June 1, 1995 are subject to redemption at the option of the Commission of
the City, on and after June 1, 1994, in whole on any date, or in part in the inverse order of their maturities (by
lot within any maturity) on any interest payment date, at redemption prices ranging from % to 100%, plus
accrued interest.
The Bonds are general obligations of the City for which its full faith, credit and taxing Power are pledged.
and are payable from unlimited ad valorem taxes levied on all taxable property in the City (excluding homestead
exemptions, as required by law).
MATURITIES, AMOUNTS, RATES AND YIELDS OR PRICES
(Accrued interest to be added)
Due
principal
Ykld or Due Principal Yield or
Price lone 1 Amount Rate Price
Due
June 1
Principal Ykid or
Rate ate Price
lnne 1
1986
Aaaum
S 380,000
—" — —
1997 $1,1,185.000000
2006 $
2007
865,000
865,000
1987
1988
8001000
810.000
1997
1998 1,210.000
2008
865.000
1325,000
1999 1,240,000
2000 1,270,000
2009
2010
865,0001989
,000
865865,000
1990
1991
840.000
915,000
2001 1,455,000
2011
201
1,
1, 080,000
1992
1993
930,000
950.000
2002 1,485.000
2003 1,520,000
2013
1,080.000
1994
980.000
2004 1,580,000
2014
1,310.000
1995
990,000
2005 650,000
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 8c Petty, New York, New York, Bond Counsel, and to
certain other conditions. It is expected that the Bonds in definitive for ni will be available for delivery in New York,
New York, on or about June , 1984.
Sealed proposals will be received by the Commission of the City, at its regular place of meeting in the City
Hall. 3500 Pan American Drive, Dinner Key, Miami, Florida, until 10:00 A.M., Miami time, on Thursday. June
14, 1984. Please refer to the official Bid Form and Notice of Sale, which outline the terms and conditions for
the submission of offers to purchase the Bonds.
June , 1984
84-624
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64SOCat .o..prvdf of May 17; 1994
TRE MY OF MIAMI, FLORIDA
MEMBERS OF BOARD OF CITY COMMISSIONERS
MAURICE A. FERRE, Mayor
JOE CAROLLO MILLER J. DAWKINS
DEMETRIO PEREZ, JR.
J. L. PLUMMER, JR.
CITY OFFICIALS
City Manager .........................
H. V. GARY
City Attorney .................... J. GARCIA-PEDROSA
Assistant City Manager ........... R. B. ROSENCRANTZ
Director of Finance ...................... C. E. GARCIA
City Clerk .... ............... ........... . R. G. ONGIE
Bond Counsel
BROWN, WOOD, IVEY, MITCHELL & PETTY
New York, New York
Financial Advisor
JAMES J. LOWREY & CO. INCORPORATED
New York, New York
Independent Certified Public Accountants
COOPERS & LYBRAND
Miami. Florida
84 -624
• 8Ws, IN.., TytM (212) 962►5222
6401 ••••PWf of May 17, 1984
This Of lai Statement does not constitute an offer to sell Bonds in any jurisdiction to any person to
whom it is unluwfW to mane such offer In such jurisdiction. No dealer, salesman, or any other person has
been authorized to give any Information or make any representation, other than those contained herein, in
connection with the offering of those Bonds and, if given or made, such information or represenbtion must
not be reHW upon. The information and expressions of opinion herenn are subject to change without notice
and nether the delivery of this Offlclal Statement tar any sale made hereunder shall, tinder any circum-
stances, create any implication that there will be to change In the affairs of the City from the date hereof
to the date of the delivery of the Bonds, but we paragraph beaded "Closing Certificate" herein.
TABLE OF CONTENTS
P
Summary Statement
TheCity ...............................
a
The Bonds .............................
in
Intent Payment Dates ...................
N
Optional Redemption ....................
NO
Tax Exemption ........................
ON
Application of Proceeds .. .... ........
(lid
Security, Authorization and Validation ......
ON
Description of the issue
Introduction ............................
ME
The Bonds .............................
ME
General ............................
in
Interest Payment Dates ...............
ME
Maturity Schedule ..................
(n
Optional Redemption ................
loco•
Security. Authorization and Validation ..
u
November. 1984 Constitutional Referen-
dum on Revenue Limitations .........
iu
Application of Proceeds ..................
(d
Tax Exemption .........................
iE
Credit Ratings .. ... .................
ie
Sale at Competitive Bidding ........... . ...
1111E
Litigation .............................
n
Auditors... .. .......................
n
Approval of Legal Proceedings ............
h
Closing Certificate .......................
ill
Debt Summary
Payment of Bonds and Bond Election
Requirement .. .... .. .. .. ........
ON
Debt Statistics and Various Debt Ratios .....
ON
Legal Debt Limitation ....................
lU
Selected Debt Data .. .......... ......
ON
General Obligation Bonds Authorized But
Not Issued .... .. .................
n
Proposed Revenue Bond Issues ............
(ice
Capital Improvement Program .............
u
Financing The Six -Year Capital Improvement
Program ..... I ..... ............
n
Leases and Other Contractual Commitments ..
ON
Description of The City
The City ............................... to
Geography .......................... NO
Climate ............................ in
Population ......................... ME
Government of Miami ................ q
Mayor and City Commissioners .. , ..... ME
Administration of the City ............ in
Scope of Services and Agency Functions. in
f ,v
Regional Government Services .........
ME
Medical Facilities .................
iE
Recreational Facilities ................
p
Cultural Facilities and Affairs .........
ME
Educational Institutions ...............
q
Financial Information ....................
(q
General Description of Financial •
Practices . ........ ...... ....
(�
Statement of Revenues and Expenditures
to
Description of Revenues ..............
ON
Procedure for Tax Levy and Tax
Collection ........................
ME
Tax Schedules and Tables ............
h
Pension and Retirement Plans .........
UK
Labor Relations • .....................
ME
Risk Management ...................
ME
Economic and Demographic Data ..........
in
Introduction and Recent Developments ..
ON
Metrorail ..........................
ME
Bayside.......... .. ............
in
Southeast Overtown/Park West ........
00
Sports and Exhibition Center ..........
00
Insurance Exchange of the Americas ....
ME
Corporate Expansion .................
ON
Industrial Development ...............
00
Financial Institutions .................
ON
Tourism ...........................
ME
Film Industry .......................
p
Agriculture.........................
u
Expert.............................
ON
Miami International Airport ...........
ON
Port of Miami ......................
ME
Family Income ......................
ME
Retail Sales ........................
ON
Employment ........................
in
Housing .........................
NO
Building Permits ....................
ON
Approval and Offering Statement ...........
ME
Financial Statements
Index to Financial Statements .............. ON
Accountant's Report ..................... ON
Financial Statements ......................SO
Notes To Financial Statements ............. ME
Appendix
A. Form of Opinion of Bond Counsel For
Bonds ............................ NO
B. Letter of City Attorney re: Litigation ..... ME
84-624
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64.L --PMOf Of May 17, 'V5%
$30,200,i
THE CITY OF NIA
General Obligation tons
coosistlg of
$ 2,000,000 Fire Fighting, Fire prevention and Rescue Facilities Bonds
18,100,000 Housin8 Bonds Improvement Bonds
3,000,000 Storm Sewer Imp Improvement Bonds
7,100,000 Street and High Y P
SUMMARY STATEMENT
(Subject in all respects to the more complete information contained
elsewhere in this oMdai Statement.)
The City t city
was fu-st settled in 1836 and was
The City of Miami in Dade County. the larges fowl east coasttof Florida along thn the State Of e western shore of Biscayne Bay and
incorporated in 1896. It is located on the miles of land and 19.5 square miles
is the southernmost large city in the United States. It comprises 34.3 squareof the Federal Government
of water. The 1982 population estimate being used by the Office of Revenue Sharing
is 382,726, representing 22.1% of the total population of Dade County.
The Bonds
The Bonds are being issued in the aggregate Principal amount of 530.200,000, are dated June 1. 1984, are registered bonds in the denomination of $5.000. Interest on the Bonds will be payable to the
issuable as fully regi of the month preceding an
registered owners shown on the regisaason books of the City on the f the Bo�ttd Registrar and Paying Agent;
interest payment date, by check or draft mailed to such registered ownersand surrender a the Bonds, at the option
the principal of, and premium, if any, are payable upon presentation
mical Bank, in the Borough of Manhattan in the City and State of New York as Bond
of such owner. at Che
Pan American Bank, N.A., in the City of Miami, Florida as Paying Agent.
Registrar and Paying Agent. or at
Interest Payment Dates
The Bonds beat interest at the rates per annum set forth on the cover page of this Official Statement, payable
semi-annually on June 1 and December 1 of each year. cotamencing December 1, 1984, and mature on tune 1
in the years and principal amounts set forth on the cover page of this official Statement.
optional Redemption
r June 1, 1995 are subject to redemption, at the option of the Commission of
.� Bonds Ong on or afte
the City, on and after June 1, 1994, in whole on any date, or in Pact in the inverse order of their ma► cities (by
lot �,y maturity) on any interest payment date, at the following redemption prices, plus accrued interest
to the date of redemption: Aedemp" price
o
adeatmt
pPe
(data dve)
%
June 1,
1994to May 31, 1995
......................................
%
June 1,
1995 to May 31. 1996
..........................................
%
June 1,
1996 to May 31,1997
.........................................
%
June 1,
1997to May 31,1998
..........................................
%
June 1,
1998 to May 31. 1999
............. ............
%
June 1,
1999to May 31,2000
............
..........................................
%
June 1,
2000 and thereafter ................................
B4-6 24
011) Oil -Sin
64SiC=I --Proof of May 17, 19U
Taal Exemptbn
In the opinion of Brown, Wood, Ivey. Mitchell tit 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 profits on debt obligations owned by corporations, as defined in said
Chapter 220. The Bonds are exempt from intangible personal property taxes imposed by Chapter 199, Florida
Statutes.
AppWitlon of Proceeds
$2,000,000 Fine Fighting, Fin Prevention and Rescue Facilities Bonds
Ordinance No. 9296, as amended, authorized the issuance of $21,000,000 Fire Fighting, Fore Prevention and
Rescue Facilities Bonds for the purpose of paying the cost of fire fighting, fire prevention and rescue facilities.
$8,000,000 principal amount of such bonds has been issued and an additional installment of $2,000.000 of such
bonds is being offered hereunder.
$18,100,000 Housing Bonds
Ordinance No. 8514 authorized the issuance of $25,000,000 Housing Bonds for the purpose of providing
housing in the City for families and persons, including the elderly, of low or moderate income. $6,900,000
principal amount of such bonds has been issued and a final installment of 518,100,000 of such bonds is being
offered hereunder.
$3,000,000 Storer Sewer Improvement Bonds
Ordinance No. 8736 authorized the issuance of $15,000,000 of Storm Sewer Improvement Bonds for the
purpose of paying the cost of the construction of permanent drainage facilities within the City. $12,000,000
principal amount of such bonds has been issued and a final installment of 53.000,000 of such bonds is being
offered hereunder.
$7,100,000 Street and Highway Improvement Bonds
Ordinance No. 9129 authorized the issuance of $30,000.000 Street and Highway Improvement Bonds for the
purpose of paying the cost of street and highway improvements in the City. $6,000,000 principal amount of such
bonds has been issued and an additional installment of $7,100,000 of such bonds is being offered hereunder.
Security, Authorization and Vr'idation
The Bonds will be general obligations of the City for which its full faith, credit and taxing power are pledged.
and are payable from unlimited ad valorem taxes on all taxable property in the City (excluding homestead
exemptions for certain persons who are aged. disabled or otherwise qualified therefor as required by law),
The Bonds shall be issued under and pursuant to the laws of the State of Florida, the Charter of the City and
ordinances and resolutions of the Commission of the City. The Bonds have been authorized under the provisions
of the City Charter, including particularly Section 58 thereof, and certain ordinances and resolutions adopted by
the Commission of the City. The Bonds have been approved by the electors and validated as follows:
The Fore Fighting, Fire Prevention and Rescue Facilities Bonds were approved by the electors on November
3. 1981 and were validated by judgment of the Circuit Court of Dade County on July 13, 1982. No appeal was
taken.
The Housing Bonds were approved by the electors on March 9. 1976 and were validated by judgment of the
Circuit Court of Dade County on February 17, 1977. No appeal was taken.
The Storm Sewer Improvement Bonds were approved by the electors on March 7, 1978 and were validated
by judgment of the Circuit Court of Dade County on October 20. 1978. No appeal was taken.
The Street and Highway Improvement Bonds were approved by the electors on October 7. 1980 and were
validated by judgment of the Circuit Court of Dade County on January 11, 1982. No appeal was taken.
ii
84-f 24
New. H. Tom (212) %2.31n
• 6450iy444wt of May M 1093
OEFICL41. STATE WENT
$30,200t000
THE CITY OF MIAMI, FLORIDA
General Obligation Bonds
Con"Ing of
$ 2,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
18,100,000 Housing Bonds
3,000,000 Storm Sewer Improvement Bonds
7,100,000 Street and Highway Improvement Bonds
DESCRIPTION OF THE ISSUE
INTRODUCTION
t
The purpose of this Official Statement of The City of Miami. Florida (the "City'), which includes the cover
page and appendices hereto. is to set forth information -concerning the City and its general obligation bonds to be
issued in the total principal amount of $30,200,000 (the "Bonds"), consisting of four different series of general
obligation bonds of the City authorized by the Commission of the City, approved by the electors and remaining
unissued, as hereinbelow mentioned.
THE BONDS
The Bonds are being issued in the aggregate principal amount of $30,200.000. are dated June 1. 1984, are
issuable as fully registered bonds in the denomination of S5,000 or whole multiples thereof, registrable as to both
principal and interest. Interest on the Bonds will be payable by check or draft mailed to the registered owners
shown on the registration books of the City on the fifteenth day of the month preceding an interest payment date,
_ by check or draft mailed to such registered owners by the Bond Registrar and Paying Agent (the "Record Date").
irrespective of any transfer or exchange of such Bond subsequent to such Record Date and prior to such interest
payment date. unless the City defaults in the payment of interest due on such interest payment date. In the event
of any such default, such defaulted interest will be payable to the person in whose name such Bond is registered
at the close of business on a special record date for the payment of such defaulted interest established by notice
mailed by the Trustee to the registered owners of Bonds not less than 15 days preceding such special record date.
