HomeMy WebLinkAboutO-09618E-8 3-389
ORDINANCE NO. 9618
AN EMERGENCY ORDINANCE, AU'PIIORIZ[NG `1'HE ISSUANCE' OF
PARKING, SYSTEM RF,VENUE BONDS OF TH► CITY OF MIAMI,
FE,ORIDA, INCLUDING AN INITLAI, SERIES OF BONDS IN
AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING
$16,000,000 FOR THE., PURPOSE OF PAYING AT THEI'.4
RESPECTIVE MATURITIES OR REDEEMING `.I'HE OUTSTANDING,
PARKING FACILITIES REVENUE 130NDS OF THE CITY ISSUED
PURSUANT TO ORDINANCE N0. 7414, ADOPTED ON
MARCH 14, 1966, AS AMENDED, AND ORDINANCE NO. 9060,
ADOPTED ON JANAURY 24, 1980, AS AMENDED; PROVIDING
FOR THE PAYMENT OF SUCH BONDS AND THE INTEREST
THEREON FROM NET REVENUES DERIVED BY THE CITY FROM
ITS PARKING SYSTEM; AUTHORIZING OTHER CLASSES OF
INDEBTEDNESS TO 13E SECURED AS HEREIN PROVIDED;
SETTING FORTH THE RIGHTS AND REMEDIES OF THE,
HOf,DERS OF SUCH BONDS; AUTHORIZING THE VALIDATION
OF SAID BONDS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Miami, Florida (the "City") is au-
thorized pursuant to the Constitution and laws of the State
of Florida, including particularly Chapter 166, Florida
Statutes, to issue parking system revenue bonds, to refund
such bonds and to pledge to the payment thereof the revenues
derived by the City from its ownership and operation of its
Parking System (hereinafter defined); and
WHEREAS, the Commission of the City of Miami (the
"City Commission") on March 14, 1966 duly passed and adopted
Ordinance No. 7414, as amended by Ordinance No. 7452 and
Ordinance No. 7517, duly passed and adopted on July 14, 1966
and February 8, 1967 respectively (said Ordinance No. 7414, as
amended being hereinafter called the "1966 Bond Ordinance");
and
WHEREAS, the City has heretofore issued pursuant to
the provisions of the 1966 Bond Ordinance (a) $3,400,000
Parking Facilities Revenue Refunding Bonds (Series A), (b)
$1,600,000 Parking Facilities Revenue Bonds (Series B), and
(c) $3,600,000 Parking Facilities Revenue Bonds (Series C),
(collectively said bonds presently outstanding being herein-
after called the "Outstanding 1966 Bonds"); and
WHEREAS, the Commission on January 24, 1980 duly passed
and adopted Ordinance No. 9060, as amended by Ordinance No.
9092, duly passd and adopted on April 10, 1980 (said
Ordinance No. 9060, as amended being hereinafter called the
- "1980 Bond Ordinance"); and
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WHEREAS, the City has heretofore issued pursuant
to the provisions of the 1980 Bond Ordinance $8,725,000
Parking Facilities Revenue Bonds (Series 1980) (said
bonds presently outstanding being hereinafter called the
"Outstanding 1980 Bonds"); and
WHEREAS, the Commission has determined and does here-
by determine that it is necessary at this time to pay at
their respective maturities or to redeem at selected redemp-
tion dates the Outstanding 1966 Bonds and the Outstanding
1980 Bonds (collectively the "Outstanding Bonds") including
the interest to accrue to such maturities and redemption
dates and any redemption premiums for the purposes of (a)
adopting an ordinance to replace the 1966 Bond Ordinance
and the 1980 Bond Ordinance that will better enable the
City to finance the future capital requirements of the
City's Department of Off -Street Parking, as such require-
ments may be defined from time to time pursuant to law,
and (b) effecting debt service savings; and
WHEREAS, the Commission has determined to provide for
the issuance at this time of revenue bonds of the City
in the aggregate principal amount of not exceeding SIXTEEN
MILLION DOLLARS ($16,000,000) and designated Parking System
Revenue Bonds (Series 1983) (the "Series 1983 Bonds"), for
the purpose of providing funds, together with any other
available funds, for paying at their maturities or redeeming
the Outstanding Bonds, such Series 1983 Bonds to be secured
by a pledge of the Net Revenues (as hereinafter defined)
of the Parking System; subject to the rights of the City
to issue additional revenue bonds which will enjoy a
parity pledge of the Net Revenues; and
WHEREAS, the Commission has determined and does hereby
determine that due to the unsettled condition of the munici-
pal bond market and to the current trend of rising interest
rates on bonds of the type of bonds authorized herein, it
is necessary to proceed as quickly as possible to issue the
Series 1983 in order to avoid increased financing costs
which will be deleterious to the health and welfare of the
City of Miami and its people, now therefore,
BE IT ORDAINED by the City Commission of the City
of Miami, Florida:
2.
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ARTICLE I.
DEFINITIONS.
Section 101. Meaning and Words and Terms. In addition
to words or terms elsewhere defined in this Ordinance the
following words and terms as used in this Ordinance shall
have the following meanings, unless some other meaning is
plainly intended:
"Accountant" means the certified public accountant
or firm of certified public accountants engaged by
the Board under the provisions of Section 720 of this
Ordinance.
"Additional Bonds" means the bonds of the City
authorized to be issued under Sections 209, 210 and
211 of this Ordinance.
"Additional Facilities Account" means the account
in the Construction Fund created and so designated by
Section 401 of this Ordinance.
1 "Additional System Facilities" means (a) any
parking garages and off-street parking facilities and
on -street parking meters that are not a part of the
Parking System as of the date of this Ordinance,
including all land, buildings, structures, equipment
and appurtenances constituting a part thereof,'(b) all
enlargements of and improvements and additions to any
existing or future buildings and structures that
constitute the Parking System, and (c) all renewals and
replacements of any of the foregoing, which parking
garages, off-street parking facilities, enlargements,
improvements, additions, renewals and replacements are
financed as a whole or in part through the issuance of
Additional Bonds or with money held in the General
Reserve Fund.
"Annual Budget" means the budget adopted or in
effect for each Fiscal Year as provided in Section 705
of this Ordinance.
"Board" means the Off -Street Parking Board created
by the City Charter or, if said Board is abolished, the
board or body succeeding to its principal functions and
exercising supervisory control over the Department.
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"Bond" or "Bonds" means the Series 1983 Bonds and
any Additional Bonds.
"Bond Fund" means the fund created and designated
the Miami Parking System Bond Fund by Section 501 of
this Ordinance.
"Bondholder" or "Holder" means the holder or
registered owner of any Bond Outstanding.
"Bond Registrar" means a bank or trust company
either within or without the State of Florida that is
designated as such by the Board, such bank or trust
company being the same bank or trust company designated
to act as Trustee.
"Capital Funds Budget" for any Fiscal Year means
the amount estimated by the Board to be necessary for
the extension, improvement, enlargement, renewal, or
replacement of the Parking System, whether the same are
to be commenced, continued, or completed during such
Fiscal Year or thereafter.
"Chairman" means the Chairman of the Board or
the officer succeeding to his principal functions.
"Chief Financial Officer" means the Chief Financial
Officer of the Department or his designee or the
officer succeeding to the Chief Financial Officer's
principal functions.
"City" means the City of Miami, Florida,'a municipal
corporation in Dade County, Florida.
"City Attorney" means the City Attorney of the
City or the officer succeeding to his principal functions.
"City Clerk" means the City Clerk of the City or
the officer succeeding to his principal functions.
"City Commission" means the Commission of the City
of Miami or the board or body in which the general
legislative powers of the City shall be vested.
"Completion Date" means the date of acquisition
or completion of any Additional System Facilities, or
of any segment thereof, as the case may be, as certi-
fied pursuant to Section 407 of this Ordinance.
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"Construction Fund" means the fund created and
designated the Miami Parking System Construction Fund
by Section 401 of this Ordinance.
"Cost," as applied to any Additional System Facili-
ties financed with Bonds or other available funds,
means, without intending thereby to limit or restrict
any proper definition of such word under law, all items
of cost set forth in Section 403 of this Ordinance.
"County" means Dade County, Florida, a political
subdivision of the State.
"Current Expenses" means the current expenses of
the Board and the Department for the operation, mainten-
ance, and repair of the Parking System as determined in
accordance with generally accepted accounting principles,
including, without limiting the generality of the
foregoing, all ordinary and usual expenses of operation,
maintenance, and repair, administrative expenses,
salaries, payments to any retirement plan or plans
properly chargeable to the Parking System, insurance
premiums and expenses, engineering expenses relating
to the operation, maintenance, or repair of the Parking
System, fees and expenses of the Trustee and the
Paying Agents, legal expenses, fees of consultants,
and any other expenses required to be paid by the
Board and the Department under this Ordinance or by
law, but Current Expenses shall not include any reserves
for extraordinary replacements or repairs, any allow-
ance for depreciation, any principal payment in respect
of capital leases or Subordinated Debt, or any deposits
to any Fund or Account created under this Ordinance.
"Daily Newspaper" means a newspaper regularly
published in the English language on at least five days
in each calendar week.
"Default" means any Event of Default and any
event that, after notice or lapse of time or both,
would become an Event of Default.
"Department" means the Department of Off -Street
Parking of the City created by the City Charter or the
department, board or body succeeding to such Department
by whatever name at the time given to such Department
by the City Charter and having jurisdiction over or
control of the Parking System.
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"Department Attorney" means the attorney engaged
by the Department to perform the duties of the Depart-
ment Attorney under this Ordinance.
"Depositary" means any bank or trust company duly
authorized by law to engage in the banking business
and selected by the Board as a depositary of money
under this Ordinance.
"Director" means the Director of the Department,
the officer succeeding to his principal functions, or
such other individual who from time to time is desig-
nated in writing by the Chairman of the Board to
perform the duties of the Director.
"Eminent Domain" means the eminent domain or
condemnation power by which all or any part of the
Parking System may be taken for another public use or
any agreement that is reached in lieu of proceedings to
exercise such power.
"Escrow Agent" means a bank or trust company,
either within or without the State designated as Escrow
Agent in the Escrow Deposit Agreement and performing
such functions as are required by such Agreement.
"Escrow Deposit Agreement" means the Escrow Deposit
Agreement by and between the City and the Escrow Agent,
pursuant to which a portion of the proceeds of the
Series 1983 Bonds shall be held, invested and applied
by the Escrow Agent as provided in this Ordinance and
the Escrow Deposit Agreement.
"Event of Default" means each of those events of
default set forth in Section 802 of this Ordinance.
"Financial Journal" means a financial news journal
regularly published in the English language on at least
five days in each week and distributed in the Borough of
Manhattan, City and State of New York.
"Fiscal Year" means the period commencing on the
first day of October in any year and ending on the last
day in September of the following year, unless the
Trustee is notified in writing by the Director of a
change in such period, in which case the Fiscal Year
shall be the 12-month period set forth in such notice.
"General Reserve Account" means the account in
the Parking System Fund created and so designated by
Section 501 of this Ordinance.
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"Government Obligations" means direct obligations
of, or obligations the payment of the principal of and
the interest on which is guaranteed by, the United
States of America.
"Holder of Record" means any owner of one or more
Bonds who shall have filed with the Director, in
accordance with procedures established thereby, a
written request setting forth his name and address and
the particular reports, notices and other documents
that he desires and is entitled to receive under this
Ordinance.
"Insurance and Condemnation Award Account" means
the account in the Bond Fund created and so designated
by Section 501 of this Ordinance.
"Insurance Consultant" means a person or a firm
of persons of favorable repute in the State for skill
and experience in dealing with the insurance require-
ments of enterprises similar to the Parking System and
in performing the duties to be imposed upon it by this
Ordinance.
"Interest Account" means the account in the Bond
Fund created and so designated by Section 501 of this
Ordinance.
"Interest Payment Date" means the semi-annual
interest payment dates fixed in a Series Ordinance.
"Interim Indebtedness" means indebtedness of the
City or the Board payable from Revenues which (a) has a
final maturity not more than sixty (60) months after
the date it is incurred, (b) is designated as Interim
Indebtedness by the City or the Board, which the City
intends to refinance from the proceeds of Bonds within
such sixty (60) month period, and (c) meets the require-
ments of Section 716 of this Ordinance.
"Investment Obligations" means (i) Government
Obligations, (ii) obligations issued or unconditionally
guaranteed as to principal and interest by an agency
or person controlled or supervised by and acting as
an instrumentality of the United States Government
pursuant to authority granted by the Congress, (iii)
Time Deposits, and (iv) repurchase agreements with
reputable financial institutions fully secured by
Government Obligations, subject to the foregoing being
permitted investments of municipal funds under and
secured in the manner provided by State law.
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"Net Proceeds" means the gross proceeds derived
from insurance or as an award arising from Eminent
Domain, less payment of attorneys' fees and expenses
properly incurred in the collection of gross proceeds.
"Net Revenues" means the excess of Revenues
over Current Expenses.
"Operations and Maintenance Requirement-" means
as of the date of determination 1/6 of the amount shown
by the Annual Budget as Current Expenses for the then
current Fiscal Year.
"Outstanding" when used with reference to Bonds
means, as of a particular date, all Bonds theretofore
issued under this Ordinance except:
(1) Bonds theretofore cancelled by the
Trustee or delivered to the Trustee for cancellation;
(2) Bonds for the payment of which money,
Government Obligations, or a combination of
both, in an amount sufficient to pay on the date
when such Bonds are to be paid or redeemed the
Redemption Price of and the interest accruing
to such date on the Bonds to be paid or redeemed,
have been deposited with the Trustee or the
Paying Agents in trust for the Holders of such
Bonds; Government Obligations shall be deemed to
be sufficient to pay or redeem Bonds on a specified
date if the principal of and the interest on
such Government Obligations, when due, will be
sufficient to pay on such date the Redemption
Price of, and the interest accruing on, such Bonds
to such date; and
(3) Bonds in exchange for or in lieu of
which other Bonds have been authenticated and
delivered pursuant to this Ordinance.
"Outstanding 1966 Bonds" means collectively
the presently outstanding bonds of the City as follows:
(a) $3,400,000 Parking Facilities Revenue Refunding
Bonds (Series A), (b) $1,600,000 Parking Facilities
Revenue Bonds (Series B), and (c) $3,600,000 Parking
Facilities Revenue Bonds (Series C).
"Outstanding 1980 Bonds" means the presently
outstanding $8,725,000 Parking Facilities Revenue
Bonds (Series 1980) of the City.
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"Outstanding Bonds" means collectively the Out-
standing 1966 Bonds and the Outstanding 1980 Bonds.
"Parking Consultant" means any engineer, engineer-
ing firm, firm of certified public accountants, parking
consulting firm or corporation, or other qualified
person, firm or corporation of favorable repute for
skill and experience in performing the duties for which
it is employed by the Board under Section 720 of this
Ordinance.
"Parking System" means the real property and
parking garages and off-street parking facilities
presently owned and operated by the Board; the on -
street parking meters installed at any time at or near
the curbs of the streets within the jurisdiction of the
Department (subject to removal or relocation as provided
in Section 713 of this Ordinance); and any Additional
System Facilities and any parking garages and off-street
parking facilities added to the Parking System pursuant
to this Ordinance.
"Parking System Fund" means the fund created
and designated the Miami Parkinq System Fund by Section
501 of this Ordinance.
"Paying Agents" means, with respect to Bonds of
each Series, the Trustee and any other banks or trust
companies at which the principal of (unless registered)
and interest on the coupon Bonds of each Series are
payable.
"Principal Account" means the account in the
Bond Fund created and so designated by Section 501 of
this Ordinance.
"Principal and Interest Requirements" means the
respective amounts which are required in each Fiscal
Year to provide
(a) for paying the interest on all Bonds
then Outstanding which is payable in such Fiscal
Year,
(b) for paying the principal of all Serial
Bonds then Outstanding which is payable in such
Fiscal Year, and
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(c) the Sinking Fund Requirement for all
Term Bonds then Outstanding for such Fiscal Year.
"Proceeds Account" means the account in the
Construction Fund to be created and so designated by
Section 408 of this Ordinance.
"Redemption Account" means the account in the
Bond Fund created and so designated by Section 501 of
this Ordinance.
"Redemption Price" means the principal amount
of a Bond called for redemption plus the applicable
premium, if any, payable upon redemption thereof in the
manner provided by this Ordinance.
"Renewal and Replacement Account" means the
account in the Parking System Fund created and so
designated by Section 501 of this Ordinance.
"Renewal and Replacement Account Requirement"
for any Fiscal Year means that amount established as
such from time to time by the Board, which amount shall
not be less than $150,000, or such greater amount as
the Parking Consultant certifies is necessary for the
purposes of the Renewal and Replacement Account for
such Fiscal Year.
"Reserve Account" means the account in the Bond
Fund created and so designated by Section 501 of
this Ordinance.
"Reserve Requirement" means the maximum Principal
and Interest Requirements on account of the Bonds in
the current or any subsequent Fiscal Year.
"Revenue Account" means the account in the Parking
System Fund created and so designated by Section 501
of this Ordinance.
"Revenues" means (a) except to the extent herein-
after excluded, all income earned by the Department from
the operation and use of and for the services furnished or
to be furnished by the Parking System and all income
earned from the ownership and rental of the Parking
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System and properties financed by Subordinated Debt and
by Interim Indebtedness (b) income received by the
Department under any agreement to manage or operate
facilities on behalf of any person, (c) any proceeds of
business interruption insurance and (d) the investment
income on, and the income and gains realized upon the
maturity or sale of, securities held by or on behalf of
the City or the Department in any Funds and Accounts
established by this Ordinance. There shall not be
included in Revenues (i) any grants, contributions
or donations, (ii) proceeds from the sale and disposi-
tion of the Parking System; (iii) income from the
operation of any facilities to which reference is made
in Sections 717 and 719 hereof for so long as such
facilities are not part of the Parking System; (iv) to
the extent and for so long as such income is pledged to
secure the financing for the same, rental income from
the leasing of any land used in connection with, or
income from the operation of, any facilities to w't,ich
reference is made in Sections 717 and 719 hereof; (v)
any proceeds of insurance other than as mentioned
above; (vi) investment income from the investment of
moneys in the Construction Fund; and (vii) the pro-
ceeds of any borrowing.
"Serial Bonds" means Bonds of any Series that
are designated as such in the Series Ordinance for such
Series.
"Series" means any series of Bonds issued at any
one time under Sections 208, 209, 210, or 211 of this
Ordinance.
"Series 1983 Bonds" means the bonds of the City
authorized to be issued under Section 208 of this Ordi-
nance.
"Series Ordinance" means collectively the ordinances
and resolutions of the City Commission that are adopted
prior to the issuance of any Series of Bonds under
Sections 208, 209, 210, or 211 of this Ordinance. The
Series Ordinance shall (a) determine the details of the
Bonds of such Series, including, among other things,
the date thereof, the rates of interest payable thereon,
the maturity dates thereof, the Sinking Fund Require-
- ents therefor, the redemption provisions relating
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thereto, and the Paying Agents therefor, (b) designate
which Bonds are Serial Bonds and which are Term Bonds,
and (c) provide for the application of the proceeds of
the Bonds to which such Series Ordinance relates.
"Short Term Indebtedness" means indebtedness
maturing not more than 365 days after it is incurred,
but shall not include accounts payable and accrued
liabilities relating to Current Expenses.
"Sinking Fund Account" means the account in the
Bond Fund created and so designated by Section 501 of
this Ordinance.
"Sinking Fund Date" means, with respect to Term
Bonds of any Series the annual date on which such Term
Bonds are to be redeemed in accordance with the Series
Ordinance.
"Sinking Fund Requirement" means, with respect
to Term Bonds of any Series and for any Fiscal Year,
the principal amount fixed in the Series Ordinance or
computed as hereinafter provided for the retirement of
such Term Bonds of any Series by purchase prior to, or
redemption in such Fiscal Year. The aggregate amount
of such Sinking Fund Requirements for the Term Bonds of
each Series, together with the amount due upon the
final maturity of such Term Bonds, shall be equal to
the aggregate principal amount of the Term Bonds of
such Series. The Sinking Fund Requirements for the
Term Bonds of the same maturity of each Series shall
begin in the Fiscal Year determined in accordance with
the provisions of the Series Ordinance for such Series
and shall end with the Fiscal Year immediately preceding
the maturity of such Term Bonds (such final installment
being payable at maturity and not redeemed).
If on or before the 45th day next preceding any
date on which Term Bonds are to be retired pursuant
to the Sinking Fund Requirement, the Department delivers
to the Trustee, or the Trustee applies money in the
Sinking Fund Account to the purchase of, Term Bonds
required to be redeemed on such date, with all unmatured
coupons, if any, attached, the Department shall
receive a credit against amounts required to be trans-
ferred from the Sinking Fund Account on account of
such Term Bonds in the amount of 100% of the principal
amount of any such Term Bonds delivered to the Trustee
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or so purchased by the Trustee. Any principal amount
of such Term Bonds so delivered to the Trustee or
purchased by the Trustee that is in excess of the
principal amount required to be redeemed on such
date shall be credited against and reduce future
Sinking Fund Requirements and future payments on Term
Bonds at maturity in such manner as shall be specified
in a certificate of the Chief Financial Officer filed
with the Trustee pursuant to Section 506 of this
Ordinance or, if no such certificate is filed, in the
inverse order of the scheduled retirement of such Term
Bonds.
If in any Fiscal Year the Department fails to
deliver to the Trustee an amount equal to the Sinking
Fund Requirement for such Fiscal Year, the Sinking Fund
Requirement for the subsequent Fiscal Year shall be
increased by the amount of the deficiency.
It shall be the duty of the Trustee, on or before
the 15th day of October in each Fiscal Year, to recom-
pute, if necessary, the Sinking Fund Requirement for
such Fiscal Year and all subsequent Fiscal Years for
the Term Bonds Outstanding of each Series. The Sinking
Fund Requirement for such Fiscal Year as so recomputed
shall continue to be applicable during the balance of
such Fiscal Year and no adjustment shall be made
therein by reason of Term Bonds purchased or redeemed
or called for redemption during such Fiscal Year.
If any Term Bonds of the same maturity of any
Series are paid or redeemed by operation of.the Redemp-
tion Account, the Trustee shall reduce future Sinking
Fund Requirements therefor by an amount equal to the
principal amount of such Term Bonds paid or redeemed in
such manner as shall be specified in a certificate of
the Chief Financial Officer filed with the Trustee
pursuant to Section 511 of this Ordinance or, if no
such certificate is filed, in the inverse order of the
scheduled retirement of such Term Bonds.
"State" means State of Florida.
"Subordinated Debt" means the indebtedness of the
City authorized by Section 718 of this Ordinance.
"Term Bonds" means the Bonds of any Series that
are designated as such in the Series Ordinance for such
Series.
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"Time Deposits" means time deposits, certificates
of deposit or similar arrangements with any bank or
trust company that is a member of the Federal Deposit
Insurance Corporation, and any federal or State of
Florida savings and loan association that is a member
of the Federal Savings and Loan Insurance Corporation
and that are secured in the manner provided in Section
601 of this Ordinance.
"Trustee" means the Trustee at the time serving
as such under this Ordinance, whether original or
successor.
"1966 Bond Ordinance" means Ordinance No. 7414,
adopted by the City Commission on March 14, 1966, as
amended by Ordinance No. 7452 and Ordinance No. 7517,
adopted on July 14, 1966 and February 8, 1967, respec-
tively.
"1980 Bond Ordinance" means Ordinance No. 9060,
adopted by the City Commission on January 24, 1980, as
amended by Ordinance No. 9092, adopted on April 10,
1980.
Section 102. Rules of Construction. Words of the
masculine gender s',„all be deemed and construed to include
correlative words of the feminine and neuter genders.
Unless the context shall otherwise indicate, words used
herein shall include the plural as well as the singular
number. The word "person" shall include corporations,
firms, associations, partnerships, joint ventures, joint
stock companies, trusts, unincorporated organizations,
and public bodies, as well as natural persons. The word
"registered" shall have no application to bonds registered
to bearer. When used in connection with the amounts on
deposit in or to be deposited in any Fund or Account created
hereunder, the word "money" shall include Investment Obliga-
tions.
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ARTICLE II.
DETAILS OF BONDS.
Section 201. Limitation on Issuance of Bonds. No
Bonds may be issued unTerr-t"Fis Orrcinaric eexcept in accor-
dance with the provisions of this Article. All covenants,
agreements and provisions of this Ordinance shall be for the
equal benefit and security of all present and future Bond-
holders without preference, priority or distinction as to
lien or otherwise, except as otherwise hereinafter provided,
of any one Bond over any other Bond by reason of priority in
the issue, sale or negotiation thereof, or otherwise.
Section 202. Details of Bonds. The definitive Bonds
are issuable in coupon form, registrable as to principal
only, in the denomination of Five Thousand Dollars ($5,000)
each and in fully registered form without coupons in denomin-
ations of $5,000 or any whole multiple thereof. Coupon
Bonds of each Series shall be numbered consecutively from 1
upwards and fully registered Bonds shall be numbered con-
secutively from R-1 upwards. Bonds of each Series shall be
dated, shall bear interest until their payment at a rate or
rates not exceeding the maximum rate then permitted by law,
such interest to the respective maturities of the Bonds
being payable semi-annually on such dates in each year,
shall be stated to mature on such date or dates and shall be
subject to redemption prior to their respective maturities,
all as provided in the Series Ordinance for such Series.
The Bonds of each Series issued under the provisions of this
Article shall be designated "Parking System Revenue Bonds,
Series ," in each case inserting an identifying Series
year or letter.
Each coupon Bond shall bear interest from its date.
Each registered Bond without coupons shall bear interest
from the Interest Payment Date next preceding the date on
which it is authenticated unless it is (a) authenticated
upon any Interest Payment Date in which event it shall bear
interest from such Interest Payment Date or (b) authenti-
cated prior to the first Interest Payment Date in which
event it shall bear interest from its date; provided,
however, that if at the time of authentication of any
registered Bond without coupons interest is in default,
such Bond shall bear interest from the date to which in-
terest has been paid.
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Both the principal of and the interest on the Bonds
shall be payable in any coin or currency of the United
States of America that is legal tender for the payment of
public and private debts on the respective dates of payment
thereof. The principal of coupon Bonds, unless registered,
and the interest on coupon Bonds shall be payable at the
principal offices of the Paying Agents designated for the
Bonds of such Series. Payment of the interest on coupon
Bonds shall be made only upon presentation and surrender of
the coupons representing such interest as the same respec-
tively become due and payable. The payment of interest
on each registered Bond without coupons shall be made by
the Trustee on each Interest Payment Date to the person
appearing on the registration books of the Bond Registrar as
the registered owner thereof by check or draft mailed to the
registered owner at his address as it appears on such
registration books. Payment of the principal of all Bonds
shall be made upon the presentation and surrender of such
Bonds as the same become due and payable (whether at maturity
or by redemption, acceleration or otherwise). Such presen-
tation and surrender shall be at the offices of the Paying
Agents in the case of coupon Bonds not registered as to
principal and at the principal office of the Trustee in the
case of coupon Bonds registered as to principal and fully
registered Bonds.
Section 203. Execution and Form of Bonds. The Bonds
shall be signed by, or bear the facsimile signatures of, the
Mayor of the City and the City Clerk, and a facsimile of the
official seal of the City shall be imprinted on the*Bonds;
provided that each Bond shall be manually signed by at least
one of said officers if then required by law. The interest
coupons to be attached to the Bonds shall bear the facsimile
signature of the City Clerk. In case any officer whose
signature or a facsimile of whose signature appears on any
Bonds or coupons ceases to be such officer before the
delivery of such Bonds or coupons, such signature or such
facsimile nevertheless shall be valid and sufficient for all
purposes the same as if he had remained in office until such
delivery, and any Bond may bear the facsimile signature of,
or may be signed by, such persons as at the actual time of
the execution of such Bond are the proper officers to
execute such Bond although at the date of such Bond such
persons may not have been such officers. The definitive
Bonds issued under this Article and the interest coupons to
be attached thereto shall be substantially in the following
forms, with such appropriate variations, omissions and
insertions as may be required or permitted by this Ordinance
I I -2
61 0
and shall have endorsed thereon such legends or text as may
be necessary or appropriate to conform to the applicable
rules and regulations of any governmental authority or any
securities exchange on which the Bonds may be listed or to
any requirement of law with respect thereto:
[Form of Coupon Bonds]
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF DADE
THE CITY OF MIAMI
PARKING SYSTEM REVENUE BOND
SERIES
No.
$5,000
The City of Miami (the "City"), a municipal corporation
in the County of Dade, State of Florida, for value received,
promises to pay, but solely from the sources and in the
- manner described below, to bearer on the 1st day of
(or earlier as hereinafter referred to), upon the
presentation and surrender hereof, the principal sum of FIVE
THOUSAND DOLLARS ($5,000). The City also promises to pay,
solely from such sources, interest thereon from the date
hereof at the rate of percent ( %) per annum
until said principal sum is paid, such interest being
payable on and semi-annually thereafter on
and in each year upon the presentation, and
surrender of the coupons representing such interest as the
same become due. The City shall pay principal and interest
in any coin or currency of the United States of America that
is legal tender for the payment of public and private debts
on the respective dates of payment thereof.
The principal of this Bond (unless registered) and the
interest hereon are payable at the principal office of
in ,
trustee (said bank, together with any successor
appointed to act as such, is hereinafter referred to as the
"Trustee"), or, at the option of the holder, at the corporate
trust office of in the Borough of
Manhattan, City and State of New York. The principal of
this Bond (if registered) is payable at the principal office
of the Trustee.
II-3
rl
This Bond is one of a duly authorized series of parking
system revenue bonds of the City, initially issued in an
aggregate principal amount of
Dollars ($ ). The Series Bonds are dated
1, 19 , and are of like tenor and effect except as to
number, interest rate, stated maturity, and redemption. The
City will use the proceeds of the Series _ Bonds to (Insert
Uses] .