Such notice shall be mailed to the person in whose name the Bonds are registered at the close of business on the
fifth day preceding the date of mailing. The principal of, and premium, if any, are payable upon presentation and
surrender of the Bonds, at the option of such owner, at Chemical Bank. in the Borough of Manhattan in the City
and State of New York as Bond Registrar and Paying Agent, or at Pan American Bank, N.A.. in the City of Miami,
Florida as Paying Agent.
Interest Payment Data
The Bonds bear interest at the tales per annum set forth on the cover page of this Official Statement, payable
semi-annually on June 1 and December I of each year, commencing December 1, 1984, and mature on June I
in the years and principal amounts set forth on the cover page of this Official Statement and as follows:
a
84—G24
Maturity Sebeduk
mew* owe
Julie 1
1986
$ 295,000
1987
295.000
1988
295,000
1989
295,000
1990
295,000
1"1
365,000
1992
365,000
1993
365,000
f994
365,000
1995
360.000
1996
505,000
1997
503,000
1998
505,000
1999
505,000
2000
505,000
2001
650.000
2002
650.000
2003
650,000
2004
650.000
2005
650,000
2006
865,000
2Q07
965,000
2008
865,000
2009
8651000
2010
965.000
2011
1,080+000
20I2
11080.000
2013
1,235,000
2014
1,310.000
rrUUMIS
$ -0-
200,000
190,000
180,000
170,000
160,000
130.000
140,000
130,000
120,000
110,000
100.000
90.000
80.000
60,000
50.000
30,000
20,000
20,000
s+orro
s.�
$ 85,000
95.000
1001000
110,000
120,000
115,000
125,000
130,000
150.000
150,000
155,000
170.000
175,000
185,000
205,000
220,000
230,000
235,000
245,000
Sums "d
u
S -0-
210,000
225,000
240.000
255,000
275.000
290,000
315,000
335.000
360,000
385.000
410,000
440.000
470,000
500.000
535,000
575,000
§15,000
665.000
tow
hbdpd
ANIGUN
S 380,000
800.000
$10,000
825,000
940,000
915,000
930,000
950,000
980,000
990.000
1.155.000
1,185.000
1,210,000
1,240,000
1.270.000
1,455,000
1,485,000
1,520,000
1.580,000
650,000
863,000
965.000
865,000
965,000
865.000
1.080.000
1,080.000
1,235.000
1,310,000
Optional Redemption
•U Bonds maturing on or after June 1. 1995 are subject to redemption, at the option of the Commission of
the City, on and after June 1, 1994, in whole on any date, or in part in the inverse order of their maturities (by
lot within any maturity) on any interest Payment date, at the following redemption prices, Plus accrued interest
to the date of redemption: Price
Bede tnuiWdW of
ItedmPtlasPeriod p tprl -0-)
(tadadret
% June 1,1994to May 31,1995 ..............................
June 1,1995 to May 31,1996 .............................. %
June 1.1996to May 31.1997 .............................. %
June 1,1997to May 31,1998 .............................. %
June 1.1998to May 31,1999 .............................. %
Jute 1,1999 to May 31.2000 .............................. %
June 1. 2000 and thereafter .................................
2
e •I
' ".-H. 7'yrrel (212) 962-3222
6450C-1- Proof of May 11, 1983
The City is required to give notice of redemption of the Bonds by publication in a newspaper of general
circulation in the City and In a financial newspaper or journal of national circulation published in the City of New
York, New York, said publications to be at least 30 days but not more than 60 days prior to the redemption date.
Security, Atathorizatinu and Vaiidatkm
The Bonds will be general obligations of the City for which its full faith, credit and taxing power are pledged,
and are payable from unlimited ad valorem taxes on all taxable property in the City (excluding homestead
exemptions for certain persons who are aged, disabled or otherwise qualified therefor).
The Bonds shall be issued under and pursuant to the Constitution and other laws of the State of Florida, the
Charter of the City and ordinances and resolutions of the Commission of the City. The Bonds have been authorized
under the provisions of the City Chatter, including particularly Section 58 thereof, and certain ordinances and
resolutions adopted by the Commission of the City. The Bonds have been approved by the electors and validated
as follows;
The Fire Fighting, Fire Prevention and Rescue Facilities Bonds were authorized by Qrdinance No. 9296.
adopted July 23. 1981, as amended by Ordinance No. 9406, adopted on April 1, 1982, were approved by the
electors on November 3, 1981 and were validated by judgment of the Circuit Court of Dade County on July 13,
1982. No appeal was taken.
The Housing Bonds were authorized by Ordinance No. 8514, adopted February 4. 1976, were approved by
the electors on March 9. 1976 and were validated by judgment of the Circuit Court of Dade County on February
17, 1977. No appeal was taken.
The Storm Sewer Improvement Bonds were authorized by Ordinance No. 8736. adopted January 11, 1978,
were approved by the electors on March 7, 1978 and were validated by judgment of the Circuit Court of Dade
County on October 20, 1978. No appeal was taken.
The Street and Highway Improvement Bonds were authorized by Ordinance No. 9129, adopted July 10.
1980, were approved by the electors on October 7, 1980 and were validated by judgment of the Cinmit Court of
Dade County on January 11, 1982. No appeal was taken.
Future Revenue iLimitatkms
In 1983, a proposed amendment to the Constitution of Florida was initiated by citizen petition, which would
limit the amount of revenues (defined to include ad valorem taxes, other taxes, and all other receipts) which the
State and each of its taxing units (such as counties, municipalities and special taxing districts) would be allowed
to collect in any subsequent fiscal year.
The proposed amendment was scheduled to be voted on in the November, 1984 general election. However,
on March 27, 1984 the Florida Supreme Court announced its decision in Fine v. Firestone, which found the
proposed constitutional amendment to be insufficient for failure to comply with the single subject requirement of
the Florida Constitution and instructed the Secretary of State to take the appropriate action so that the amendment
ruled upon would not appear on the November 1994 ballot. All seven justices concurred in the result of the
Supreme Court which is the State's court of last resort.
The Legislature of Florida is presently in session and is considering various other revenue limitation
proposals,. some of which would take the form of proposed constitutional amendments which would not take effect
unless approved at a state-wide referendum, and some of which would take the form of state statutes effective
without voter approval. No prediction can be made as to whether any such proposal will even take effect, or what
impact any such proposal may have upon the financial operation of the City, if any.
APPLICATION OF PROCEEDS
$2,000,000 Fire Fighttag, Fire Prevention and Rescue Facilities Bonds
Ordinance No. 92%, as amended, authorized the issuance of $21.000,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds for the purpose of paying the cost of fire fighting, fire prevention and rescue facilities.
K
84—f 24
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Beni. R..io (212) 062•92U
643oC•1_-proof of May 17. 1983
including the construction, reconstruction and improving of fire stations, an administration building. other
structures, equipment, vehicles and communication systems related to the training, administration and operations
of the Fire Department and the acquisition of any necessary land and equipment. S8.000.000 principal amount of
such bonds has been issued and an additional $2,000,000 of such bonds is being offered hereunder.
$18,100,000 Housing Bonds
Ordinance No. 9514 authorized the issuance of $25.000,000 Housing Bonds for the purpose of providing
housing in the City for families and persons, including the elderly, of low or moderate income, pursuant to
agreements between the City and Dade County, by assisting Dade County in financing such housing, or by
increasing the security and marketability of obligations that shall be issued by Dade County to acquire, construct
and rehabilitate such housing on a self-liquidating basis. $6,900,000 principal amount of such bonds has been
issued and a final installment of $18,100.000 of such bonds is being offered hereunder. These bonds are to be
issued to finance the purchase of land in conforrimance with agreements of cooperation, dated January 18, 1983
and March 31, 1983, between the City and Dade County, which land is to be conveyed to developers for the
purpose of implementing programs to provide housing in the City for families and individuals.
$3,000,000 Storm Sewer Improvement Bonds
Ordinance No. 8736 authorized the issuance of $15,000,000 of Storm Sewer Improvement Bonds for the
purpose of paying the cost of the construction of permanent drainage facilities within the City. A poition of the
proceeds will be used to construct drainage facilities in conjunction with street improvement projects in certain
portions of the City. $12,000,000 principal amount of such bonds has been issued and a final installment of
$3,000,000 of such bonds is being offered hereunder.
$7,100,000 Street and Highway Improvement Bonds
Ordinance No. 9129 authorized the issuance of $30,000,000 Street and Highway Improvement Bonds for the
purpose of paying the cost of street and highway improvements in the City, including the constructing, recon-
structing, extending, widening. grading. paving, repaving, macadamizing and remacadamizing of highways,
streets, and other public ways, with necessary drainage, sewer inlets, manholes, catch basins. sidewalks, curbs,
gutters and appurtenances and the acquisition of land and rights of way and the landscaping, clearing and leveling
thereof. S6,000,000 principal amount of such bonds has been issued and an additional installment of $7,100.000
of such bonds is being offered hereunder.
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 profits on debt obligations owned by corporations, as defined in said
Chapter 220. The Bonds are exempt from intangible personal property taxes imposed by Chapter 199, Florida
Statutes.
CREDIT RATINGS
The Bonds have received the credit ratings of by Standard & Poor's Corporation and by Moody's
Investors Service. Inc. Certain information and materials not included in this Official Statement were furnished
to the rating agencies. Generally, rating agencies base their ratings on the information and materials so furnished
and on investigations, studies and assumptions by the rating agencies. Such credit ratings reflect only the views
of such 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 win continue for any
given period of time or that they will not be revised or withdrawn entirely by either or both of such credit rating
agencies, if in their respective judgments circumstances so warrant. A revision or withdrawal of any such credit
rating may have an adverse effect on the market price of the Bonds.
4
84--624
4
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640C.
SALE AT C0MPETCf1VE BtDDtNG
Sealed proposals will be received by the Commission of the City, at its regular place of meeting in the City
binner Key, Miami, Florida, until 10-00 A.M., Miami tithe, on Thutsday, Junt
1laii, 3500 Pan American Drive, 14, 19M. Please refer to the Offithe Bonds. Bid Form and Notice of Sett, which outline the terms and conditions for
the submission of offers to purchase
LITIGATION
The City is currently involved in certain pension litigation and related matters as described in Note 14(Athe
) in
the Section "FINANCIAL STATEMENTS." in addition, other litigation is pending involving claims which be
lawsuits ate discussed in the City Atomel' s letter attached hereto as Appendix
City` These in a letter to be submitted as a closing document.
updated by the City Attorney
There is not now pending any litigation restraining or enjoining the issuance or delivery of the Bonds or the
levy or collection of taxes to pay the principal of or the interest on the Bonds, or questioning the proceedings or
authorization under which the Bonds are to be issued, or affecting the validity of the Bonds.
AUDITORS
The financial estate ts of the City set forth in this Official Statement have certified public accountants, for the fiscal year ended September 30, examined8s stated iby n their
Lybrand.t e City
of this Official Statement. (See
report o the City Commission dated January 13, 1984, and are an integral part
the Section "FINANCIAL STATEMENTS.")
APPROVAL OF LEGAL PROCEEDINGS
Certain legal matters incident to the authorization and issuance of the Bonds are subject to the appn wiprovll be
of
Brown, Wood, Ivey. Mitchell petty. New York, New York, Bond Counsel, whose legal op
cost to them, at the time of the delivery of the Bonds and will be printed on
available to the underwriters• no
the Bonds.
CLOSING CERWICATE
Certificate of City Manager and Director
of Finance Concerning Official Statement
Concurrently with the delivery of the Bonds, the City Manager and the Director of Finance will famisof the
h their
certificate date of delivery off thethe Bonds.Bonds did not and does not contaithat, to the best of their n an Untrue , this lstatemenial Statement, amaterial f date
t o of and to state
a material fact necessary to make the statements contained therein. in the light of the circumstances under which
they were made, not misleading.
DEBT SUMMARY
Tire infomsation under this heading is subject in all respects to the more detailed fmancial information
contained in audited financial statements of the City. (See the Section -FINANCIAL STuA�'�e�y Commission
tefett ne is made o the report of Coopers & Lybrand dated January
and the matters noted therein.
Payment of Bonds and Bond Eliection Requiremut
pursuant to the Florida Constitution, there is no limit on the amount of ad valorem taxes the City must levy
for the payment of voted bonds. The City is limited o a maximum tax evy Cityservi es10 .sper othesthan for theepayment
of the assessed value of real estate and tangible personal property
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of voted bonds. Ad valorem taxes levied for periods not exceeding two years and authorized by a vote of the
electorate are excluded from such 10 mill limitation.
.z.
The Florida Constitution requires the approval .of electors prior to the issuance of bonds payable from ad r
valorem taxes. A provision of the Florida Constitution limiting such vote to electors who were owners of freeholds 3
not wholly exempt from taxation within the subdivision was declared void in 1972. Accordingly, all qualified
electors in the City are eligible to vote in bond elections. The remainder of the relevant section of the Constitution
providing for ad valorem taxation was held valid and is operative.
Debt Statistics and Various Debt Ratios
The following tables detail the City's debt statistics and significant comparative ratios of debt to population
and to the City's tax base.
Current Debt Ratios of the City of Miami
FACTORS:
Assessed Valuation(l).............................. :........
Net Taxable Assessed Valuation ..............................
City of Miami Debt, Net of Capitalized Reserve Funds
General Obligation .......................................
SpecialObligation(2).....................................
Combined Net Direct Debt (September 30, 1983) ............
Overlapping Debt, Net of Capitalized Reserve Funds, C 22.1%
General Obligation ................................. . .... .
SpecialObligation(2).....................................
Combined Net Overlapping Debt (September 30, 1983) .......
Population of Miami(3)......................................
Assessed Valuation Per Capita ................................
Net Taxable Assessed Valuation Per Capita .....................
DEBT RATIOS:
Net Direct General Obligation Debt as a Percent of
Net Taxable Assessed Valuation ............................
Combined Net Direct and Overlapping General Obligation
Debt as a Percent of Net Taxable Assessed Valuation ...........
Net Direct General Obligation Debt Per Capita ..................
Combined Net Direct General and Special Obligation
DebtPer Capita ..........................................
Combined Net Direct and Overlapping General Obligation
Debt Per Capita ..........................................
Combined Net Direct and Overlapping General and Special
Obligation Debt Per Capita .................................
$124,955,444
74,435,755
$115,356,475
59,962,604
$8,659,281,000
$7,738,386,000
$ 199,391,199
$ 175,319.079
382.726
$ 22,625
$ 20.219
1.61 gib
3.11%
$ 326.49
$ 520.97
$ 627.89
$ 979.05
(1) Assessed valuation as of September 30, 1983, using 100% of assessed values as mandated by Florida law.
(2) Special obligation debt is payable from revenue sources other than ad valorem taxes.
(3) Based on population estimate as of July 1, 1982 being used by the Federal Office of Revenue Sharing. The
City plans to challenge this estimate as understated.
6
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64SOC-1.44aof of May 11, 1993 =z
Ratio of Net Cameral Bonded Debt
to Net Assessed Value and Net General Obilgation Bonded Debt Per Capita
1tWo of
Net Gerard
Net
Net Geaenit
D"ded Debt
ObHpflm
Amassed
Homestead
Amused
Oblis s"
to Net
Bonded Debt
Sepeaaber 30,
alkW1
yahee
Elan ion
Vid"
Boarded Debt
Amused Vdee
Per CWts
(moo)
room)
(oes)
(0d)
1983
382.726(2)
S8.659.28t
$920,995
S7,738,386
S124,955
1.61%
$326.49
1982
400,000(3)
7.962.129
750,665
7,211,464
109.398
1.52
273.49
1981
400.000(3)
6.622.365
564,238
6.059.127
118,038
1.95
295.09
1980
347,000(3)
4,565.780
197.311
4,368,469
123.020
2.92
354.32
1979
345.000
4.227.173
1%,708
4.030.467
134,786
3.34
390.68
1978
345.000
4,023.647
195,664
3.928.183
128.089
3.35
371.27
1977
342.000
3,938,271
198,559
3.739.712
119.341
3.19
348.95.
1976
340.000
3.796,881
1",948
3.596,933
103.827
2.99
305.37
1975
338.000
3.541.207
1%,798
3,344.409
94.524
2.83
279.66
1974
336,000
2.701.654
199,197
2.503.467
83.933
3.35
249.80
(1) Estimated on the basis of added electric and water connections and new dwelling units constructed, except where
indicated differently.
(2) Based on the July 1, 1982 population estimate being used by the Office of Reventie Sharing of the Federal
Government, and provided to the City in March. 1994.
(3) The City of Miami was involved in litigation with the Federal Census Bureau challenging the 347,000 population
count of 1980; as a result, during 1981 the Census Bureau adjusted the population count upward to 400,000.
Legal Debt Limitation
Section 58 of the City Charter limits general obligation bond- of the City to 15% of the assessed valuation
of all meal and personal property within the City limits as shown by the last preceeding assessment roll of the City
and provides that bonds for street, sewer, sidewalk and other public improvements which are paid from special
assessments, shall not be subject to such limitation of amount nor be considered when computing the amount of
general obligation bonds that may be issued.
The debt limitation for general obligation bonds based on net assessed valuation as of September 30. 1983
was $1,160,757,900.Outstanding general obligation debt applicable to the City's debt limitation as of September
30, 1983 totaled $131.020,000. which is approximately 1.7% of net assessed valuation.
7
84-6 24
Jkw'-U. Tytm (313) s=
64 +%-proof of May 17, 1983
Selected Debt Data
The following several tables show the details of the City's general obligation bonds, principal and interest
requirements of general obligation bonds, revenue and special obligation bonds, principal and interest require-
ments of revenue and special obligation bonds and overlapping Dade County debt.
General Obligation Bonds Outstanding on March 31, 1984
_
F[dl
Geowd ObNpdm Lae
Date
Laed
Fire Fighting Facilities
3-1-58
1988
$ 850.000
S 175,000
Coconut Grove Incinerator
3-1-58
1988
111001000
235,000
Refunding Sewage Disposal Bonds
1-1-62
1990
14.565,000
4.130,000
Dinner Key Marina
6.1-65
1985
2,370,000
245.000
Land Acquisition Bonds
6-1-65
1985
700,000
70.000
Bayfront Recreational Facilities
8-1.67
1987
2.250,000
460,000
Recreational Facilities
8-1-67
1987
11000,000
200.000
Storm Sewer Improvements
8-1-67
1987
1,000,000
200,000
Recreational Facilities
7-1-68
1988
1,500.000
400,000
Storm Fewer Improvement
7-1-68
1988
1,500,000
400,000
Sanitary Sewer
7-1-68
1988
5,000,000
570,000
Convention Center
5-1-69
1989
4.500,000
1,410,000
Fire Fighting Facilities
10-1-70
1990
1,000,000
350.000
Police Headquarters
10-1-70
1990
1,500,000
540,000
Pollution Control Facilities
10-1-70
1990
3,000,000
1,085,000
Sanitary Sewers
10.1-70
1990
7,000,000
11015,000
Storm Sewer Improvement
2-1-71
1991
1,500,000
560.000
Highway Improvement
9-1-71
1991
2,000.000
800.000
Sanitary Sewer
9-1-71
1991
5,000.000
930,000
Fire Fighting
6-1-72
1992
1,100,000
540,000
Sanitary Sewer
6.1-72
1992
5,000.000
745,000
Police Headquarters
6.1-72
1992
1,500,000
700,000
Storm Sewer Improvements
6.1-72
1"2
3,000,000
1,400,000
Street and Highway Improvements
6-1-72
1"2
2,000.000
450,000
Public Park and Recreation Facilities
10-1-72
1997
28,350,000
16.520,000
Storm Sewer improvements
9-1-73
1993
2,000,000
1,075,000
Police Headquarters
9-1-73
1993
4,000,000
2.110,000
Storm Sewer Improvements
3-1-75
1995
3,000,000
1.720.000
Sanitary Sewer Improvements
3-1-75
1986
5,000,000
1,000.000
Police Headquarters
3-1-75
1995
81000.000
4.575,000
Street and Highway Improvements
3-1-75
1986
3,000,000
600.000
Sanitary Sewer Bonds
10-1-75
1995
5,000,000
2.515,000
Police Headquarters
10-1-75
1995
2,000,000
1.260.000
Sanitary Sewer
5-1-77
1997
13,000,000
9.300.000
Street and Highway Improvements
5-1-77
1988
5,000,000
2.500.000
Fire Filth 1
5-1-77
1997
5,000,000
3,675,000
Police Headquarters
5-1-77
1997
3,000,000
2.255.000
Storm Sewer Improvement
5.1-77
1997
2,000,000
1,475.000
Fire Fighting
12-1-77
1998
11000,000
750,000
Public Park and Recreation Facilities
12-1-77
2003
11.540,000
9.120.000
Housing
12-1-77
2008
1.500,000
1,400,000
Street and Highway Improvements
12-1-78
1998
5,000.000
3,820,000
Sanitary Sewer
12-1-78
1998
6,000,000
4.700.000
Fire Fighting. Prevention and Rescue Facilities
12-1-78
1998
2,250,000
1,770,000
Storm Sewer Improvement
12-1-78
1998
5,000,000
4,355,000
Fire Fighting, Prevention and Rescue Facilities
8.1-81
2001
1,750,000
1,655,000
Storm Sewer Improvement
8-1-81
2001
3,000,000
2.910.000
Housing
8-1-81
2011
4,400.000
4,330,000
Fire Fighting, Prevention and Rescue Facilities
5-1-83
2003
8,000.000
8.000.000
Storm Sewer Improvement
5.1-83
2003
4,000,000
4,000,000
Sanitary Sewer
5-1-83
2003
6,000.000
6,000,000
Street and Highway Improvements
5-1-83
2003
6,000,000
6,000.000
Housing
5-1-83
2013
1,000,000
1.000.000
Totals
5224,725,000
S128,000,000
• , s
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64SOC-1-pfwf Of May 11, 1983
General ObUpdon Bofided Indebtedness
Prindpal and Inum Requirements as of March 31, 1984
t�rn1
YwEsft
Regdren�eots
S
1
ToW
19840)
S 4,470,000
$ 6,217,066
$ 10,687,066
1985
10,015.000
7,646,837
17,661,837
1986
10,420,000
7.048.458
17,469,458
1987
9,705,000
6.412,523
16,117,523
1998
9,345,000
5,817,470
15,162,470
1989
8,410,000
5,243.111
13,653,111
1990
8,260,000
4.721,687
12,981,687
1991
7,630,000
4,212,368
11.842,368
1992
6,985,000
3.706,025
10.691,025
1993
6,670,000
3,210,757
9,890,757
1994
6,390,000
2,739,573
9,129,573
1995
6,490,000
2,375.354
8,865,354
1996
5,985,000
2.025,326
8.010,326
1997
5,785,000
1,683,211
7,468,211
1998
4,680,000
1,338,414
6,018,414
1999
3.595,000
1,054,456
4.649,456
2000
2.595.000
815,238
3,410.238
2001
2,670,000
589,352
3,259,352
2002
2,390,000
413,896
2.803,8%
2003
2,515,000
236,848
2,751,848
2004
320,000
66,642
386,642
2005
355,000
59,988
414,988
2006
355,000
51,582
406.582
2007
360,000
43,078
403,078
2008
425,000
34,272
459,272
2009
315,000
27,440
342,440
2010
360,000
22,808
382,808
2011
375,000
17,257
392,257
2012
65,000
11,700
76,700
2013
65.000
5.850
70,850
Totals
5128,000.000
367,848,587
$195,848.587
(1) Represents information for six-month period.
4
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ot may
tterrane and SpKW OM ptwu Bonds Ouutm ittB on March 31, 1984
tloe sea Daft or Mato* Ane W ANKNO
Bead Lak Lae Yar laced • Orlaaudtna
Utilities Service Tax Series AM 2-1-63 1988 S 3,125.000 S 600.000
Orange Bowl Warehouse Revenue(2) 12-20-74 1989 225,000 113,000
Off Street Parking Revenue
Series 1983(3) 11-1-83 2009 13,860,000 13,860,000
Convention Center and Parking
Garage Revenue Bonds(4) 7-1.80 2015 60,000,000 60.000,000
Parking Revenue Bonds(5) 3-1-82 2009 10,400,000 10,400.000
S84,975,000
(1) Debt service is provided by utilities service taxes imposed by the City on each purchase of electricity. gas.
water and local telephone and telegraph service. A reserve must be maintained equal to the maximum annual
debt service requirements.
(2) Rental income from the lease of the warehouse facilities provides debt service on these bonds.
(3) Secured by a pledge of the net revenues of the off-street parking facilities and the on -street parking meters
of the City.
(4) Debt service is provided by net revenues of the Convention Center -Garage, a pledge of certain telephone and
telegraph excise tax revenues, and by a covenant of and agreement of the City to -provide, to the extent
necessary, revenues of the City. other than ad valorem property tax revenues, sufficient to make up any
deficiency in the required sinking fund. (See Note 13 in the Section "FINANCIAL STATEMENTS.")
(5) The Parking Revenue Bonds are payable from the net revenues of the project and certain non ad valorem
revenue of the City. (See Note 13 in the Section "FINANCIAL STATEMENTS.")
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7
Revenue and Special ObHpdorn Bonds
ftwelpw Ow interest RequlreMWts
as at March 311, 1984
PrtldP_l
r G
PrIndow
Fred Yar
Utln"
Conrentlon
ceow
and V1erehome
plop"
Bomb
har"t
g� A�
Re"noe 8086
Re"oft
S 210,000
S 3,874,743
S 4,084,743
1984(1)
1985
$150,000
242,000
7,846,604
8.238,604
1986
150,000
267,000
288.000
7,924,224
7.798,761
8,241,224
8.236.761
1987
1988
150,000
150,000
315,000
7,770,264
8,235,264
346,000
7,740,881
8,086,881
89
1989
90
S 100,000
382,000
7,710,196
8.192,196
'
1991
330.000
395,000
7,669,569
7,609.469
8,394,569
8.689,469
1992
640,000
1,0 60,000
440,000
485,000
7,521.356
9,066,356
1993
1994
1,t40,000
535,000
7,395,631
9.070,631
1995
1,225,000
595,000
7,254,006
7,097,089
9,074,906
9,0821089
1996
1,320,000
1,425,000
665,000
745,000
6,919.776
9,089.776
1997
1998
1,540,000
830.000
6,721,976
9,091,976
1999
1.665,000
9301000
6,502.7%
9,097.7%
2000
1,805.000
1,035,000
6,259,916
9,099,916
2001
1,720,000
1,160,000
5,990,324
8,870,324
2002
1•,870,000
1,300,000
5,712.799
8,882.799
2003
2,035,000
1.455,000
5,398,681
8,888,681
2004
2.215,000
1,630,000
5,051,816
4,667.771
8,896.816
8,902.771
2005
2,410,000
2,620.000
1,825,000
2,045,000
4,243,431
8,908,431
2006
2007
2.850,000
2,295,000
3,772,688
8,917,688
2008
3,095,000
2,580,000
3.251,712
8,926,712
2009
3,365,000
1,380,000
2,674,988
7,419.988
2010
3,660.000
2,237,375
5,897,375
2011
3.980,000
1,917,125
5,897,125
2012
4,050.000
1,568,875
5,618,875
2013
4,410,000
1.214,500
5,624,500
2014
4,720,000
828,625
415.625
5,548,625
5.165,625
2015
4,750,000
Totals
--
$600.000
--
S60_000_000
$24,375.000
464,492
$170__
$255,439,492
(1) Represents information for
six-month period.
•
. UMV H. Tyftd (111) 962r87n
b4S0C.tj...PMf of May 11. 1083
0rettlappin8 DS& County Debt at of March 3141"4
City of Miami ... ..................... '
Dade County(1)(2) ......................
Totals........................ :....
0=
Cam
D�
NU
_..
5128,000,000
$ 84,975,000
$212.975,000
201�65
118�895
82,638,870
$246,454.895
$167�-,61�
$414
000 Waterworks System Bonds which are outstanding and are secured by revenues of the
(1) Excludes $143.065, as well as a pledge of the County to make payments from ad valorem
Miami -Dade Water and Sewer Authority
taxes, if necessary, y 8 cal Obligation Debt
8 and Combined Debt was 5909,926,538. Figures shown are the City's share of Dade County
(2) As of March13S - 1984, Dade Count General Obligation Debt was $535,995.000, Spec 8
was $373,93 .
Debt, which is 22.1% of these amounts.
Bonds Authorized But Not Issued
General Obligation
amounts of general obligation bonds authorized
but not
The following table outlines
the date. type and
Previoastr
untwed
Date of
vows d
T of
PoUution Control
AodwLzed
S 7. 000 000
Issued
$ 3,000,000 $
ism
-a-
-0-
$ 4,000.000(1)
2.375,000(1)
June 30, 1970 ..........
June 30. 1970 ........
Streets & Highways
Housing
17,375,000
25,000,000
15,000.000
6,900.000
18.100,000
-)-
3,000.000
March 9. 1976 .........