The Series _ Bonds are issued under an ordinance
duly adopted by the City Commission of the City on ,
1983 (said ordinance, together with all supplements thereto,
is hereinafter referred to as the "Ordinance"). The Ordinance
provides for the issuance from time to time of additional
bonds on a parity with the Series Bonds, under the
conditions, limitations and restrictions and for the purposes
set forth in the Ordinance (the Series Bonds, together
with all such additional bonds, are hereinafter referred to
as the "Bonds") .
This Bond is a limited obligation of the City secured
by a pledge of, and payable solely from, Net Revenues (as
defined in the Ordinance), the City's rights to receive Net
Revenues, and the money and Investment Obligations (as
defined in the Ordinance) in the funds and accounts estab-
lished under the Ordinance and the income derived from such
Investment Obligations and the investment of such money.
This Bond shall not be deemed to constitute a debt of
the City for which the faith and credit of the City are
pledged, and the City is not obligated to pay this Bond or
the premium, if any, or the interest hereon except from the
aforementioned sources. The issuance of this Bond shall not
directly or indirectly or contingently obligate the City to
levy or to pledge any form of taxation whatever therefor,
and the holder of this Bond shall have no recourse to the
power of taxation. This Bond does not constitute a charge,
lien, or encumbrance, legal or equitable, upon any property
of the City.
Reference is made to the Ordinance for a more complete
statement of the provisions thereof and of the rights of
the City, the Trustee, and the holders of the Bonds. Copies
of the Ordinance are on file and may be inspected at the
principal office of the Trustee. By the purchase and
acceptance of this Bond the holder or owner hereof signifies
assent to all of the provisions of the Ordinance.
I I -4
This Bond is issued and the Ordinance was adopted under
and pursuant to the Constitution and laws of the State of
Florida, particularly Chapter 166, Florida Statutes.
The Series Bonds are issuable in coupon form,
registrable as to principal alone, in the denomination of
$5,000 and in registered form without coupons in denomina-
tions of $5,000 or any whole multiple thereof. At the
principal office of the Trustee, in the manner and subject
to the limitations and conditions provided in the Ordinance,
this Bond and all coupons appertaining thereto representing
all unpaid interest due or to become due thereon may be
exchanged for an equal aggregate principal amount of regis-
tered Series Bonds without coupons of the same maturity,
of authorized denominations, and bearing interest at the
same rate. This Bond may be registered as to principal
alone in accordance with the provisions endorsed hereon,
subject to the terms and conditions set forth in the
Ordinance.
Any holder requesting any exchange, registration,
or registration of transfer of this Bond shall pay any tax
or other governmental charge required to be paid with
respect thereto and any charge for shipping and out-of-pocket
costs incurred by the City and the Trustee in connection
with such exchange, registration, or registration of transfer.
The Trustee shall not be required to make any exchange or to
register or register the transfer of this Bond during the
period of 15 days next preceding any interest payment date
or after notice of redemption of this Bond or any portion
thereof has been given pursuant to the Ordinance.
[Insert redemption provisions applicable
to the Series Bonds]
All Bonds are subject to redemption as a whole at
any time or in part, on any interest payment date at the
option of the City, at a redemption price equal to the
principal amount thereof without premium, plus accrued
interest to the redemption date, if all or any part of the
Parking System ( as defined in the Ordinance) is damaged,
destroyed, or condemned.
If less than all of the Bonds are called for redemption,
the particular Bonds to be redeemed shall be selected by
the City as provided in the Ordinance. If the City fails to
select the Bonds to be redeemed, the Trustee shall redeem
II-5
n
Bonds bearing the highest rate of interest, and if Bonds of
more than one maturity bear the same rate of interest, the
Trustee will redeem Bonds in the inverse order of maturities
and by lot within a maturity as the Trustee, in its discre-
tion, may determine.
Any such redemption, either as a whole or in part, may
be made upon at least 30 days' prior notice by publication
and otherwise as provided in the Ordinance.
On the date fixed for redemption, notice having been
mailed or published in the manner provided in the Ordinance,
the Bonds called for redemption will be due and payable at
the redemption price provided therefor, plus accrued interest
to such date. If there has been delivered to the Trustee,
and the Trustee is then holding in trust, money or Government
Obligations of the United States, or a combination of both,
sufficient to pay the redemption price of the Bonds to be
redeemed plus accrued interest to the date of redemption,
interest on the Bonds called for redemption will cease to
accrue; the coupons for interest payable subsequent to the
redemption date on any coupon Bonds so called for redemption
will be void; such Bonds will cease to be entitled to any
benefits or security of, or to be deemed outstanding under
the Ordinance; and the holders of such Bonds will have
no rights in respect thereof except to receive payment of
the redemption price thereof, plus accrued interest to the
date of redemption. In addition, this Bond will not be
deemed to be outstanding under the Ordinance and will cease
to be entitled to the security of or any rights under the
Ordinance, and the holder hereof shall have no rights other
than to be given notice of redemption and to receive payment
of the redemption price hereof and accrued interest hereon
to the date of redemption, if irrevocable instructions to
pay this Bond on one or more specified dates or to call the
same for redemption at the earliest redemption date have
been given to the Trustee and money or Government Obliga-
tions, or a combination of both, sufficient to pay the
redemption price of this Bond, together with accrued interest
hereon to such date, are held by the Trustee in trust for
the holder hereof. Government Obligations will be deemed to
be sufficient to redeem or pay this Bond on a specified date
if the principal of and the interest on such Government
Obligations, when due, will be sufficient to pay on such
date the redemption price of and the interest accruing on
this Bond to such date.
11-6
r
The holder of this Bond shall have no right to enforce
the provisions of the Ordinance, to institute action to
enforce the covenants therein, to take any action with
respect to any event of default under the Ordinance, or to
institute, appear in or defend any suit or other proceeding
with respect thereto, except as provided in the Ordinance.
Upon the occurrence of certain events of default, and
on the conditions, in the manner and with the effect set
forth in the Ordinance, the principal of this Bond may
become or may be declared due and payable before its stated
maturity, together with the interest accrued hereon.
Modifications or alterations of the Ordinance or of
any ordinance supplemental thereto may be made only to the
extent and in the circumstances permitted by the Ordinance.
Subject to the provisions for registration endorsed
hereon and contained in the Ordinance, nothing contained in
this Bond or in the Ordinance shall affect or impair the
negotiability of this Bond, and this Bond shall have, as
between successive holders, all the qualities and incidents
of a negotiable instrument under the uniform commercial code
investment securities law of the State of Florida and shall
be understood to be an investment security within the
meaning of and for all the purposes of Article 8 of the
Uniform Commercial Code of Florida. This Bond is issued
with the intent that the laws of the State of Florida shall
govern its construction.
All acts, conditions, and things required to happen,
exist and be performed precedent to and in the issuance of
this Bond have happened, exist and have been performed as so
required.
This Bond shall not be valid or become obligatory for
any purpose or be entitled to any benefit or security under
the Ordinance until the certificate of authentication
endorsed hereon has been executed by the Trustee.
IN WITNESS WHEREOF, the City of Miami has caused this
Bond to be signed by [bear the facsimile signature of] its
_ Mayor and to be signed by [bear the facsimile signature of]
its City Clerk, and a facsimile of its official seal to be
imprinted hereon, and the interest coupons attached hereto
II-7
to be executed with the facsimile signature of said City
Clerk all as of the 1st day of , 19 .
(SEAL)
Mayor
City Clerk
PROVISIONS FOR REGISTRATION AND REGISTRATION OF TRANSFER
This Bond may be registered as to principal alone on
books kept by the Trustee as Bond Registrar, upon presenta-
tion hereof to the Trustee, which, as Bond Registrar, shall
make a notation of such registration in the registration
blank below, and thereafter the transfer of this Bond may
be registered only upon an assignment duly executed by the
registered owner or his attorney or legal representative
in such form as shall be satisfactory to the Trustee.
Upon receipt of such assignment the Trustee, as Bond Re-
gistrar, shall register the transfer of this Bond on its
books and endorse the same hereon. Such registration of
transfer may be to bearer and thereby transferability by
delivery shall be restored, but this Bond shall again be
subject to successive registrations and registrations of
transfer as before. The principal of this Bond, if re-
gistered, unless registered to bearer, shall be payable
only to the registered owner or his legal representative.
Notwithstanding the registration of this Bond as to prin-
cipal alone, the coupons shall remain payable to bearer
and shall continue to be transferable by delivery.
Date of Regis-
stration or Transfer
Name of Signature of
Registered Owner Bond Registrar
II-8
LA
10\
No.
[Form of Coupon]
�1
On , , the City of
Miami, Florida will pay to bearer (unless the Bond mentioned
below has previously become payable as provided in the Or-
dinance to which reference is made in said Bond and pro-
visions for payment thereof have been duly made) at the
principal office of , or, at the option
of the bearer, at the corporate trust office of
, in the Borough of Manhattan, City and State of
New York, upon presentation and surrender hereof, the amount
shown hereon in any coin or currency of the United States of
America that is legal tender for the payment of public and
private debts at the time of such payment, but solely from
the sources referred to in, and for the interest then due
upon, its Parking System Revenue Bond, Series s, dated the
1st day of , 19_, No.
City Clerk
STATEMENT OF VALIDATION
This Bond is one of a series of bonds that were validated
by judgment of the Circuit Court for Dade County, rendered
on , 19
CERTIFICATE OF AUTHENTICATION
This Bond is a Bond of the Series designated therein and
issued under the provisions of the within -mentioned Ordinance.
WA
II-9
ustee
uthorized Signatory
0-,
[Form of Registered Bonds without Coupons]
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF DADE
THE CITY OF MIAMI
PARKING SYSTEM REVENUE BOND
SERIES
No R-
The City of Miami (the "City"), a municipal corporation
in the County of Date, State of Florida, for value received,
promises to pay, but solely from the sources and in the
manner described below, to _ , or registered
assigns or legal representative, _ on the 1st day of _
(or earlier as hereinafter referred to), upon the
presentation and surrender hereof, at the principal office
of _ , in trustee
(said bank, together with any any successor appointed to act
as such, is hereinafter referred to as the "Trustee"), the
principal sum of DOLLARS ($ ) The City
also promises to pay, —but solely from such sources, to
the registered owner at his address as it appears on the
bond registration books maintained by the Trustee as Bond
Registrar, interest thereon on each and ---
from the interest payment date next preceding the date on
which it is authenticated unless it is authenticated on an
interest payment date, in which event it shall bear interest
from such date, or it is authenticated prior to
1, 19 , in which event it shall bear interest from its
date, at the rate of percent ( %) per annum until
the principal sum hereof is paid. The City shall pay
principal and interest in any coin or currency of the United
States of America that is legal tender for the payment of
public and private debts on the respective dates of payment
thereof.
This Bond is one of a duly authorized series of parking
system revenue bonds of the City initially issued in an
aggregate principal amount of ^i_ Dollars
($ ). The Series _ Bonds are dated 1, 19`,
and are of like tenor and effect except as to number,
interest rate, stated maturity and redemption. The City
will use the proceeds of the Series , Bonds to [Insert Uses].
The Series Bonds are issued under an ordinance duly
adopted by the City Commission of the City on ,
1983 (said ordinance, together with all supplements thereto,
is hereinafter referred to as the "Ordinance"). The Ordi-
nance provides for the issuance from time to time of addi-
tional bonds on a parity with the Series Bonds, under
the conditions, limitations and restrictions and for the
purposes set forth in the Ordinance (the Series _ Bonds,
together with all such additional bonds, are hereinafter
referred to as the "Bonds").
This Bond is a limited obligation of the City secured
by a pledge of, and payable solely from, Net Revenues ( as
defined in the Ordinance), the City's rights to receive
Net Revenues, and the money and Investment Obligations
(as defined in the Ordinance) in the funds and accounts
established under the Ordinance and the income derived
from such Investment Obligations and the investment of
such money.
This Bond shall not be deemed to constitute a debt of
the City for which the faith and credit of the City are
pledged, and the City is not obligated to pay this Bond or
the premium, if any, or the interest hereon except from the
aforementioned sources. The issuance of this Bond shall not
directly or indirectly or contingently obligate the City to
levy or to pledge any form of taxation whatever therefor,
and the holder of this Bond shall have no recourse to the
power of taxation. This Bond does not constitute a charge,
lien, or encumbrance, legal or equitable, upon any property
of the City.
Reference is made to the Ordinance for a more complete
statement of the provisions thereof and of the rights of the
City, the Trustee, and the holders of the Bonds. Copies of
the Ordinance are on file and may be inspected at the
principal office of the Trustee. By the purchase and
acceptance of this Bond the holder or owner hereof signifies
assent to all of the provisions of the Ordinance.
This Bond is issued and the Ordinance was adopted under
and pursuant to the Constitution and laws of the State of
Florida, particularly Chapter 166, Florida Statutes.
The Series _ Bonds are issuable in coupon form,
registrable as to principal alone, in the denomination of
$5,000 and in registered form without coupons in denomi-
nations of $5,000 or any whole multiple thereof. At the
principal office of the Trustee, in the manner and subject
0 0,
to the limitations and conditions provided in the Ordi-
nance, this Bond may be exchanged for an aggregate prin-
cipal amount of coupon Series _ Bonds of the same matur-
ity, bearing interest at the same rate, and having attached
thereto coupons representing all unpaid interest due or to
become due thereon, or for other registered Series Bonds
without coupons of the same maturity, of other authorized
denominations, and bearing interest at the same rate.
The transfer of this Bond is registrable by the regis-
tered owner hereof in person or by his attorney or legal
representative at the principal office of the Trustee, but
only upon presentation hereof to the Trustee, as Bond
Registrar, together with an assignment duly executed by the
registered owner or his attorney or legal representative,
and the Trustee, as Bond Registrar, shall make a notation of
such transfer on the books maintained for such purpose and
shall endorse the same hereon.
Any holder requesting any exchange or registration of
transfer of this Bond shall pay any tax or other governmental
charge required to be paid with respect thereto and any
charge for shipping and out-of-pocket costs incurred by the
City and the Trustee in connection with such exchange or
registration of transfer. The Trustee shall not be required
to make any exchange or to register the transfer of this
Bond during the period of 15 days next preceding any interest
payment date or after notice of redemption of this Bond or
any portion thereof has been given pursuant to the Ordinance.
[Insert redemption provisions applicable to the Series
Bonds]
Ali Bonds are subject to redemption as a whole at any
time or in part, on any interest payment date at the option
of the City, at a redemption price equal to the principal
amount thereof without premium, plus accrued interest to the
redemption date, if all or any part of the Parking System
(as defined in the Ordinance) is damaged, destroyed, or
condemned.
If less than all of the Bonds are called for redemption,
the particular Bonds to be redeemed shall be selected by the
City as provided in the Ordinance. If the City fails to
select the Bonds to be redeemed, the Trustee shall redeem
Bonds bearing the highest rate of interest, and if Bonds of
more than one maturity bear the same rate of interest, the
II-12
� t i
Trustee will redeem Bonds in the inverse order of maturities
and by lot within a maturity as the Trustee, in its discre-
tion, may determine.
Any such redemption, either as a whole or in part, may
be made upon at least 30 days' prior notice by publication
and otherwise as provided in the Ordinance.
On the date fixed for redemption, notice having been
mailed or published in the manner provided in the Ordinance,
the Bonds or portions thereof called for redemption will
be due and payable at the redemption price provided therefor,
plus accrued interest to such date. If there has been
delivered to the Trustee and the Trustee is then holding
in trust money or Government Obligations of the United
States, or a combination of both, sufficient to pay the
redemption price of the Bonds or portions thereof to be
redeemed plus accrued interest to the date of redemption,
interest on the Bonds or portions thereof called for
redemption will cease to accrue; such Bonds or portions
thereof will cease to be entitled to any benefits or
security of or to be deemed outstanding under the Ordi-
nance; and the holders of such Bonds or portions thereof
will have no rights in respect thereof except to receive
payment of the redemption price thereof, plus accrued
interest to the date of redemption. In addition, this
Bond or any portion hereof will not be deemed to be out-
standing under the Ordinance and will cease to be entitled
to the security of or any rights under the Ordinance, and
the registered owner hereof shall have no rights other
than to be given notice of redemption, to receive payment
of the redemption price of this Bond or the portion hereof
to be redeemed and accrued interest hereon or on such
portion to the date of redemption, and, to the extent
provided in the Ordinance, to receive other Series
Bonds for any unredeemed portion hereof, if irrevocable
instructions to pay all or a portion of this Bond on one
or more specified dates or to call the same for redemption
at the earliest redemption date have been given to the
Trustee and money or Government Obligations, or a combina-
tion of both, sufficient to pay the redemption price of
this Bond or the portion hereof to be redeemed, together
with accrued interest hereon or on such portion to such
date, are held by the Trustee in trust for the registered
owner hereof. Government Obligations will be deemed
to be sufficient to redeem or pay this Bond or a portion
0 #
hereof on a specified date if the principal of and the
interest on such Government Obligations, when due, will be
sufficient to pay on such date the redemption price hereof
or of the portion hereof to be redeemed and the interest
accruing on this Bond or on such portion to such date.
If a portion of this Bond is called for redemption, a new
Series Bond or Series Bonds in principal amount
equal to the unredeemed portion hereof will be issued to the
registered owner upon the surrender hereof.
The holder of this Bond shall have no right to enforce
the provisions of the Ordinance, to institute action to
enforce the covenants therein, to take any action with
respect to any event of default under the Ordinance, nor to
institute, appear in or defend any suit or other proceeding
with respect thereto, except as provided in the Ordinance.
Upon the occurrence of certain events, and on the
conditions, in the manner and with the effect set forth in
the Ordinance, the principal of this Bond or a portion
hereof may become or may be declared due and payable before
its stated maturity, together with the interest accrued
hereon.
Modifications or alterations of the Ordinance or of
any resolution supplemental thereto may be made only to the
extent and in the circumstances permitted by the Ordinance.
Notwithstanding the provisions for registration of
transfer stated herein and contained in the Ordinance this
Bond shall be understood to be an investment security within
the meaning of and for all the purposes of Article 8 of the
Uniform Commercial Code of Florida. This Bond is issued
with the intent that the laws of the State of Florida shall
govern its construction.
All acts, conditions and things required to happen,
exist and be performed precedent to and in the issuance of
this Bond have happened, exist and have been performed as so
required.
This Bond shall not be valid or become obligatory under
the Ordinance for any purpose or be entitled to any benefit
or security until the certificate of authentication endorsed
hereon has been executed by the Trustee.
IN WITNESS WHEREOF, the City of Miami has caused this
Bond to be signed by [bear the facsimile signature of] its
Mayor and to be signed by [bear the facsimile signature of]
0
its City Clerk, and a facsimile of its official seal to be im-
printed hereon, all as of the 1st day of , 19_.
(SEAL)
ayor
City Clerk
PROVISIONS FOR REGISTRATION OF TRANSFER
The transfer of this Bond may be registered only upon
an assignment duly executed by the registered owner or his
attorney or legal representative in such form as shall be
satisfactory to the Trustee. Upon receipt of such assign-
ment the Trustee, as Bond Registrar, shall register the
transfer of the Bond on its books and endorse the same
hereon. The principal of this Bond shall be payable only
to the registered owner or his legal representative.
Date of Name of New Signature of
Transfer Registered Owner Bond Registrar
STATEMENT OF VALIDATION
This Bond is one of a series of bonds that were validated
by judgment of the Circuit Court for Dade County, rendered
on , 19 .
CERTIFICATE OF AUTHENTICATION
This Bond is a Bond of the Series designated therein
and issued under the provisions of the within -mentioned
Ordinance.
Date of authentication:
Trustee
By
Authorized Signatory
II-15 9 6 Z 8
0
Section 204. Exchange of Bonds. Registered Bonds
without coupons may be exchanged at the option of the
registered owner thereof and upon surrender thereof at
the principal office of the Trustee, together with an
assignment duly executed by the registered owner or his
attorney or legal representative in such form as shall
be satisfactory to the Trustee, for an equal aggregate
principal amount of coupon Bonds of the same Series and
maturity, bearing interest at the same rate, having
attached thereto coupons representing all unpaid interest
due or to become due thereon, and except for differences
between the form of coupon Bonds and the form of regis-
tered Bonds without coupons, in the same form as the regis-
tered Bonds surrendered for exchange, or for other regis-
tered Bonds without coupons of the same Series and maturity
of any denomination or denominations authorized by this
Ordinance, bearing interest at the same rate, and in the
same form as the registered Bonds surrendered for exchange.
Coupon Bonds may be exchanged, at the option of the holder
or registered owner thereof and upon surrender thereof at
the principal office of the Trustee, together with all
unmatured coupons and all matured coupons in default, if
any, appertaining thereto, for an equal aggregate principal
amount of registered Bonds without coupons of the same
Series and maturity, of any denomination or denominations
authorized by this Ordinance, bearing interest at the
same rate, and, except for differences between the form
of coupon Bonds and the form of registered Bonds without
coupons, in the same form as the coupon Bonds surrendered
for exchange. If such coupon Bonds are registered as to
principal alone, they shall be accompanied by an assign-
ment duly executed by the registered owner or his attorney
or legal representative in such form as shall be satisfac-
tory to the Trustee.
The City shall make provision for the exchange of Bonds
at the principal office of the Trustee.
Section 205. Negotiability, Registration, and Regis-
tration of Transfer of Bonds. The Trustee is hereby ap-
pointed as Bond Registrar and as such shall keep books for
the registration and the registration of transfer of the
Bonds as provided in this Ordinance.
Title to any coupon Bond, unless such Bond is regis-
tered in the manner hereinafter provided, and to any in-
terest coupon shall pass by delivery in the same manner as
a negotiable instrument payable to bearer.
FM
lJ
At the option of the bearer, any coupon Bond (but not
any temporary Bond unless the Board shall so provide) may be
registered as to principal alone on such books upon presenta-
tion thereof to the Trustee which, as Bond Registrar, shall
make notation of such registration thereon. The principal
of any coupon Bond registered as to principal alone, unless
registered to bearer, and the principal of any registered
Bond without coupons shall be payable only to or upon the
order of the registered owner or his legal representative,
but the coupons appertaining to any Bond registered as to
principal alone shall remain payable to bearer notwithstand-
ing such registration.
The transfer of any fully registered Bond or any
coupon Bond registered as to principal alone may be regis-
tered only upon presentation thereof to the Trustee together
with an assignment duly executed by the registered owner
or his attorney or legal representative in such form as
shall be satisfactory to the Trustee, and the Trustee as
Bond Registrar shall make a notation of such registration
of transfer on the books maintained for such purposes and
shall endorse such notation on the Bond. The registration
of transfer of any coupon Bond may be to bearer and thereby
transferability by delivery shall be restored, subject,
however, to successive registrations and registrations of
transfer. No transfer of any fully registered Bond or
any coupon Bond registered as to principal alone (unless
as to bearer) shall alter the ownership of such Bond for
purposes of this Ordinance unless such transfer is regis-
tered with the Trustee.
No charge shall be made to any Bondholder for the
privilege of exchange, registration, or registration of
transfer hereinabove granted, but any Bondholder requesting
any such exchange, registration, or registration of transfer
shall pay any tax or other governmental charge required to
be paid with respect thereto and any charge for shipping and
out-of-pocket costs incurred by the City and the Trustee in
connection with such exchange, registration, or registration
of transfer. The Trustee shall not be required to make any
exchange and the Bond Registrar shall not be required to
register or register the transfer of any Bond during the
period of 15 days next preceding any Interest Payment
Date or after notice of redemption of such Bond or any
portion thereof has been given pursuant to Article III of
this Ordinance.
In all cases in which Bonds are exchanged, a portion of
a registered Bond is redeemed, or a transferor or transferee
of a Bond requests that a new Bond be issued, the City shall
II-17
execute and the Trustee shall authenticate and deliver,
upon the presentation or surrender to the Trustee of the
Bond to be exchanged, redeemed, or transferred and at the
earliest practicable time, Bonds in accordance with the
provisions of this Ordinance. All registered Bonds without
coupons surrendered in any such exchange or in connection
with any such redemption or transfer shall forthwith be
cancelled by the Trustee. All coupon Bonds and unmatured
coupons surrendered in any exchange or in connection with
any redemption or transfer shall be retained by the Trustee
in its custody.
Section 206. Ownership of Bonds. The person in whose
name any registered Bond without coupons or any coupon Bond
registered as to principal alone is registered shall be
deemed and regarded as the absolute owner thereof for all
purposes, and payment of or on account of the principal of
any such Bond shall be made only to or upon the order of the
registered owner thereof or his legal representative. All
such payments shall be valid and effectual to satisfy and
discharge the liability upon such Bond to the extent of
the sum or sums so paid. The City, the Bond Registrar, and
the Paying Agents may deem and treat the bearer of any
coupon Bond not registered as to principal alone (unless
registered to bearer) and the bearer of any coupon appertain-
ing to any coupon Bond, whether such Bond is registered as
to principal alone or not, as the absolute owner of such
Bond or coupon, as the case may be, whether such Bond or
coupon is overdue or not, for the purpose of receiving
payment thereof and for all other purposes whatsoever, and
the City, the Bond Registrar, and the Paying Agents shall
not be affected by any notice to the contrary.
Section 207. Authentication of Bonds. Only such
Bonds as have endorsed thereon a certi icate of authentica-
tion substantially in the form hereinabove set forth, duly
executed by the Trustee, shall be entitled to any benefit or
security under this Ordinance. No Bonds and no coupons
appertaining thereto shall be valid or obligatory for any
purpose unless and until such certificate of authentication
on the Bond has been duly executed by the Trustee, and such
certificate of the Trustee upon any such Bond shall be
conclusive evidence that such Bond has been duly authenti-
cated and delivered under this Ordinance. The Trustee's
certificate of authentication on any Bond shall be deemed to
have been duly executed if signed by an authorized officer
of the Trustee, but it shall not be necessary that the
same officer sign the certificate of authentication on all
of the Bonds that may be issued hereunder at any one time.
0
Before authenticating or delivering any coupon Bonds the
Trustee shall detach and cancel all matured coupons, if any
appertaining thereto, except any coupons that represent
unpaid interest.
Section 208. Authorization of Series 1983 Bonds.
There shall be initially issued under and secured by this
Ordinance the Series 1983 Bonds of the City in an aggregate
principal amount not exceeding SIXTEEN MILLION DOLLARS
($16,000,000) for the purpose of providing funds, together
with any other available funds, for paying at their respec-
tive maturities or redeeming at selected redemption dates
(as specified in the Escrow Deposit Agreement) together
with interest thereon until their payment or redemption
and any redemption premium, all of the Outstanding Bonds.
Before the Series 1983 Bonds are issued under this
Section, the City Commission shall adopt a Series Ordinance
authorizing the issuance of the Series 1983 Bonds and fixing
the amount and the details thereof. The Series 1983 Bonds
issued under this Section shall be dated, shall have such
Interest Payment Dates, shall be stated to mature (subject
to the right of prior redemption as hereinafter set forth)
on such date in such year or years, shall have such Paying
Agents, shall bear interest, and shall have such Sinking
Fund Requirements and redemption provisions, all as are then
permitted by law and as are provided in the Series Ordinance
authorizing the issuance of such Bonds. Such Bonds shall be
executed in substantially the form hereinabove set forth,
with such changes as may be necessary or appropriate to
conform to the provisions of the Series Ordinance.
The Series 1983 Bonds shall be deposited with the
Trustee for authentication and delivery, but before such
Bonds shall be delivered the following shall be filed
with the Trustee:
(a) a copy, certified by the City Clerk to
be a true and correct copy, of this Ordinance;
(b) a copy, certified by the City Clerk to
be a true and correct copy, of the Series Ordinance,
which Ordinance shall also authorize the execution
of the Escrow Deposit Agreement, provide for the
disposition of moneys held by the trustee under
the 1966 Bond Ordinance, the trustee under the
1980 Bond Ordinance and any other depositary, award the
Bonds and direct the authentication and delivery of
said Bonds to or upon the order of the purchasers named
II-19
A
in said Series Ordinance upon payment of the purchase
price therein set forth, plus the accrued interest on
the Bonds;
(c) an executed counterpart of the Escrow Deposit
Agreement;
(d) a copy, certified by the City Clerk, to
be a true and correct copy of the resolution of the
City Commission calling the Outstanding Bonds to be
redeemed at selected redemption dates; and
(e) an opinion of the City Attorney and the
Department Attorney stating that the signers are of the
opinion that the issuance of the Series 1983 Bonds has
been duly authorized and that all conditions precedent
to the delivery of such Bonds have been fulfilled.
When the documents described in paragraphs (a) through
(e) of this Section have been filed with the Trustee and
when the Bonds have been executed and authenticated as
required by this Ordinance, the Trustee shall deliver said
Bonds to or upon the order of the purchasers named in the
Series Ordinance, but only upon payment to the Trustee of
the purchase price of said Bonds and the accrued interest
thereon. The Trustee shall be entitled to rely upon the
Ordinance and the Series Ordinance as to all matters stated
therein.
The proceeds (including accrued interest and any
premium) of the Series 1983 Bonds, together with an•y other
funds made available by the City or the Department, shall be
applied by the Trustee as follows:
(1) the amount received as accrued interest
on the Series 1983 Bonds and any premium shall be
deposited to the credit of the Interest Account;
(2) an amount estimated by the Director to
be sufficient for the purpose shall be credited to
a special account appropriately designated and applied
to the payment of the expenses of issuing the Series
1983 Bonds, including, but not limited to, financial
advisory, accounting and legal fees, Parking Consultant
fees, rating agency fees, printing costs, bond insur-
ance premiums, initial Trustee, Paying Agent and Escrow
Agent fees and expenses related to the foregoing and
any miscellaneous expenses relating to the issuance of
the Series 1983 Bonds;
(3) an amount equal to the Reserve Requirement on
the Series 1983 Bonds shall be deposited to the credit
of the Reserve Account; and
II-20
0
(4) an amount sufficient for the purpose shall
be applied to purchase Government Obligations the
principal of and the interest on which when due will
enable the Escrow Agent, together with any cash de-
posited with the Escrow Agent, to pay and redeem
the Outstanding Bonds to be paid and redeemed, together
with interest to become due on such Outstanding Bonds
until their dates of maturity or redemption and any
redemption premiums and associated costs and expenses
all in accordance with the Escrow Deposit Agreement.