September 28. 1976
Sanitary Sewers
25.000,000
15,000,000
22.00b.000
12.000,000
-0-
3,000,000
-0-
45,000.000
March 7. 1978 ...
October 7, 1980 .......
Storm Sewers
Sanitary sewers
45,000.000
30.000,000
-a-
6,000,000
-0-
7,100,000
16,909-000
October 7, 1980 ......
Streets &Highways
Fire Fighting
21.000.000
8,000,000
2,000,000
-8-
31,000-000
30,000,000
November 3. 1981
March 13. 1984 .........
Storm Sewers
30 000 000(2) -0-
20,000,000(2)
_)-
20.000.000
March 13, 1984 .........
Police Facilities
S235,375.000
-,-_ 000
572� $30`�
S 132� ,000
_
Totals
(1) Unissued bonds are restricted by a 7'h% interest limit.
political district or subdivision of the Stan,
(2) Florida Stables require that the legality of bonds issued by po where the proceeds of the bond issue
including municipalities. be approved by the Circuit Courtin the county the Circuit Court.
are to be expended. These bonds are in the process of being validated by
proposed Revenue Bond Issues
The City expects to offer marina revenue bonds in an amount not presently expected to exceed $8 million
by the end of 1994 for the purpose of expanding and developing marinas located on Dinner Key.
the issuance of up to $65 million of Muld-family Housing Revenue
The City Commission has approvedof low and moderate income. Such bonds
Bonds for the purpose of providing housing for families and persons to be fu raced. The City plans to
shall be payable solely from revenues derived in connection with the projects
market a portion of these bonds in 1984. $7,000,000 of the Housing Bonds being offered hereunder is to be used
for the purchase of land in connection with housing.
Capital improvement Program
1983-1989) is valued at 5395,202.000. Major
The City's modified Six Year Capital Improvement Program ( st number of projects is
emphasis is placed on maintaining and expanding the City's infrastructure• The greatest
efforts. The
directed to street improvement, street beautification and street lighting and transpomfi
12
Begj. H.'ytrrei (212) 462•5222
�i43a�`•I- of May 17. 1043
ecotlomic development projects are designed to assist in neighborhood commercial revitalization and the Wan-
sign of industrial areas. Shown below is it financial breakdown of the Six Year Capital Improvement Program:
t4nc4101101
Asoamt
c' orZ
'--
$
24.4%
7
Economic Development .....................
87,938,000
87,938,000
22.3
43
Street Improvements ... .. .................
Park Facilities and Street Beautification ........
47,158,000
11.9
11.1
57
1(1)
Street Lighting ............................
43,851,000
39,454,000
10.0
14
Sanitary Sewers ............................
17,399,000
4.4
18
Public Buildings ................. • • •
15,681,000
4.0
15
Storm Sewers ............ .............. • •
14,731.000
3.7
5
Housing Programs ..........................
91900,000
2.5
1
Transit Systems ............................
7,596,000
1.9
7
Parking Facilities ..........................
6.837.000
1.7
7
Marinas ...............
3,987,000
1.0
4
Communications and Computers ..............
2,230,000
.6
6
Stadiums .................................
1,987.000
•5
2
Auditoriums ...................... • • • • • " ' •
1t>0.096
187
Capital Improvement Program
Total Modified$395
,202,000
__
(1) Represents operation and improvements to Citywide street lighting system.
During the past fiscal year, 35 projects representing $53.9 million in improvements were completed and
removed from the Capital Improvement Program. Presently, 54 capital projects valued at S121.1 million are now
either in design or in some phase of construction.
Financing the Six -Year Capital Improvement Program
It is planted to fund approximately 35% of this Capital Improvement Program from the sale' of General
Obligation Bonds. Voter approval (Referendum) has already been secured for most of the proposed General
Obligation Bonds. It is anticipated that each year the City will sell approximately $25 million in General Obligation
Bonds to implement this Capital Improvement program. Most of the Revenue Bonds shown have been sold to
support projects now under way. Projects for which Revenue Bonds have not been sold include beDinner
truc ed
ey
Marina, parking in Little Havana and Parking in the Design Center. These latter two projects ma2ted
and financed by the Off -Street Parking Authority. Non -City sources of funding account ufa r app onrox��ls for funding
of this program. Projects funded in whole or part from this source meet the necessary q not et been
portion of the Program for which funding Y
which will be received in a timely manner. The po ro ects that will be
determined accounts for approximately 7% of the necessary funding. Generally, these are p j
initiated during the latter years of the Program and there is sufficient etto determine the�preapproate funding.
or
propond Sources Amount Program Total
of FwWft
City
$161,561,000
35.4%
General Obligation Bonds .................
15.6
Revenue Bonds ... .... .. .............
Capital Improvement Funds(1) ..
7 ,187.000
70.187.000
6.787,000
11.8
1.5
Interest. Fund Balance and Other Sources(2) • •
70.5
City Subtotal .................
$278,493,000
Non -City
S 77,140.000
19.5%
Federal Grants ......................... •
5,141,000
1.3
State Grants .... ......................•
5.578.000
1.4
private/Developer Contri. .................
$ 87.859,000
22.2
Non -City Subtotal .............
28,850,000
7.3
Funding Undetermined ............... ......
$395.202.000
100.0%
Total Funding .................
(1) May include Florida Power & Light Company froachise revenues, related interest, retained earnings. resort
tax, etc.
(2) May include State and/or lease of City property atc.
13
84-624
i s N, •y" (2112) 062-8222
600C-1—;-F. ion' of May 11. 1083
t.etraea trod Curer_ Conttraetnal Commitments
IU City has entered into several agreements funning until 1988 for the lease purchase of various copying,
word and data processing equipment with total future payments amounting to approximately $6 million.
DESCRIPTION OF THE CITY
THE CITY
GeWaphy
The City of Miami, situated at at the mouth of the Miami River on the western shore of Biscayne Bay, is
a main port of entry in Florida and the county seat of Metropolitan Dale County which encompasses 2,000 square
miles of Florida's southeastern region. 'lice City comprises 34.3 square miles of land and 19.5 square miles of
water. Dade County is often referred to in this document as Greater Miami or the Miami area.
Miami is the southernmost major city and southernmost major seaport in the continental United States and
the center of pan -American trade and air transportation. The nearest foreign territory is the Bahamian island of
Bimini, some 50 miles from the state's tip.
Climate
Due to its location near the upper boundary of the tropical zone, Miami's climate is strongly influenced by
the Gulf Stream. trade winds and other local climatic factors. Its average yearly temperature is 75.5. Summertime
temperatures average 81.4 and winter temperatures average are 69.1. Rainfall comes most frequently between the
months of May and September, with June the heaviest, averaging nine inches.
PPttiation
During the period between 1900 and 1950 the population of Miami grew from 1,691 to 249,300. In 19W
the population was 291,688; in 1970 it was 334,859.
The U.S. Bureau of the Census *estimated the population of the City of Miami at 346.865 as of April 1. 1980.
On October 1, 1980, this figure was upwardly adjusted by 53,130 to account for the influx of Cuban and Haitian
Refugees. This adjustment estimates the City of Miami's population at 399,995 as of October 1, 1980. All 1980
U.S. Census information, however, is based on the lower. April 1. 1980 population estimates.
The Federal Office of Revenue Sharing has informed the City that its population estimate as of July 1. 1982
is 382,726. The City plans to challenge this estimate as understated.
Miami's racial and ethnic mix is comprised of non -Latin Whites, Blacks and Hispanics with the relative
segment of white/black categories indicating only slight changes over the past 20 years. 67% of the City's
population is white, 25% is black and 8% is classified as "other." The most significant change has been in the
Hispanic category, which has grown to represent 56 per cent of the city's total population.
South Florida is a popular destination for retirees from the northeast seeking out the hospitable and temperate
climate. 'lime retiree population contributes significantly to the local economy as recipients of transfer payments
such as Social Security, pensions, and investment income.
Government of M WW
The City of Miami has operated under the Commission -City Manager form of government since 1921. The
City Commission consists of five elected citizens, who are qualified voters in the City, one of whom serves as
Mayor. The Commission acts as the governing body of the City with powers to pass ordinances. adopt resolutions
and appoint a chief administrative officer known as the City Manager. The City Clerk and City Attorney. as well
as members of the Planning and Zoning Board, the Off -Street Parking Board, the City of Miami Health Facilities
Authority, the Downtown Development Authority and the City of Miami Sports Authority are also appointed by
the Commission.
14
84- 624
Benj.11. Tyrrel (212) 962-5222
6450C-1-- Proof of May 17. 1983
s Brij -'
y
4 t
The City Manager genes 'as the administrative head of the municipal government, changed with the re,
sponsibility of managing the as
financial operations and organizing and directing the administrative in-
hastructure. The City Manager also retains full authority in the appointment and supervision of department
directors, preparation of the City's annual budget and initiation of investigative procedures. In addition, the City
Manager takes appropriate action on all administrative matters.
City elections are held in November every two years on a non -partisan basis. At each of these elections a
Mayor is elected for a two year term. Candidates for Mayor must run as such and not for the Commission in
general. At each election two members of the Commission are elected for four year terms. Thus, the City
Commissioners' terms are staggered so that there are always at least two experienced members on the Commission.
Mayor sad City Commissioners
Maurice A. Ferre was elected Mayor in November 1973, reelected in 1975, 1977, 1979, 1981 and 1983 for
two-year terms respectively. Mayor Fetre is a graduate of Lawrenceville School in New Jersey and holds a
Bachelor of Science degree in Architectural Engineering from the University of Miami. He is a prominent
businessman and corporate consultant with interests in both the United States and Latin America.
Joe Carollo was elected Commissioner in November, 1979 and reelected in 1983 for a four-year term.
Commissioner Carollo is a graduate of Miami Dade Community College and Florida International University. He
holds a Baccalaureate of Arts degree in International Relations and a Baccalaureate of Science Degree in Criminal
Justice. He is presently Vice -President of International Trading and Shipping Corporation, and President of
Genesis Security Services, Inc.
Miller J. Dawkins was elected Commissioner in November, 1981 for a four-year term. Commissioner
Dawkins is a graduate of Florida Memorial College and holds an MS degree from the University of Northern
Colorado. Commissioner Dawkins has been employed for 14 years at Miami Dade Community College.
Demetrio Perez, Jr. was elected Commissioner in November, 1981 for a. four-year term. He holds a Master
of Science degree in Human Resources from Biscayne College. Vice -Mayor Perez is President of the Inter -
American Center for Municipal Cooperation (CENICOM), which held its H Convention in 1984, bringing to
Miami 350 delegates from 200 cities in 20 countries. He is the Executive Director of Lincoln -Marti Schools.
J. L. Plummer, Jr. was appointed a Commissioner in October 1970, and was elected Commissioner in
November, 1971. and reelected in 1975.1979 and 1983 for four-year terms. Commissioner Plummer is a graduate
of Miami Senior High School and the Cincinnati College of Mortuary Science. He is Chairman of the Board of
Ahern -Plummer Funeral Homes, Miami.
Administration of the City
Howard V. Gary, City Manager, was appointed to the City's top administrative position by the City
Commission on April 16. 1981. Prior to his appointment, Mr. Gary served as Director of the Department of
Management and Budget, and as Assistant City Manager, respectively, for a total of four and one-half years. He
served as Budget Director of Newark. New Jersey, from 1973 to 1976, and as Chief Administrative Assistant from
1971 to 1973. Mr. Gary is a graduate of Moorehouse College and the University of Michigan, and holds both a
Bachelor's degree in Business Administration and a Master's degree in Public Policy. He is an active member of
the International City Management Association.
Randolph B. Rosencrantz. Assistant City Manager for Finance and Administration, holds a Bachelor of
Science degree in Business Education from the University of Maryland and a Master's degree in Business
Administration from Loyola College at Baltimore. Prior to his appointment in Miami in January 1982, Mr.
Rosencrantz served in Baltimore County. Maryland as Chief Administrative Officer and Director of Finance. He
has also served in various managerial positions in Anne Arundel County and Frederick County, both in Maryland.
Carlos E. Garcia, Director of Finance, joined the City in November, 1976 as Assistant Finance Director. He
has been previously employed in private industry in positions of Treasurer, Controller. and Auditor. Mr. Garcia
is a "Cum Laude" graduate of the University of Miami with a BBA and also holds a Master of Science in
Management from Florida International University. He is licensed as a CPA in the State of Florida and is a member
f of the American and Florida Institutes of CPA's.
15
84--624.
115
r
> • H. Tyrrd (212) 962-3222
645OC4-4-311roof of May 17, 1983
Jose R. Garcia -Pedrosa, City Attorney for the City of Miami, was graduated from Harvard College and from
the Harvard Law School. Prior to becoming City Attorney, he engaged in the private practice of law as a partner
in a Miami law firm. He has served In the House of Delegates of the American Bar Association and on numerous
other boards and committees of that and other professional and civic organizations.
Ralph G. Ongie was appointed City Clerk on July 31, 1976. He was the Assistant City Cleric from 1972 to
1976, and the Deputy City Clerk from 1958 to 1972. He is a graduate of Bamga High School, Marquette,
Michigan, and has attended advanced personnel administration courses in Bainbridge, Maryland and selected
courses at the University of Miami. Mr. Ongie is a member of the International Institute of Municipal Clerks.
Scope of Services and Agency Funedom
The City provides certain services as authorized by its charter. Those services include public safety (police,
fire and code enforcement), parks and recreational facilities, trash and garbage collection, limited street construc-
tion and maintenance, construction and maintenance of storm drain systems and planning and economic devel-
opment functions.
The Police Department provides a full range of police services, has a uniformed force of 1,060 and a civilian
component of 446. The Fire Department is rated as Class I and provides a full range of fire protection and
emergency services as well as providing a full range of medical and rescue services. Additionally, building code,
inspection and enforcement services are administered through the Fire Department.
The City provides garbage and trash pickup and enforces sanitation requirements. Disposal of trash and
garbage is performed by Dade County under contract with the City. The Department of Public Works maintains
certain streets and sidewalks and manages construction of storm sewers and other capital facilities required by the
City. The State of Florida and Dade County are responsible to maintain most arterial streets and all major highways
within the City. The Department of Parks and Recreation maintains and operates all City owned parks and
administers various recreational and cultural programs associated with these facilities. These programs are directed
to all segments of the City's tri-ethnic population.
The City is responsible for planning land use and zoning, and maintains a separate department to promote
economic development.
Regional Government Services
The following information and data concerning Dade County (the "County") describes the regional govern-
ment services the County provides for residents of the County, including residents of the City.