Any moneys in the account mentioned in (2) in excess
of the requirements of such account shall be transferred to
the credit of the General Reserve Account.
Simultaneously with the delivery of the Series 1983
Bonds, the Trustee shall cause the moneys in the several
funds and accounts held under the 1966 Bond Ordinance and
the 1980 Bond Ordinance by arrangement with the respective
trustees and other holders of such moneys to be transferred
in such manner as provided in the Series Ordinance mentioned
in (b) above.
Section 209. Additional Bonds for Additional System
Facilities. One or more Series of Additional Bonds may be
issued under and secured by this Ordinance at one time or
from time to time, subject to the conditions hereinafter
provided in this Section, for the purpose of providing funds
to (a) pay all or any part of the Cost of any Additional
System Facilities, (b) pay any debt obligations issued by
the City or the Department, or repay any advances made from
any source, to finance temporarily such Cost, including
Interim Indebtedness, (c) increase the amount on deposit in
the Reserve Account, (d) pay interest accruing on the
Additional Bonds as specified in the Series Ordinance
relating thereto, and (e) pay certain expenses incurred in
connection with the issuance of the Additional Bonds.
Before any Additional Bonds shall be issued under
this Section, the City Commission shall adopt a Series
Ordinance authorizing the issuance of such Additional Bonds,
fixing the amount and the details thereof, and describing in
brief and general terms the purposes for which the Additional
Bonds are to be issued. The Bonds of each Series issued
under this Section shall be dated, shall have such Interest
Payment Dates, shall be stated to mature (subject to the
right of prior redemption as hereinafter set forth) on such
date in such year or years, shall have such Paying Agents,
shall bear interest, and shall have such Sinking Fund
0 a
Requirements and redemption provisions, all as then permitted
by law and as provided in the Series Ordinance authorizing
the issuance of such Additional Bonds. Such Additional
Bonds shall be executed in the form hereinabove set forth,
with such changes as may be necessary or appropriate to
conform to the provisions of the Series Ordinance.
Except as to any differences in the rate or rates of
interest, the Interest Payment Dates, the maturities, or the
provisions for redemption, each Series of Bonds issued under
this Section 209 shall be on a parity with and shall be
entitled to the same benefit and security of this Ordinance
as all other Bonds issued under this Ordinance.
Such Bonds shall be deposited with the Trustee for
authentication and delivery, but before such Additional
Bonds shall be delivered the following shall be filed with
the Trustee:
(a) a copy, certified by the City Clerk to
be a true and correct copy, of the Series Ordinance
for such Series, which Ordinance shall also award
the Additional Bonds and direct the delivery of such
Additional Bonds to or upon the order of the purchasers
named in said Series Ordinance upon payment of the
purchase price therein set forth, plus accrued interest
on the Additional Bonds;
(b) a certificate signed by the Chief Financial
Officer setting forth:
(1) the Net Revenues for the most recent
Fiscal Year for which audited financial state-
ments were filed under the provisions of Section
707 of this Ordinance, as such Net Revenues
were shown on the certificate accompanying such
statements, to which shall be added the additional
Net Revenues which would have been received,
as estimated by the Parking Consultant and approved
by the Chief Financial Officer, if rate adjust-
ments affecting all or part of the Parking System
to become effective prior to the issuance of the
Additional Bonds had been in effect during such
Fiscal Year,
(2) the amount, if any, that is then avail-
able or will be made available for paying the
Cost of such Additional System Facilities and
the source or sources from which such amount
has been or will be received, and
II-22
9
(3) the amount of the Principal and Interest
Requirements for the most recent Fiscal Year for
which audited financial statements were filed
under the provisions of Section 707 of this
Ordinance;
(4) the amount of the maximum Princip7i!
and Interest Requirements for any Fiscal YF�ar
thereafter including the Additional Bonds then
requested to be delivered;
(c) a certificate signed by the Parking Consultant
and approved by the Director setting forth:
(1) an estimate of the total Cost of the
proposed Additional System Facilities to be
financed by the issuance of the Additional Bonds,
and
(2) the estimated date upon which such
Additional System Facilities are to be placed
in use and operation;
(d) a statement signed by the Parking Consultant
and approved by the Chief Financial Officer setting
forth:
(1) an estimate of the Net Revenues attri-
butable to the placing in use and operation
of the Additional System Facilities to be financed
from the proceeds of such Additional Bonds for
each of the five Fiscal Years immediately succeeding
the Fiscal Year in which the Additional System
Facilities are to be placed in use and operation, and
_ (2) a calculation showing the sum of (i)
the amount shown in (b)(1) above and (ii) one
fifth (1/5) of the total of the amounts shown
in (d)(1);
(e) a certificate of the Chief Financial Officer
and the Trustee to the effect that no Default has
occurred and is continuing under the Ordinance;
(f) an opinion of the City Attorney and the
Department Attorney to the effect that (i) the City and
the Department have obtained from such governmental
authorities, boards, agencies or commissions having
jurisdiction over the Parking System all approvals,
consents, authorizations, certifications, and other
orders that are necessary for the acquisition and
construction of the Additional System Facilities
II-23
and that if further approvals, consents, authoriza-
tions, certifications, or orders are necessary for
the acquisition and construction of the Additional
System Facilities, such City Attorney and Depart-
ment Attorney has no reason to believe that the City or
the Department will not be able to obtain the same when _
required, (ii) this Ordinance, the Series Ordinance,
and all other ordinances and resolutions relating to
the issuance of the Additional Bonds have been duly
adopted at meetings of the City Commission duly noticed,
called and held in accordance with law and at which
quorums were present and acting throughout, (iii) the
issuance of such Additional Bonds has been duly au-
thorized, and (iv) all conditions precedent to the
delivery of such Additional Bonds have been fulfilled;
and
(g) an opinion of bond counsel of suitable
_ reputation and experience to the effect that the
issuance of such Additional Bonds has been duly auth-
orized and that all legal conditions precedent to the
delivery of such Additional Bonds have been fulfilled.
When the documents described in paragraphs (a) through
(g) of this Section have been filed with the Trustee and
when such Additional Bonds have been executed and authenti-
cated as required by this Ordinance, the Trustee shall
deliver such Additional Bonds to or upon the order of the
purchasers named in the Series Ordinance, but only upon
payment of the purchase price of such Additional Bonds and
the accrued interest thereon. The Trustee shall be entitled
to rely upon the Series Ordinance as to all matters stated
therein but shall not deliver the Additional Bonds unless
(1) the proceeds (excluding accrued interest) of
such Additional Bonds, together with the other funds
that have been or will be made available for such
purpose as shown in (b)(2) above, are not less than
the estimated Cost of the Additional System Facilities
to be financed as a whole or in part by the issuance of
such Bonds as estimated by the Parking Consultant in
(c)(1) above, and
(2) the amount shown in (b)(1) above is not less
than 125% of the amount shown in (b)(3) above, and
(3) the amount shown in (d)(2) above is not less
than 125% of the amount shown in (b)(4) above.
The proceeds (including accrued interest and any
premium) of said Additional Bonds shall be applied by the
Trustee as provided in the Series Ordinance for such Addi-
tional Bonds.
II-24
Section 210. Additional Bonds for Completion Purposes.
If and to the extent necessary (as shown by the documents
described in paragraphs (a) and (b) of this Section) to
provide additional funds for completing the payment of the
Cost of any Additional System Facilities, one or more Series
of Additional Bonds may be issued under and secured by this
Ordinance, at one time or from time to time, in an amount,
together with any other available funds, sufficient to (a)
complete payment of such Cost, (b) pay any debt obligations
issued by the City or the Department, or repay any advances
made from any source, to finance temporarily such Cost
including any Interim Indebtedness, (c) increase the amount
on deposit in the Reserve Account, (d) pay interest accru-
ing on the Additional Bonds as specified in the Series
Ordinance relating hereto, and (e) pay certain expenses
incurred in connection with the issuance of the Additional
Bonds.
Before any Additional Bonds shall be issued under
this Section, the City Commission shall adopt a Series
Ordinance authorizing the issuance of such Additional
Bonds, fixing the amount and the details thereof, and
determining that it is desirable to complete the Addi-
tional System Facilities. The Bonds of each Series issued
under this Section shall be dated, shall have such Interest
Payment Dates, shall be stated to mature (subject to the
right of prior redemption as hereinafter set forth) on such
date in such year or years, shall have such Paying Agents,
shall bear interest, and shall have such Sinking Fund
Requirements and redemption provisions, all as then permitted
by law and as provided in the Series Ordinance authorizing
the issuance of such Additional Bonds. Such Additional
Bonds shall be executed in the form hereinabove set forth,
with such changes as may be necessary or appropriate to
conform to the provisions of the Series Ordinances for such
Additional Bonds.
Except as to any difference in the rate or rates of
interest, the Interest Payment Dates, the maturities, or the
provisions for redemption, each Series of Bonds issued under
this Section 210 shall be on a parity with, and shall be
entitled to the same benefit and security of this Ordinance
as, all other Bonds issued under this Ordinance.
Such Additional Bonds shall be deposited with the
Trustee for authentication and delivery, but before such
Additional Bonds shall be delivered the following shall be
filed with the Trustee:
(a) a copy, certified by the City Clerk to be a
true and correct copy, of the Series Ordinance for such
II-25
Series, which Series Ordinance shall also award the
Additional Bonds and direct the delivery of such
Additional Bonds to or upon the order of the purchasers
named in said Series Ordinance upon payment of the
purchase price therein set forth, plus accrued interest _
on the Additional Bonds;
(b) a statement, signed by the Parking Consultant,
setting forth its estimate of the date on which the
Additional System Facilities will be placed in operation
and certifying that, according to its estimate of
the total amount required to pay the balance of the
Cost of the Additional System Facilities, the proceeds
of such Additional Bonds will be sufficient to pay such
balance;
(c) the documents and opinions set forth in para-
graphs (e) and (g) of Section 209 of this Ordinance; and
(d) an opinion of the City Attorney and the
Department Attorney to the effect that (i) the City and
the Department have obtained from such governmental
authorities, boards, agencies or commissions having
jurisdiction over the Parking System all approvals,
consents, authorizations, certifications, and other
orders that are necessary for the acquisition and
construction of the Additional System Facilities and
that reasonably could have been obtained as of the date
of such opinion and that if further approvals, consents,
authorizations, certifications, or orders are necessary
for the acquisition and construction of the Additional
System Facilities such City Attorney and Department
Attorney have no reason to believe that the City or the
Department will not be able to obtain the same when
required, (ii) this Ordinance, the Series Ordinance,
and all other ordinances and resolutions relating to
the issuance of the Additional Bonds have been duly
adopted at meetings of the City Commission duly called
and held in accordance with law and at which quorums
were present and acting throughout, (iii) the issuance
of such Additional Bonds has been duly authorized,
and (iv) that all conditions precedent to the delivery
of such Additional Bonds have been fulfilled.
When the documents mentioned in clauses (a) through (d)
of this Section have been filed with the Trustee and when
the Additional Bonds have been executed and authenticated as
required by this Ordinance, the Trustee shall deliver such
Additional Bonds to or upon the order of the purchasers
named in the Series Ordinance, but only upon payment of the
II-26
LJ
purchase price of such Additional Bonds and accrued interest
thereon. The Trustee shall be entitled to rely upon the
Series Ordinance as to all matters stated therein.
The proceeds (including accrued interest and any
premium) of said Additional Bonds shall be applied as
provided in the Series Ordinance for such Additional Bonds.
Section 211. Additional Bonds for Refunding Purposes.
Additional Bonds may be issued under and secured by this
Ordinance, at one time or from time to time, subject to the
conditions hereinafter provided in this Section, for the
purpose of providing funds for paying at maturity or redeem-
ing prior to maturity all or any part of the Outstanding
Bonds of any one or more Series, including the payment of
any redemption premium thereon and any interest that will
accrue on such Bonds to the redemption date or stated
maturity date or dates and any expenses incurred in connec-
tion with such refunding.
Before any such Additional Bonds shall be issued under
this Section, the City Commission shall adopt a Series
Ordinance authorizing the issuance of such Additional Bonds,
fixing the amount and details thereof, and describing the
Bonds to be refunded, paid and redeemed. The Bonds of each
Series issued under this Section shall be appropriately
designated, shall be dated, shall have such Interest Payment
Dates, shall be stated to mature (subject to the right of
prior redemption as hereinafter set forth) on such date
in such year or years, shall have such Paying Agents, shall
bear interest, and shall have such Sinking Fund Requirements
and redemption provisions, all as then permitted by law and
as provided in the Series Ordinance authorizing the issuance
of such Additional Bonds.
Except as to any differences in the rate or rates of
interest, the Interest Payment Dates, the maturities, or the
provisions for redemption, each Series of Bonds issued
under this Section 211 shall be on a parity with and shall
be entitled to the same benefits and security under this
Ordinance as all other then Outstanding Bonds issued under
this Ordinance.
Such Additional Bonds shall be deposited with the
Trustee for authentication and delivery, but before such
Additional Bonds shall be delivered, the following shall be
filed with the Trustee:
II-27
(a) a copy, certified by the City Clerk to be a
true and correct copy, of the Series Ordinance for such
Series, which Series Ordinance shall also award the
Additional Bonds and direct the delivery of such
Additional Bonds to or upon the order of the purchasers
named in said Series Ordinance upon payment of the -
purchase price therein set forth, plus accrued interest
on the Additional Bonds;
(b) a certificate of the Chief Financial Officer
and the Trustee to the effect that no Default has
occurred and is continuing under the Ordinance;
(c) an opinion of the City Attorney and the Depart-
ment Attorney to the effect that (i) this Ordinance,
the Series Ordinance, and all other ordinances and
resolutions relating to the issuance of the Additional
Bonds have been duly adopted at meetings of the City
Commission duly called and held in accordance with law
and at which quorums were present and acting throughout,
(ii) the issuance of such Additional Bonds has been
duly authorized, and (iii) all conditions precedent to
the delivery of such Additional Bonds have been fulfilled;
(d) an opinion of bond counsel of suitable
reputation and experience to the effect that the
issuance of such Additional Bonds has been duly author-
ized and that all legal conditions precedent to the
delivery of such Additional Bonds have been fulfilled;
(e) such documents as shall be required by the
Trustee to show that provision has been duly made in
accordance with the provisions of this Ordinance for
the payment or redemption of all of the Bonds to
be paid or redeemed.
When the documents described in paragraph (a) through
(e) of this Section have been filed with the Trustee and
when the Additional Bonds have been executed and authenti-
cated as required by this Ordinance, the Trustee shall
deliver such Additional Bonds to or upon the order of the
purchasers named in the Series Ordinance, but only upon
payment of the purchase price of such Additional Bonds and
the accrued interest thereon. The Trustee shall be entitled
to rely upon the Series Ordinance as to all matters stated
therein, but shall not deliver such Additional Bonds unless
in the determination of the Trustee (which determination may
be based in whole or in part upon such certificates, opinions
and calculations as the Trustee may elect to rely upon) the
II-28
proceeds (excluding accrued interest) of such Additional
Bonds, together with any other money deposited with the
Trustee for such purpose and the interest to accrue upon any
Government Obligations acquired pursuant to clause (1) below
of this Section, shall be not less than an amount suffi-
cient to pay the principal of, and the redemption premium,
if any, on the Bonds to be refunded, the interest that will
accrue thereon to the redemption date or to the respective
maturity dates, and the expenses incident to such refunding.
The Trustee, after making provision for payment of the
expenses incident to such refunding, shall apply the proceeds
of such Additional Bonds (including accrued interest) and
any other money provided for such purpose, as follows:
(1') an amount that, together with the interest
accruing on the Government Obligations acquired pur-
suant to this clause (1), shall be sufficient to pay
the principal and redemption premium of and the inter-
est on the Bonds to be refunded hereunder, shall be
deposited by the Trustee in trust for the sole and
exclusive purpose of paying such principal, redemp-
tion premium and interest; and money so held shall,
as nearly as may be practicable and reasonable, be
invested by the Trustee in Government Obligations
that shall mature or that shall be subject to redemp-
tion by the holder thereof at the option of such
holder not later than the respective dates when the
money so held will be required for the purposes
intended,
(2 ) such amount shall be deposited in or credited
to any Fund or Account established under Section 501 of
this Ordinance as shall be required by reason of the
issuance of the Additional Bonds then requested to be
authenticated and delivered and the Series Ordinance
authorizing the issuance of the Additional Bonds, and
(3) the balance of such proceeds shall be deposited
in or credited to the Redemption Account.
Section 212. Temporary Bonds. Until the definitive
Bonds of any Series are ready for delivery, there may be
executed, and upon direction of the City Clerk, the Trustee
shall deliver, in lieu of definitive Bonds and subject to
the same limitations and conditions, except as to identifying
numbers, printed, engraved, lithographed or typewritten
temporary Bonds in the denomination of Five Thousand Dollars
II-29
($5,000) or any whole multiple thereof, substantially of
the tenor hereinabove set forth, with or without coupons
and with or without the privilege of registration as to
principal, as the City Commission may provide, and with
such appropriate omissions, insertions and variations as
may be required. The City shall cause the definitive
Bonds to be prepared and to be executed and delivered to
the Trustee, and the Trustee, upon presentation to it of
any temporary Bond and all unm atured coupons appertaining
thereto, shall cancel the same or cause the same to be
cancelled and shall deliver, in exchange therefor, at the
place designated by the Holder, without expense to the
Holder, a definitive Bond or Bonds of the same Series and
in the same aggregate principal amount, maturing on the
same date and bearing interest at the same rate as the
temporary Bond surrendered. Upon any such exchange all
coupons appertaining to the definitive Bonds and represent-
ing interest theretofore paid shall be detached and can-
celled by the Trustee. Until so exchanged, the temporary
Bonds shall be entitled to the same benefit of this ordi-
nance as the definitive Bonds to be issued and authenti-
cated hereunder, including the privilege of registration
if so provided. Until definitive Bonds are ready for
exchange, interest on temporary Bonds shall be paid when
due and payable upon presentation of such temporary Bonds,
and notation of such payment shall be endorsed thereon,
or such interest shall be paid upon the surrender of the
appropriate coupons if interest coupons are attached to
such temporary Bonds.
Section 213. Mutilated, Destroyed, Lost, or Stolen
Bonds. The City shall cause to be executed, and the Trustee
shall deliver a new Bond of like date, number and tenor in
exchange and substitution for and upon the cancellation of
any mutilated Bond, or in lieu of and in substitution for
any destroyed, lost, or stolen Bond or any Bond the coupons
of which are destroyed, lost, or stolen, and the Holder
shall pay the reasonable expenses and charges of the City in
connection therewith. Prior to the delivery of a substitute
Bond the Holder of any Bond which was destroyed, lost, or
stolen, or the coupons of which were destroyed, lost,
or stolen, shall file with the Trustee evidence satisfactory
to it of the destruction, loss, or theft of such Bond or
coupons, and of the Holder's ownership thereof and shall
furnish to the City and to the Trustee such security or
indemnity as may be required by them to save each of them
harmless from all risks, however remote.
II-30
Every Bond issued pursuant to the provisions of this
Section 213 in exchange or substitution for any Bond which
is mutilated, destroyed, lost or stolen or the coupons of
which are mutilated, destroyed, lost, or stolen shall
constitute an additional contractual obligation of the
City, whether or not the destroyed, lost or stolen Bond
or coupons are found at any time or are enforceable by
anyone, and shall be entitled to all the benefits and
security hereof equally and proportionately with any and
all other Bonds and coupons duly issued under this Ordi-
nance. All Bonds and coupons shall be held and owned
upon the express condition that the foregoing provisions
are exclusive with respect to the replacement or payment
of mutilated, destroyed, lost, or stolen Bonds and coupons
and shall preclude any and all other rights or remedies,
notwithstanding any law or statute existing or hereafter
enacted to the contrary with respect to the replacement
or payment of negotiable instruments or other securities
without their surrender.
II-31
ARTICLE III.
REDEMPTION.
Section 301. Redemption Generally. Except as here-
inafter provided, the Bonds of each Series issued under
this Ordinance shall be subject to redemption, as a whole
at any time or in part on any Interest Payment Date appli-
cable to the Bonds of such Series, at such time and prices,
and in such order as may be provided by the Series Ordinance
authorizing the issuance of such Bonds.
Section 302. Extraordinary Redemption _of_all _Bonds.
The Bonds shall be redeemed as a whole at any time or in
part on any Interest Payment Date upon payment of 100% of
the principal amount of the Bonds to be redeemed, plus
interest accrued to the redemption date, if the City exer-
cises its option to redeem the Bonds pursuant to Section
710 of this Ordinance.
Section 303. Selection of Bonds -or -Portions thereof
to be Redeemed. The Bonds shall be redeemed only in whole
multiples of $5,000. The Trustee shall select the Bonds
or portions thereof to be redeemed in accordance with the
terms and provisions of Section 510 of this Ordinance and
the Series Ordinance relating to such Bonds.
Section 304. Redemption Notice. At least 30 days
before the redemption date of any Bonds or portions of
Bonds to be redeemed, whether such redemption is as.a
whole or in part, the Trustee shall cause a notice of
redemption signed by the Trustee (a) to be published once
in a Daily Newspaper of general circulation in the City
and in a Financial Journal or a Daily Newspaper of general
circulation in the Borough of Manhattan, City and State
of New York, (b) to be filed with the Paying Agents,
and (c) to be mailed, postage prepaid, to all Holders of
registered Bonds to be redeemed as a whole or in part, at
their addresses as they appear on the registration books
maintained by the Trustee, and to all Holders of Record
who own or hold Bonds to be redeemed as a whole or in part
and who have registered to receive such notice, but failure
to file or mail any such notice shall not affect the validity
of the proceedings for such redemption. A copy of such
notice shall be mailed to Standard and Poor's Corporation
and Moody's Investors Service, Inc. Each notice shall
set forth the Series to be redeemed, the date fixed for
redemption, the Redemption Price to be paid, the maturi-
ties of the Bonds to be redeemed, and if less than all of
• • i
the Bonds of any one maturity then Outstanding are to be
called for redemption, the distinctive numbers and letters,
if any, of such Bonds to be redeemed, and, in the case of
registered Bonds without coupons to be redeemed in part
only, the portion of the principal amount thereof to be
redeemed. If any registered Bond without coupons is to
be redeemed in part only, the notice of the redemption
shall state also that on or after the redemption date,
upon surrender of such Bond, a new registered Bond without
coupons in a principal amount equal to the unredeemed
portion of such Bond will be issued. If all of the Bonds
to be redeemed are registered as to principal (except to
bearer),, notice given by registered or certified mail to
the registered owner or owners thereof at the address(es)
shown on the registration books not less than 30 days
prior to the date fixed for redemption shall be suffi-
cient, and published notice need not be given.
Section 305. Effect of Calling for Redemption.
Except for a redemption of Bonds in accordance with the
Sinking Fund Requirement therefor, on or before the date
upon which Bonds are to be redeemed in accordance with
this Article III the City shall deposit with the Trustee
money or Government Obligations, or a combination of both,
that will be sufficient to pay on the redemption date the
Redemption Price of, and interest accruing on, the Bonds
to be redeemed to such redemption date.
On the date fixed for redemption, notice having
been mailed or published in the manner and under the con-
ditions hereinabove provided, the Bonds or portions there-
of called for redemption shall be due and payable at the
Redemption Price provided therefor, plus accrued interest
to such date. If money or Government Obligations, or a
combination of both, sufficient to pay the Redemption
Price of the Bonds or portions thereof to be redeemed
plus accrued interest thereon to the date of redemption
are held by the Trustee or by the Paying Agents in trust
for the Holders of Bonds to be redeemed, interest on the
Bonds or portions thereof called for redemption shall cease
to accrue; the coupons for interest payable subsequent to
the redemption date on coupon Bonds called for redemption
shall be void; such Bonds or portions thereof shall cease
to be entitled to any benefits or security under this
Ordinance or to be deemed Outstanding; and the Holders of
such Bonds or portions thereof shall have no rights in
respect thereof except to receive payment of the Redemp-
tion Price thereof, plus accrued interest to the date of
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redemption. Bonds and portions of Bonds for which irre-
vocable instructions to pay on one or more specified dates
or to call for redemption at the earliest redemption date
have been given to the Trustee in form satisfactory to it
shall not thereafter be deemed to be Outstanding under
this Ordinance and shall cease to be entitled to the secur-
ity of or any rights under this Ordinance, and the Holders
shall have no rights in respect of the same other than to
receive payment of the Redemption Price thereof and accrued
interest thereon, to be given notice of redemption in the
manner provided in Section 304, and to the extent herein-
after provided, to receive Bonds for any unredeemed portions
of registered Bonds without coupons if money or Government
Obligations, or a combination of both, sufficient to pay
the Redemption Price of such Bonds or portions thereof,
together with accrued interest thereon to the date upon
which such Bonds are to be paid or redeemed, are held
in separate accounts by the Trustee or the Paying Agents
in trust for the Holders of such Bonds.
Section 306. Redemption of Portion of Registered
Bonds Without Coupons. If less than all of an Outstand-
ing registered Bond without coupons is selected for
redemption, the registered owner thereof or his legal
representative shall present and surrender such Bond to
the Trustee for payment of the principal amount thereof
so called for redemption, and the City shall execute and
the Trustee shall authenticate and deliver to or upon the
order of such registered owner or his legal representa-
tive, without charge, for the unredeemed portion of the
principal amount of the registered Bond without coupons
so surrendered, a new registered Bond without coupons, of
the same Series and maturity, bearing interest at the
same rate and of any denomination or denominations author-
ized by this Ordinance.
Section 307. Use of Government Obligations to Redeem
Bonds. For purposes of all Sections in this Article,
Government Obligations shall be deemed to be sufficient
to pay or redeem Bonds or portions of Bonds on a speci-
fied date if the principal of and the interest on such
Government Obligations, when due, will be sufficient to
pay on such date the Redemption Price of, and the inter-
est accruing on, such Bonds or portions to such date.
Section 308. Cancellation. Bonds called for redemp-
tion and all unmatured coupons appertaining thereto shall
be cancelled upon the surrender thereof.
Section 309. Matured Coupons. All unpaid coupons
that appertain to coupon Bonds called for redemption and
that have become due and payable on or prior to the date
of redemption designated in such notice shall continue to
be payable to the bearers severally and respectively upon
the presentation and surrender of such coupons. -
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ARTICLE IV.
CONSTRUCTION FUND.
Section 401. Construction Fund. A special fund is
hereby established with the Trustee and designated the
"Miami Parking System Construction Fund," and within said
Construction Fund there is hereby established a special
account designated the "Additional Facilities Account."
Any money received by the Trustee or the City from any
source for construction of Additional System Facilities
financed as a whole or in part with proceeds of Additional
Bonds shall be deposited upon the delivery of such Addi-
tional Bonds in the Additional Facilities Account.
The money in the Construction Fund shall be held by
the Trustee in trust and, pending application to the pay-
ment of the Cost of the Additional System Facilities or
transfer as provided herein, shall be subject to a lien
and charge in favor of the Holders of Bonds issued and
Outstanding under this Ordinance and shall be held for
the security of such Holders.
Section 402. Payments from Construction Fund. Pay-
ment of the Cost of Additional System Facilities shall be
made from the Additional Facilities Account. All payments
from the Construction Fund shall be subject to the provi-
sions and restrictions set forth in this Article, and the
Department shall not cause or agree to permit to be paid
from the Construction Fund any sums except in accordance
with such provisions and restrictions.
Section 403. Cost of Additional System Facilities.
For the purpose of this Ordinance, the Cost of the Addi-
tional System Facilities shall include such costs as are
eligible costs within the purview of the law and generally
accepted accounting principles, and, without intending to
limit or restrict any proper definition of such Cost, shall
include the following:
(a) obligations incurred for labor, materials,
services provided by contractors, builders, and
materialmen in connection with the construction,
acquisition, and equipping of the Additional System
Facilities, machinery, and equipment, for the restor-
ation of property damaged or destroyed in connection
with such construction and acquisition, for the demoli-
tion, removal, or relocation of any structures, and
for the clearing of lands;
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(b) interest accruing upon any Bonds prior to
the commencement of and during construction or for
any additional period as may be authorized by law
and provided in the Series Ordinance authorizing the
issuance of such Bonds;
(c) the cost of acquiring by purchase, and
the amount of any award or final judgment in any
proceeding to acquire by condemnation, such land,
structures and improvements, property rights, rights -
of -way, franchises, easements, and other interests
in lands as may be deemed necessary or convenient in
connection with such construction or operation of
the Parking System, and the amount of any damages
incident thereto;
(d) expenses of administration properly charge-
able to such construction or acquisition, legal,
architectural and engineering expenses and fees,
cost of audits and of preparing and issuing the Bonds,
fees and expenses of consultants, financing charges,
premiums of insurance in connection with construction,
bond insurance premiums, the cost of funding the
Reserve Account, and all other items of expense not
elsewhere in this Section specified that are incident
to the financing, construction, or acquisition of
any Additional System Facilities and the placing of
the same in operation; and
(e) any obligation or expense incurred by the
City or the Board for any of the foregoing purposes
within five years prior to the date of delivery of
the Bonds, including the cost of materials, supplies
or equipment furnished by the City or the Board in
connection with the construction of any Additional
System Facilities and paid for by the City or the
Board out of the funds other than money in the Con-
struction Fund.
Section 404. Requisitions from Construction Fund.
Payments from the Construction Fund shall be made in
accordance with the provisions of this Section.