The County is, in effect, a municipality with governmental powers effective upon the twenty-seven cities in
the County and the unincorporated area. It has not displaced or replaced the cities but supplements them. The
County can take over particular activities of a city's operations (1) if the services fall below minimum standards
set by the County Commission, or (2) with the consent of the governing body of the city.
Since its inception, the Metropolitan County government has assumed responsibility on a County -wide
service basis for a number of functions, including County -wide police services, complementing the municipal
police services within the municipalities, with direct access to the National Crime Information Center in Washing-
ton, D.C. and the Florida Crime Information Center, uniform system of fire protection, complementing the
municipal fire protection services within ten municipalities and providing full service fire protection for seventeen
municipalities which have consolidated their fire departments with the County's fire department; consolidated
two-tier court system conforming to the revision of Article V of the Florida Statutes which became effective on
January 1, 1973; creation of the Miami -Dade County Water and Sewer Authority with the responsibility for
developing and operating a County -wide water and sewer system under a single body composed of seven members
appointed by the Board of County Commissioners; coordination of the various surface transportation programs and
extending into the development of a unified rapid transit system; installation of a central traffic control computer
system which will computerize traffic management; merging all public transportation systems into a County
system; effecting a combined public library system of the County and eighteen municipalities, which together
operate the main library, seventeen branches and six mobile units serving forty-four County -wide locations;
centralization of the property appraiser and tax collector functions; furnishing data to municipalities, Board of
Public Instruction and several state agencies for the purpose of budget preparation and for their respective
16
84-624
Y '42
H. Tyrrd (212) 962•g222
64SOC-t- Proof of May 17, 1983
governmental operations; collection by the Made County Tax Collector of all taxes and distribution directly to the
respective governmental entities according to their respective tax levies and prescribing minimum acceptable
standards adopted by the Board of County Commissioners and enforceable throughout the County in such areas
as environmental resources management. building and zoning, consumer protection, health, housing and welfare.
Medkal Fadiities
The 41 hospitals located in Greater Miami offer virtually all general and highly specialized medical services.
This progressive and growing health care delivery system for the patient provides educational opportunity for the
professional and places Miami in the forefront of communities with comprehensive national and international
medical capabilities.
Recreational Facilities
The Miami area is famous for its sailing, deep sea fishing and boat races. There are 35 yacht clubs and
marinas, with 685 berthing facilities provided by City -owned marinas.
Athletics for the spectator sports fans are held at the City -owned Orange Bowl Stadium, Miami Baseball
Stadium and the Marine Stadium. Sports competition includes professional and college football, baseball and
championship boat races. Other athletic events include amateur football, soccer, baseball, speedway motorcycle
racing and rowing events.
Golf is played year round at the Miami area's 23 public and 14 private courses. Several open golf tournaments
are held each year. .
Miami area's 403 public parks and playgrounds cover 408,710 acres, providing residents and visitors a wide
range of subtropical nature settings unique only to South Florida in the continental U.S. Each park has a
combination of facilities that are enjoyed . year round; these facilities include but are not limited to: public
swimming pools, tennis courts, handball courts, boat ramps, vita courses, picnic areas, lakes for swimming and
boating, equestrian trails and baseball and softball fields.
The area's twenty-two (22) public beaches, which are freely accessible. are enjoyed year round by residents
and tourists. The subtropical climate and tropical setting makes relaxing in the sun a pleasure on 1,400 acres of
beautiful beaches.
The Miami Grand Prix auto race was run in downtown Miami for the rust time in 1983 and successfully
repeated in 1984. Cars and drivers from around the world competed for more than S175.000 in prize money.
Cultural Facilities and Affairs
The Miami area has an extensive library system, several museums of art and history and art galleries. A new
cultural center built by Dade County at a cost of $26.6 million opened in downtown Miami in 1984. The complex.
designed by Philip Johnson, is composed of a library, fine arts center. and a historical museum.
Symphonic and pop concerts are performed regularly. Five theatres draw plays and concerts from around the
United States which appeal to all ages. Operas are performed by both amateurs and professionals. Resident Dance
Companies offer a full calendar of events.
There are numerous festivals and affairs appealing to various ethnic groups. Annual festivals range from the
Coconut Grove Art Festival and Orange Bowl Festival to Calle Ocho, Goombay and the Renaissance Fair.
17
84-f 24
q
7V
6430C-I-Proof of May It. 1993
14100 fnNiltttioatt
;
bade County public schools provide educational facilities on primary and secondary levels.
Public school enrollment. including
both primary and secondary levels, since 1980 is as follows: '
Seboo1 Enrollment
Pubik School System
your
NOW Dade Cowly
Total
1980
35,093 191,483
226,576
1981
36,430 197,456
233,886
1982
35,662 190,662
226,324
1983
35,394 188.554
223,948
1984
36,992 196,892
223,894
Over 70,000 students ate enrolled in the following colleges and universities located within the area:
Barry University
Florida International University
Florida Memorial College
International Fine Arts College
Miami Christian College
Miami -Dade Community College
St. Thomas of Viilanova University
University of Miami
FINANCIAL INFORMATION
General Description of Financial Practices
The City Charter requires the City Manager to submit a budget estimate not later than one month before
September 30 of each fiscal year. Each department prepares its own budget request for review by the City
Manager. The City Commission holds public hearings on the budget plan and must adopt the budget not later than
October 1.
The City's Governmental Funds (General, Special Revenue, Debt Service and Capital Projects Funds) and
Expendable Trust Funds follow the modified accrual basis of accounting, under which expenditures, other than
interest on long-term debt. are generally recorded when the liability is incurred and revenues are recorded when
measurable and available to finance the City's operations. The accrual basis is utilized by all Proprietary Funds.
The accounts, books. records and financial transactions of the City are audited annually by a rum of
independent certified public accountants. presently Coopers & Lybrand. The opinions of the independent certified
public accountants are included in the Annual Reports of the City.
18
84'-624
iseole 9, "t`S►rrel (211) 962► M
64SOC t-- proof of May 11. 1983
Stataftht at PAvealm and Expenditures
'Cite following table presents certain financial information with respect to the City and evidences the financial
the t of its obligations, including the bonds. See the Section
capability of the City with respect to paw
"FINANCIAL. STAt�+OM" for audited financial statements of the City for the fiscal year ended S"Mbet 3b.1983.
Summary of
Revenues, Expenditures and Year -End Fund Balances
(Budgetary Basis)
General Fund
and
General Obligation Debt Service Fund
Fiscal Year Ended September 30
General Fund:
Revenues and Other Financing
Sources..................
Appropriated Fund Balance ...
Total ................
Expenditures and Other Uses ..
Excess (Deficiency) of
Revenues and Other Finan-
cing Sources Over Expendi-
tures and Other Uses .......
Year -End Fund Balance ......
General Obligation Debt Service
Fund:
Revenues ..................
Appropriated Fund Balance .. .
Total ................
Expenditures ...............
Excess (Deficiency)
of Revenues Over Expendi-
tures....................
Year -End Fund Balance ......
1014 1980
At�lctual 993 A�1 A�:t AVAW
$165,752,499 $153,965,574 $137,744,349 $125,056,333 $104,446_172
4._._ ,000
170,552,499 153,965,574 07,744,349 125,056.333 104,446,172
170,552,499 _151.1_ 76_538 137_ 693,783 121_ 388_194 103,348,568
(11 S
2,7S9,036
S
50.566
S
3.668,139
S
1097, .604
S
8,254.635(2)
S
6_ 056,634
S
6,006.068
S
2.337.929
$ 15,305.960 $ 16,075,923 $ 15,854,950 $ 21,017,190 $ 19,185.942
2_ 3)
17,805,960 16,075,923 15,854,950 21,017,190 19,185.942
17.805,960 16,623,286 17�34 17,620.215 17.579.748
(1) S
(547.363)
S
(1,670.084)
$
3,396,975
S
1,606.194
$
6,064,556
$
6,611,919
$
8_ 282,003
$
4,885.028
(1) State statutes require that budget be balanced.
(2) Direct adjustments for net equity transfers to other funds decreased fund balance by $591,015.
(3) Accumulated fund balance appropriated in order to reduce excess fund balance due to accumulated interest earnings.
Description of Revenues
The following is a description of the City's revenue structure.
General Fund
property 'faxes —Article 7, Section 8 of the Florida Constitution provides that municipalities in the State
may not levy ad valorem taxes in excess of ten mills upon the assessed value of 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.
19
84-624
J "5+.
Dade County and twtttty-seven ittcoiporated municipalities, including the City, do not levy personal ifrcO t
tax, ass receipts tax, iehetitance tax. gift tax or commuter tax.
Utilities Service Taxes —The City imposes a lo% tax on each purchase of electricity, metered gas, bottle
gas, water and local telephone and telegraph services. Revenue funds debt service on Utilities Service 'pax bonds.
Excess monies available after the payment of debt service requirements revert to the general fund.
onal
source
In addition, this revenue source is partially pledged,
although it has not been Revenue Bonds�d the GovernmentCenter
for debt service requirement& for the Convention
Parking Garage Revenue Bonds.
It is estimated that the AT&T divestiture will reduce telephone service taxes in 1984 by approximately 30%.
or $2.3 million.
Franey Taxes. —The City has entered into franchise agreements with utilities that provide revenues to the
City based on the dollar volume of services rendered to City residents.
The most significant of these agreements is with Florida Power & Light Company for a 30-year period. Of
i the approximately $8.8 million revenue estimate for 1984, $4.5 million has been budgeted in the General Fund.
The remaining revenue will be used to fund the Capital Improvement Fund and projected deficits in certain
enterprise funds.
City levies a license tax for business privilege licenses. License taxes vary
Oeculwtional Licenses• —The
according to the type of business. The exception to this are the contractors' licenses, which are collected only by
the Dade County Tax Collector. There is a set contractor's fee for all contractors within the County. After
collection, Dade County returns to the cities its pro rats share of revenue collected. The pro rats share due each
city depends on the number of contractors doing business within each city's limits.
The revenues derived from the Federal government are appropriated by the
Federal Revenue Sharing —
Commission to support general fund operations, including a limited number of social service programs.
State Revenue Sharing —The revenues distributed to the municipalities by the State of Florida under the
State's revenue sharing program art derived from a percentage of its collection of the State cigarette tax, the State
motor furl tax and the State road tax.
Start of Florida increased its sales tax rate from 496 to 5°k. A
Saks Taxes —During fiscal year 1983, the
by municipalities based on their population. In the past. local government
portion of this increase is being shared
j had not participated in revenues produced by sales taxes.
Solid Waste Fee —Since 1980, the City has levied a solid waste fee which has been a revenue to the general
fund. The rate may increase by action of the City Commission and there are no legal restrictions on the amount
' of the increase. The Present rate is $100 for a residential unit and a graduated rate structure for non-residential
waits At the present rate, this revenue item will generate approximately $8.5 million per year to help offset Solid
Waste appropriations of $23.3 million in 1984. The rate utilized by the City is lower than rates utilized by Dade
County and other surrounding jurisdictions.
20
Y7Y•.S'4
elf
ry
IW
li
The City's general fund receives revenues from a variety of sources. The following table lists the revenues
received by the City from these sources for the pest five fiscal yehrs.
General Fund Revenues and tither FinwM ft Sources
1983
1982
1"1
1"S
1979
Taxes:
propertyTaxes......................
'
$ 67,619
$ 61,865
20,674
S 54,060
18,563
$ 42,679
16,826
$39,116
15,193
U ities Service Takes ...............
21,648
Franchise Taxes .....................
5,703
4,919
4,825
6,703
5,129
94,970
87,458
77,448
66,208
59,438
Licenses and Permits:
Occupational Licenses . . ..............
3,874
4,775
4,712
3,112
3,010
permits ............................
1,414
677
_ 889
715
523
5,288
5,452
5,601
3,827
3,533
In venementai:.
Federal Revenue Sharing .............
9,683
9,281
9,166
71909
8,248
State Revenue Sharing ...............
12,298
12,084
12,113
11,428
11,561
SalesTaxes ........................
Other Grants .......................
9,478
4,242
-
4,019
-
4,021
-
3,452
-
3,930
35,701
25,384
25,300
22,789
23,739
Intragovennmental .......................
2.483
2,511
2,581
3,342
1,663
Charges for Services:
Solid Waste Fees ....................
7,867
6,841
5,870
1,876
-0-
Other Fees .........................
3,627
3,950
5,256
3,183
2,102
11,494
10,791
11.126
5,059
2,102
Other Revenues and Financing Sources ......
4,030
6,148
3.000
3.221
5,360
Total ......................
$153.966
$137,744
S125,056
$104,446
$95,835
Special Revenue Funds
Downtown Development Authority -Its main revenue source is based on its ability to assess a one-half mill
tar to real property in the Central Business District.
Rescue Services -This fund accounts for a portion of the telephone franchise tax especially designated by
the electorate to provide additional rescue service.
Grant Funds -Federal Revenue Sharing entitlement funds are passed through to the general fund. Commu-
nity Development Block Grants and Economic Development Administration Grants are designated for specific
purposes approved by the applicable Federal agency.
Cable T.V.--This fund accounts for revenues from the Cable T.V. license and its specific uses.
Convention Development Tax -On July 12, 1983, the Florida State Legislature passed a bill authorizing
certain counties to levy by ordinance a 3% Convention Development Tax on hotel rooms, specifying that
'one-third of the proceeds shall be used to construct a new multi -purpose conventionicoliseum/exhibition center
or the maximum components thereof as funds permit in the most populous municipality in the county." The City
of Miami, Florida then created the Miami Sports and Exhibition Authority and on October 4, 1983 Dade County,
Florida approved the levying of the tax for administration and disbursement, by the Authority, of the City of
Miami's share.
Debt Service Funds -
Property Taxes -The City Charter authorizes a separate levy of ad -valorem taxes to pay interest and
principal on general obligation bonds. State statutes empower municipalities to levy ad -valorem taxes as necessary
to fund general obligation debt service.
21
84-624
6450C.I.Proof of May 11, 1983
Aseeeaeent Lke Coilecdons--Property owners abutting certain capital project improvetttents Are assessed
a potion of the cost of such improvements. These collections are used to pay off general obligations bonds. since
general obligation bond proceeds were originally used to finance these improvements.
Enterprise Funds
Revenues for these funds are primarily generated by user fees and charges. Due to the nature of services
provided, certain facilities are subsidized by the City's general fund and other discretionary funds.
Enterprise facilities include:
Orange Bowl Stadium —Primarily used for football games, the stadium is home to the Miami Dolphins
and University of Miami Hurricanes. The City has recently entered into a contract with the U.S. Football
League.