Upon receipt of a requisition signed by the Director
and the Chief Financial Officer, the Trustee shall pay from
the Construction Fund to the Department at one time or from
time to time, a sum or sums aggregating at any point in time
not more than 5% of the Cost of the Additional System
Facilities, exclusive of reimbursements as hereinafter
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authorized in this Section, to be used by the Department
as a revolving fund for the payment of items of Cost
referred to in Section 403 of this Article. Such money
shall be deemed to be a part of the Construction Fund
until paid out. The Trustee shall apply money in the
Construction Fund to reimburse the revolving fund from
time to time for items of Cost paid with money in the
revolving fund upon receipt from the Department of a
requisition that is signed by the Director and the Chief
Financial Officer. The requisition shall specify the payee,
the amount and the purpose by general classification of each
payment from the revolving fund for which such reimbursement
is requested and state that each such item of Cost so paid
was a•necessary item of Cost within said Section 403,
and, if such item of Cost is directly related to con-
struction, there shall be attached to such requisition a
certificate that is signed by the architect or engineer in
which he certifies to his approval thereof.
Upon request of the Department, either the Trustee
shall pay Costs directly from the Construction Fund or the
Trustee shall make payment to the Department for the purpose
of paying such Costs, but before any payment shall be made
there shall be filed with the Trustee a requisition, signed
by the Director and the Chief Financial Officer, stating:
(i) the item number of such payment,
(ii) the name of the person to whom
such payment is due,
(iii) the amount to be paid, excluding any
applicable sales tax,
(iv) the purpose by general classification
for which the obligation to be paid was incurred,
(v) that the obligation in the stated
amount has been incurred by the Department, is
presently due and payable, and is a proper charge
against the Construction Fund that has not been
paid,
(vi) that no notice of any lien, right
to lien or attachment upon, or claim affecting
the right of any such person to receive payment
of, the amount stated in such requisition has
been filed or attached or, if any of the fore-
going has been filed or attached, that the same
either has been or will be satisfied or discharged
or that provisions have been made (which shall be
IV-3
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specified) to adequately protect the Trustee
and the Holders from incurring any loss as a
result of the same, and
(vii) that such requisition contains no
item representing payment on account of any
retainage to which the Department is entitled at
the date of such requisition.
Upon receipt of each requisition at the request of the
Department, either the Trustee shall pay the obligations set
forth in such requisition or make payment to the Department
for the purpose of paying such obligations out of money in
the applicable Account in the Construction Fund, and each
such payment shall be made by check signed by one or more
officers or employees of the Trustee designated for such
purpose by the Trustee. If for any reason the Department
should decide prior to the payment of any item in a requisition
not to pay such item, it shall give written notice of such
decision to the Trustee and thereupon the Trustee shall not
make such payment.
Section 405. Requisition for Land Costs. If any
requisition contains any item for the payment of the pur-
chase price or cost of any lands, property, rights, rights -
of -way, easements, franchises, or interests in or relating
to lands other than lands, property, rights, rights -of -way,
easements, franchises, or interests in or relating to
land constituting or which will constitute a part of the
Parking System, there shall be attached to such requisition,
in addition to the certificate mentioned in Section•404 of
this Article:
(a) a certificate, signed by the Director,
stating that such lands, property, rights, rights -of -
way, easements, franchises, or interests are being
acquired by the Department in furtherance of the
construction of the Additional System Facilities;
and
(b)(1) an opinion of the Department Attorney to
the effect that upon the payment of such item the
Department will have title in fee simple to, or per-
petual easements or title or rights, including lease-
hold interests, sufficient for the needs and purposes
of the Department in, such lands, free from all liens,
encumbrances and defects of title that would have a
materially adverse effect upon the Department's right
to use such lands or properties for the purposes
intended or if such liens, encumbrances, or defects of
title exist that the Department is adequately guarded
against the same by a bond or other form of indemnity;
IV-4
11
11
or (2) if such payment is for an option or contract to
purchase, a quit -claim deed to a lease or a release
of, or the acquisition of a right or interest in,
lands less than a fee simple or a perpetual easement,
or if such payment is a partial payment for any such _
purpose, a certificate of the Director approving the
acquisition of such lesser right or interest or of such
part payment.
Section 406. Reliance Upon Requisitions. All requisi-
tions and opinions received by the Trustee as conditions
of payment from the Construction Fund may be relied upon by
the Trustee. Such requisitions and opinions shall be
retained by the Trustee for a period of time not less than
that required by the law of the State for the retention of
Department' records and shall be subject at all reasonable
times to examination by the City, the Department and the
Holders of Bonds then Outstanding.
Section 407. Completion of the _Additional System
Facilities and Disposition of Construction Fund Balance.
The Completion Date for any Additional System Facilities
or any segment thereof shall be evidenced to the Trustee
by (a) a certificate, signed by the Director, setting forth
the Cost of the Additional System Facilities, or such
segment, whichever is applicable, and stating that, except
for amounts not then due and payable or the liability for
the payment of which is being contested or disputed by the
_ Department, all costs and expenses incurred in connection
therewith have been paid, and (b) a certificate signed by
the Director, stating that (i) the acquisition, construction
and equipping of the Additional System Facilities, or such
segment, whichever is applicable, have been completed sub-
stantially in accordance with the plans and specifications
therefor and the Cost of the same has been paid and (ii) all
other facilities necessary in connection with the Additional
System Facilities or such segment have been acquired,
constructed and installed in accordance with the plans and
specifications therefor. Notwithstanding the foregoing,
such certificate shall state that it is given without
prejudice to any rights against third parties that exist at
the date of such certificate or that may subsequently come
into being.
Upon receipt of such certificate, together with an
opinion of the Department Attorney to the effect that there are
no mechanics', workmen's, repairmen's, architects', engineers',
surveyors', carriers', laborers', contractors' or material-
men's liens on any property constituting a part of the
IV-5
Additional System Facilities, on file in any public office
where the same should be filed to be perfected and that
the time within which such liens can be filed has expired,
the Trustee shall withdraw all money then remaining in
the relevant Account in the Construction Fund, including
any balance in the revolving fund, in excess of the amount
then needed for completion of the remainder of the Addi-
tional System Facilities and apply the same, subject to
Section 604 hereof, for such of the following purposes:
(a) first, deposit in any other Account in the Construc-
tion Fund an amount not exceeding that by which the Costs
to be paid from such Account exceed the amounts on deposit
therein, (b) second, deposit in the Principal Account
and the Sinking Fund Account, in that order, the amounts
by which the sums of money required to be paid by the
Department to said Accounts in the then current Fiscal Year
pursuant to Section 503 hereof exceed the amounts on de-
posit in said Accounts, (c) third, deposit in the Reserve
Account the amount by which the Reserve Requirement ex-
ceeds the amount on deposit therein, and (d) fourth, de-
posit in the Redemption Account such amount as the Depart-
ment designates to be applied to the redemption of Bonds in
accordance with Section 511 hereof. The application by
the Department of money remaining in the Construction Fund
after payment of the Cost of the Additional System Facilities,
shall be modified to the extent necessary to assure that
such application will not cause the loss of the federal
exemption from taxation of interest on the Bonds.
Section 408. Proceeds Account. If and when Net
Proceeds are received and designated for use in the repair
or replacement of the Parking System, the Trustee shall
create a new account in the Construction Fund to be desig-
nated the Proceeds Account into which Net Proceeds shall
be deposited. Payment of the Cost of repairing or replac-
ing the Parking System shall be made from the Proceeds
Account. All the provisions of this Article that relate
to the Construction Fund shall apply to all Accounts with-
in such Fund, including the Proceeds Account.
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ARTICLE V.
REVENUES AND FUNDS.
Section 501. Establishment_ of Funds. In addition
to the Construction Fund, there are hereby established
the following funds:
(a) Miami Parking System Bond Fund, in which
there are established six special accounts to be
known as the Interest Account, the Principal Account,
the Sinking Fund Account, the Reserve Account, the
Redemption Account, and the Insurance and Condemna-
tion Award Account; and
(b) Miami Parking System Fund, in which there
are established three special accounts to be known
as the Revenue Account, the Renewal and Replacement
Account, and the General Reserve Account.
The Bond Fund and the Accounts therein shall be
established with and held by the Trustee. The Parking
System Fund and the Accounts therein shall be established
with and held by the Department in a Depositary.
The money in all of said Funds and Accounts shall
be held in trust and applied as hereinafter provided and,
pending such application, shall be subject to a lien and
charge in favor of the Holders of the Bonds issued and
Outstanding under this Ordinance and for the further
security of such Holders.
Section 502. Revenues Received by the Department.
Except as hereinafter prov di ed, all Revenues shall be
deposited when received in the Revenue Account.
Section 503. Application of Money in Revenue Account.
The Department shall apply funds on deposit in the Revenue
Account to the payment of Current Expenses and, to the
extent hereinafter provided in this Section 503, to the
purchase of Bonds. On or before the 20th day of each
month the Chief Financial Officer shall withdraw from the
Revenue Account all amounts on deposit therein in excess
of the Operations and Maintenance Requirement for such
month and shall apply the same in the following manner
and order:
V-1
(a) with the Trustee to the credit of the Inter-
est Account such amount thereof as may be required
to make the amount then to the credit of the Interest
Account equal to the interest then due and payable
and to become due and payable within the next ensuing
six (6) months on all Bonds then Outstanding;
(b) with the Trustee to the credit of the Prin-
cipal Account such amount thereof as may be required
to make the amount then to the credit of the Princi-
pal Account equal to the principal then due and pay-
able and to become due and payable within the next
ensuing twelve (12) months on all Serial Bonds then
Outstanding;
(c) with the Trustee to the credit of the Sink-
ing Fund Account such amount thereof as may be re-
quired to make the amount then to the credit of the
Sinking Fund Account equal to the Sinking Fund Re-
quirement then due and payable and to become due and
_ payable within the next ensuing twelve (12) months
on all Term Bonds then Outstanding;
(d) with the Trustee to the credit of the Reserve
Account such amount as may be required to make the
amount then to the credit of the Reserve Account
equal to the Reserve Requirement; provided, however,
that if so provided in the Series Ordinance relating to
any Series of Bonds issued under Section 209, 210 or
210 of this Ordinance the amount required to make the
amount to the credit of the Reserve Account following
the issuance of such Series of Bonds equal to the
Reserve Requirement may be deposited to the credit of
the Reserve Account in sixty (60) or less substantially
equal monthly installments beginning in the month
following the month in which such Series of bonds are
authenticated and delivered;
(e) to the credit of the Renewal and Replacement
Account such amount as may be required to make the
amount then to the credit of the Renewal and Replace-
ment Account equal to the Renewal and Replacement
Account Requirement; and
(f) to the credit of the General Reserve Account
the balance remaining after making the deposits required
by paragraphs (a) through (e) of this Section 503.
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In each month following a month in which the Depart-
ment has failed to make any deposit or payment required
by paragraphs (a) through (e) of this Section 503, the
Department shall deposit or pay, in addition to the amounts
then due, an amount sufficient to cure the deficiency in
deposit or payment in the prior month unless such defi-
ciency is cured by a transfer, pursuant to the terms of
this Ordinance, of money or Investment Obligations to
such Fund or Account from other Funds and Accounts created
hereby.
Except as is otherwise provided herein, in determin-
ing the amount of money to be deposited to each Fund and
Account there shall be taken into consideration the invest-
ment earnings or losses that are to be charged to such
Fund or Account in accordance with Section 602 and the
amounts then on deposit therein resulting from the appli-
cation of Bond proceeds or the transfers as hereinafter
provided.
Whenever the amount on deposit in the Revenue Account
is insufficient to pay Current Expenses, the Chief Financial
Officer shall transfer an amount necessary to pay the same
to the Revenue Account, drawing upon funds available in
the General Reserve Account and the Renewal and Replace-
ment Account, in that order.
On or before the 45th day next preceding any date
on which Serial Bonds are to mature or Term Bonds are
to be redeemed pursuant to the Sinking Fund Requirement
or are to mature, the Chief Financial Officer may satisfy
all or a portion of the obligation to make the payments
required by paragraphs (b) and (c) of this Section 503 by
delivering to the Trustee Serial Bonds maturing or Term
Bonds maturing or required to be redeemed on such date.
The price paid to purchase any such Bond shall not exceed
the Redemption Price applicable to such Bonds at the next
redemption date. Upon such delivery the Department shall
receive a credit against amounts required to be deposited
into the Principal Account on account of such Serial Bonds
or into the Sinking Fund Account on account of such Term
Bonds in the amount of 100% of the principal amount of any
such Serial Bonds or Term Bonds so delivered.
Section 504. Application of Money in Interest Account.
Not earlier than the first business day next preceding
each Interest Payment Date or date upon which Bonds are
v-3
to be redeemed, the Trustee shall withdraw from the Inter-
est Account and (a) remit by mail to each owner of regis-
tered Bonds without coupons the amounts required for pay-
ing interest on such Bonds when due and payable, and (b)
set aside or deposit in trust with the Paying Agents of
coupon Bonds of each Series amounts sufficient to pay
interest on the Bonds of such Series when due and payable.
If the Department fails to make any deposit to the
Interest Account that is required by Section 503 hereof or
if the balance in the Interest Account on the 20th day of
the month next preceding an Interest Payment Date is insuffi-
cient to pay interest becoming due on the Bonds on such
Interest Payment Date, the Trustee shall notify the Chief
Financial Officer of the amount of the deficiency. Upon
notification, the Chief Financial Officer immediately
shall deliver to the Trustee an amount sufficient to cure
the same, drawing upon funds available in the General
Reserve Account and the Renewal and Replacement Account,
in that order. If the amount so delivered is not suffi-
cient to cure the deficiency in the Interest Account, the
Trustee shall transfer to said Account such amount as may
be necessary to remedy such deficiency from the Reserve
Account.
Section 505. Application of Money in Principal Account.
Not earlier than the business day next preceding each October
1, the Trustee shall withdraw from the Principal Account
and (a) set aside the amount necessary to pay the principal
of all coupon Serial Bonds registered as to principal alone
and all registered Serial Bonds without coupons at their
respective maturities and (b) set aside or deposit in trust
with the Paying Agents of each Series the amount necessary
to pay the principal of all coupon Serial Bonds not regis-
tered as to principal at their respective maturities.
If at any date there is money in the Principal Account
and no Serial Bonds are then Outstanding or if on any
principal payment date money remains therein after the
payment of the principal of Serial Bonds then due, the
Trustee shall withdraw such money therefrom and shall
apply the same as follows: (a) deposit in the Sinking
Fund Account and the Reserve Account, in that order, the
amounts then required to be paid thereto by the Department
pursuant to Section 503 hereof and (b) deliver all remaining
amounts to the Department. Upon receipt thereof the Chief
Financial Officer shall deposit (i) in the Renewal and
Replacement Account the amount then required to be paid
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9618
n
thereto pursuant to Section 503 hereof, and (ii) all re-
maining amounts in the General Reserve Account.
If the Department fails to make any deposit to the
Principal Account that is required by Section 503 hereof
or if the balance in the Principal Account on the 20th
day of the month next preceding a principal payment date
is insufficient to pay principal becoming due on such
payment date, the Trustee shall notify the Director and the
Chief Financial Officer of the amount of the deficiency.
Upon notification, the Chief Financial Officer immediately
shall deliver to the Trustee an amount sufficient to cure
the same, drawing upon funds available in the General
Reserve Account and the Renewal and Replacement Account, in
that order. If the amount so delivered is not sufficient to
cure the deficiency in the Principal Account, the Trustee
shall transfer from the Reserve Account to the Principal
Account such amount as may be necessary to remedy such
deficiency.
Section 506. Application of Money in Sinking Fund
Account. Money held for the credit of the Sinking Fund
Account shall be applied during each Fiscal Year to the
retirement, purchase or payment of Term Bonds of each
Series then Outstanding as follows:
(a) The Trustee shall endeavor to purchase
Term Bonds subject to redemption by operation of
the Sinking Fund Account or maturing on the next
ensuing Sinking Fund Date at the most advantageous
price obtainable with reasonable diligence. The
purchase price of each such Term Bond shall not exceed
par plus accrued interest to the date of purchase. The
Trustee shall pay the interest accrued on such Term
Bonds to the date of settlement therefor from the
Interest Account and the purchase price from the
Sinking Fund Account, but no such purchase shall be
made by the Trustee from money in the Sinking Fund
Account within the period of 45 days immediately
preceding the next Sinking Fund Date on which such Term
Bonds are to mature or be redeemed by operation of a
Sinking Fund Requirement. The aggregate purchase price
for Term Bonds of each Series purchased during any
Fiscal Year shall not exceed the amount deposited in
the Sinking Fund Account in such Fiscal Year on account
of the Sinking Fund Requirement for the Term Bonds
of such Series. If in any Fiscal Year the sum of
the amount on deposit in the Sinking Fund Account
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for the payment of any Series of Term Bonds and the
principal amount of the Term Bonds of such Series
that were purchased pursuant to the provisions of
this paragraph (a) or delivered to the Trustee by
the Chief Financial Officer during such Fiscal Year -
exceeds the Sinking Fund Requirement for the Out-
standing Term Bonds of such Series for such Fiscal
Year, at the direction of the Director and the Chief
Financial Officer the Trustee shall endeavor to
purchase Outstanding Term Bonds of such Series with
such excess money;
(b) On each Sinking Fund Date on which Term Bonds
are to be paid or redeemed in accordance with a Sinking
Fund.Requirement the Trustee shall pay or call for
redemption in accordance with Section 301 of this
Ordinance, such Term Bonds in a principal amount
equal to the aggregate principal amount of Term Bonds
maturing on such Sinking Fund Date or the Sinking Fund
Requirement for the Term Bonds of each Series for the
Fiscal Year next preceding such Sinking Fund Date, less
the principal amount of any such Term Bonds retired by
purchase pursuant to clause (a) of this Section or
delivered to the Trustee by the Chief Financial Officer
during such Fiscal Year. If the amount available in
the Sinking Fund Account on such Sinking Fund Date is
not equal to the Sinking Fund Requirement for the Term
Bonds of each such Series for the preceding Fiscal Year
less the principal amount of any such Term Bonds so
delivered or purchased, the Trustee shall apply the
amount available in the Sinking Fund Account to the
redemption of all Term Bonds then subject to redemp-
tion in proportion to the Sinking Fund Requirement
for such Fiscal Year for the Term Bonds of each
Series then Outstanding. Such redemption shall be
made pursuant to the provisions of Article III of
this Ordinance. Not earlier than the business day
next preceding each Sinking Fund Date on which Term
Bonds are to be paid at maturity or redeemed in accord-
ance with a Sinking Fund Requirement, the Trustee shall
withdraw from the Sinking Fund Account and set aside
in a separate account or deposit with the Paying
Agents, in the manner set forth in Section 505 for
the payment of Serial Bonds, the amount required to
pay or redeem such Term Bonds.
V-6
If at any date there is money in the Sinking Fund
Account and no Term Bonds are then Outstanding or if on
any principal payment date money remains therein after
Term Bonds have been paid at maturity or redeemed in ac-
cordance with the Sinking Fund Requirement therefor, the
Trustee shall withdraw such money therefrom and shall
apply the same as follows: (a) deposit in the Reserve
Account the amount then required to be paid thereto by
the Department pursuant to Section 503 hereof and (b)
deliver all remaining amounts to the Chief Financial Offi-
cer. Upon receipt thereof the Chief Financial Officer
shall deposit (i) in the Renewal and Replacement Account
the amount then required to be paid thereto pursuant to
Section 503 hereof, and (ii) all remaining amounts in the
General Reserve Account.
If the Department fails to make any deposit to the
Sinking Fund Account that is required by Section 503 hereof
or if the balance in the Sinking Fund Account on the 20th
day of the month next preceding a Sinking Fund Date upon
which Term Bonds are to be paid at maturity or redeemed in
accordance with the Sinking Fund Requirements therefor
is insufficient to make such payment or satisfy such Sink-
ing Fund Requirement, the Trustee shall notify the Director
and the Chief Financial Officer of the amount of the
deficiency. Upon notification, the Chief Financial Officer
immediately shall deliver to the Trustee an amount sufficient
to cure the same, drawing upon funds available in the
General Reserve Account and the Renewal and Replacement
Account, in that order. If the amount so delivered' is not
sufficient to cure the deficiency in the Sinking Fund
Account, the Trustee shall transfer from the Reserve Account
to such Account such amount as may be necessary to remedy
such deficiency.
If, in any Fiscal Year, by the application of money
in the Sinking Fund Account the Trustee should purchase
and cancel or receive from the Chief Financial Officer
and cancel Term Bonds in excess of the aggregate Sinking
Fund Requirements for such Fiscal Year, the Trustee shall
file with the Chief Financial Officer not later than the
20th day prior to the next Sinking Fund Date on which Term
Bonds are to be redeemed a statement identifying the Term
Bonds purchased or delivered during such Fiscal Year and the
amount of such excess. The Chief Financial Officer shall
thereafter cause a certificate to be filed with the Trust-
ee not later than the 10th day prior to such Sinking Fund
Date, setting forth with respect to the amount of such
v-7
9618
excess the years in which the Sinking Fund Requirements with
respect to Term Bonds are to be reduced and the amount by
which the Sinking Fund Requirements so determined are to
be reduced.
Upon the retirement of any Term Bonds by purchase
or redemption pursuant to the provisions of this Section,
the Trustee shall file with the Chief Financial Officer a
statement identifying such Bonds and setting forth the
date of purchase or redemption, the amount paid to pur-
chase or redeem such Term Bonds and the amount paid as
interest thereon. The expenses incurred in connection
with the purchase or redemption of any such Term Bonds
are required to be paid by the Department from the General
Reserve Account.
Section 507. Application of Money in Reserve Account.
An amount equal to the Reserve Requirement for the Series
1983 Bonds shall be deposited in the Reserve Account on
the date of issuance of such Bonds. If Additional Bonds
are issued, the Series Ordinance relating to the same
shall provide either for the deposit into the Reserve
Account of an amount that will cause the amount then on
deposit therein to equal the Reserve Requirement on all
Bonds Outstanding after the issuance of such Bonds or for
monthly deposits in accordance with the proviso in Section
503(d) of this Ordinance.
The Trustee shall use amounts in the Reserve Account
to make transfers, in the following order, to the Interest
Account, the Principal Account and the Sinking Fund Account
to remedy any deficiency in any deposit required to be
made to said Accounts by Section 503 hereof or to pay the
interest on or the principal of (whether at maturity, by
acceleration or in satisfaction of the Sinking Fund Require-
ment therefor) the Bonds when due, whenever and to the
extent that the money on deposit in any or all of said
Accounts, together with transfers thereto from the General
Reserve Account and the Renewal and Replacement Account,
is insufficient for such purposes. The Trustee shall
also use amounts in the Reserve Account to pay the inter-
est on the Interest Payment Date next preceding the final
maturity of all Bonds Outstanding and the principal of and
the interest on such Bonds on the final maturity date of the
same.
If at any time the value of the cash and Investment
Obligations held in the Reserve Account exceeds the Reserve
Requirement, the Trustee shall withdraw an amount equal to
such excess therefrom and shall deliver the same to the
Department. Upon receipt thereof the Chief Financial
Officer shall deposit (a) in the Renewal and Replacement
Account the amount then required to be paid thereto by the
Department pursuant to Section 503 hereof and (b) all
remaining amounts in the General Reserve Account.
Whenever the amount on deposit in the Reserve Account
is less than the Reserve Requirement, the Trustee shall
notify the Director and the Chief Financial Officer of the
amount of the deficiency. Upon notification, the Chief
Financial Officer immediately shall deliver to the Trustee
-- an amount sufficient to cure the same, drawing upon funds
available in the General Reserve Account and the Renewal and
Replacement Account, in that order.
Section 508. Application of Money in the Renewal
and Replacement Account. The Department shall apply money
in the Renewal and Replacement Account to the payment of
the cost of renewals and replacements of and unusual or
extraordinary repairs to the Parking System and of engi-
neering and other expenses incurred in connection there-
with. All disbursements of money in the Renewal and Re-
placement Account shall be made in accordance with proce-
dures established by the Board from time to time.
The Department shall also use amounts in the Renewal
and Replacement Account to make transfers, in the follow-
ing order, to (a) the Revenue Account to pay Current Ex-
penses, whenever and to the extent that the amount on
- deposit therein, together with transfers thereto from the
General Reserve Account, is insufficient for such purpose,
(b) the Interest Account, the Principal Account, and the
Sinking Fund Account, in that order, upon receipt of a
request from the Trustee, to remedy any deficiency in any
deposit required to be made to said Accounts by Section
503 hereof or to pay the interest on and the principal of
(whether at maturity, by acceleration, or in satisfaction
of the Sinking Fund Requirement) the Bonds when due, when-
ever and to the extent that the money on deposit in any
or all of such Accounts, together with transfers thereto
from the General Reserve Account, is insufficient for
such purposes, and (c) the Reserve Account, upon receipt
of a request from the Trustee, to the extent necessary to
cure a deficiency therein whenever and to the extent that
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9618
n
money transferred to the Reserve Account from the General
Reserve Account is insufficient for such purpose.
If at any time the money held in the Renewal and
Replacement Account exceeds the Renewal and Replacement
Account Requirement, the Chief Financial Officer shall _
withdraw an amount equal to such excess therefrom and
deposit such amount in the General Reserve Account.
Section 509. Application of Money in the General
Reserve Account. The Department shall apply money on
deposit in the General Reserve Account to make transfers,
in the following order, to (a) the Revenue Account to
the extent necessary to pay Current Expenses whenever the
amount on deposit therein is insufficient for such purpose,
(b) the Interest Account, Principal Account, and Sinking
Fund Account, in that order, upon receipt of a request
from the Trustee, to remedy any deficiency in any deposit
required to be made pursuant to Section 503 hereof and
to pay the principal of (whether at maturity, by acceler-
ation, or in satisfaction of the Sinking Fund Requirement)
and interest on the Bonds when due, whenever and to the
extent that the money on deposit in any or all of said
Accounts is insufficient for such purposes, and (c) the
Reserve Account, upon receipt of a request from the Trus-
tee, to the extent necessary to cure a deficiency therein,
and (d) the Renewal and Replacement Account to the extent
necessary to cure a deficiency therein.
The Department, at its option, may apply any amounts
remaining in the General Reserve Account after making
the aforementioned transfers for any one or more of the
following purposes but not necessarily in the following
order: (1) for any purpose for which money in the Con-
struction Fund, the Renewal and Replacement Account and the
Revenue Account may be used, (2) to the purchase or re-
demption of Bonds, (3) to secure and pay Subordinated Debt,
(4) to secure and pay the classes of indebtedness described
in Section 717 and Section 719, and (5) to pay all or any
part of the cost of additions, extensions and improvements
to the Parking System.
If the Department elects to redeem Bonds from money
in the General Reserve Account, it shall deliver to the
Trustee written notice of its intent to effect such redemp-
tion at least 45 days but not more than 60 days before
the anticipated redemption date. Such notice shall refer
to this Section 510, shall state the principal amount of
V-10
Bonds to be redeemed pursuant to Section 301 of this Ordin-
ance, and shall direct the Trustee to redeem such princi-
pal amount of Bonds on the next ensuing Interest Payment
Date if such redemption is in part or on a date not later
than 60 days following the date of such notice if such
redemption is as a whole.
To redeem all of the Bonds, on or before the date
upon which notice of redemption is given in accordance
with Section 304 hereof, the Department shall deposit
with the Trustee money or Government Obligations, or a
combination thereof, in an amount sufficient to cause
the defeasance of this Ordinance pursuant to Section 1201
hereof, take such other actions as are required by said
Section to effect such defeasance, and pay to the Trustee
all of the fees and expenses incurred or to be incurred
by it through the date of redemption. To redeem the Bonds
in part, on or before the date upon which notice of redemp-
tion is given in accordance with Article III hereof, the
Department shall deliver to the Trustee the amount neces-
sary to redeem the Bonds in accordance with said Article
III and shall pay directly to the Trustee all of the fees
and expenses incurred and to be incurred by it through
the date of redemption. The amount of any redemption
payment attributable to principal and redemption premium,
if any, shall be deposited by the Trustee in the Redemp-
tion Account for application in accordance with Section
511 of this Ordinance and the amount attributable to
interest shall be deposited by the Trustee in the Inter-
est Account and applied to pay interest to the date of
redemption.
The Department shall have the right to purchase any
Bonds on the open market with money on deposit in the
General Reserve Account and to surrender the same to the
Trustee (with all unmatured coupons attached in the case
of coupon Bonds). The principal amount thereof consisting
of Serial Bonds shall be credited against transfers to
the Principal Account in the Fiscal Year or Years in which
such Serial Bonds would have matured in accordance with
their terms. The principal amount consisting of Term
Bonds shall be credited against and reduce the Sinking
Fund Requirements for such Term Bonds in such manner as
shall be specified in a certificate of the Chief Financial
Officer that is substantially in the form of the certificate
filed pursuant to Section 506 hereof and that is filed
with the Trustee.
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r]
Section 510. Application of Money inthe _Redemption
Account. The Trustee shall apply money in the Redemption
Account to the purchase or redemption of Bonds as follows:
(a) Subject to the provisions of paragraph (c)
of this Section, the Trustee shall endeavor to pur-
chase and cancel Bonds or portions thereof, regard-
less of whether such Bonds or portions thereof are
then subject to redemption, at the most advantageous
price obtainable with reasonable diligence, provided
that the purchase price of each Bond shall not exceed
the Redemption Price that would be payable on the
next redemption date to the Holder of such Bond under
the provisions of Article III of this Ordinance if
such Bond or such portion thereof should be called
for redemption on such date from the money in the
Redemption Account. The Trustee shall pay the inter-
est accrued on such Bonds or portions thereof to the
date of settlement from the Interest Account and the
purchase price from the Redemption Account, but no
such purchase shall be made by the Trustee from money
in the Redemption Account within the period of 45
days immediately preceding any Interest Payment Date
on which such Bonds or portions thereof are to be
redeemed.
(b) Subject to the provisions of paragraph (c)
of this Section, the Trustee shall call for redemp-
tion on each Interest Payment Date such amount of
Bonds or portions thereof as, with the redemption
premium, if any, will exhaust the money then held
in the Redemption Account as nearly as may be; pro-
vided, however, that not less than Two Hundred Fifty
Thousand Dollars ($250,000) principal amount of Bonds
or such lesser amount if less than $250,000 in prin-
cipal amount of Bonds is then Outstanding, shall be
called for redemption at any one time. Such redemp-
tion shall be made pursuant to the provisions of
Article III of this Ordinance. The Trustee shall
pay the accrued interest on the Bonds or portions
thereof to be redeemed to the date of redemption
from the Interest Account and the Redemption Price
of such Bonds or portions thereof from the Redemption
Account. The Trustee shall withdraw from the Redemp-
tion Account and, in the manner provided in Section
505 hereof, set aside in separate accounts or deposit
with the Paying Agents the respective amounts required
to pay the Redemption Price of the Bonds or portions
thereof so called for redemption.
V-12
(c) Money in the Redemption Account shall be
applied by the Trustee in each Fiscal Year to the
purchase or the redemption of Bonds of any one or
more Series then Outstanding in accordance with the _
latest certificate filed by the Chief Financial Offi-
cer with the Trustee (i) designating the one or
more Series of Bonds to be purchased or redeemed,
(ii) if more than one Series of Bonds is so desig-
nated, setting forth the aggregate principal amount
of Bonds of each Series to be purchased or redeemed,
which amount shall be determined (as nearly as prac-
ticable) by a ratio of the aggregate principal amount
of Bonds of each Series, as originally issued, to
the aggregate principal amount of Bonds of all such
Series, as originally issued, and (iii) unless the
Series Ordinance relating to the Bonds to be redeemed
specifies the order of redemption, designating the
Bonds to be redeemed within each Series, and if such
Bonds are Term Bonds, the years in which future Sink-
ing Fund Requirements are to be reduced as a result
of such redemption and the amount of such reduction
in each such year. In the event no such certificate
is filed and unless the Series Ordinance relating to
the Bonds to be redeemed specifies otherwise, (i)
the Trustee shall apply such money to the purchase
of one or more Series of Bonds as it shall determine
or to the redemption of Bonds bearing the highest
rate of interest, (ii) if Bonds of more than one
maturity bear the same interest rate, the Trustee
shall redeem such Bonds in the inverse order of matur-
ities, and (iii) if the Bonds bearing the highest
rate of interest are Term Bonds, the Trustee shall
reduce Sinking Fund Requirements for such Term Bonds
in inverse order of the scheduled redemption of such
Term Bonds. All Bonds shall be redeemed by lot within
maturities as the Trustee, in its discretion, may
determine. For purposes of this paragraph (c), Term
Bonds shall be considered to mature on their respective
Sinking Fund Dates in amounts equal to the aggregate
Sinking Fund Requirements therefor.
Upon the retirement of any Bonds by purchase or redemp-
tion pursuant to the provisions of this Section, the Trustee
shall file with the Department a statement identifying such
Bonds and setting forth the date of purchase or redemption,
the amount of the purchase price or the Redemption Price of
such Bonds and the amount paid as interest thereon. The
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expenses incurred by the Trustee in connection with the
purchase or redemption of any such Bonds shall be paid by
the Department from the General Reserve Account.
Section 511. Insurance and Condemnation Award Account.
The Trustee shall deposit Net Proceeds into the Insurance
and Condemnaton Award Account, when and as received by
the Trustee. Upon direction of the Department the Trustee
shall use money in the Insurance and Condemnation Award
Account for the following purposes:
(a) to transfer to the Proceeds Account in the
Construction Fund, the creation of which is author-
ized by Section 408 hereof, and thereafter to dis-
burse the same to pay the costs of repairing or re-
placing the Parking System; and
(b) to transfer to the Redemption Account and
the Interest Account to redeem Bonds.
Section 512. Escheat. All money that the Trustee
shall have withdrawn from the Bond Fund or shall have
received from any other source and set aside or deposited
with the Paying Agents for the purpose of paying any of
the Bonds hereby secured, either at maturity or by pur-
chase or call for redemption, or for the purpose of pay-
ing any maturing coupons appertaining to the Bonds hereby
secured, shall be held in trust for the respective Holders.
All interest on money so set aside or so deposited shall
accrue to the benefit of the Department and shall be paid
to the Department annually.
Any money that is so set aside and that remains un-
claimed by the Holders for a period of two years after
the date on which such Bonds or coupons have become pay-
able shall be paid to the Department or to such officer,
board or body, as may then be entitled by law to receive the
same. Thereafter the Holders shall look only to the Depart-
ment or to such officer, board or body for payment and then
only to the extent of the amounts so received, without any
interest thereon, and the Trustee shall have no responsi-
bility with respect to such money.
Section 513. Cancellation of Bonds and Coupons.
Upon receipt of the same, the Trustee shall cancel (a)
all Bonds (and all coupons appertaining thereto) paid,
redeemed, or purchased by the Trustee or purchased by the
V-14
Department and delivered to the Trustee, and (b) all regis-
tered Bonds without coupons delivered to the Trustee in
exchange for other Bonds or delivered to the Trustee upon
the transfer of any registered Bond if a new registered
Bond is delivered upon such transfer. The Trustee shall
certify to the Department the details of all Bonds and
coupons so cancelled. All Bonds and coupons cancelled
under any of the provisions of this Ordinance either
shall be delivered to the Department or destroyed by the
Trustee, as the Department directs. Upon destruction of
any Bonds and coupons, the Trustee shall execute a certi-
ficate in duplicate, describing the Bonds and coupons so
destroyed; one executed certificate shall be filed with
the Department and the other executed certificate shall
be retained by the Trustee.
Section 514. Disposition of Fund Balances. After
provision is made for the payment of all Bonds issued
under this Ordinance, including the interest thereon
and for the payment of all other obligations, expenses
and charges required to be paid under or in connection
with this Ordinance, and receipt by the Trustee of a cer-
tificate of the Chief Financial Officer to the effect
that there are other indentures or other agreements that
impose a continuing lien on the balances hereinafter men-
tioned, the Trustee shall pay all amounts in any Fund or
Account then held by it under this Ordinance to the Depart-
ment. If a continuing lien has been imposed on any such
balance by another ordinance, any other agreement, by
court order or decree, or by law, the Trustee shall pay
such balance to such person as is entitled to receive
the same by law or under the terms of such ordinance,
agreement, court order, or decree.
Section 515. Security for the Bonds. As security
for the payment of the Bonds and the interest thereon,
the City and the Board hereby grant to the Trustee a
pledge of (a) Net Revenues, (b) their right to receive
Net Revenues, and (c) the money and Investment Obliga-
tions in any and all of the Funds and Accounts esta-
blished under this Ordinance and the income from such
Investment Obligations and the investment of such money.
It is the intent of the City and the Board that this
pledge shall be effective and operate immediately and
that the Trustee shall have the right to collect and re-
ceive said Net Revenues in accordance with the provisions
hereof at all times during the period from and after the
date of the Bonds issued hereunder until the Bonds have
V-15
been fully paid and discharged, including, without limi-
tation, at all times after the institution and during the
pendency of bankruptcy or similar proceedings.
The aforementioned pledge shall not inhibit the sale
or disposition of the Parking System in accordance with -
this Ordinance and shall not impair or restrict the abil-
ity of the Department to invest in securities and other
forms of investment, subject to the provisions of this
Ordinance.
V-16
ARTICLE VI.
DEPOSITARIES OF MONEY, SECURITY FOR DEPOSITS,
INVESTMENT OF FUNDS, AND COVENANT AS TO ARBITRAGE.
Section 601. Security for Deposits. Any and all
money received under the provi is ons of this Ordinance
shall be deposited as received with the Trustee or one or
more other Depositaries as provided in this Ordinance,
and shall be trust funds under the terms hereof, and
shall not be subject to any lien or attachment by any
creditor of the City, the Board or the Department.
Until money deposited with the Trustee or any other
Depositary hereunder has been invested in Investment Obli-
gations, the amount of money in excess of the amount guaran-
teed by the Federal Deposit Insurance Corporation or other
federal agency shall be continuously secured for the bene-
fit of the City and the Department and the Holders in such
other manner as may then be required or permitted by applic-
able State or federal laws and regulations regarding the
security for., or granting a preference in the case of, the
deposit of trust funds; provided that it shall not be
necessary for the Trustee or any Paying Agent to give
security for the deposit of any money with it for the
payment of the principal of or the redemption premium or the
interest on any Bonds or for the Trustee or any Depositary
to give security for any money that is represented by
Investment Obligations purchased under the provisions of
this Article.
All money deposited with the Trustee or any Depositary
shall be credited to the particular Fund or Account to
which such money belongs.
Section 602. Investment of Money. Money held for
the credit of all Funds and Accounts shall be continuously
invested and reinvested by the Chief Financial Officer,
the Trustee, or the Depositaries, whichever is applicable,
in Investment Obligations to the extent practicable.
Except as hereinafter provided with respect to the Reserve
Account, Investment Obligations shall mature or be redeem-
able at the option of the holder thereof not later than
the respective dates when the money held for the credit
of such Funds or Accounts will be required for the pur-
poses intended. Investment Obligations in the Reserve
Account shall mature or be redeemable at the option of
the holder thereof as follows: 25% not later than five
years after the date of such investment, an additional
VI-1
4h A
50% not later than ten years after the date of such invest-
ment, and the balance without limitation. Notwithstanding
the foregoing, no Investment Obligations in any Fund or
Account may mature on a date beyond the latest maturity
date of any Bonds Outstanding at the time such Investment
Obligations are deposited. For purposes of this Section,
the maturity date of any repurchase agreement shall be
deemed to be the stated maturity date of such agreement
and not the maturity dates of the underlying Investment
Obligations.
The Chief Financial Officer or his designee may at
any time give to the Trustee written directions respect-
ing the investment of any money required to be invested
hereunder; subject however, to the provisions of this
Article, and the Trustee shall then invest such money as
so directed. The Trustee may request in writing direc-
tion or authorization of the Chief Financial Officer or
his designee with respect to the proposed investment of
money under the provisions of this Ordinance. Upon receipt
of such request, accompanied by a memorandum setting forth
the details of any proposed investment, the Chief Financial
Officer or his designee shall either approve such proposed
investment or shall give written directions to the Trustee
respecting the investment of such money and, in the case
of such directions, the Trustee then shall invest, subject
to the provisions of this Article, such money in accordance
with such directions.
Investment Obligations acquired with money in or
credited to any Fund or Account established under this
Ordinance shall be deemed at all times to be part of such
Fund or Account. The interest accruing on Investment
Obligations in any Fund or Account and any profit or loss
realized upon the disposition or maturity of such Invest-
ment Obligations shall be credited to or charged against
any such Fund or Account. The Trustee shall sell at
the best price obtainable or reduce to cash a sufficient
amount of such Investment Obligations whenever it is neces-
sary so to do to provide money to make any payment from any
such Fund or Account. The Trustee shall not be liable or
responsible for any loss resulting from any such sale or
reduction to cash.
Whenever a transfer of money between two or more of the
Funds or Accounts established pursuant to Article V of this
Ordinance is permitted or required, such transfer may be made
as a whole or in part by transfer of one or more Investment
Obligations at a value determined at the time of such transfer
VI-2
10 0
in accordance with this Article VI, provided that the
Investment Obligations transferred are those in which
money of the receiving Fund or Account could be invested
at the date of such transfer.
Section 603. Valuation. For the purpose of deter-
mining the amount on deposit in any Fund or Account, Invest-
ment Obligations in which money in such Fund or Account
is invested shall be valued (a) at face value if such
Investment Obligations mature within 12 months from the
date of valuation thereof, and (b) if such Investment
Obligations mature more than 12 months after the date of
valuation thereof, at the price at which such Investment
Obligations are redeemable by the holder at his option,
if so redeemable, or, if not so redeemable, at the lesser
of (i) the cost of such Investment Obligations plus the
amortization of any premium or minus the amortization of
any discount thereon, and (ii) market value of such Invest-
ment Obligations.
All Investment Obligations in all of the Funds and
Accounts created hereunder, except the Revenue Account
and the General Reserve Account, shall be valued no ear-
lier than the 20th day of the second month next preceding
a principal payment date and no later than the 21st day
of the month next preceding such principal payment date.
In addition, Investment Obligations in the Interest Account,
the Principal Account, the Sinking Fund Account, and the
Reserve Account shall be valued at any time requested by
the Department on reasonable notice to the Trustee (which
period of notice may be waived or reduced by the Trustee);
provided, however, that the Trustee shall not be required
to value Investment Obligations more than once in any
calendar month.
Whenever the value of the cash and Investment Obliga-
tions in the Reserve Account, plus accrued interest to
the date of valuation, is less than the Reserve Require-
ment, the Trustee shall compute the amount by which the
Reserve Requirement exceeds the balance in the Reserve
Account and shall immediately give the Chief Financial
Officer notice of such defiency and the amount necessary
to cure the same.
Section 604. Covenant as to Arbitrage. The City,
the Board and the Department conversant that so long as
any of the Bonds remain Outstanding money on deposit in
any Fund or Account maintained in connection with the
VI -3
Bonds, regardless of whether such money was derived from
the proceeds of the sale of the Bonds or from any other
sources, will not be used in a manner that would cause
the Bonds to be "arbitrage bonds" within the meaning of
Section 103(c) of the Internal Revenue Code of 1954, as
amended, and applicable regulations promulgated from time
to time thereunder.
VI-4
4 .0
ARTICLE VII.
GENERAL COVENANTS AND REPRESENTATIONS.
Section 701. Payment of Principal, Interest and
Premium. The City shall cause to be paid, when due, the
principal of (whether at maturity, by acceleration, by
call for redemption or otherwise) and the premium, if
any, and interest on the Bonds at the places, on the dates
and in the manner provided herein and in said Bonds and
in any coupons appertaining to said Bonds, according to
the true intent and meaning thereof. The Bonds are not
general obligations of the City but are limited obliga-
tions payable solely from Net Revenues, the Department's
rights to receive the same, and money and Investment Obli-
gations held in the Funds and Accounts created hereunder and
the income from such Investment Obligations and the invest-
ment of such money. The Bonds shall be secured as provided
in Section 516 of this Ordinance. The Bonds shall not
constitute a debt of the City for which the faith and credit
of the City is pledged. The issuance of the Bonds shall not
directly or indirectly or contingently obligate the City
to levy any tax or to pledge any form of taxation whatever
therefor. The Bonds shall not constitute a charge, lien
or encumbrance, legal or equitable, upon any property of
the City.
Section 702. Construction of Additional System Facil-
ities. The Department shall construct any Additional System
Facilities for the construction of which Bonds are.issued
or for which money repayable from the proceeds of Bonds
is advanced to the Department, in accordance with plans
approved by the Parking Consultant. Upon the completion of
such Additional System Facilities the Department shall
operate and maintain the same as a part of the Parking
System. The Department shall require each person, firm or
corporation with whom it may contract for construction to
(a) furnish a payment and performance bond in the full
amount of any contract, or (b) deposit with the Chief
Financial Officer marketable securities that have a market
value equal to the amount of such contract and that are
eligible as security for the deposit of trust funds as
provided in Section 601 of this Ordinance. The proceeds of
any such performance bond or securities shall be deposited
in the Construction Fund and applied toward the completion
of the Additional System Facilities in connection with which
such performance bond or securities are furnished.
VII-1
Section 703. Operation of Parking System. The
Department shall establish and enforce reasonable rules and
regulations governing the operation and use of the Parking
System, operate the Parking System in an efficient and
economical manner, maintain the properties constituting the
Parking system in good repair and in sound operating con-
dition for so long as the same are necessary to the opera-
tion of the Parking System upon a revenue -producing basis,
and comply with all valid acts, rules, regulations, orders
and directions of any legislative, executive, administra-
tive or judicial body that are applicable to the Parking
System.
For so long as any Bonds are Outstanding, neither
the City nor the Department shall construct, maintain, or
operate, or cause to be constructed, maintained, or opera-
ted, or participate with any person, entity, or govern-
mental unit or subdivision in the construction, operation,
or maintenance of, any off-street parking facilities that
would impair the revenue -producing capacity of the Parking
System unless prior to such construction, operation or
maintenance (a) the construction, maintenance and opera-
tion of such facilities are authorized herein and such
facilities are incorporated into the Parking System or
(b) the Department shall have delivered to the Trustee a
statement of the Parking Consultant to the effect that based
upon such Consultant's knowledge and analysis of the finan-
cial performance and operations of the Parking System,
nothing has come to its attention that would lead it to
believe that the City and the Department would not be able
to meet their obligations under Sections 503 and 704 of this
Ordinance as a result of such construction, operation, and
maintenance.
Section 704. Rate Covenant. (a) The City and the
Board shall fix, charge and collect rates, fees, rentals,
and charges for the use of the Parking System and shall
revise such rates, fees, rentals and charges as often as may
be necessary or appropriate to produce Revenues in each
twelve-month period commencing October 1 and ending on the
next succeeding September 30 at least equal to the sum of
(1) Current Expenses for such period, plus (2) 125% of the
amounts required to be deposited in the Interest Account,
the Principal Account, and the Sinking Fund Account in
such period, plus (3) the amounts required to be deposi-
ted in the Reserve Account in such period.
(b) If, in any such period, Revenues are less
than the amount required under paragraph (a) of this
VII-2
9618
Section and if the cash and value of the Investment
Obligations available within the Funds and Accounts
created hereby are not sufficient to make the deposits
required to be made pursuant to paragraphs (a), (b),
(c), and (d) of Section 503, the City and the Department
shall take action to revise its rates, fees, rentals
and charges, or alter its methods of operation or take
other action in such manner as is calculated to produce
the amount so required in such period.
(c) If the audit report for any Fiscal Year
indicates that the obligations under paragraph (a) of
this Section 704 have not been satisfied then within 15
days of the receipt of the audit report for such Fiscal
Year, the Department shall employ a Parking Consultant
to review and analyze the financial status and the
administration and operations of the Parking System, to
inspect the properties constituting the Parking System,
and to submit to the Board and the Director, within
60 days thereafter, a written report on the same,
including the action taken by the City and the Depart-
ment with respect to the revision of its rates, fees,
rentals and charges, which report may contain recom-
mendations of further revisions of the rates, fees,
rentals, charges, and methods of operation of the
Parking System that will result in producing the amount
so required in the following twelve-month period
commencing October 1 and ending on the next succeeding
September 30. Promptly upon its receipt of the recom-
mendations the Department shall transmit copies thereof
to the City Commission, the Trustee and each Holder of
Record who has requested the same and shall take such
further action as is then in the best interests of the
Bondholders, the Department, the City and its citizens.
(d) In the event the City and the Department fail
to take action as required by paragraphs (b) and (c) of
this Section, the Trustee may, and upon request of the
Holders of not less than 25% in principal amount of all
Bonds Outstanding shall, institute and prosecute an
action or proceeding in any court or before any board
or commission having jurisdiction to compel the City
and the Department to comply with the requirements of
said paragraphs.
VII-3
0
E
(e) No free use of the Parking System shall be
permitted.
Section 705. Budgets and Covenant as to Current
Expenses. On or before the 90th day next preceding the
beginning of each Fiscal Year, the Department shall prepare
a preliminary budget for the ensuing Fiscal Year for the
Parking System in the form of the budget then required by
law and shall file copies of each such preliminary budget
with the Trustee and mail copies to the Parking Consultant.
Each budget shall be prepared in such manner as to
specify Current Expenses and the amounts to be deposited
in the various Funds and Accounts created by this Ordin-
ance during the Fiscal Year for which such budget was
prepared. The budget shall be accompanied by a pro forma
statement of Revenues, Current Expenses and rates, fees,
rentals and charges estimated to be necessary to meet
the requirements of Section 704(a) of this Ordinance and
shall include or make reference to a Capital Funds Budget
that shows separately the amounts to be deposited in the
General Reserve Account during the Fiscal Year for which
the budget is prepared for the purpose of financing addi-
tions, extensions and improvements to the Parking System
and the amounts to be expended during such Fiscal Year
from money in the General Reserve Account and the Con-
struction Fund.
On or before the first day of each Fiscal Year, the
City and the Board shall adopt the budget for the Parking
System (which budget together with any amendments thereof or
supplements thereto as hereinafter permitted is herein
collectively called the "Annual Budget"). Copies of the
Annual Budget shall be filed with the Trustee, mailed by the
Department to the Parking Consultant, Moody's Investors
Service, Inc., Standard and Poor's Corporation, and each
Holaer of Record requesting the same, and made available for
inspection at the office of the Chief Financial Officer.
If the City and the Board have not adopted the Annual
Budget before the first day of any Fiscal Year, the prelim-
inary budget for such Fiscal Year or, if there is none, the
budget for the preceding Fiscal Year, shall be deemed to be
VII-4
in force and shall be treated as the Annual Budget under
the provisions of this Article until the adoption of the
Annual Budget.
The City and the Board may at any time adopt an amended
or supplemented Annual Budget for the remainder of the then
current Fiscal Year, and shall do so when any quarterly
financial statement indicates that the Department is unable
to maintain or operate the Parking System and comply with
the requirements of Section 704 hereof within the budgetary
guidelines and statements related thereto, and when so
adopted the Annual Budget as so amended or supplemented
shall be treated as the Annual Budget under the provi-
sions'of this Article. Copies of any such amended or
supplemental Annual Budget shall be filed with the Trus-
tee, mailed by the Department to the Parking Consultant,
Moody's Investors Service, Inc., Standard and Poor's Cor-
poration, and each Holder of Record requesting the same,
and made available for inspection at the office of the
Chief Financial Officer.
If the Department has adopted a Capital Funds Budget
extending beyond one Fiscal Year, the capital expenditures
covered by such Capital Funds Budget need not be covered by
the Annual Budget except that such Annual Budget shall
contain the same references to any such Capital Funds
Budget as are required by the second paragraph of this
Section 705.
Section 706. Review of Annual Budget. (a) Prior
to the adoption of the Annual Budget the Department shall
cause the Parking Consultant to review the same (which may
be in preliminary form) in light of the historical operation
of the Parking System and the obligations of the City and
the Department under this Ordinance. If based upon such
review the Parking Consultant determines that Revenues, as
reflected in the Annual Budget or the statements relating
thereto, will not be sufficient to meet the requirements set
forth in paragraph (a) of Section 704, the Parking Consultant
shall so notify the Department and the Trustee and shall
deliver to the Department and the Trustee a written report
recommending revisions of rates, fees, rentals and charges
or other action that will result in producing the amount so
required. Promptly upon receipt of such recommendations the
City and the Department shall revise their rates, fees,
rentals and charges or take such other action, including
amendment of the Annual Budget, as shall result in compliance
with Section 704(a).
VII-5
4. x..'.� tz
0
(b) The
Annual Budget
paragraph (a)
requirement of the annual
by the Parking Consultant
of this Section shall be
review of the
established by
waived i f :
(1) the audited financial state-
ments or accompanying reports for the
Parking System for each of the preceding
four Fiscal Years indicate that, in each
Fiscal Year, Revenues for such Fiscal
Year were equal to or greater than the
level required by Section 704(a) of
this Ordinance; and
(2) the Parking Consultant has
made at least one annual review in the
past five Fiscal Years; and
(3) there is submitted to the
Trustee a certificate of the Chief
Financial Officer and the Director to
the effect that the provisions of sub-
paragraphs (1) and (2) of this para-
graph (b) have been satisfied.
Section 707. Records, Accounts and Audits. The
Department shall keep the Funds, Accounts, money and invest-
ments of the Parking System separate from all other funds,
accounts, money and investments of the Department and shall
keep accurate records and accounts of all items of costs and
of all expenditures relating to the Parking System and of
the Revenues collected and the application of such Revenues.
At least once during each quarter of each Fiscal
Year, beginning with the first full Fiscal Year following
the date of delivery of the Series 1983 Bonds pursuant to
Section 208 of this Ordinance, the Department shall cause to
be filed with the Trustee copies of a report, signed by the
Director setting forth all revisions of the rates, fees,
rentals and charges for use of the Parking System during
the preceding three-month period and an unaudited interim
report, signed by the Chief Financial Officer, identifying
all Defaults that occurred during the preceding three-month
period and setting forth in respect of such period:
VII-6
9618
(a) a separate income and expense account of
the Parking System, showing the Revenues and Current
Expenses for such quarter, for all quarters of the
current Fiscal Year, including such quarter, and for
the corresponding periods in the next preceding Fiscal
Year,
(b) a summary of deposits in and withdrawals
from each Fund and Account created under the provi-
sions of this Ordinance,
(c) the details of all Bonds issued, paid,
purchased, redeemed, and cancelled during such period,
and
(d) the amounts on deposit at the end of such
three-month period in the Funds and Accounts held by
each Depositary.
Within 120 days after the close of such Fiscal Year
the Department shall cause the Accountant to prepare an
audit of its books and accounts pertaining to the Parking
System. Reports of each such audit shall be filed with the
Board, the Chief Financial Officer, and the Trustee and each
Depositary, and copies of each such report shall be mailed
to Moody's Investors Service, Inc., Standard and Poor's
Corporation and each Holder of Record requesting the same
and shall be made available for inspection at the office
of the Chief Financial Officer. Each such audit report
shall be accompanied by an opinion of the Accountant stat-
ing that the examination of the financial statements was
conducted in accordance with generally accepted auditing
standards and stating whether such financial statements
present fairly the financial position of the Parking System
and the results of its operations and changes in its finan-
cial position for the period covered by such audit report
in conformity with generally accepted accounting principles
applied on a consistent basis.
If for any reason beyond its control, the Department is
unable to obtain the foregoing opinion as to compliance
with generally accepted accounting principles, the City
and the Department shall be deemed to be in compliance
with this Section if it is taking all reasonable and feas-
ible action to obtain such opinion in subsequent Fiscal
Years, and if, in lieu of a statement as to compliance
and conformity, such opinion states the reasons for such
non-compliance or non -conformity.
VII-7
9618
Each audit report shall be accompanied by a special
report of the Accountant setting forth in respect of said
Fiscal Year the same matters as are hereinabove required
for the quarterly reports of the Chief Financial Officer
and a calculation to determine compliance with Section
704(a) of this Ordinance. Such special report shall state
(i) whether there existed at the end of the Fiscal Year
under audit any violation of any covenants or agreements
herein contained and (ii) if at any time during the Fiscal
Year under audit any Default occurred and if so, the nature
of the Default. Such special report shall be limited to
financial matters described in this Ordinance.
For purposes of this Ordinance, each Fund created
hereunder shall be a series of accounts within the book
of accounts of the Department and shall connote a segre-
gation of accounts that will support special purpose dis-
closure reports, and nothing herein shall be construed as
requiring a separate set of books and accounts or separ-
ate bank accounts.
The Department shall cause any additional reports or
audits relating to the Parking System to be made as required
by law or by any applicable rules or regulations of any
governmental authority having jurisdiction over the Park-
ing System. The cost of such audits shall be treated as
a part of the cost of operation of the Parking System.
Section 708. Insurance. The Department shall purchase
and maintain insurance covering such properties belonging
to the Parking System as are customarily insured against
loss or damage from such causes as are customarily insured
against by enterprises of a similar nature, business inter-
ruption insurance, and comprehensive general liability
insurance on the Parking System for bodily injury and
property damage, provided that the same shall meet the
following minimum requirements:
(a) fire (with Uniform Standard Extended Cover-
age Endorsements or equivalent coverage obtainable through
federal or State programs) and vandalism and malicious
mischief insurance as may be approved for issuance in the
State, including insurance against loss or damage from
lightning, windstorm, hail, explosion, riot, riot attending
a strike, civil commotion, aircraft, vehicles and smoke,
subject to deductibles of not more than 50% of the then
applicable Renewal and Replacement Account Requirement
VII-8
9618
6
per accident, at all times in amounts equal to the greater
of (1) the principal amount of all Bonds outstanding and
(2) the full replacement cost of the properties constitu-
ting the Parking System, which amount shall be sufficient
to ensure that the Department could not become a co-insurer
under the terms and conditions of the applicable policy
or policies. The replacement cost of the properties con-
stituting the Parking System shall be determined at least
once every five years, or more often upon the request
of the insurer or the Trustee, by an appraisal by quali-
fied appraisers or other persons or entities selected by
the Department. The Department shall provide a copy of the
appraisal to the Trustee within 30 days after the receipt
thereof. To the extent that any contractor for the con-
struction of any Additional System Facilities provides an
insurance policy or certificate of insurance showing that
-� the same coverage as is herein required is being carried by
such contractor and adequately protects the interest of the
Department and the Holders in the Additional System Facili-
ties or any part thereof, the insurance provided for by this
subparagraph (a) with respect to all or any part of the
Additional System Facilities shall not be required for
such construction period while all or any part or the
Additional System Facilities is so covered by such other
insurance;
(b) comprehensive general liability insurance
with limits of not less than $300,000 combined single
limit for bodily injury and property damage occurrence;
(c) use and occupancy insurance, covering loss
of anticipated Revenues by reason of the total or partial
suspension of, or interruption in, the operation of each
parking garage in the Parking System, with such exceptions
as are customarily imposed by insurers, in an amount as to
each parking garage equal to approximately 100% of the Net
Revenues derived from such parking garage in the Fiscal Year
immediately preceding the latest completed Fiscal Year; and
(d) workers' compensation insurance in such
amounts as are required by law.
If the Insurance Consultant and the Department certify
to the Trustee that the amount of insurance coverage required
by this Section 708 is not available on reasonable terms
and conditions, the insurance coverage required by this
VII-9
9618
J; (.. ...
F]
Section may be modified in
mination, and the coverage
the minimum requirements of
accordance with such deter -
as modified shall constitute
this Section.
Unless the insurance coverage required by this Sec-
tion is maintained through Qualified Self Insurance as
hereinafter provided, such coverage shall be maintained
through policies that (i) are issued by a financially
responsible insurer or insurers qualified to write the
respective insurance in the State and of recognized stand-
ing, (ii) are in such form and contain such provisions
(including, without limitation, the loss payable clause,
the waiver of subrogration clause, clauses relieving the
insurer of liability to the extent of minor claims, and
the designation of the named insured parties) as are gener-
ally considered customary provisions for the type of insur-
ance involved, and (iii) prohibit cancellation or substan-
tial modification by the insurer without at least 90 days'
prior written notice to the Department and the Trustee. The
insurance policies carried pursuant to paragraphs (a) and
(c) of this Section shall name the Department and the
Trustee as parties insured thereunder as their respective
interests appear. Each policy shall provide that losses
thereunder shall be adjusted with the insurer by the Depart-
ment on behalf of the insured parties. Copies of each
policy shall be provided to the Trustee upon request.