Miami Stadium —This baseball stadium is used for training by the Baltimore Orioles. Local baseball
wins play at the stadium, which is also used for rock concerts and other events.
Marine Stadium —Various regattas and nautical events are held at this stadium.
Miamarina—This marina, near downtown Miami, is being run by a private management company
under contract with the City.
Dinner Key Marina —Plans are under way to expand and reconstruct this marina into a facility with
over 300 slips.
Warehouse property This property has a long-term lease with the Orange Bowl Committee and is
used to build floats and other festival -related equipment.
Golf Courses —The two City -owned and operated golf courses are used year round by local residents
and tourists.
Dinner Key Exhibition Hall —This recently renovated facility is a favorite of local exhibitions as well
as hosting conventions jointly with the City's Convention Center.
Miami Convention Center —This facility began operations in October, 1982. The Convention Center
is part of a complex shared with the University of Miami Conference Center, private hotel. a multi -level
parking garage and a World Trade Center atop the garage.
Of[ Street parking Authority The Authority runs five parking garages in the City as well as on -street
meters and off-street lots, with a total of over 16,700 parking spaces.
Bayfront Auditorium —This facility is used moderately by local groups and is to be replaced in the near
future by a parking garage for the new Bayside project described in the section entitled "Economic and
Demographic Data."
Government Center Parking Garage —Inaugurated in 1983, this 1.100 car garage serves the Govern-
ment Center, and in particular the Cultural Center complex.
Internal Service Funds
There are six internal service funds that ate self-supporting because their revenues are derived from charges
for services to other City departments. These funds are.
City Game Fund —For purchases and maintenance of all heavy equipment used by the City.
Communications Maintenance Fund —For the maintenance of communications and data processing
equipment.
Motor pool Fund —For purchases and maintenance of the automobile fleet.
Print Shop Fund —For all of the City's printing needs.
22
EPMU49.
t 450C.1 t3tif of May 11, 1981
Property Maintenance Fund —For regular building maintenance, and a limited amount of building
alterations and additions.
Stationary Stock Fund —For purchases and storing of office supply items consumed in quantity in the
City's operations.
Procedure For Tax Levy And Tax Collection
Real and personal property valuations are determined each year as of January 1 by the Dade County Assessor
of Property at 100% of market value. A notice is mailed to each property owner indicating the property valuation.
The property owner has the right to file an appeal with the Dade County Clerk of the Board of Tax Adjustment
if such property valuation as determined by the property appraiser is inconsistent with that as determined by the
property owner. All appeals of such valuation determinations are heard by the Dade County Board of Equalization.
The Board certifies the assessment roll upon completion of the hearing of all appeals so filed.
All taxes are due and payable on November I of each year or as soon thereafter as the assessment roll is
certified and delivered to the Dade County Tax Collector. The Dade County Tax Collector mails to each taxpayer
on the assessment roll a notice of the taxes levied. Taxes may be paid upon receipt of such notice, with discounts
at the rate of four percent if paid in the month of November, three percent if paid in the month of December, two
percent if paid in the month of January and one percent if paid in the month of February: Taxes paid during the
month of March are without discount. Taxpayers also have the option of paying their tares in equal quarterly
payments based on the prior years tau with a six percent discount with the June 30th payment, four percent with
the September 30th payment. two percent plus one-half of any adjustments discounted at three percent with the
December 31 st payment and no discount plus one-half of any adjustments with the March 31 st payment. All unpaid
taxes on real and personal property become delinquent on April 1 of the calendar year following the year in which
the taxes were levied. All tax collections for the City are delivered to the City of Miami by Dade County. The
delinquent real property taxes bear interest at the rate of eighteen percent per year from April I until a tax sale
certificate is sold at auction from which time the interest rate shall be as bid by the buyer of the certificate.
Tax Schedules and Tables
The following tables present
detailed information pertaining to the City's assessed valuations, tax levies and
collections and the City's ten largest taxpayers.
The assessed value of taxable property in the City together with real property value assessed, personal
property assessed value, and homestead exemptions in the current and each of
the last ten completed fiscal years
is detailed below.
Assessed Value of All Taxable Property
Fiscal Years Ended September 30
FkcYearw
Net
ri
Pe Total
�
Total
1983 $7.616,829.000
S1.042.452,000 S8,659,281.000
S920,895,000
$7.739.386,000
1982 6,976,847.000
985.282.000 7.%2,129.000
730.665.000
7.211.464.000
1"1 5,748,550.000(1)
873.815.000 6.622.363.000
564.238.000
6.038.127,000
1980 3,743,051.244
822.728,511 4,565.779.735
197.310,971
4.368.468.894
1979 3,420.381,422
806,793.605 4,227,175.027
1%.708.033
4.030.466.994
1978 3,279,667.236
744,179.862 4.023,847,098
195.664.076
3.828.183.022
1977 3,256,815.414
691.454.979 3.938.170.393
198.558,652
3.739.711.741
1976 3,123.657.03E
672,697,054 3,796,334.089
199,420.601
3.596.933.488
1975 2,851.309,996
689.W.764 3.541,205,760
196.797.718
3,344.408,042
1974 2,169,158.819
533.495.571 2.701.654,390
198,186.762
2.503.467,628
(1) The increase in assessed value of real property in fiscal year 1981 is largely due to a change in Florida law
requiring that property be assessed at 100% of actual value.
The City has levied a certified millage of 11.1238 mills for the fiscal year 1983-84 beginning October 1,
1983, consisting of 9.5514 mills for general operations and 1.5724 mills for debt service. The following table
shows the tax levies and collections of the City for each of the last ten completed fiscal years.
23
84r-624
S eW. H. Tyn el (212) 062-BUI
64 •1J—Ptoof of May 17, 1993
Tax UAW and Collections
Fiscal Years Ended September 30
•
TOWCAW"
Taw
Cdkcdm
oautaadrt
D
Cky Mite
t CWheda
Tax ar Co"A K That
Tax
As ft o oauaaa I"
of CWr"
a fxee t
at Can A
GOMM bOhl
gffn
rod
Year
C D Tam C
AN hlo a ----
T
Lbw
3.3296
had ,
9.061 1.668
1983
S83.025,000 PS-815-000 96.38% $1,209.000 580.024 =
1
96.3896 52,925,000
22,027,000
1982
1"1
76,903.000 74,040.000 %•� .437.000 70,725.000
2,619.000 70,288.000 96.79
97.39
1,439,430
2.79
2.23
9.036 2.951
10.000 3.960
i980
60.983,826 38,789,796 96.40 307,639 59,097,455
60.983.826
430,947 57.756.234
96.91
98.92 1,559.360
2.67
10.000 4.487
1979
1979
58,789-796 98.10
58.389.375 57.325,297 97.18 523,373 49,618.636
99.19 3.195.919
2,282,539
6.49
5.20
10.000 3.200
2.311
1977
QXR.070 42,969.232 9?,98 650,775 43,620,007
633,860
99.47
2.048.476
.32
5.17
8.619 2.311
1976
1975
38.508,055 37.280.660 96.81
34.923.276 33.833.693 96.98 37,914.520
101.41
1.949,072
5.79
8 369 2.311
9.655 3.781
1974
33,637,575 32.736.227 97.32 991.953 33,619.080
99.94
(1) Imiudes levies for general operations and debt service.
-for discounts and uncollectable tax of approximately 596 of total tax levy.
(2) Net of reserve early payment
The following table is a listing of the ten largest taxpayers in the City, the nature
of their business activity
and the assessed value of their property for the fiscal year
ended September 30, 1983.
Ten Largest Taxpayers in the City of Miami
1983 Assessed Value of Property
•
1993
Assessed
Value
Name of Tagwyer
Wature�yih'
(00013)
Southern Bell Telephone &Telegraph Company
Unlit
$304,869
120,917
Office Buildings
Equitable Life Assurance
Office Buildings
115,770
Ball Point Development
91,629
Florida Power & Light Company
Utility
74,394
Miami Herald
Newspaper
Buildings
63,021
One Biscayne Tower, N.W.Offi
Retail Sales
Retail
31,044
I.B.M.
Office Buildings
29,714
New York Life Insurance
Retail Sales
24,847
Federated Department Storrs
19.980
Office Buildings
DuPont Plaza
Total Assessed Valuation of Top Ten Taxpayers,
$876,185
which is 10.1% of total 1983 Assessed Valuation
SOURCE: We County Property Appraiser's Office.
Pension and Retirement Plans
The City has two separate pension funds, the Retirement System (Police and Firemen) which went into effect
on February 1, 1940 (the "System" or "Retirement System") and the Retirement Plan (General Employees) which
went into effect on July 1, 1956 (the "Plan" or "Retirement Plan"). The actuary for the Retirement Plan is
Compensation & Capital, Inc., Chicago, Illinois. For the Retirement System, the actuary is Alexander &
Alexander, Atlanta, Georgia. The Plan and System select their actuaries independently. Additionally, the City
selects its own actuary to determine the amount that the City will contribute to the Plan and System.
With respect to the System and Plan, the principal actuarial assumptions are:
(1) As to valuation method:
System --Entry Age Normal Cost Method with supplemental present value.
Plan —Aggregate Accrual Modification of the Entry Age Normal Cost Method.
24
r _ .
rt a,.�-
' 1Beti H Tytrel (2t3) +i3-3�23
64VC4�f. of May 17, 1983
(2) As to interest no:
System and plan--8% and 1% for the Man's post retirement benefits.
(3) As to assets:
System --Moving market value average.
Plan ---Market Value.
(4) As to retirement age:
The System and Plan have adopted, as of October 31, 1979, the use of probabilities by age. rather
than a single retirement assumption. Prior to October 31, 1979, the System used age 53 and the Plan
used age 62.
Membership in the System and Plan is compulsory for classified employees, optional for unclassified
employees and not open to temporary employees. Participation in the Plan and System as of October 1, 1983, was
as follows
Attire Retired TOW
Plan .............. 2,026 1,509 3,535
System ............ 1,717 ' 859 2.576
Totals ......... 3,743 2,368 6,111
The City's contribution is derived annually by the City's actuary, E.H. Friend & Co., Washington D.C. and
is presented in a Supplementary Actuarial Valuation Report which incorporates the alternative funding meth.
odology adopted by the City Commission into the actuarial reports prepared by the Plan and System's actuaries
and recommended to the City Commission for acceptance. (See the Section "LMGATiON," Appendix B and
Note 14(A) in the Section "FINANCIAL STATEMENTS" for discussions related to litigation pertaining to the
City's contributions to employee pension plans.)
For fiscal year 1983, the unfunded liability was determined with data as of January 1. 1983 for the System,
and October 1, 1982 for the Plan. Assets available for the Benefits are determined as of October 1, 1982. The
State of Florida requires that pension unfunded liabilities for local retirement systems be funded over a prescribed
number of years. The City has adopted a funding technique by which contribution level for funding the unfunded
past service liability increases annually by 5% over a 35 year period. The State of Florida's Bureau of Local
Retirement Systems has indicated that this funding technique provides an adequate proper actuarial funding and
meets the requirements of Part V1I, Chapter 112, Florida Statutes.
The following table sets forth in summary form certain essential data with respect to both the Retirement Plan
and the Retirement System for the fiscal years ending September 30, 1978, 1979, 1980. 1981, 1982 and 1983.
25
84-624
116tij. 00 ` YhV1 (212) "2-82U
645UC-1— proof of May 17, 1"3
City Pension I UMS
Financial Data for Pension Plans
iybW 'Yens Ending
SepteMmber 30. 1983
iami Employees' Retirement System .......
Miami Employees' Retirement Plan ... ... .
Total.............. I............
September 30. 1982
Miami Employees' Retirement System .......
Miami Employees' Retirement Plan ..........
Total................. I.........
ptember 30. 1981
Se
Miami Employees' Retirement System .......
Miami Employees' Retirement Plan ..........
Total...........................
September 30. 1980
Miami Employees' Retirement System .......
Miami Employees' Retirement Plan ..........
Total...........................
September 30. 1979
Miami Employees' Retirement System .......
Miami Employees' Retirement Plan ..........
Total...........................
September 30. 1978
Miami Employees' Retirement System .......
Miami Employees' Retirement Plan ..........
Total...........................
Employers' Employee lei
Coanibutions Contly:n
S 7.283,777
S
4.063.406
S
7,632.115
8.165.963
3.452.996
3.789.633
S 15,449,740
S
7.516.402
S 11,421.749
S 9.604.109
S
3.418.917
S
9.851.550
7.348.232
3.070.791
4.613.229
S 15.952.341
S
6.489.708
S 14.464.779
S 8.530.163
S
2.761.264
S
7.382.265
6.720.654
2.880.036
3.250.133
S 15,250.817
S
3.641.300
S 10.632.398
S 8.472.200
S
2.450.208
S
6.080.711
5.812.180
2.777.905
3.109.260
S 14.294.380
S
5.228.013
S
9.189.971
S 10.960.543
S
2.358.418
S
4.328.941
4.452.053
2.579.140
2.395.959
S 15.412.5%
S
4.937.558
S
6.724.799
S 10.400.013
S
2.346.232
S
3.007.515
3,309,064
2.462.769
1.895.234
S 13.709.077
S
4.809.001
S
4.992.749
Beitelfts
Pa1104011" Udubded Assets
Employee Accrued Available
Withdrawals Lk wty row Behents
S 9,408.187
S 97.942.418
S119.305.000
9,299.116
103.213.629
67.193.000
$ 18.707.303
S201,156.047
S186.498.000
S 9.143.205
S 79.151.535
S107.462.000
8.875.138
95.456.344
59.687,000
$18.018.343
5174,607.879
S167.149.000
S 9.145.186
S 84,436.463
S 99.573.000
8.%3.433
88.949.537
56.318.000
$18.110.619
$173.385.000
S155.891.000
S 8.249.522
S 85.908.000
S 85.498.000
7.907,968
90.422.000
50.325.000
S16.157,490
S166.330.000
S135.823.000
$ 7.450.813
S 87.200.000
S 72.687.000
6.887,022
72.0I0.000
45.213.000
$14737.335
5159,210.000
S117.900.000
S 6.364.922
S 81.000.000
S 63.355.000
6.198.957
56,000.000
42,912.000
$12.563.879
S137,000.000
S106.267.000
The above amounts for Employer's Contributions and Unfunded Accrued Liability are as reported by the
City's actuary. E. H. Friend. in its annual reports. Amounts under Employee Contributions, Interest Earnings and
Benefit Payments Ibcluding Employee Withdrawals are as reported in the annual reports of the Plan and System.