The Department shall, and the Trustee may, demand,
collect, sue and receipt for the insurance money that may
become due and payable under any policies payable to it.
Any appraisement or adjustment of any loss of damages and
any settlement or payment of indemnity therefor that may be
agreed upon between the Department and any insurer shall be
evidenced to the Chief Financial Officer by a certificate
signed by the Director.
Notwithstanding the foregoing, the Department shall be
entitled to provide the coverage required by this Section
through Qualified Self Insurance, provided that the require-
ments hereinafter set forth in this Section are satisfied.
"Qualified Self Insurance" means insurance maintained
through a program of self insurance or insurance main-
tained with a fund, company or association in which the
Department has a material interest or of which the Depart-
ment has control, either singly or with others.
Prior to participation in any plan of (qualified Self In-
surance not currently in effect, the Department shall deliver
VII-10
to the Trustee (i) a copy of the proposed plan and (ii)
from an Insurance Consultant an evaluation of the pro-
posed plan together with an opinion to the effect that
(A) the proposed Qualified Self Insurance will provide
_ the coverage required by this section and (B) the pro-
posed Qualified Self Insurance plan provides for the _
creation of fiscally sound reserves.
Each plan of Qualified Self Insurance shall be in
written form, shall provide that upon the termination
of such plan reserves will be established or insurance
acquired in amounts adequate to cover any potential
retained liability in respect of the period of Qualified
Self Insurance, and shall be reviewed annually by an
Insurance Consultant or registered actuary who shall
deliver to the Department a report on the adequacy of the
reserves established thereunder in light of claims made.
If the Insurance Consultant determines that such reserves
are inadequate in light of the claims made, he shall make
a recommendation as to the amount of reserves that should
be established and maintained, and the Department shall
comply with such recommendation unless it can establish to
the satisfaction of the Trustee that such recommendation is
unreasonable in light of the nature of the claims or the
history of recovery against the Department for similar
claims.
The Net Proceeds paid in satisfaction of any claim
made under policies providing the coverage required by
clauses (a) and (c) of this Section shall be applied as
provided in Section 710 of this ordinance.
Section 709. Notice of Taking; Cooperation of
Parties. If any public authority or entity attempts
to take or damage all or any part of the Parking System
through Eminent Domain proceedings or through public refer-
endum, the City and the Department shall take prompt and
appropriate measures to protect and enforce its rights and
interests and those of the Trustee and the Holders in
connection with such proceedings. Upon receiving notice of
the institution of Eminent Domain proceedings by any public
instrumentality, body, agency or officer or the reinstitu-
tion of a public referendum, the Department shall deliver
written notice thereof to the Trustee.
The Net Proceeds of any award or compensation result-
ing from Eminent Domain proceedings shall be applied in
accordance with the provisions of Section 710(a) of
this Ordinance.
VII-11
6
A
Section 710. Insurance and Eminent Domain Proceeds.
(a) All Net Proceeds of all insurance required by Section
708(a) of this Ordinance and all Net Proceeds resulting
from Eminent Domain proceedings shall be delivered to the
Trustee for deposit in the Insurance and Condemnation
Award Account and shall be applied at the election of the
Department:
(1) promptly to replace, repair, rebuild or
restore the Parking System to substantially the same
condition as that which existed prior to such taking,
damage or destruction, with such alterations and
additions as the Department may determine and as will
not impair or otherwise adversely affect the revenue -
producing capability of the Parking System, provided
that prior to the commencement of such replacement,
repair, rebuilding or restoration, the Department shall
deliver to the Trustee a report of a Parking Consultant
setting forth (A) an estimate of the total cost of the
same, (B) the estimated date upon which such replace-
ment, repair, rebuilding or restoration will be substan-
tially complete, and (C) a statement to the effect that
Net Proceeds, together with other funds made available
or to be made available by the Department, will be
sufficient to pay the costs of the replacement, repair,
rebuilding or restoration of the Parking System; or
(2) to the redemption of Bonds, provided that
Bonds may be redeemed only if (A) the Parking System
has been restored to substantially the same condition
as prior to such damage or destruction or taking, or
(B) the Department has determined that the portion of
the Parking System damaged or destroyed or taken is not
necessary to the operation of the Parking System and
that the failure of the Department to repair or restore
the same will not impair or otherwise adversely affect
the revenue -producing capability of the Parking System,
or (C) the Parking Consultant has been unable to make
the statement required by subparagraph (1)(C) of this
paragraph (a).
If the Department does not apply Net Proceeds or cause
them to be applied, to replace, repair, rebuild, or restore
the Parking System, the Department shall direct the Trustee
to redeem Bonds in accordance with Article III of this
Ordinance and to transfer from the Insurance and Condemnation
Award Account to the Redemption Account an amount sufficient
VII-12
9618
to pay the Redemption Price of the Bonds to be redeemed and
to the Interest Account an amount that, together with
amounts then on deposit therein, is sufficient to pay
interest accruing on the Bonds to be redeemed to the date of
redemp-
tion. -
If the Department elects to apply Net Proceeds, or
cause them to be applied, to replace, repair, rebuild, or
restore the Parking System, the Trustee shall create a
Proceeds Account in the Construction Fund, shall transfer
such Net Proceeds from the Insurance and Condemnation Award
Account to the Proceeds Account, and shall make disburse-
ments therefrom, to the extent practicable, in accordance
with the procedures and requirements set forth in Section
404 of this Ordinance for requisitions from the Construction
Fund.
(b) The Proceeds of use and occupancy insurance
carried pursuant to paragraph (c) of Section 708 of this
Ordinance shall be applied as follows: (i) an amount
equal to 1/3 of the Operations and Maintenance Requirement
shall be deposited in the Revenue Account, (ii) an amount
equal to the excess of that required to be deposited in
the Interest Account, the Principal Account, and the Sink-
ing Fund Account, pursuant to Section 503 hereof in the
then current Fiscal Year over the amounts on deposit in
said Accounts shall be deposited in said Accounts, and
(iii) any balance remaining shall be deposited in the
Revenue Account and applied to pay Current Expenses.
Section 711. Compliance with Applicable Law. So
long as any Bond is Outstanding, the City and the Department
shall comply or cause there to be compliance with all
applicable laws, orders, rules, regulations and requirements
of any municipal or other governmental authority relating to
the construction, use and operation of the Parking System.
Nothing contained in this Section shall prevent the City and
the Department from contesting in good faith the applicabil-
ity or validity of any law, ordinance, order, rule, regula-
tion, or requirement, so long as its failure to comply with
the same during the period of such contest will not material-
ly impair the operation or the revenue -producing capability
of the Parking System.
Section 712. Payment of Charges and Covenant Against
Encumbrances. Except as provided herein, the City and the
VII-13
Department shall not create or suffer to be created any lien
or charge upon the Parking System or any part thereof, or on
the Revenues. The City and the Department shall pay or
cause to be discharged, or shall make adequate provision to
satisfy and discharge, within 60 days after the same become
due and payable, all lawful costs, expenses, liabilities and
charges relating to the maintenance, repair, replacement or
improvement of the properties constituting the Parking
System and the operation of the Parking System and lawful
claims and demands for labor, materials, supplies or other
objects that might by law become a lien upon the Parking
System or Revenues if unpaid. Nothing contained in this
Section shall require the City or the Department to pay or
cause to be discharged, or make provision for the payment,
satisfaction and discharge of, any lien, charge, cost,
liability, claim or demand so long as the validity thereof
is contested in good faith and by appropriate legal proceed-
ings.
Section 713. Disposition of Parking System. Except
as provided in this Section 713, the Department shall not
sell or otherwise dispose of all or any part of the pro-
perties constituting the Parking System.
(a) The Department shall have the right to sell
or dispose of any machinery, fixtures, apparatus, tools,
instruments, or other moveable property acquired by it in
connection with the Parking System, or any materials used
in connection therewith if the Director determines that such
articles are no longer needed or useful in connection
with the construction or maintenance of the properties
constituting the Parking System or the operation of the
Parking System and that such sale or disposition will not
impair the operating efficiency of the Parking System or
reduce the revenue -producing capability of the Parking
System.
(b) The Department, without notice to the Trustee
and free of any obligation to make any replacement thereof
or substitution therefor, shall have the right to demolish
or remove any real property and structures now or hereafter
existing as part of the Parking System provided that the
Board, by resolution, determines that such removal or
demolition does not impair the operating efficiency of
the Parking System or reduce the revenue -producing capa-
bility of the Parking System.
VII-14
. y.«` .:: ,..r+.. r ..' .. :..,, ,, wy w,,ti•c'.v,AKYcatw.`4°P�9^S'S� .. ..
6
(c) Notwithstanding the provisions of para-
graph (b) of. this Section, if the Department determines that
any real property or structure constituting a part of the
Parking System has become inadequate, unsuitable or unnec-
cessary, the Department shall then have the right to demolish
or remove such property and, to the extent permitted by -
law, may sell or otherwise dispose of all or a part of
the same, if:
(1) prior to such removal or demo-
lition the Department gives written notice
thereof to the Trustee, which notice shall
describe the real property or structures to be
demolished or removed, the reason for such demo-
lition or removal, and the estimated fair market
value thereof; and
(2) (A) the Department shall construct,
acquire, replace or substitute real pro-
perty or structures having a fair market
value at least equal to that of the property
demolished or removed, or
(B) any such real property and structure
now or hereafter existing as part of the Parking
System may be demolished or removed by the Depart-
ment from time to time and the Department shall
not be required to construct or acquire any real
property or structures in substitution or in
replacement thereof if there shall be filed with
the Trustee prior to such demolition or removal, a
certificate, signed by the Director and approved
by the Parking Consultant, stating (i) that no
Default has occurred and is continuing under
this Ordinance, or, if any Default then exists,
that the same will be cured by action taken
pursuant to this Section 713, and (i.i) that the
Net Revenues for the Fiscal Year next succeeding
that in which such demolition or removal occurs
will be sufficient to enable the Department to
meet its obligations under Section 704(a) hereof.
(d) The Department shall have the right to lease the
Parking System or any portion thereof to public or private
operators for continued operation, in the public interest,
as public parking facilities, at rentals which, in the
opinion of the Parking Consultants expressed in writing,
will be equal to the estimated Net Revenues which would
have been realized from continued operation by the Depart-
ment of the facilities to be leased.
VII-15
9618
(e) The Department shall have the right to remove
and substitute or make changes in the location of on -street
parking meters which are necessary to permit street widen-
ing or street closings or to provide necessary regulation _
of traffic and relief of congestion and which will not
materially lessen the income and revenues to be derived
from such meters.
The Department shall deposit the proceeds resulting
from any abandonment, sale or disposition of properties
constituting the Parking System to any Account in the
Construction Fund if the amount then on deposit therein is
insufficient to pay the Costs of any Additional System
_ Facilities or to the General Reserve Account if the amount
on deposit therein is less than the amount to be deposited
therein pursuant to the Capital Funds Budget, as the Depart-
ment may direct. All proceeds remaining after such deposits
shall be paid to the Trustee for deposit in the Redemption
Account.
Section 714. Additional System Facilities; Additions
to the Parking System. All buildings, structures, and
items of personal property that are constructed, placed
or installed in or upon the properties constituting the
Parking System as an addition or improvement to, as a
substitute for, or in renewal, replacement or alteration
of, any buildings, structures, and personal property
constituting part of the Parking System, and all real
property acquired as an addition to, in replacement of,
or as a substitute for real property constituting a part
of the Parking System shall thereupon become a part of
the Parking System.
Other facilities not financed by the issuance of
Bonds under this Ordinance may be incorporated in and
made a part of the Parking System upon satisfaction of
the conditions set forth in Sections 717 and 719 hereof.
Section 715. Contracts, Leases and Other Agreements.
Subject to the provisions of Section 604, the Department may
lease, as lessor, all or any part of the Parking System,
or contract or agree for the performance by others, of
operations or services on or in connection with the Park-
ing System or any part thereof, for any lawful purpose,
provided, that
VII-16
9618
(a) each such lease, contract or agreement,
or any amendment or rescission thereof, is not incon-
sistent with the provisions of this Ordinance,
(b) the Department shall remain fully obligated
and responsible under this Ordinance to the same
extent as if such lease, contract or agreement, or any
amendment or rescission thereof, had not been exe-
cuted,
(c) the obligation of the Department under
such lease, contract or agreement shall be subordinate
to the Department's obligations under this Ordinance,
and
(d) if the amount payable to the Department in
the then current or any subsequent Fiscal Year under
any such lease, contract or agreement or any amend-
ment or rescission thereof, exceeds 5% of the Reven-
ues for the preceding Fiscal Year, then the Board
shall expressly determine by resolution that it has
given due consideration to the provisions of Section
704 hereof prior to the execution of such contract,
lease, or agreement, and that such lease, contract
or agreement, or amendment or rescission thereof,
does not materially adversely impair or diminish the
rights or security of any Holder. The Board shall
not be prevented from making the determination re-
quired by this paragraph (d) notwithstanding that a
particular contract, lease or agreement is not sub-
ject to revision except in accordance with its terms
and is not subject to revision to comply with the
provisions set forth in paragraphs (a) and (b) of
Section 704.
Section 716. Interim Indebtedness; Short Term Indebt-
edness. The City and the Department shall have the right:
(a) to incur Interim Indebtedness on a parity with the Bonds
as to payment from Revenues provided that (1) the require-
ments for the issuance of Additional Bonds set forth in
Section 209 of this Ordinance could be satisfied if such
Interim Indebtedness were issued with a maturity of twenty-
five (25) years after date of issuance, with substantially
equal annual payments of principal and interest and with an
interest rate substantially equal to the market interest
rate for similar obligations of twenty-five year maturity at
the time the calculation is made and (2) there shall be
filed with the Trustee, simultaneously with the incur-
rence of such Interim Indebtedness, a letter from a bank-
ing, investment banking or other appropriate financial
VII-17
6
E
institution stating that, under the then current market
conditions, such Interim Indebtedness could be placed or
sold on the terms and conditions assumed for the purposes
of (a)(1) above and (b) to incur Short Term Indebtedness
payable as to principal and interest as Current Expenses
provided that (1) such Short Term Indebtedness at any
time outstanding shall not exceed 20% of the Department's
Current Expenses of the Parking System for the last Fiscal
Year for which an audit is available, (2) no Short Term
Indebtedness shall be outstanding in each Fiscal Year for
a period of 30 consecutive days.
Section 717. Financing of Special Purpose Facilities.
Nothing in this Ordinance shall be construed as prohibiting
the City or the Department from financing the acquisition or
construction of any special purpose facilities permitted by
law so long as the following conditions are satisfied:
(a) such special purpose facilities shall either
be located on property that constitutes the Parking
System and thereby made a part of the same or the
documentation relating to the financing for such
facilities shall provide that such facilities and
the land upon which they are located will become
incorporated into the Parking System upon defeasance
of the obligations issued to finance the same,
(b) the debt obligations issued to finance the
special purpose facilities are not directly or in-
directly secured by or payable from Revenues but
are secured by and payable from such other sources
as are then permitted by law,
(c) there shall be levied upon the user of such
facilities charges sufficient to pay the principal
of, and the premium, if any, and interest on obli-
gations issued to finance the same and to pay operating
expenses related to the same unless the user shall be
obligated to pay such operating expenses directly,
(d) the Department shall have delivered to the
Trustee an opinion of the City Attorney and the Depart-
ment Attorney to the effect that the underlying obliga-
tions issued to finance such facilities are not,
directly or indirectly, secured by or payable from
Revenues or issued under or secured by the provisions
of this Ordinance and that the financing of such
special purpose facilities will not conflict with or
constitute on the part of the City or the Department a
breach of or default under any of the covenants or
provisions of this Ordinance, and
VII-18
• • i
(e) the Department shall have delivered to the
Trustee a statement, signed by the Parking Consultant,
to the effect that in its opinion the acquisition or
construction of such special purpose facilities will
not materially reduce Revenues or impair the operat-
ing efficiency of the Parking System.
Section 718. Subordinated Debt. The City may incur
and issue Subordinated Debt to finance the acquisition
and construction of any facilities which the Board and
_ the Department ►nay operate and maintain pursuant to law,
except for special purpose facilities described in Section
717 hereof, if the following conditions are met:
(a) the City shall adopt an Ordinance author-
izing the issuance of any such Subordinated Debt
and setting forth the amount and details thereof;
(b) the principal of, and the redemption premium,
if any, and interest on any such Subordinated Debt
is payable as a whole or in part solely from the
proceeds of other Subordinated Debt, Additional Bonds,
any money available therefor in the General Reserve
Account, or from any other legally available source
provided that such Subordinated Debt shall be payable
from Additional Bonds only to the extent such indeb-
tedness was issued for any purpose for which Addi-
tional Bonds may be issued under this Ordinance;
except for payments from the proceeds of Additional
Bonds and the General Reserve Account, no money in
any other Fund or Account created pursuant to the
provisions of this Ordinance shall be used to pay
the principal of, or the interest or redemption
premium, if any, on, any Subordinated Debt; and
(c) simultaneously with the delivery of and
payment for any such Subordinated Debt there shall
be filed with the Trustee a certificate of the Chief
Financial Officer stating that no Default has occur-
red and is continuing under this Ordinance or, if
any Default then exists, that the proceeds of such
Subordinated Debt will be applied to cure the same.
Section 719. Financing of Other Facilities. Nothing
in this Ordinance expressed or implied, shall be construed
as preventing the City or the Department, if then authorized
or permitted by law, from financing the acquisition or con-
struction at any portion of the Parking System or any other
VII-19
property hereafter acquired by the City or the Department,
of any facility or project through the issuance of obliga-
tions that are not issued under or secured by any of the
items constituting security for the Bonds under the provi-
sions of this Ordinance. Subject to Section 714 hereof, any
_ such facility or project so financed or otherwise acquired
by the City or the Department and not constituting a part of
the Parking System may be added to the Parking System by
resolution of the City or the Department, as the case may
be, provided that at the date of inclusion of such facil-
ity or project in the Parking System the City or the Depart-
ment as the case may be, shall deliver to the Trustee:
(a) a certificate of the Chief Financial Offi-
cer stating that no Default has occurred and is
continuing or, if any Default then exists, that
action taken pursuant to this Section will cure
the same, and
(b) a report of the Parking Consultant stating
that based upon its knowledge and analysis of the
financial performance and operations of the Park-
ing System, nothing has come to its attention that
would lead it to believe that for each of the five
Fiscal Years following the inclusion of such facil-
ity or project in the Parking System the City and the
Department would not be able to meet its obligations
under Sections 503 and 704 of this Ordinance.
Section 720. Engagement of Accountant, Insurance Con-
sultant, and Par_ki_ nq Consultant. For the purpose of causing
to be performed and carried out the duties imposed on the
Accountant under this Ordinance, the Board shall engage as
the Accountant an independent certified public accountant
or a firm of independent certified public accountants
having a favorable repute for skill and experience in such
work.
For the purpose of performing and carrying out the
duties imposed upon an Insurance Consultant under this
Ordinance, the Board shall from time to time engage an
Insurance Consultant as defined in Section 101 hereof. A
signed copy of any reports of any Insurance Consultant
required hereby shall be filed with the Department, and
copies thereof shall be sent to the Trustee.
For the purpose of causing to be performed and car-
ried out the duties imposed on the Parking Consultant
under this Ordinance, the Board will engage one or more
VII-20
9618
parking consultants having a favorable repute for skill
and experience for such work. Except for any fees and
expenses incurred under the provisions of Section 403 of
this Ordinance, the cost of engaging the Parking Consult-
ant shall be treated as a part of the cost of operation
and maintenance of th-- Parking System.
_ The Accountant and the Parking Consultant shall at
all times have free access to all properties constituting
the Parking System for the purposes of inspection and
examination, and the books, records and accounts of the
City and the Department may be examined by the Accountant
- and the Parking Consultant at all reasonable times.
Section 721. Further Instruments and Actions. The
City and the Board shall, from time to time, execute and
deliver such further instruments or take such further ac-
tions as may be required to carry out the purposes of this
Ordinance.
Section 722. Use of Revenues and Inconsistent Actions.
The City and the Board covenant and agree that, so long as
any of the Bonds secured hereby are Outstanding, none of the
Revenues will be used for any purpose other than as provided
in this Ordinance, and that no contract or contracts will
be entered into or any action taken by which the rights of
Holders might be impaired or diminished.
Section 723. No Free Parking at City Facilities. The
City covenants that no free parking will be permitted
pursuant to lease or other contractual arrangement upon real
property or at facilities owned or operated by the City.
Section 724. Department to Manage City Parking_Facil-
ities. The City covenants that if it acquires or constructs
any facilities or structures for the off-street parking of
Motor Vehicles, which facilities or structures are not a
part of the Parking System, it will engage the Department to
manage and operate such facilities and structures.
VII-21
9618
�} 4 r '.. _. ... .. _. _ __. _. ':`. T •y^,>xnzu'tm-+'3'P.fTe91*iiN±Rw.®R^'».s�� ��—
ARTICLE V1II.
REMEDIES.
Section 801. Extension of Interest Payment. If the
time for the payment of any coupon or the interest on any
registered Bond without coupons is extended, whether or
not such extension is by or with the consent of the City,
such coupon or interest so extended shall not be entitled
in case of default hereunder to the benefit or security
of this Ordinance and in such case Holder of the Bond for
which the time for payment of interest was intended shall
be entitled only to the payment in full of the principal
of all Bonds then Outstanding and of interest for which
the time for payment shall not have been extended.
Section 802. Events of Default. Each of the follow-
ing events is hereby declared an "Event of Default":
(a) payment of the principal of and the redemp-
tion premium, if any, on any of the Bonds is not
made when the same are due and payable, either at
maturity or by redemption or otherwise;
(b) payment of the interest on any of the Bonds
is not made when the same is due and payable;
(c) final judgment for the payment of money
is rendered against the City or the Department as a
result of the ownership, control or operation of the
Parking System, and any such judgment is not discharged
within sixty (60) days from the entry thereof or an
appeal is not taken therefrom or from the order, decree
or process upon which or pursuant to which such judgment
shall have been granted or entered, in such manner
as to stay the execution of or levy under such judg-
ment, order, decree or process or the enforcement
thereof;
(d) the City or the Department: (i) becomes
insolvent or the subject of insolvency proceedings; or
(ii) is unable, or admits in writing its inability, to
pay its debts as they mature; or (iii) makes a general
assignment for the benefit of creditors or to an agent
authorized to liquidate any substantial amount of its
property; or (iv) files a petition or other pleading
seeking reorganization, composition, readjustment, or
liquidation of assets, or requesting similar relief;
VIII-1
9618
or (v) applies to a court for the appointment of
a receiver for it or for the whole or any part of
the Parking System; or (vi) has a receiver or liqui-
oator appointed for it or for the whole or any part
of the Parking System (with or without the consent
of the City or the Department) and such receiver is not
discharged within 90 consecutive days after his appoint-
ment; or (vii) becomes the subject of an "order for
relief" within the meaning of the United States Bank-
ruptcy Code; or (viii) files an answer to a creditor's
petition admitting the material allegations thereof
for liquidation, reorganization, readjustment or
composition or to effect a plan or other arrangement
With creditors or fail to have such petition dis-
missed within 60 consecutive days after the same
is filed against the City or the Department;
(e) any court of competent jurisdiction
assumes custody or control of the City or the Department
or of the whole or any substantial part of its property
under the provisions of any other law for the relief
or aid of debtors, and such custody or control is
not terminated within ninety (90) days from the date
of assumption of such custody or control; and
(f) the City or the Department defaults in the
due and punctual performance of any other of the
covenants, conditions, agreements and provisions
contained in the Bonds or in this Ordinance, and such
default continues for 30 days after receipt by, the City
or the Department of a written notice from the Trustee
specifying such default and requesting that it be
corrected, provided that if prior to the expiration of
such 30-day period the City or the Department institutes
action reasonably designed to cure such default, no
";vent of Default" shall be deemed to have occurred
upon the expiration of such 30-day period for so long
as the City or the Department pursues such curative
action with reasonable diligence.
Section 803. Acceleration of Maturities. Upon the
happening and continuance of any Event of Default specified
in Section 802 of this Article, then and in every such
case the Trustee may, and upon the written request of the
Holders of not less than 25% in aggregate principal amount
of the Bonds then outstanding, shall, by a notice in writ-
ing to the City and the Department, declare the principal of
all of the Bonds then Outstanding (if not then due and
payable) to be due and payable immediately, and upon such
V1II-2
9618
declaration the same shall become and be immediately due and
payable, anything contained in the Bonds or in this Ordinance
to the contrary notwithstanding. If the conditions identi-
fied in clauses (a), (b) and (c) of this paragraph have
been satisfied after the principal of and interest on the
Bonds have been declared to be aue and payable and before
the entry of final judgment or decree in any suit, action
or proceeding instituted on account of such default, or
before the completion of the enforcement of any other
remedy under this Ordinance, then and in every such case
the Trustee may, and upon the written request of the Hold-
ers of not less than 25% in aggregate principal amount of
the Bonds not then due except by virtue of such declara-
tion and then Outstanding shall, by written notice to the
City and the Department, rescind and annul such declaration
and its consequences, but no such rescission or annulment
shall extend to or affect any subsequent Event of Default or
impair any right consequent thereon: (a) money sufficient
to pay the principal of all matured Bonds and all arrears of
interest, if any, upon Bonds then Outstanding (except the
principal of any Bonds not then due except by virtue of
such declaration and the interest accrued on such Bonds
since the last Interest Payment Date) has accumulated in
the Interest Account, the Principal Account, and the Sink-
ing Fund Account, (b) all amounts then payable by the
Department hereunder have been paid or a sum sufficient to
pay the same has been deposited by the Chief Financial
Officer with the Trustee or the Paying Agents, and (c) every
other default in the observance or performance of any
covenant, condition, agreement or provision contained in the
Bonds or in this Ordinance (other than a default in the
payment of the principal of such Bonds then due only because
of a declaration under this Section) has been remedied.
If pursuant to the provisions of this Ordinance the
obligation of the Department to pay the Bonds is accelerated,
the Department shall pay to the Trustee forthwith but only
from Net Revenues, an amount that is sufficient, together
with all other funds available therefor, to pay such Bonds
in full, and an amount that is sufficient, together with all
other funds available therefor, to pay all other expenses
of the Trustee incurred or to be incurred under this Ordi-
nance.
Section 804. Remedies. In addition to any remedies
then available to the Trustee under this Ordinance and
under State and federal law, upon the occurrence of an
Event of Default the Trustee may:
VIII-3
9618
(a) Require the Department to endorse all checks
and other negotiable instruments representing Net
Revenues to the order of the Trustee immediately
upon the receipt thereof and to deliver such en-
dorsed instruments daily to the Trustee. -
(b) Notify any or all account debtors of the
Department to pay any amounts representing Net Re-
venues, when due and owing, directly to the Trustee,
as Trustee, at the address set forth herein.
(c) Upon the filing of a suit or other com-
mencement of judicial proceedings to enforce the
rights of the Trustee and of the Holders under this
Ordinance, the Trustee shall be entitled, as a matter
of right, to the appointment of a receiver or receivers
of the Parking System and of the Net Revenues pending
such proceedings, with such powers as the court making
such appointments confers, whether or not the Net
Revenues are deemed sufficient ultimately to satisfy
the Bonds then Outstanding hereunder.
(d) Take whatever action at law or in equity
may appear necessary or desirable to collect the
amounts then due and thereafter to become due or
to enforce observance or performance of any covenant,
condition or agreement of the City and the Department
under this Ordinance.
Section 805. Enforcement of Remedies. Upon the
happening and continuance of any Event of Default speci-
fied in Section 802 of this Article, then and in every
such case the Trustee may, and upon the written request
of the Holders of not less than 25% in aggregate principal
amount of the Bonds then Outstanding shall, proceed to
protect and enforce the rights of the Holders under federal
or State law or under this Ordinance by such suits, actions
or special proceedings in equity or at law, either for
the specific performance of any covenant or agreement
contained herein or in aid or execution of any power here-
in granted or for the enforcement of any proper legal or
equitable remedy, as the Trustee shall deem most effectual
to protect and enforce such rights.
Section 806. Pro Rata Application of Funds. Any-
thing in this Ordinance to the contrary notwithstanding,
if at any time the money in the Interest Account, the
Principal Account and the Sinking Fund Account is not
VIII-4
sufficient to pay the interest on or the principal of the
Bonds as the same become due and payable (either by their
terms or by acceleration of maturities under the provi-
sions of Section 803 of this Article), such money, together
with any money then available or thereafter becoming avail-
able for such purposes, whether through the exercise of
the remedies provided for in this Article or otherwise,
shall be applied as follows:
first: if the principal of the Bonds has not
become due and payable, to the payment of all install-
ments of interest then due, in the order of the matur-
ity of the installments of such interest;
second: if the principal of less than all of
the Bonds has become due and payable, first to the
payment of all installments of interest then due
on Bonds of which the principal is not overdue, in
the order of the maturity of the installments thereof,
and next to the payment of interest at the respective
rates specified in the Bonds on overdue principal,
and next to the payment of the principal of Bonds
then due in order of their due dates;
third: if the principal of all Bonds has become
due and payable by declaration, redemption or other-
wise, first to the payment of all interest due on
Bonds of which the principal is not overdue, and
next to the payment of interest at the respective
rates specified in the Bonds on overdue principal,
and next to the payment of the principal of the
Bonds in order of their due dates;
fourth: if the principal of all Bonds has be-
come due and payable, and all of the Bonds have
been fully paid, together with all interest and
premium, if any, thereon, any surplus then remain-
ing shall be applied as set forth in Section 515
hereof; and
fifth: if the principal of all Bonds has been
declared due and payable and if such declaration
thereafter has been rescinded and annulled under
Section 803 of this Ordinance, then, subject to
the provisions of paragraph third of this Section
VIII-5
9618
0 4
in the event that the principal of all Bonds later
becomes due and payable or is declared due and pay-
able, the money then remaining in and thereafter
accruing to the Interest Account, the Principal
Account, and the Sinking Fund Account shall be
applied in accordance with the provisions of para-
graph first or second of this Section, whichever is
then applicable.
payments to be made to the Holders pursuant to this
:ion shall be made ratably to the persons entitled
-eto, without discrimination or preference, except
: if there are insufficient funds to make any payment
Ln.terest or principal then due, the amount to be paid
-espect of principal or interest, as the case may be,
each Bond shall be determined by multiplying the aggre-
amount of the funds available for such payment by a
:tion, the numerator of which is the amount then due
)rincipal or interest, as the case may be, on each
3 and the denominator of which is the aggregate amount
in respect of all interest or all principal, as the
may be, on all Bonds.
The provisions of this Section are in all respects
ject to the provisions of Section 801 of this Article.
Whenever money is to be applied by the Trustee pur-
suant to the provisions of this Section: (a) such money
shall be applied by the Trustee at such times and from
time to time as the Trustee in its sole discretion shall
determine, having due regard for the amount of such money
available for such application and the likelihood of addi-
tional money becoming available for such application in
the future, (b) the deposit of such money with the Paying
Agents or otherwise setting aside such money as provided
herein, in trust for the proper purpose shall constitute
proper application by the Trustee, and (c) the Trustee
shall incur no liability whatsoever to the City, to the
Department, to any Holder or to any other person for any
delay in applying any such money so long as the Trustee acts
with reasonable diligence, having due regard for the circum-
stances, and ultimately applies the same in accordance with
such provisions of this Ordinance as may be applicable at
the time of application by the Trustee. Whenever the
Trustee exercises such discretion in applying such money, it
shall fix the date (which shall be an Interest Payment Date
unless the Trustee shall deem another date more suitable)
upon which such application is to be made and upon such
VIII-6
� � i
N
J
date interest on the amounts of principal to be p,�i.d on
such date shall cease to accrue. The Trustee shall give
such notice as it may deem appropriate of the fixing of
any such date and shall not be required to make payment
to the Holder of any Bond or coupon until such Bond is
surrendered to the Trustee for appropriate endorsement or _
for cancellation if fully paid.
Section 807. Effect of Discontinuance of Proceedings.
If any proceeding taken by the Trustee or Holders on account
of any Event of Default is discontinued or abandoned for
any reason, then and in every such case, the City, the
Board, the Department, the Trustee and the Holders shall be
restored to their former positions and rights hereunder, and
all rights, remedies, powers and duties of the Trustee shall
continue as though no proceeding had been taken.
Section 808. Control of Proceedings by Holders.
Anything in this Ordinance to the contrary notwithstanding,
the Holders of a majority in aggregate principal amount
of Bonds at any time Outstanding shall have the right, by
an instrument or concurrent instruments in writing executed
and delivered to the Trustee, to direct the method and
place of conducting all remedial proceedings to be taken
by the Trustee hereunder, provided that such direction
shall be in accordance with law and the provisions of
this Ordinance.
Section 809. Restrictions Upon TActions by_Individual
Holders. Except as provided in Section 814 of this Ordi-
nance, no Holder shall have any right to institute any
suit, action or proceeding in equity or at law on any
Bond or for the execution of any trust hereunder or for
any other remedy hereunder unless such Holder previously
shall (a) have given to the Trustee written notice of the
Event of Default on account of which such suit, action or
proceeding is to be instituted, (b) have requested the
Trustee to take action after the right to exercise such
powers or right of action, as the case may be, shall have
accrued, (c) have afforded the Trustee a reasonable oppor-
tunity either to proceed to exercise the powers herein -
above granted or to institute such action, suit or proceed-
ings in its or their name, and (d) have offered to the
Trustee reasonable security and indemnity against the
costs, expenses and liabilities to be incurred therein or
thereby, and the Trustee shall have refused or neglected
to comply with such request within a reasonable time.
Such notification, request and offer of indemnity are
VIII-7
� � i
A)
hereby declared in every such case, at the option of the
Trustee, to be conditions precedent to the execution of
the powers and trusts of this Ordinance or to any other
remedy hereunder. Notwithstanding the foregoing provi-
sions of this Section and without complying therewith,
the Holders of not less than 20% in aggregate principal -
amount of Bonds then Outstanding may institute any such
suit, action or proceeding in their own names for the
benefit of all Holders hereunder. It is understood and
intended that, except as otherwise above provided, no one
or more Holders shall have any right in any manner what-
soever by his or their action to affect, disturb or pre-
judice the security of this Ordinance or to enforce any
right hereunder except in the manner provided, that all
proceedings at law or in equity shall be instituted, had
and maintained in the manner herein provided and for the
benefit of all Holders and that any individual rights
of action or other right given to one or more of such
Holders by law are restricted by this Ordinance to the
rights and remedies herein provided.
Section 810. Enforcement of Rights of Action. All
rights of action (including the right to file proof of
claim) under this Ordinance or under any Bonds may be
enforced by the Trustee without the possession of any
Bonds or the production thereof in any proceedings relat-
ing thereto, and any such suit or proceedings instituted
by the Trustee shall be brought in its name as Trustee,
without the necessity of joining as plaintiffs or de-
fendants any Holders, and any recovery of judgment .shall
be for the equal benefit of the Holders, subject to the
provisions of Section 801 of this Ordinance.
Section 811. No Remedy Exclusive. No remedy herein
conferred upon or reserved to the Trustee or to the Holders
is intended to be exclusive of any other remedy or remedies
herein provided, and each and every such remedy shall be
cumulative and shall be in addition to every other remedy
given hereunder or now or hereafter existing at law or in
equity.
Section 812. Delay Not a Waiver. No delay or omis-
sion by the Trustee or of any Holder in the exercise of
any right or power accruing upon any default shall impair
any such right or power or shall be construed to be a
waiver of any such default or any acquiescence therein,
and every power or remedy given by this Ordinance to the
Trustee and to the Holders may be exercised from time to
time and as often as may be deemed expedient.
VIII-8
9618
The Trustee may, and upon written request of the
Holders of not less than 25% in aggregate principal amount
of the Bonds then Outstanding shall, waive any Event of
Default which in its opinion has been remedied before the
entry of final judgment or decree in any suit, action or
proceeding instituted by it under the provisions of this
Ordinance or before the completion of the enforcement of
any other remedies under this Ordinance, but no such waiver
shall extend to or affect any other existing or subsequent
Event of Default or impair any rights or remedies conse-
quent thereon.
Section 813. Notice of Default. The Trustee shall
mail to all Holders of registered Bonds, at their addres-
ses as they appear on the registration books maintained
by the Trustee, and all Holders of Record requesting the
same, written notice of the occurrence of any Event of
Default within 30 days after the Trustee has notice of
the same. However, the Trustee shall not be subject to
any liability to any Holder or Holder of Record by reason
of its failure to mail any such notice.
Section 814. Right to Enforce Payment of Bonds
Unimpaired. Nothing in this Article shall affect or
impair the right of any Holder to enforce the payment of
the principal of and interest on his Bonds or the obli-
gation of the City and the Department to pay the principal
of and interest on each Bond to the Holder thereof at the
time and place specified in said Bond or the coupons apper-
taining thereto.
VIII-9
ARTICLE IX.
THE TRUSTEE.
Section 901. Acceptance of Trusts. The Trustee
under this Ordinance and Paying Agent for the Series 1983
Bonds shall be designated in the Series Ordinance for
such Series. The Trustee shall signify its acceptance of
the duties and obligations and agree to execute the trusts
imposed upon it by this Ordinance by executing the certi-
ficate of authentication endorsed upon the Bonds, but
only upon the terms and conditions set forth in this
Article and subject to the provisions of this Ordinance,
to all of which the City, the Board, the Department, the
Trustee and the respective Holders of the Bonds agree.
Unless the Trustee has been given notice or otherwise has
notice than an Event of Default has occurred and is continu-
ing, the Trustee shall not be responsible except for tho
performance of those duties that are expressly set forth in
this Ordinance, and no implied conversant or duty shall be
read into this Ordinance, against the Trustee; provided,
however, that nothing herein shall relieve the Trustee from
responsibility for its own negligence or willful misconduct.
If an Event of Default has occurred and is continuing,
the Trustee shall exercise such of the rights and powers
as are vested in it by this Ordinance and shall use the same
degree of care and skill in their exercise as a prudent
man would exercise or use under the circumstances in the
conduct of his own affairs.
_ Section 902. Indemnification of Trustee as Condition
for Remedial Action Upon Direction of Holders. The Trustee
shall be under no obligation to take any remedial proceeding
under this Ordinance upon direction of the Holders in
accordance with Section 808 hereof until it is indemnified
to its satisfaction against any and all costs and expenses,
outlays and counsel fees and other reasonable disbursements,
and against all liability, provided that the Trustee shall
have no right to indemnification for any costs, expenses,
outlays, counsel fees, or disbursements or against any
liability resulting from any proceeding or action of the
Trustee if the Trustee is determined to have acted negli-
gently with respect to such proceeding or action. However,
the Trustee may begin suit, or appear in and defend suit,
or take any remedial proceedings under this Ordinance, or
take any steps in the execution of any of the trusts created
hereby or in the enforcement of any rights and powers
IX-1
0 40
hereunder, or do anything else in its judgement proper to
be done by it as such Trustee, without idemnity and with
or without the direction of Holders, and in such case the
Department, at the request of the Trustee, shall reimburse
the Trustee from Revenues for all reasonable costs, expenses,
outlays and counsel fees and other reasonable disbursements
properly incurred in connection therewith. If the Department
fails to make such reimbursement, the Trustee may reimburse
itself from any money in its possession under the provi-
sions of this Ordinance and shall be entitled to a prefer-
ence therefor over any Bonds Outstanding.
Section 903. Limitations on Obligations and Responsi-
bilities of Trustee. The Trustee shall be under no obli-
gation to effect or maintain insurance or to renew any
policies of insurance or to inquire as to the sufficiency
of any policies of insurance carried by the Department, or
to report, make or file claims or proof of loss for any loss
or damage that may occur, or to keep itself informed or
advised as to the payment of any premiums or assessments,
or to require any such payment to be made. The Trustee
shall have no responsibility in respect of the validity
or sufficiency of this Ordinance or, except as to the
authentication thereof, in respect of the validity of
Bonds or the due execution or issuance thereof. The
Trustee shall be under no obligation to see that any
duties herein imposed upon the City, the Board, the Depart-
ment, any consultant, any Paying Agent other than itself,
any Depositary other than a Trustee Depositary, or any party
other than itself are done or performed.
Section 904. Trustee Not Liable for Failure of Depart-
ment to Act. The Trustee shall not be liable or responsible
for the failure of the Department or of any of its employees or
agents to make any collections or deposits or to perform
any act herein required of the Department or for the lr)ss of
any money arising through the insolvency or the act or
default or omission of any Depositary other than a Trustee
Depositary in which such money is deposited under the
provisions of this Ordinance. The Trustee shall not be
responsible for the application of any of the proceeds of
Bonds or any other money deposited with it and paid out,
withdrawn or transferred hereunder if such application,
payment, withdrawal or transfer is made in accordance
with the provisions of this Ordinance. The immunities
and exemptions from liability of the Trustee hereunder
shall extend to its directors, officers, employees and
— agents.
IX-2
- -AN
Section 905. Compensation of Trustee and _Paying
Agents. Subject to the provisions of any contract be-
tween the Department and the Trustee or any Paying Agent
relating to the compensation of the Trustee or such Paying
Agent, the Department shall pay to the Trustee or such
Paving Agent from Revenues reasonable compensation for all
services performed by it hereunder and also all its reason-
able expenses, charges and other disbursements and those of
its attorneys, agents and employees incurred in and about
the administration and the performance of its powers and
= duties hereunder. If the Department fails to cause any
payment required by this Section to be made, the Trustee or
Paying Agent may make such payment from any money in its
possession under the provisions of this Ordinance and shall
_ he entitled to a preference therefor over any Bonds outstand-
ing hereunder.
Section 906. Monthly Statements from Trustee. On
or Before the 15th day of each month the Trustee shall
file with the Department a statement setting forth in
respect of the proceeding calendar month:
(a) the amount withdrawn or transferred by it
from, and the amount deposited in or credited to,
each Fund or Account held by it under the provi-
sions of this Ordinance.
(b) the amount on deposit with it at the end
of such month in each such Fund or Account,
(c) a brief discription of all obligations
held by it as an investment of money in each such
Fund or Account and the investment income or loss
that was charged to any Fund or Account in such
month,
(d) the amount applied to the payment, pur-
chase, or redemption of Bonds under the provisions
of Article V of tilis Ordinance and a description of
the Bonds so paid, purchased, or redeemed, and
(e) any other information that the Department
may reasonably request.
All records and files pertaining to the Bonds and
the Parking System in the custody of the Trustee shall be
available at all reasonable times for inspection by the
Department, the Holders, and their agents and representatives.
IX-3
9618
M do
--
Section 907. Trustee _Protected _in Relying on Certain
Documents. The Trustee shall Te protected and Shall incur
no liability in acting or proceeding, or in not acting or
not proceeding, in good faith ind in accordance with the
terms of this Ordinance upon any resolution, order, notice,
request, consent, waiver, certificate, statement, affidavit,
requisition, bond or other paper or document that it in
good faith reasonably believes to be genuine and to have
been adopted or signed by the proper board or person or
to have been prepared and furnished pursuant to any of
the provisions of this Ordinance, or upon the written
opinion of any attorney, engineer or accountant believed
by the Trustee to be qualified in relation to the subject
matter, and the Trustee shall be under no duty to make
.any investigation or in.guiry as to any statements con-
tained or matters rererred to in any such instrument.
The Trustee shall not be under any obligation to see to
the recording or filing of this Ordinance or otherwise to
the giving to any person of notice of the provisions hereof.
Except as otherwise provided in this Ordinance, any
_ requf?st notic-, certificate or other instrument from the
Depart -vent to the Tru.s.Shall be deemed to have been
signed by the proper party or parties if signed by the Chief
Financial. Officer or any designee whose signature is on
file with the Trustee.
Section 908. Notice of Default. Except upon the
happening of any Event of Default specified in clauses
(a) and (b) of Section 802 hereof or the reporting of the
occurence of an Event of Default pursuant to Section 707
hereof, the Trustee shall not be obliged to take notice
or be deemed to have notice of any Event of Default under
this Ordinance unless specifically notified in writing
of such Event of Default by the Department or the Holders of
not less than 5% in aggregate principal amount of Bonds
then Outstanding.
Section 909. Trustee Not Responsible for Recitals.
The recitals, statements and representations contained
herein and in the Bonds (excluding the Trustee's certifi-
cate of authentication on the Bonds) shall be taken and
construed as made by and on the part of the City and the
Department and not by the Trustee, and the Trustee shall be
under no responsibility for the correctness of the same.
Section 910. Trustee _May Deal in Bonds. The bank
or trust company acting as Trustee under this Ordinance,
IX-4
9618
and its directors, officers, employees or agents, may in
good faith, to the extent permitted by applicable law,
buy, sell, own, hold and deal in any of the Bonds and
may join in any action that any Holder of Bonds may be
entitled to take with like effect as if such bank or
trust company were not the Trustee under this Ordinance.
Section 911. Resignation and Removal of Trustee
Subject to Appointment of Successor. No resignation or
removal of the Trustee and no appointment of a successor
Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor
Trustee under Section 915.
_ Section 912. Res_ignationof_Trustee. The Trustee
may resign and thereby become discharged from the trusts
hereby created by notice in writing given to the Department
and published once in a Daily Newspaper of general circula-
tion in the City, and in a Financial Journal or a Daily
Newspaper of general circulation in the Borough of Manhattan,
City and State of New York, not les, than 90 days before
such resignation is to take effect. Such resignation shall
take effect immediately upon the appointment of a new
Trustee hereunder if such new Trustee is appointed and
accepts the trusts created hereby before the time limited
by such notice.
_ Section 913. Removal_ of Trustee. The Trustee may be
removed at any time by an instrument or concurrent iristru-
_ ments in writing, executed by the Holders of not less
than a majority in aggregate principal amount of Ronds
then Outstanding, filed with the Department and the Trustee,
and published once in a Daily Newspaper of general cir-
culation in the City, and in a Financial Journal or a
Daily Newspaper of general circulation in the Borough of
Manhattan, City and State of New York, not less than 60
days before such removal is to take effect as stated in
said instrument or instruments.
The Trustee may also be removed at any time for any
breach of trust or for acting or proceeding in violation
of, or for failing to act or proceed in accordance with,
any provisions of this Ordinance with respect to the duties
and obligations of the Trustee, by any court of competent
jurisdiction upon the application of the Department or the
Holders of not less than 20% in aggregate principal amount
of Bonds then Outstanding.
IX-5
9618
Section 914. Appointment of _Successor Trustee. If
at any time hereafter the Trustee resigns, is removed, is
dissolved or otheroise becomes incapable of acting, or
the bank or trust company acting as Trustee is taken over
by any governmental official, agency, department or board,
the position of Trustee shall thereupon become vacant.
If the position of Trustee becomes vacant for any reason,
the Department shall appoint a Trustee to fill such vacancy.
A successor Trustee shall not be required if the Trustee
sells or assigns substantially all of its trust business
and the vendee or assignee continues in the trust business,
or if a transfer of the trust department of the Trustee
is required by operation of law, provided that such vendee,
assignee or transferee qualifies as a successor Trustee
under this Section 914. The Department shall publish notice
of any such appointment ;nade by it once each week for
four successive weeks in a Daily Newspaper of general
circulation in the City, and in a Financial Journal or a
Daily Newspaper of general circulation in the Borough of
Manhattan, City and State of New York.
At any time within one year after any vacancy in
the office of the Trustee has occurred, the Holders of
20% in principal amount of Bonds then Outstanding, by an
instrument or concurrent instruments in writing, executed
by such Holders and filed with the Department, may appoint a
successor Trustee, which shall supersede any Trustee
theretofore appointed by the Department. Photographic
copies of each sach instrument shall be delivered promptly
by the Department to the praclecessor Trustee and to the
Trustee so appointed by the Holders.
If no appointment of a successor Trustee is made
pursuant to the foregoing provisions of this Section,
any Holder or any retiring Trustee may apply to any court
of competent jurisdiction to appoint a successor Trustee.
Such court may thereupon appoint a successor Trustee.
Any successor Trustee hereafter_ appointed shall be
a bank or trust company within the State that is in good
standing and duly authorized to exercise corporate trust
powers in the State, that i3 subject to examination by
federal or State authority, and that has a combined capital,
surplus and undivided profits aggregating not less than
Fifty Million Dollars ($50,000,000).
Section 915. Vesting_ of Duties in Successor Trustee.
Every successor Trustee appointed hereunder shall execute,
acknowledge and deliver to its predecessor, and also to
IX-6
the :)apartment, an instrument in writing accepting such
_appointment and the trusts created hereby and thereupon such
successor Trustee, without any further act, shall become
fully vested with all the rights, immunities and powers,
and subject t,) all the duties and obligations, of its
predecessor. Upon receipt of such instrument or upon
rec�i1�: ocl a written request of the Department and upon
payment of the expenses, charges and other disbursements of
such predecessor_ that are payable pursuant to the provisions
of Sections 902 and 905 of this Article, such predecessor
Trustee shall execute and deliver an instrument transfer-
ring to such successor Trustee rights, immunities and
powers of such predecessor hereundf-r and shall deliver
all property and money held by it hereunder to its succes-
sor. Should any instrument in writing from the Department
I-) required by any 5Liccessor Trustee for more fully and
certainly vssting in such Trustee the rights, immunities,
powers and trusts hereby and vested or intended to be
vested in the predecessor Trustee, any such instrument
in writing shall and will, on request, be executed, acknow-
ledged and delivered by the Department.
IX-7
ARTICLE X.
EXECUTION OF INSTRUMENTS BY HOLDERS,
PROOF OF OWNERSHIP OF BONDS, AND DETERMINATION
Or' CONCURRENCE OF HOLDERS.
Section 1001. Execution of Instruments bvHolders. Any
request, direction, consent or the— instrument_in wr ting re-
quired or permitted by this Ordinance to be signed or executed
by any Holders may be in any number of concurrent instruments of
similar tenor and may be signed or executed by such Holders or
their attorneys or legal representatikli�s. Proof of the execution
of any such instrument and of the ownership of Bonds shall be
sufficient for any purpose of this Ordinance and shall be con-
clusive in -favor of the Trustee and the City and the Department
with regard to any action taken by either under such instrument
if made in the following manner;
(a) The fact acid date of the execution by any
person of any such instrument may be proved by the
verification, by any officer in any jurisdiction
who by the laws thereof has power to take affidavits
within such jurisdiction, to the effect that such
instrument was subscribed and sworri to before him,
or by an affidavit of a witness to such execution.
Where such execution is on behalf of a person other
than an individual, such verification or affidavit
shall also constitute sufficient proof of the author-
ity of the signer thereof.
- (b) The fact of the holding of coupon Bonds
hereunder by any Holder and the amount and the number.
_ of such Bonds and the date of his holding of the
same (unless such Bonds are registered) may be proved
by the affidavit of the person claiming to 'he such
Holder, if such affidavit is deemed by the Trustee
to be satisfactory, or by a certificate executed by
any trust company, bank, banker or any other deposi-
tary, wherever situated, if such certificate is deemed
by the Trustee to be satisfactory, showing that at
the date therein mentioned such person had on deposit
with or exhibited to such trust company, bank, banker
or other depositary the Bonds described in such
certificate. The Trustee may conclusively assume
that such ownership continues until written notice
to the contrary is served upon it. The ownership
of coupon Bonds registered as to principal and of
registered Bonds without coupons shall be proved
X-1
9618
by the registration books kept ender the provisions
of Section 205 of this Ordinance.
Nothing contained in this Article shall be construed
as limiting the Trustee to such proof, it being intended
that the Trustee may accept any other_ evidence of the
matters herein stated which it may deem sufficient. Any
request or consent of any holder shall bind every future
Holder of the same Bond in respect of anything done by
the Trustee in pursuance of such request or consent.
Notwithstanding any of the foregoing provisions of
this Section, the Trustee shall not be required to reccxj-
ni:>.' any person as a Holder or to take any action at his
request unless such Bonds shall be deposited with it.
X-2
9618
ARTICLE XI.
SUPPLEMENTAL ORDINANCES.
Section 1101. Supplemental Ordinance Without Bond-
holder's Consent. The City Commission, upon recommendation
of the Board, from time to time and at any time and with the
consent of the Trustee, may adopt such ordinances supplemental
hereto as are consistent with the terms and provisions
hereof (which supplemental ordinances shall thereafter form
a part hereof) and do not adversely affect the interest of
the Holders:
(a) to cure any ambiguity or formal defect
or omission or to correct or supplement any provi-
sion herein that may be inconsistent with any other
provision herein, or
(b) to grant to or confer upon the Trustee,
for the benefit of the Holders, any additional rights,
remedies, powers, authority or security that may
lawfully be granted to or conferred upon the Holders
or the Trustee, or
(c) to add to the conditions, limitations and
restrictions on the issuance of Bonds under the pro-
visions of this Ordinance or other conditions, limi-
tations and restrictions thereafter to be observed,
provided that such conditions, limitations, and
restrictions do not impair the security for the Out-
standing Bonds,
(d) to add to the covenants and agreements
of the City and the Department in this Ordinance other
covenants and agreements thereafter to be observed by
the City and the Department or to surrender any right
or power herein reserved to or conferred upon the City
and the Department, provided that such covenants and
agreements and the surrendering of any such right or
power do not impair the security for the Outstanding
Bonds, or
(e) to comply with the provisions of Sections
208, 209, 210 and 211.
Section 1102. Supplemental Ordinance with Bondholder's
Consent. Subject to the terms and provisions contained
in this Section, and not otherwise, the Holders of not
less than fifty-one percent (51%) in aggregate principal
amount of the Bonds then Outstanding that will be affected
by a proposed supplemental ordinance shall have the right,
XI-1
9618
from time to time, anything contained in this Ordinance
to the contrary notwithstanding, to consent to and approve
the adoption of such ordinance or ordinances supplemental
hereto as are deemed necessary or desirable by the City,
upon recommendation of the Board, for the purpose of modify- _
ing, altering, amending, adding to or rescinding, in any
particular, any of the terms or provisions contained in this =_
Ordinance or in any supplemental ordinance, provided that
nothing herein contained shall permit, or be construed as
permitting (a) an extension of the maturity of the principal —
of or the interest on any Bond, or (b) a reduction in the
principal amount of any Bond or the redemption premium or
the rate of interest thereon, or (c) the creation of a lien
upon or a pledge of Revenues other than the lien and pledge
created by this Ordinance, or (d) a preference or priority
of any Bond or Bonds over any other Bond or Bonds, or (e) a
reduction in the aggregate principal amount of the Bonds
required for consent to such supplemental ordinance.
Nothing herein contained, however, shall be construed as
making necessary the approval by Holders of the adoption
of any supplemental ordinance as authorized in Section
1101 of this Article.
If at any time the City, upon recommendation of the
Board, determines that it is necessary or desirable to adopt
any supplemental ordinance for any of the purposes of this
Section, the City Clerk shall cause notice of the proposed
adoption of such supplemental ordinance to be published once
in each week for two successive weeks in a Daily Newspaper
of general circulation in the City, and in a Financial
Journal or a Daily Newspaper of general circulation in the
Borough of Manhattan, City and State of New York, and, on or
before the date of the first publication of such notice, it
shall also cause a similar notice to be mailed, postage
prepaid, to all Holders of registered Bonds, at their
addresses as they appear on the registration books maintaine]
by the Trustee, and all Holders of Record. Such notice
shall briefly set forth the nature of the proposed supple-
mental ordinance and shall state that copies thereof are on
file at the office of the City Clerk for inspection by all
Holders. The City, the Board and the Department shall not,
however, be subject to any liability to any Holder or Holder
of Record by reason of its failure to cause the notice
required by this Section to be mailed and any such failure
shall not affect the validity of such supplemental ordinance
when consented to and approved as provided in this Section.
XI-2
9618
Whenever, at any time within one year after the date
of the first publication of such notice, the City or the
Department delivers to the Trustee an instrument or instru-
ments in writing purporting to he executed by the Holders
of not les,, t�ian fifty-one percent (51 %) in aggregate
principal amount of the Bonds then Outstanding that are
affected by a proposed supplemental ordinance, which
instrument or instri.iments shall refer to the proposed
supplemental ordinance described in such notice and shall
specifically consent to and approve the adoption thereof
in substantially the form of the copy thereof referred to
in such notice, thereupon, but not otherwise, the City
Commission may adopt such supplemental ordinance in sub-
stantially such form, without liability or responsibility
to any Holder whether or not such Holder shall have con-
sented thereto.
- If the Holders of not less than fifty-one percent (51%)
in aggregate principal amount of the Bonds Outstanding at
the time of the adoption of such supplemental or-3inance
and that are affected by a proposed supplemental ordinance
have consented to and approved the acloi)t .ion thereof as
herein provided, no Holder shall have any right to object
- to the adoption of such supplemental ordinance, to object
to any of the terms and provisions contained therein or
the operation thereof, to question the propriety of the
adoption thereof, or to enjoin or restrain the City Commis-
sion fro.¶ adopting the same or from taking any acti;)rn
pursuant to the provisions thereof.
For purposes of this Ordinance, Bonds shall be deemed
to be "affected" by a supplemental ordinance if the sauie
adversely affects or diminishes the rights of Holders
against the City and the Department or the rights of the
Holders in the security for such Bonds. The Trustee may in
its discretion determine whether any Bonds would be affected
by any supplemental ordinance and any such determination
shall be conclusive upon the Holders of all Bonds, whether
theretofore or thereafter authenticated and delivered
hereunder. The Trustee shall not be liable for any such
determination made in good faith.
Section 1103. Supplemental Ordinances Part of Ordinance.
Any supplemental ordinance adopted in accordance with the pro-
visions of this Article and approved as to legality by the
City Attorney shall thereafter form a part of this Ordinance,
and this Ordinance shall be and be deemed to be modified and
amended in accordance therewith. Thereafter the respective
XI-3
_ rights, duties and obligations under this Ordinance of
the City, the Board, the Department, the Trustee, the Paying
Agents, and all Holders of Bonds then Outstanding shall
thereafter be determined, exercised and enforced in all
respects under the provisions of this Ordinance as so
modified and amended. If any supplemental ordinance is
adopted and approved Bonds issued thereafter may contain an
express reference to such supplemental ordinance, if deemed
necessary or desirable by the City and the Department.
Section 1104. Series Ordinance Not a Supplemental
Ordinance. For purposes of this Article XI, a Series
Ordinance that relates only to a particular Series of
Bonds issued hereunder and that does not purport to alter
or amend the rights or security of any Holders of any
Bonds of any other Series issued hereunder shall not be
deemed or considered to be a supplemental ordinance.
XI-4
9618
40
AR,rici.E XII.
DEFEASANCE.
Section 1201. Cessation_ of Intere_st of Bondholders.