Assets Available for Benefits amounts are from the annual reports of the Plan and System reduced by year-end
receivables from the City.
I..abor Relations
The City Manager's Office has a professional labor relations staff dedicated solely to labor negotiations and
contract administration during the term of these agreements.
The City has negotiated multiple year agreements with all its labor organizations. Two labor agreements
expire on September 30, 1984—one with the American Federation of State, County and Municipal Employees
("A.F.S.C.M.E."), Local 1907 and one with the Sanitation Employees Association ("S.E.A."). Two labor
agreements expire on September 30. 1985--one with the Fraternal Order of Police ("F.O.P."), Lodge No. 20 and
one with the international Association of Firefighters ("I.A.F.F.'). Local 587.
Scheduled increases beyond fiscal year 1983-84 include an October 1, 1984 adjustment of 3% and a July 1.
1985 adjustment of 5% for employees represented by the F.O.P. and I.A.F.F. Adjustments beyond fiscal year
1984-85 for employees represented by the S.E.A. and A.F.S.C.M.E. are to be negotiated in the summer of 1984.
Risk Management
A Charter Amendment was approved by the electorate in 1971, allowing the City to set up a Self -Insurance
and Insurance Trust Fund. The City Commission created, by Ordinance. a Board of Trustees composed of the City
Manager, the Director of Finance, and the Insurance Manager to handle the security investments of the Fund. Also
created is a Self-insurance Committee, appointed by the City Manager to administer the Plan.
26
- F ayK�T/k�-ny � MS tri 'f
i
�
". H. Tyr M (212) 961-3222
6430C•l—~ of May 17. 1983
The City is self-insurml for most casualty and group benefit exposures with the exception that coverage by
outside insurance is secured when it is available at acceptable rates. Purchased policies include a broad, ail -risk
property policy covering all City property; general liability insurance for its exposures at the Miami Convention
Center, Dinner key Marina, all parks, pools and playgrounds of the City, and fidelity bonds on all City employees.
Group life insurance and accidental death and dismemberment insurance are also commercially purchased.
The City self -insures all exposures not commercially insured including vehicular accidents, police torts, and
general liability. Group health benefits for City employees and retirees are self -insured.
The City's liability for damages in most court claims is limited to $100,000 per claimant, and $200,000 per
occurrence in accordance with the Florida Statutes, Section 768.28, which waives sovereign immunity in torts
claims to the extent of such amounts.
While the City self -insures its group health benefits plan, the City also offers certain employee groups the
choice between the indemnity group benefit and a pre -paid health maintenance organization. One of the employee
iargaining units, the Sanitation Employees Association, has a prepaid health maintenance organization as its sole
malth benefit option.
In July of 1984, the Fraternal Order of Police and the International Association of Fire Fighters will establish
separate group benefits plans for both active employees represented by those bargaining units, and retirees
formerly represented by those bargaining units. The City's contribution to provide• group health benefits for these
bargaining unit employees is limited by the labor agreements. The limitation for group health benefits is an amount
similar to that which the City has been contributing for these employees to its self -funded plan.
ECONOMIC AND DEMOGRAPHIC DATA
Introduction and Recent Developments
The City in recent years has begun to base its economy upon a more varied economic base. Industry and
manufacturing are becoming stronger forces in the area. While the City's share of Florida's tourist trade remains
one of the major economic forces, its attractiveness as a residential area to skilled labor and its selection as the
site for major and smaller light industrial activities have combined with tourism to produce a more diversified
economic base.
Other recent developments include a $250 million expansion of the Port of Miami which was begun in 1980.
Phase 1, which doubled the seaport's physical size, tripling the land available for cargo operations, was completed
in 1981.
In 1984 a third gantry crane will be erected and additional bulkheading will provide 1,000 additional feet of
lineal berthing space. Plans further call for a five land flyover bridge, providing a direct link to the interstate
highway system and a $ 100 million complex to include two new cruise berths, 100,000 sq. feet of additional office
space, small retail shops and a 500 seat restaurant.
Miami International Airport is undergoing a $1 billion expansion program. Included in this program is a new
seven story parking structure directly across from the main terminal that will add 2,300 parking spaces. A related
project is the elevated pedestrian "skybridge," which will connect the parking garages with the main terminal
building. Both projects are scheduled for completion in 1984. Other improvements include a direct connector road
to the airport expressway, a cargo tunnel to be built in 1985, expansion and modernization of gate areas and a new
Cargo Clearance Center —locating all federal agencies convenient to the brokers, cargo airlines and forwarders.
Projects recently completed and currently under construction in downtown Miami are valued at S.9 billion.
Planned projects reported by the Downtown Development Authority total approximately $1.1 billion.
guy Compreted
Proeeta
and Under Construction
Ptsened
Office Space
3,648,800 sq. ft.
4.731,617 sq. ft.
Residential Units
1,363 units
910 units
Hotel Rooms
3,837 rooms
120 rooms
Parking Spaces
10,898 spaces
10.722 space:
Retail Space
1,875.800 sq. ft.
258,450 sq. ft.
27
84--624
,:a. _ ,. T - ^'". 1 -`w -"7 :•z ,.. F r` yS:. ,% ... ,.:;. .-*C'.-"n' Yi'+#+"x,.. -. a ;:a=.Vi u.
t et�j. It. Tyrrel (212) 061.8212
6430C-l-4%6f of May 17. 1041
Metforail
r sat'
54
;t
A new $1 billion. 21-mile Metrorail elevated high-speed transit system is nearly completed and the first
11-mile section of the 20-section System opened in May, 1984.
Complementing Metrorail will be the $132 million Metroloop, a 1.9 mite central -city rapid transit "le -
mover system that will be in operation in late 1985. Existing bus routes will be expanded to provide coordinated
service to both systems. Upon completion of those Systems, Miami will have established a major component of
a comprehensive mass transit network.
Bayside
The Bayside Specialty Center project will occupy close to 20 acres along the waterfront of Downtown Miami.
The Specialty Center will feature 200,000 sq. ft. of rental space and a parking garage for 1.200 cars. The Rouse
Company, a leading builder of specialty markets in downtown settings, was selected to be the developer and will
invest S93 million in this project.
The Bayside Specialty Center is expected to attract 15 million visitors per year. It is projected that the
complex will generate an average of $200 million in sales and create an additional 1,000 jobs. The complex is
scheduled to open in the Fall of 1986.
Southeast Ov"town/Park West
The City of Miami has initiated a major redevelopment project for a 200 acre tract adjacent to the central
business district. During the next 5 to 10 years, 6,000 new residential units and over 3 million sq. ft. of office
and retail space will be constructed. It is estimated that close to $1 billion in private investment funds will go into
this project. This project will be the largest Public/Private Joint Venture undertaking within the State of Florida.
The'role of the public sector will be as project facilitators, and the City will assume some of the costs and risks
normally borne by the private developer. It is estimated that 5100 million in public funds will be contributed to
this project. The majority of public funding will be provided through the issuance of Tax -Increment Revenue
Bonds. $11.100,000 of the Housing Bonds offend hereunder is to be used to purchase land for such housing.
Sports and exhibition Center
The City of Miami approved an ordinance creating the Miami Sports and Exhibition Authority on July 28.
1983. Florida Statute requires the creation of such an Authority as a condition precedent to the County enacting
an ordinance levying a 30 Convention Development Tax on hotel rooms. The City's share of the tax proceeds must
be used to construct a multi -purpose convention/coliseum exhibition center within the City of Miami. The City's
share of these tax proceeds is expected to be S344 million per year.
Plans for the facility require a minimum of 150,000 sq. ft. of exhibition space, 75,000 sq. ft. of conference
space, a 16,000 seat sports arena and all appropriate parking and ancillary areas.
A formal request for proposals from developers has been issued and responses are to be received in July,
1994.
Insurance Exchange of The Americas
Miami evolved over the past decade as a logical location for an international insurance facility as a conduit
through which the growing insurance and reinsurance industry interested in Latin American business could be
channeled to one central location.
The IEA, patterned after Lloyd's of London, is not itself an insurer. It is a marketplace where large and
unusual insurance and reinsurance needs in the domestic and international markets can be written. They include
reinsurance from other insurers, both U.S. and foreign; foreign risks of every type; aviation. marine and transport
risks; and Florida surplus lines business.
28
rF�
. H. Tyh*l 4212) 062•9222
64.56C-1-4proof or May 17. 1983
Car Coate Expansion
The favorable geographic location of Greater Miami, the trained commercial and industrial labor and the
favorable transportation facilities have caused the economic base of the area to expand by attracting to the area
many national and international firma doing business in Latin America. In Greater Miami, over 100 international
corporations have set up hemispheric operations. Among them are such corporations as Dow Chemical, Gulf Oil
Corporation, Owens -Coming Fiberglass Corporation, American Hospital Supply, Coca-Cola Interamerican Cor-
poration and Ocean Chemicals, Inc., a subsidiary of Rohm & Hass Company.
In addition to the growth in manufacturing, significant strides have been made in the location of non -
manufacturing firma in Greater Miami. Other national faros which established international operations or office
locations in Greater Miami are Alcoa International, Ltd., Atlas Chemical Industries, Bemis International, Dymo,
Inc.. International Harvester, Johns Manville International, Minnesota (3-M) Export, Inc., Pfizer Latin America
and Royal Export and United Fruit.
Industrial Development
A 1983 study prepared by the Chicago -based Alexander Grant Co., in cooperation with the Conference of
State Manufacturers Associations, ranked Florida for the third year in a row as the first state in the nation for an
overall favorable business climate. The same conclusion was reached last year by a business location firm, the
Fantus Co., which is also headquartered in Chicago.
The Dade County Industrial Development Authority reports that there are over 4,000 manufacturing firms
in Dade County that employ more than 98,000 persons. This reflects an increase over the past decade of 35.5 per
cent in the manufacturing sector alone. Approximately 197 of these firms are major manufacturers with 100 or
more employees.
The two predominant categories of industrial land use in Greater Miami are light manufacturing and light
storage. Light manufacturing includes a wide range of operations from industries producing electronic components
to machine shops and printing plants. Light storage ranges from food and autopart warehouses to office supply
storage facilities. Heavy manufacturing ranges from cement to metal extension plants. Heavy storage includes such
things as timber yards, building supply warehouses and heavy equipment storage. Finally. mixed industry would
include any other form of land use such as commercial or agricultural. The following table details the types of
industry which have developed within the City and the percentage of space each industry occupies.
Of (4eapied
bdus u*A Space
Wior Cate6orY 1961
Manufacturing ..................... 43.0%
Wholesale and Retail Trade .......... 39.5
Transport and Public Utility .......... 9.0
Services........................ 4.3
Construction ...................... 1.1
AliOther ......................... 3.1
SOURCE: Department of Economic Development, City of Miami.
29
54-624-
btetij. A. Ty"A (212) 062-5122
643001-�f of iy 17. 1"3
Manufacturing has recently occupied the largest percentage of occupied space of all major industrial catego-
rift within the City. The following table highlights the various types of manufacturing activity and the percentage
of space each industry currently occupies within the City.
d
Sol) Type of Maad4sehria8
1nduWWW space
35 Machinery (excluding electrical) .................
17.3%
34 Fabricated metal products ......................
16.3
37 Transportation equipment ......................
13.0
25 Furniture and fixture ..........................
10.6
36 Electrical equipment ........................
10.6
30 Rubber and plastic products ....................
9.6
20 Food and related products ......................
8.2
22-23 Apparel and textile products ....................
6.7
24 Lumber and wood products .....................
7.7
SOMCE: Department of Economic Development, City of Miami.
(1) Standard Industrialization Classification Code established and used by the U.S. Department of Commerce.
Miami's apparel industry, is today the third largest in the nation. Miami's market is primarily made up of
numerous small firms nether than large operations. Roughly 30.000 jobs are provided by nearly 500 manufacturers.
Florida apparel firms, most of which are centered in the Miami area, shipped $849 million in merchandise in 1980,
a 56 per cent increase over 1970 figures.
South Florida is now the fastest growing interior design center in the nation, only behind New York and Los
Angeles. It is where 250 design -related businesses provide 6,000 ancillary jobs and generate S250 million into the
local economy.
Moro than $10 million in new construction has taken place in the past three years, at the Miami Design Plaza,
located on 38 acres within a 14-block spread in midtown Miami. It is anticipated that approximately $11 million
more will be invested in the district during the coming year.
Financial Institutions
Dade County is growing as an international financial center with 36 foreign banks operating in the commu-
nity. Additionally, there are 46 Edge Act Banks that have moved to the Miami area. These include: BankAmerica
International, Bank of Boston International South, Bankers Trust International, Banco de Santander International,
Chase Bank International, Citibank International, Irving Trust, Chemical Bank International, Manufacturers
Hanover International, and Morgan Guaranty International. The Federal Reserve Edge Act Amendment. adopted
in 1919, permitted banks to open International Banking Subsidiaries outside their home states. The Federal
Reserve System has located a branch office in Dade County to assist the Atlanta office with financial transactions
in the South Florida area.
Thera are 70 local banks in Dade County which together have a total of S 16.2 billion in deposits. A ten year
summary is presented below:
Beak Deposits(l)
Nwnber
Year
of Banks
Tool Depafts
1983
70
$16,158,326,000
1982
65
13.486,248,000.
1981
65
9,234,540.000
1980
63
9.341,691,000
1979
71
7,982,108,000
1978
73(2)
7,015,276,000
1977
98
6,481,146,000
1976
95
5,526,615,000
1975
93
5,296,569,000
1974
91
5,493,965,000
Souaca: U.S. Comptroller of the Currency.
(1) The information presented is for Metropolitan Dade County as a whole which includes the City of Miami.
(2) Decline in number of banks is attributable to change in Florida's banking laws which now allow for branch
banking. Some of these branches were separate banks prior to the change in the law.
30
84-624
S
i
Tyrrd
50 .t
.proof OfMay,117, 1 S3
Tou rim
Miami always has been a very attractive'clty for domestic and international tourists. Ira climate and bated in
t the year. City government and private interests have coops
draw many thousands of visitors throughout power boat races at Miami Marine Stadium, the Orange Bowl
developing outstanding attractions which include
oFl parrot Jungle, Monkey Jungle. the Orchid Jungle, the Omni shopping of
Classic, the Seaquarium, Planet Ocean, ntarium. Other Points
complex, dog and horse races, Jai Alai, the Vizcaya Palace, Metrozoo and the Serpe fessional sports
interest and activities include tours of the Everglades and the Florida Keys, major league pro
events, and annual attractions such as the Youth Fair, Graphics Fair, International Folk Festival. Marathon Race,
Chile Ocho Open House, Carnaval Miami, Coconut
ArtBl�tFestival, al eveKwants
C'OOmbay Festivals. Hispanic
Heritage Week, Little River Oktoberfest and theOrange
During 1983, approximately 5.6 million out-of-state visitors tstayed e �� 57,000
pe�uch asmconvendo stel r and
Greater Miami. Many of these visitors Participated
conferences.
1Fiim Inds' to figures d by the State's
Film production in Fouth Florida reached an all time high n 1983. according 8 releaseeat film
Department of Commerce, Motion Picture and Television Bureau. Florida is ranked as the third larg
f Florida's film
production center in the U.S. State and lade officials and Broward countte ies) 'Ilia 98at between 3 filmto 70 percent productiontotals for Florida
business in conducted n South Florida (Dade
estimated $86.85 to S101.36 million added to the Miami area economy.
were $144.8 million resulting in an
Agriculture
The land area of Greater Miami includes large agricultural expanses on which limes. avocadoes, mangoes,
grown for the fresh produce market. During the sunny and warm winter months. the
tomatoes. and pole beans are gro
Mild climate enables these crops to be grown and harvested. Many of the vegetables are shipped f the northern
and northeastern United States during the winter. Exotic tropical fruits such as plantains. lychee fruit. papaya.
sugar apples and persian limes grow in the area and cannot be grown anywhere else in this country.
Expos g nt's 1983 figures.
Fifty percent of Florida's foreign trade which,
ace of Miamis Commerce Departure
totalled in excess of $16.7 billion. flows through Po
rts A report released by the Florida Department of Commerce reveals that June 1983 exports from Miami
Customs District #52 (that includes Port Everglades and West Palm Beach) rose by 19.7 per cent to S467 million
from the previous month's total of $390.4 million. Caribbeane 12 year
n of
Basin
Further stimulation in investments is expected f 27 ccountries of Centralsult from the oAmericta and the Caribbean islands
Initiative program. designed to boost the econ reed in the region. is also expected
The new law, which grants duty-free entry into the U.S. of material goods prod
to bring greater economic stability to those countries.th affairs
Trade offices have been established in theSouoM Miami area These rida by several countries,
trade offices include those esttabisF►ed
conducted by the 37 foreign consulates located
by Belgium. Chile. Colombia, Dominican Republic, Guatemala, Hong Kong, Jamaica, Korea, Panama, Spain and
the Philippines.
Miami International Airport
five separate airports within its boundaries. The responsibilities
Metropolitan Dade County is the owner of
for their operation are assigned to the Dade the uCounty
nrouun beroAviation senge�us�irtg its facilrctrtrrueis�it 1Cranks 4th nr the nation and
in the nation and loth in the world m
5th in the world in the movement of domestic and international air cargo.
31
84-f 24
Tyres (213) %2-9222
� �I-A%. of of wlay 11, 1983
cheduled
services welt provided to over 20 million domestic and international tying the
During 1982, airport was the '2.946 increase in international passengers. the aWind
Of major imps venient for importers and exporters.
Pn vide world-wide air routes con
Miami Intetnatiortal Airport Pro complex. approximate two million
Ito Alrport's facilities include tone runways, a 7.000 car ance shops. hops. ►g ximately 30,000 individuals are
square feet of warehouse and office space, and maintenAppro
employed at the airport- and handled 1.2 billion pounds of cargo. Previous years
In 1983 the Airport served 19.3 million passengers
statistics are presented below:
P
1982 19,388 1,246,700
19,8
1 49 1,170,008
198
198020.507 1,130,800
1979 19,628 1,066,313
1978 16,501 1,026,593
36 987.998
13.7
1977 12836 $08,791
,
1976 745,453
1975 12.068
1974 12,444 778,815
1973 12,722 720,806
SOURCE: Dade County Aviation Department -
port of Miami and is operated by the Dade County Seaport Depu=nt.
4 The Port of Miami is owned by Metro -Dade County from 85! .164 to 1,760,255. an
the number of passengers sailing from the Port increased cruise ship port.
From 1973 to 1982. explains the. Port's emergence as the world s leading
increase of 107%. This increased Fro o handling concepts. The most effective
The Port of Miami speci
alizes in unitized trailer and container cargo ex rt port to
oral c o handled increased from over 1.2 million tons to over
use of equipment and the Port's convenient location comma a to make the Part the nation's leading Po
the western Hemisphere. From 1973 to 1982. the
2.6 million tom, increase of 117%. act to 525 aches• The
buyers, importers, exporters,
• In 1979, derails were completed for the expansion on the
abet Q Miami � m u�
additional space is needed to accommodate the urcreas 8 business through the Port.
I freight forwarders and cruise passengers who wish to conduct o A summary of the
In 1983 the Port served 2,002.654 passengers and handy 2.7 mrll►nted �'on v of cargo,
growth in revenues, passengers and cargo for previous years prose
r nff—a—aw-r )
1,760.255 2.665,921
1982 $12,949,687 11567,709 2.757,374
1981 12,468.522 1,459.144 2.485,791
1980 12,056,896 2,291,382
8.110.840 1,350,332 1.922,864
s4 1976,236.385 992,275
1978 978,016 i .711.535
l 5,374,978
1977 1,029,687 1.525.095
1976 4,956.670 804,926 1.257,608
j 1975 4,517.946 728.201 1,301,052
i 1974 3,850,232 851,164 1,205,454
1973 3,700,182
---------— Seaport Department.
SOURCE: Dade County po
32
84'"F 24,
VIM
Demographic AV Distributlon
'bution o� age g among the
of both N[iamt and Dads
The following table indicates the distn
County residents.
Age Group as a
Percent of Total YOPumuon
G
�
pde c°�m
113,3o
%
0.5
Z3,4S9
4
8,598
2
5
t, 6-9
15,139
15.294
4
87,286
106.569
7
s� 10.13
14-17
20,202
6
3
54,285
3
8
11 119
11,191
28,320
8
133.480
240,79E
1S
24
{ 25-34
47,599
40,281
14
12
192,847
187.495
12
12
35-44
45-5
44,574
13
6
91,009
5
5
55-59
21,114
19.973
6
80,586
149,550
9
j ��
623,168
35.951
10
105,736
7
755+4
t
346 865
1009E
1,625,781100g6
j: Total
'
` population and Housing.
SouR 91 80 U.S. Census of
Faintly Income number of families in the City and Dade County.
The table below indicates the distribution of income by
Faintly Income Distribution
1979 p�pta",
Mlanu
PM"UV 41194 pads ,t0%
lecome i b% l84
14,529 60,091 15
14
S 5.99 17,792 19 65,564 27
5-9.999 16,598 19 114.520 27
10-14,999 21.497 25 1t2.303 28
15.49.999 14.125 16 32.858 8
25-49.999 3,51E 4
+50.000 100%
Total Number 1009E 426.520
of Families 88,057
j lation and Housing.
SOURCE' 1980 U.S. Census of Pope
been above that for the Florida and
i arcs the per capita personal income of Dade County, Florida and
Per capita personal income rig table Miami residents has consistently
United States averages. The
1 the U.S•A•
Per Capita Personal 'Some
CpU.S.A..
Dade pp FWI" 1019E
$10,165 S10,491 103
i 1981 510,885(l) 9.153 9.490 103
1980 9,598 8,202 .5 103
1979 8.8� 7.330 7,77775
t978 8.030
- Department of Labor. Bureau of Labor Statistics.
SOURCE' U.S. Bureau of Economic and gustness Research (1981. Dade County Estimate).
(1) University of Florida.
33
r xg� phi h
3',f� i tie `fh
8"j. if. Tyrrrel (212) 061*8222
t i450C�1= f of May 174 1993
Retail Saks
Although Miami contains 22.1 percent of the population of Dade County, in 1983 almost half of the dollar
value of sales transactions took place in the City. The following tables present detailed sales information for Miami
and Dade County,
Gross Sales(1)
19e1 19a2 M
Miami .................. $14.552,000 $14.856.000 $14,319,000
Dark County ............. 29.140,000 30,711,000 30,468.000
Miami/Dade .............. 50% 48% 47%
(1) As repotted under the Sales Tax Act.
Taxable Gross Retail Sales
19"
19M
1"1
1"2
19s3
Miami ................... $3.791,300
$ 4,712.800
$ 5,296.400
S 5.498.000
S 5,214.000
Dade County ............. 9,311.000
10,888.000
12,114,000
12.040.000
11,664,000
Miami/Dade .............. 41%
43%
44%
46%
45%
SOURCE: Department of Revenue. State of Florida.
Employment
The tables below indicate the scope of employment throughout Miami and Dade County.
Ten Largest Private Employers
Greater Miami
Type ofs
ot
Name
uldne
Employees
Eastern Airlines .. . , .. .. .................
Airline
12,500
Southern Bell Telephone and Telegraph ..........
. .....
Utility
11.131
Burdines .........................................
Department Store
6,300
University of Miami ................................
University
5.223
Pan American World Airways ........................
Airlines
5,218
Florida Power and [.fight .. ..
......
Utility
4,700
Southeast Banking Corporation/Southeast Bank N.A.
.....
Bank
3.885
Publix
Super Market
3,786
Miami Herald Publishing Company ....................
Newspaper
3.329
Mount Sinai Medical Center of South Florida ............
Hospital
3,207
Employed Persons by Industry
Type
Miami
Pa C UV Dade County
pere"taie
Agriculture, Forestry, Fishing. Mining ...........
1,590
1 %
14.850
2%
Construction ..................................
11.150
7
44.560
6
Manufacturing
27.070
17
103.970
14
Transportation. Communication, Public Utilities ...
12.740
8
81.690
11
Wholesale Trade .............................
9,550
6
44,560
6
Retail Trade .................................
27,070
17
133.670
18
Finance. Insurance, Real Estate .................
11.140
7
59,410
8
Business and Repair ... ................
9,550
6
37.130
5
Personal Entertainment and Services .............
15.920
10
51.980
7
Health Services ............................
12.740
8
59,410
8
Educational Services ..........................
7,960
5
44,560
6
Other Professional Services ....................
6,370
4
37,130
5
Public Administration ................ . ........
6.360
4
29.710
4
Total ....................................
159,210
100
742.630
100
SOURCE: 1980 Census of the Population and Housing.
34
84-624
our--�' .6•'^`'r it ;e � � g •� '�`�x 1 [ 3fi' f� `' jtL•i: n„2dY'� a4 Y8
—
* .'^ a rdj
$
i
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A 1
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. lleeitj. l{, Tyrrel (212) W-S222
64 i,—�r. of May` r1c 1041 1'
Unemployment Rates
Am" A""-
1999 1"t 1962 M 19R�
Miami 6.8% 7.8% 9.2% 12.0% 7.4%(1)
Dade County ....... 6.0 6.8 8.1 9.8 6.0(1)
U.S. .............. 6.1 7.6 9.9 9.6 N.A.
(1) As of March 1984.
SouacE: United States Department of Labor. Bureau of Labor Statistics,
Housing
The U.S. Census figures for 1980 show that the median value of owner occupied housing was 547.517 which
is an increase of 171% of the median value of 517,500 per owner occupied housing as outlined in the 1970 U.S.
Census figures.
The following tables detail the characteristics of housing by units in the City of Miami and Dade County.
Values of Owner Occupied, Non -Condominium Housing Units
1980
Miami
Percentw
2!d!
Ferma
Less than $25,000 .....
3,690
11%
14,156
6%
25,000-39,999.....
8,283
25
43,732
18
17
404)00-49.999 .....
6.326
l9
39,978
35
50,000-79.999.....
11.012
33
81,130
9
80,000-99,999 .....
1,684
5
21.211
15
100.000 and over .....
2,462
7
34.658
Total..........
33,457
100%
234.865
100%
median value .....
$47.517
S 57.200
SouRct:: 1980 U. S. Census of the Population and Housing.
City of Miami
Occupied Housing by Tenure
1970
19811 pem"t
Owner Occupied ..... 43,158 36%
64
45.738 34%
88.308 66
Renter Occupied ..... 77.235
l20.393 100%
134,046 100%
Total .............
SouR and 1980 U.S. Census of the Population and Housing.
35
544'
r
N
x
sew
x
.1Ffi. { yrrel . 1213t
6430C-1—Proo( of May 17, 198�
Building Permits
The dollar value of building permits issued in the City since 1978 are as follows:umber
j
Vail" ofNpermus
f
Year _100015)
$299.941
446
1983 9'
1982 358,676 8,653
605
1981 532,205 ,
1980 350,054 10,518
18
1979 201,667 12.213
1978 105,064 12.246
SOURCE: City of Miami's Fire. Rescue and Inspection Services Department.
New residential construction in the City since 1978 has been estimated as follows:
Housing Units Started
Number of
Year Units
1983 661
1982 1.753
j 1981 3,164
1980 2.188
1979 1,995
1978 1,319
SOURCE: City of Miami's Fire, Rescue and inspection Services Department.
am g fig We$
BertJ. H. Tyrrel (212) %24222
645w.I--Proof of May 17. 19113
APPROVAL AND OFFERING STATEMENT to be complete
The references. excerpts and summaries of all documents referred to herein do not Purport
statements references
the provisions of such documents. and reference is directed to all such documents a Bonds full
and
the
complete statements of all matters of fact relating to the Bonds, the security for the pay 's Director
rights and obligations of the holders thereof. Coca °f such Dr Drive. Dinner Key, Miami. Florida 33133. uments may be obtained from tel phone number
of Finance at Miami City Hall. 3500 Pan Amen Co. Incorporated, 110 Wall Street. New York.
(mow Y 9ric�10005. t350. or elephone numm the cial bet (2123 63.2nes 000J. ��y
Ne
The information contained in this Official Statement has been compiled from �i l and
ed as to accuracy or
deemed to be reliable, and is believed to be correct ss of this
by date
ethe Finaner sources
cial Advisor or the Underwriters.
completeness by, and is not to be construed as a repro
ers of opinion or of estimates whether or not
Any statement made in this Official Stan measninvolvingserepresentations of fact, and no representation i made that any
so expressly stated, are set forth as such and Pm
m-
of the estimates will be realized. The informationStatement nor any °sale made hereunder shallf opinion herein are ctunder anhangy wit circudate
to c
stances, create any
notice and neither the delivery of this m
implication that there has been no change in the affairs of the City of Miami since the
hereof.
been duly authorized by the Commission of the City of Miami
The execution of this Official Statement has.
The City of Miami, Florida
. ....................Mayor
37
84--624
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