When (a) the Bonds secured hereby have become due and
payable in accordance with their terms or otherwise as
provided in this Ordinance, and (b) the whole amount of
the principal and the interest and premium, if any, so
due and paya'ole upon a] 1 Bonds have been paid or if the
Trustee and the Paying Agents hold money or Government
Obligations, or a combination of both, that are sufficient
in the' aggregate to pay the principal of, and the interest
and redemption premium, if any, on all Bonds then Outstand-
ing to the maturity date or dates of such Bonds or to the
date or dates specified for the redemption thereof, and
(c) if the Bonds are due and payable by reason of a call
for redemption, irrevocable instructions to call the Bonds
for redemption shall have been given by the Department to
the Trustee, and (d) sufficient funds shall also have been
provi,lei or provision made for paying all other obliga-
tions payable hereunder by the City and the Department, then
and in that case the right, title and interest of the
Trustee and the Bondholders in the Funds and Accounts
created by this Ordinance shall thereupon cease, determine
and become void, the Board shall repeal and cancel this
Ordinance, and the Trustee shall apply any surplus in the
Funds or Accounts, other than money held for the redemption
or payment of Bonds or coupons, as provided in Section 515
hereof. otherwise this Ordinance shall be, continue and
remain in full force and effect. Notwithstanding the
foregoing, if money, Government Obligations, or a com-
bination of both, are deposited with and held by the
Trustee or Paying Agents, as hereinabove provided, and
within 30 days after such money, Government Obligations,
or a combination of both have been deposited with such
Trustee, the Department, in addition to observing the
requirements of Article III of this Ordinance, causes a
notice signed by the Trustee to be published once in a Daily
Newspaper of general circulation published in the City,
and in a Financial Journal or a Daily Newspaper of general
circulation in the Borough of Manhattan, City and State
of New York, setting forth (a) the date designated For
the redemption of the Bonds, (b) a description of the
money and Government Obligations so held by such escrow
agent, and (c) that this Ordinance has been repealed
and cancelled in accordance with the provisions of this
Section, the Trustee and Paying Agents shall retain such
XII-1
0 40
rights, powers and privileges under this Ordinance as may
be necessary and convenient in respect of the Bonds for
the payment of the principal, interest and any premium on
which such money and/or Government Obligations have been
deposited.
All money and Government Obligations held by the
Trustee or any Paying Agent pursuant to this Section shall
be held in trust and applied to the payment, when dup, of
the Bonds and obligations payable therewith.
For purposes of this Article Government Obligations
shall be deemed to be sufficient to pay or redeem bonds
on a specified date if the principal of and the interest
on such Goverri-ment Obligations, when due, will be suffi-•-
cient to pay on such date the principal of, and the pre-
mium, if any, and interest due on such Bonds on such date.
XII-2
0 40
ARTICLE XIII.
MISCELLANEOUS PROVISIONS.
Section 1301. Effect of Covenants. All covenants, _
stipulations, obligations and agreements of the City, the
Board and the Department contained in this Ordinance shall
be deemed to be covenants, stipulations, obligations and
agreements of the City, the Board and the Department to the
full extent authorized or permitted by law, and all such
covenants, stipulations, obligations and agreements shall
bind or inure to the benefit of the successor or succeGsors
thereof from time to time and any officer, board, body or
commission to whom or to which any power or duty affecting
such covenants, stipulations, obligations and agreements is
transferred by or in accordance with law.
Except as otherwise provided in this Ordinance, all
rights, powers and privileges conferred and duties and
liabilities imposed upon the City, the Board and the
Department or by the provisions of this Ordinance shall be
exercised or performed by the City Commission or the Board,
or the Department or by such other officer, board, body or
commission as may be required by law to exercise such powers
or to perform such duties.
No covenant, stipulation, obligation or agreement
herein contained shall be deemed to be a covenant, stip-
ulation, obligation or agreement of any member, agent or
employee of the City Commission or the Board in his indi-
vidual capacity, and neither the members of the City Com-
mission or the Board nor any official executing the Bonds
shall be liable personally on the Bonds or be subject to
any personal liability or accountability by reason of the
issuance thereof.
Section 1302. Manner of Giving Notice. Any notice,
demand, direction, request or other instrument authorized
or required by this Ordinance to be given to or filed
with the City, the Board or the Trustee shall be deemed
to have been sufficiently given or filed for all purposes
of this Ordinance if and when sent by registered mail,
return receipt requested:
to the City, if addressed to the City Clerk
of the City of Miami, Miami, Florida;
XIII-1
0 0
to the Department, the Director or the Chief
Financial Officer, if addressed to Department of
Off -Street Parking of the City of Miami, Miami,
Florida;
to the Trustee, if addressed to the Trustee
at the address set forth in the Series Ordinance
for the Series 1983 Bonds.
Any such notice, demand or request may also be trans-
mitted to the appropriate above -mentioned party by telegram
or telephone and shall be deemed to be properly given or
made at the time of such transmission. Such transmission
of notice shall be confirinecl in writing not later than
one business day following such transmission and sent as
specified above.
Any of such addresses may be changed at any time
upon written notice of such change sent by United States
registered mail, postage prepaid, to the other parties by
the party effecting the change.
All documents received by the Director, the Chief
Financial Officer, the City Clerk, and the Board under
the provisions of this Ordinance, or photographic copies
thereof, shall be retained in their possession, subject
at all reasonable times to the inspection of the City,
any Holder, and the agents and representatives thereof.
Section 1303. Successorship of Paying Agents. Any
bank or trust company with or into which a Paying Agent
may be merged or consolidated, or to which the assets and
business of such Paying Agent may be sold, shall be deemed
the successor of such Paying Agent for the purposes of
this Ordinance. If the position of a Paying Agent becomes
vacant for any reason, the Board, within 30 days thereafter,
shall appoint a bank or trust company located in the same
City as Paying Agent to fill such vacancy and shall publish
notice -)E s,ich appointment at the times and in the places as
set forth in Section 914 hereof.
Section 1304. Successorship of City Officers. In
the event that the office of any officer or official of
the City, the Board or the Department who is vested with
responsibility under this Ordinance is abolished or any two
or more offices are merged or consolidated, or in the event
of a vacancy in any such office by reason of death, resigna-
tion, removal from office or otherwise, or in the event any
XIII-2
- >. r �y,,r�.� ^ef r x+n,,*•;: � „��..^,�,rvra^.�se-.cos..,..
0
such officer or official becomes incapable of performing the
duties of his office by reason of sickness, absence from the
City or otherwise, all powers conferred and all obligations
and duties imposed upon such officer or official shall be
performed by the officer or official succeeding to the
principal functions thereof or by the officer or official
upon whom such powers, obligations and duties are imposed
by law.
Section 1305. Substitute Publication. If, because
of the temporary or permanent suspension of publication
of any Daily Newspaper or Financial Journal or for any
other reason the Chief Financial Officer is unable to
publish in a Daily Newspaper or Financial Journal any
notice required to be published by any provision of this
Ordinance, the Department shall give such notice in such
other manner as in its judgment most effectively approximates
such publication, and the givinq of such notice in such
manner shall for all purposes of this Ordinance be deemed
to be in compliance with the requirement for the publi-
cation thereof.
Section 1306. Inconsistent Ordinances. All ordi-
nances and parts thereof that are inconsistent with any
of the provisions of this Ordinance are hereby declared
to be inapplicable to the provisions of this Ordinance.
Section 1307. Headings Not Part of Ordinance. Any
headings preceding the texts of the several Articles and
Sections hereof, table of contents, marginal notes, or
footnotes appended to copies hereof shall be solely for
convenience of reference and shall not constitute a part
of this Ordinance or affect its meaning, construction or
effect.
Section 1308. City, the Board, Department and Bond-
holders Alone Have Rights Under Ordinance. Except as
otherwise expressly provided herein, nothing in this
Ordinance, expressed or implied, is intended or shall be
construed to confer upon any person, firm or corporation,
other than the City, the Board, the Department, the Trustee,
and the Holders of Bonds issued under and secured by this
Ordinance, any right, remedy or claim, legal or equitable,
under or by reason of this Ordinance. This Ordinance is
intended to be for the sole and exclusive benefit of the
City, the Board, the Department, the Trustee, and the Holders.
Section 1309. Validation of Bonds. The proper officers
of the City and the Department shall bring proper proceedings
for the validation of the Bonds.
XIII-3
0
u
Section 1310. Effect of partial Invalidity. Tf any
one or more of the provisions-ofthis, ordinance or of any
Rends or coupons issued hereunder is helcl to he ille<lal or
invalid, such illegality or invalidity shall not affect any
other provision of this Or(linance or of the Rends or
coupons, and this Ordinance and the Rends and r_oupon ; Shill -
be construed and enforced as if such Met l or invalid
provision had not been contained herein or therein.
Section 1311. State Law (loverns. The Bond-, are
issued and this is 'TT)j tec1 with the intent that
the laws of the State shall (jovern their construction.
Section 1312. Notict�. Vie City Clerk shall cause to
be published once, in^a newspaper published in the City, a
notioe in substantially the fol.lowiny f.)rm:
",JOT I F,
"NO'.t'ICFs' IS Ho1RhmY (,IVE"1 that ordinance No. 91)18
entitled as follows:
"AN EMERGENCY ORDINANCE AUTHOR.I'LING TH%
ISSUANCE OF PARKING SYSTt,'M RE VENUE BONDS OF
THE CITY OF MIAMI, FLORIDA, INCLUDING AN
INITIAL SERIES OF BONDS IIJ AN AGGREGATE
PRINCIPAL AMOUNT NOT EXCEEDING $16,000,000
FOR THE PURPOSE OF PAYING AT THEIR
RESPECTIVE MATURITIES OR REDEEMING THE
OUTSTANDING PARKING? FACILITlH,S REVENUE
BONDS OF THE CITY ISSUED PURSUANT TO
ORDINANCE NO. 7414, ADOPTED ON MARCH 14,
1966, AS AMENDED, AND ORDINANCE NO. 9060,
ADOPTED ON JANUARY 24, 1930, AS AMENDED;
PROVIDING FOR THE PAY14ENT OF SUCH BONDS AND
THE INTEREST THEREON FROM NET REVENUES
DERIVED BY THE CITY FROM ITS PARKING
SYSTEM; AUTHORIZING OT9ER CLASSES OF
INDEBTEDNESS TO BE SECURED AS HEREIN
PROVIDED; SETTING FORTH THE RIGHTS AND
REMEDIES OF THE HOLDERS OF SUCH BONDS;
AUTHORIZING THE VALIDATION OF SAID BONDS;
AND PROVIDING AN EFFECTIVE DATE.
was duly adopted by the City Commission of the City of
Miami, Florida, on the 31 day of May ,
1983.
XIII-4
� � i
"Any action or proceeding to contest the validity
of said ordinance or any of its provisions must be
commenced within thirty (30) days after the publication
of this notice. After the expiration of such period of
limitation, no right of action or defense founded upon
the invalidity of said ordinance or any of its provi-
sions shall be asserted, nor shall the validity of said
ordinance or any of its provisions be open to question
in any court upon any ground whatever, except in an
action or proceeding commenced within such period.
"By order of the City Commission of the City of
Miami, Florida. ---�-.�
City Clerk"
Section 1313. Posting. A copy of this Ordinance shall
be posted by the City Clerk at the door of the Dade County
Courthouse at the place provided for notices within five
(5) days after the passage and adoption hereof.
Section 1314. Emergency Declaration. For the reason
set forth in the preambles, this ordinance is hereby declared
to be an emergency measure on the ground of urgent public need
for the preservation of peace, health, safety or property by
a four -fifths (4/5) vote of the members of the Commission and
shall take effect on the day of its enactment.
ENACTED this 31.st day of MAY , 1983.
Natiricc
Mayor
___Ax5s t
���r✓G.-��X;;i%/ � �-- �\". ty/" -;�•_� yl� % I. {t,ti;�l� (i. O �i�•. c �. „! tits � ii� ,,f' �fi:tn!i. F!,�ri�l:,.
City Clerk J -- h r,i,. , �/
kit It. We
APPROVED AS TO FOR I AND CORRECTNESS f,n� (,`r:, `in. l..n�r i,, t' . .: I Do, r
l_,,unto ("till
for ;I:1J I�llh It.::I.;,t!,' iV, i tO
OSE R. GARCIA-PEDROSA thr i lay. hr :.1 Ihrr�(`r•
CITY ATTORNEY
C/
XIII-5 Cite C(�rk
MIAMI REVIEW
AND DAILY RECORD
Published Daily exce; t Saturday. Sunday and
Legai Hohdays
Miami. Dade County Florida
STATE OF FLORIDA
COUNTY OF DADE:
Before the undersigned authority personalty appeared
Oclelma V. Ferbeyre, who on oath says that she Is the Supervisor,
Legal Advertising of the Miami Review and Daily Record. a
daily (except Saturday. Sunday and Legal Holidays) newspaper,
published at Miami in Dade County, Florida; that the attached
copy of advertisement, being a Legal Advertisement of Notice
In the matter of
CITY OF CAIAAII
Ro : ORDINANCE CdO. 9618
v
In the Court,
was published In said newspaper in the issues of
,7111le r , 19R3
Afflant further says that the said Miami Review and Daily
Record is a newspaper published at Miami In said Dade County.
Florida. and that the said newspaper has heretofore been
continuously published in said Dade County. Florida, each day
_ (except Saturday. Sunday and Leg at
Holidays) and has been
entered as second class mail matter at the post office in
Miami in said Dade County. Florida, for a period of one year
next preceding the first publication of the attached copy of
advertisement: and alhant further says that she has neither
paid not promised any qe tp[t,l)i``m or corporation any discount.
rebate. commission p�• and d� purpose of securing this
advertisement to pab1.4 tp(1j neewwssppaper. /Q
�S�yprnrto "sub%cribeII before me this
Gth A ' • �_ 83
.D. t9
�i ` r • ' • one
���• "No;�gp, fVj-b c �Otble Florida at Large
(SEAL) !•"irillltt l\1v�1
My Commission expires Feb. 23, 1986.
0
CITY OF MIAMI, FLOIRI-DA
LEGAL NOTICE
All Interested will take notice on the 31st day of May, 1983, the City
Commission of Miami, Florida adopted the following titled ordinances:
ORDINANCE NO. 9618
AN EMERGENCY ORDINANCE AUTHORIZING THE ISSU•
ANCE OF PARKING SYSTEM REVENUE BONDS OF THE
CITY OF MIAMI, FLORIDA, INCLUDING AN INITIAL SERIES
OF BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT
EXCEEDING $16,000,000 FOR THE PURPOSE OF PAYING
AT THEIR RESPECTIVE MATURITIES OR REDEEMING THE
OUTSTANDING PARKING FACILITIES REVENUE BONDS
OF THE CITY ISSUED PURSUANT TO ORDINANCE NO.
7414, ADOPTED ON MARCH 14, 1966, AS AMENDED, AND
ORDINANCE NO, 9060, ADOPTED ON JANUARY 24, 1980.
AS AMENDED; PROVIDING FOR THE PAYMENT OF SUCH
BONDS AND THE INTEREST THEREON FROM NET REVE-
NUES DERIVED BY THE CITY FROM ITS PARKING SYSTEM:
AUTHORIZING OTHER CLASSES OF INDEBTEDNESS TO
BE SECURED AS HEREIN PROVIDED; SETTING FORTH
THE RIGHTS AND REMEDIES OF THE HOLDERS OF SUCH
BONDS; AUTHORIZING THE VALIDATION OF SAID BONDS.
ORDINANCE NO. 9619
AN ORDINANCE AMENDING ORDINANCE NO. 6871, AS
AMENDED, THE COMPREHENSIVE ZONING ORDINANCE
FOR THE CITY OF MIAMI, BY APPLYING THE HC-1: GEN-
ERAL USE HERITAGE CONSERVATION OVERLAY DISTRICT
TO "PLYMOUTH CONGREGATIONAL CHURCH," 3429 DEVON
ROAD, (MORE PARTICULARLY DESCRIBED HEREIN): MAK•
ING FINDINGS; AND BY MAKING ALL THE NECESSARY
CHANGES IN THE ZONING DISTRICT MAP MADE A PART
OF SAID ORDINANCE NO, 6871. BY REFERENCE AND
DESCRIPTION IN ARTICLE III, SECTION 2, THEREOF; BY
REPEALING ALL ORDINANCES, CODE SECTIONS, OR PARTS
THEREOF IN CONFLICT AND CONTAINING A SEVERABIL-
ITY CLAUSE.
ORDINANCE NO. 9620
AN ORDINANCE AMENDING ORDINANCE NO. 9500 (UPON
BECOMING EFFECTIVE), THE ZONING ORDINANCE OF
THE CITY OF MIAMI, FLORIDA, BY APPLYING THE HC-1
GENERAL USE HERITAGE CONSERVATION OVERLAY DIS-
TRICT TO "PLYMOUTH CONGREGATIONAL CHURCH," 3429
DEVON ROAD, (MORE PARTICULARLY DESCRIBED HEREIN);
MAKING FINDINGS; AND BY MAKING ALL THE NECES-
SARY CHANGES IN THE ZONING ATLAS MADE A PART
OF SAID ORDINANCE NO, 9500, BY REFERENCE AND
DESCRIPTION IN ARTICLE 3, SECTION 300, THEREOF; BY
REPEALING ALL ORDINANCES, CODE SECTIONS, OR PARTS
THEREOF IN CONFLICT AND CONTAINING A SEVERABIL-
ITY CLAUSE.
ORDINANCE NO. 9621
AN ORDINANCE AMENDING ORDINANCE NO. 6871, AS
AMENDED, THE COMPREHENSIVE ZONING ORDINANCE
FOR THE CITY OF MIAMI, BY APPLYING THE HC-1: GEN-
ERAL USE HERITAGE CONSERVATION OVERLAY DISTRICT
TO "FIRST COCONUT GROVE SCHOOLHOUSE," BEING
APPROXIMATELY 3429 DEVON ROAD, (MORE PARTICU-
LARLY DESCRIBED HEREIN); MAKING FINDINGS; AND
BY MAKING ALL THE NECESSARY CHANGES IN THE
ZONING DISTRICT MAP MADE A PART OF SAID ORDI-
NANCE NO. 6871, BY REFERENCE AND DESCRIPTION IN
ARTICLE 111, SECTION 2, THEREOF; BY REPEALING ALL
ORDINANCES, CODE SECTIONS, OR PARTS THEREOF IN
CONFLICT AND CONTAINING A SEVERABILITY CLAUSE.
ORDINANCE NO. 9622
AN ORDINANCE AMENDING ORDINANCE NO. 9500 (UPON
BECOMING EFFECTIVE), THE ZONING ORDINANCE OF
THE CITY OF MIAMI, FLORIDA, BY APPLYING THE HC-1
GENERAL USE HERITAGE CONSERVATION OVERLAY DIS-
TRICT TO "FIRST COCONUT GROVE SCHOOLHOUSE,"
BEING APPROXIMATELY 3429 DEVON ROAD, (MORE PAR-
TICULARLY DESCRIBED HEREIN); MAKING FINDINGS; AND
BY MAKING ALL THE NECESSARY CHANGES IN THE
ZONING ATLAS MADE A PART OF SAID ORDINANCE NO,
9500, BY REFERENCE AND DESCRIPTION IN ARTICLE 3,
SECTION 300, THEREOF; BY REPEALING ALL ORDINANCES,
CODE SECTIONS, OR PARTS THEREOF IN CONFLICT AND
CONTAINING A SEVERABILITY CLAUSE.
ORDINANCE NO. 9623
AN ORDINANCE AMENDING ORDINANCE NO. 6871, AS
AMENDED, THE COMPREHENSIVE ZONING ORDINANCE
FOR THE CITY OF MIAMI, BY APPLYING THE HC•1: GEN.
ERAL USE HERITAGE CONSERVATION OVERLAY DISTRICT
TO "EL JARDIN," 3747 MAIN HIGHWAY, (MORE PARTICU-
LARLY DESCRIBED HEREIN); MAKING FINDINGS; AND
BY MAKING ALL THE NECESSARY CHANGES IN THE
ZONING DISTRICT MAP MADE A PART OF SAID ORDI-
NANCE NO. 6671, BY REFERENCE AND DESCRIPTION IN
ARTICLE III, SECTION 2, THEREOF; BY REPEALING ALL
ORDINANCES, CODE SECTIONS, OR PARTS THEREOF IN
CONFLICT AND CONTAINING A SEVERABILITY CLAUSE.
MR 125
------------------------------
,t
ORDINANCE NO.9624
AN ORDINANCE AMENDING ORDINANCE NO. 9500 (UPON
BECOMING EFFECTIVE). THE ZONING ORDINANCE OF
THE CITY OF MIAMI, FLORIDA, BY APPLYING THE HC-1
GENERAL USE HERITAGE CONSERVATION OVERLAY DIS.
TRICT TO "EL JARDIN." 3747 MAIN HIGHWAY, (MORE PAR-
TICULARLY DESCRIBED HEREIN); MAKING FINDINGS; AND
BY MAKING ALL THE NECESSARY CHANGES IN THE
ZONING ATLAS MADE A PART OF SAID ORDINANCE NO.
9500, BY REFERENCE AND DESCRIPTION IN ARTICLE 3,
SECTION 300, THEREOF; BY REPEALING ALL ORDINANCES,
CODE SECTION, OR PARTS THEREOF IN CONFLICT AND
CONTAINING A SEVERABILITY CLAUSE.
ORDINANCE NO. 9625
AN ORDINANCE AMENDING ORDINANCE NO. 6871, AS
AMENDED, THE COMPREHENSIVE ZONING ORDINANCE
FOR THE CITY OF MIAMI, BY APPLYING THE HC-1•, GEN.
ERAL USE HERITAGE CONSERVATION OVERLAY DISTRICT
TO "THE PAGODA," 3575 MAIN HIGHWAY, (MORE PARTIC-
ULARLY DESCRIBED HEREIN): MAKING FINDINGS: AND
BY MAKING ALL THE NECESSARY CHANGES IN THE
ZONING DISTRICT MAP MADE A PART OF SAID ORDI-
NANCE NO. 6871, BY REFERENCE AND DESCRIPTION IN
ARTICLE 111, SECTION 2, THEREOF; BY REPEALING ALL
ORDINANCES, CODE SECTIONS, OR PARTS THEREOF IN
CONFLICT AND CONTAINING A SEVERABILITY CLAUSE.
ORDINANCE NO. 9626
AN ORDINANCE AMENDING ORDINANCE NO. 9500 (UPON
BECOMING EFFECTIVE), THE ZONING ORDINANCE OF
THE CITY OF MIAMI, FLORIDA, BY APPLYING THE HC-1
GENERAL USE HERITAGE CONSERVATION OVERLAY DIS-
TRICT TO "THE PAGODA," 3575 MAIN HIGHWAY, (MORE
PARTICULARLY DESCRIBED HEREIN); MAKING FINDINGS;
AND BY MAKING ALL THE NECESSARY CHANGES IN
THE ZONING ATLAS MADE A PART OF SAID ORDINANCE
NO. 9500, BY REFERENCE AND DESCRIPTION IN ARTI-
CLE 3, SECTION 300, THEREOF; BY REPEALING ALL
ORDINANCES, CODE SECTIONS, OR PARTS THEREOF IN
CONFLICT AND CONTAINING A SEVERABILITY CLAUSE.
ORDINANCE NO. 9627
AN ORDINANCE AMENDING ORDINANCE NO. 9500 (UPON
BECOMING EFFECTIVE), THE ZONING ORDINANCE OF
THE CITY OF MIAMI, FLORIDA, BY APPLYING THE HC-1
GENERAL USE HERITAGE CONSERVATION OVERLAY DIS-
TRICT TO "THE D.A. DORSEY HOUSE" 250 NORTHWEST
9TH STREET, (MORE PARTICULARLY DESCRIBED HEREIN);
MAKING FINDINGS; AND BY MAKING ALL THE NECES-
SARY CHANGES IN THE ZONING ATLAS MADE A PART
OF SAID ORDINANCE NO. 9500, BY REFERENCE AND
DESCRIPTION IN ARTICLE 3, SECTION 300, THEREOF; BY
REPEALING ALL ORDINANCES, CODE SECTIONS, OR PARTS
THEREOF IN CONFLICT AND CONTAINING A SEVERABIL-
ITY CLAUSE.
ORDINANCE NO. 9628
AN ORDINANCE AMENDING ORDINANCE NO. 9500 (UPON
BECOMING EFFECTIVE), THE ZONING ORDINANCE OF
THE CITY OF MIAMI. FLORIDA, BY APPLYING THE HC-3:
RESIDENTIAL - OFFICE HERITAGE CONSERVATION OVER-
LAY DISTRICT TO THE "PETIT DOUY," 1500 BRICKELL
AVENUE, (MORE PARTICULARLY DESCRIBED HEREIN); MAK-
ING FINDINGS; AND BY MAKING ALL THE NECESSARY
CHANGES IN THE ZONING ATLAS MADE A PART OF SAID
ORDINANCE NO. 9500, BY REFERENCE AND DESCRIP-
TION IN ARTICLE 3, SECTION 300, THEREOF; BY REPEALING
ALL ORDINANCES, CODE SECTIONS, OR PARTS THEREOF
IN CONFLICT AND CONTAINING A SEVERABILITY CLAUSE.
ORDINANCE NO. 9629
AN ORDINANCE AMENDING ORDINANCE NO. 9500, THE
NEW ZONING ORDINANCE OF THE CITY OF MIAMI,
FLORIDA, BY CHANGING THE ZONING CLASSIFICATION
OF APPROXIMATELY 151 NORTHEAST 52 STREET, MIAMI,
FLORIDA, (MORE PARTICULARLY DESCRIBED HEREIN)
FROM RG-2/5 GENERAL RESIDENTIAL TO FIG-3/5 GEN-
ERAL RESIDENTIAL; MAKING FINDINGS; AND BY MAK-
ING ALL THE NECESSARY CHANGES IN THE ZONING
ATLAS MADE A PART OF SAID ORDINANCE NO. 9500, BY
REFERENCE AND DESCRIPTION IN ARTICLE 3, SECTION
300, THEREOF; AND BY REPEALING ALL ORDINANCES,
CODE SECTIONS, OR PARTS THEREOF IN CONFLICT AND
CONTAINING A SEVERABILITY CLAUSE.
ORDINANCE NO, 9630
AN ORDINANCE AMENDING ORDINANCE NO. 9500, THE
ZONING ORDINANCE OF THE CITY OF MIAMI, FLORIDA
AND THE OFFICIAL SCHEDULE OF DISTRICT REGULA-
TIONS MADE A PART OF SAID ORDINANCE NO. 9500, BY
REFERENCE AND DESCRIPTION IN ARTICLE 3, SECTION
320, THEREOF, BY ENCOMPASSING CORRECTION OF
ERRORS, MATTERS OF OVERSIGHT, AND MATTERS OF
COMMISSION DIRECTION AND INCORPORATING SAID
CORRECTIONS AND MATTERS INTO ORDINANCE NO. 9500;
PROVIDING FOR AN EFFECTIVE DATE; REPEALING ALL
ORDINANCES, CODE SECTIONS OR PARTS THEREOF IN
CONFLICT; AND CONTAINING A SEVERABILITY CLAUSE,
RALPH G. ONGIE
CITY CLERK
n(q)
CITY OF MIAMI, FLORIDA
6/6 M83-060619
•
MIAMI REVIEW
AND DAILY RECORD
Published Daily except Saturday, Sunday and
Legal Holidays
Miami, Dade County, Florida.
STATE OF FLORIDA
COUNTY OF DADS
Before the undersigned authority personally appeared
Dlanne Stuver, who on oath says that she is the Assistant to
the Publisher of the Miami Review and Daily Record, a daily
(except Saturday, Sunday and Legal Holidays) newspaper,
published at Miami In Dade County, Florida; that the attached
copy of advertisement, being a Legal Advertlsoment of Notice
in the matter of
City of Mdami
RF: ORDINANCE NO
In the .......... X .. X , .X . ................... Court,
was published In said newspaper In the Issues of
May 24, 1983
Afflant further says that the said Miami Review and Daily
Record is a newspaper published at Miami in said Dade County,
Florida, and that the said newspsper has heretofore boon
continuously published In said Dade County, Florida, each day
(except Saturday, Sunday and Legal Holidays) and has been
enlened as second class mail matter at the post office In
Miami in said Dade County Florida, for a period of one year
next preceding the first publication of the attached copy of
advertisement, nd affiant further says that she has neither
paid nor pro sad any person, firm or corporation any discount.
rebate, c taslon or refund for the purpose of securing this
advertise nt to publication in the said ne per.
......
Sv jr► tb NOV.w1/�ri90 before me this
24t ".' Zlav •�� 83
ot:. �...,•. C1.�1.. �N.AO. 14.......
M N& Publ State o
L I
f f;tpnda at Large
(SEAL) • • V,�
My CommisslofG,ezb�ree•Foo..23,.198+Q�.�
0 .,/�41, R f D At i i ",���
CITY OF MIAMI
DADE COUNTY, FLORIDA
NOTICE OF PROPOSED ORDINANCE
NOTICE IS HEREBY GIVEN that the City Commission of the City
of Miami, Florida, on May 31, 1983, in the City Commission Chamber
at 3500 Pan American Drive, Miami, Florida, will consider the follow-
ing Ordinance(s) on final reading and the adoption thereof.
ORDINANCE NO. _.
AN ORDINANCE AMENDING ZONING ORDINANCE NO.
9500, THE ZONING ORDINANCE OF THE CITY OF MIAMI,
FLORIDA. BY AMENDING SECTION 1558 ENTITLED "OFF-
STREET PARKING AND LOADING" OF ARTICLE 15 ENTI-
TLED "SPI: SPECIAL PUBLIC INTEREST DISTRICTS" BY
PROVIDING FOR THE PHASED SATISFACTION OF CER-
TAIN OFF-STREET LOADING SPACE REQUIREMENTS; BY
REPEALING ALL ORDINANCES, CODE SECTIONS, OR PARTS
THEREOF IN CONFLICT; AND CONTAINING A SEVERABIL-
ITY CLAUSE.
ORDINANCE NO.
AN ORDINANCE AMENDING ZONING ORDINANCE NO.
9500, AS AMENDED, THE ZONING ORDINANCE OF THE
CITY OF MIAMI, FLORIDA, BY AMENDING SECTIONS 1556
ENTITLED "MINIMUM LOT REQUIREMENTS; FLOOR AREA
LIMITATIONS; MINIMUM OPEN SPACE REQUIREMENTS,
LIMITATIONS", AND 1558 ENTITLED "OFF-STREET PARKING
AND LOADING", OF ARTICLE 15 ENTITLED "SPI: SPE-
CIAL PUBLIC INTERESTS DISTRICTS", BY PROVIDING FOR
INCREASED FLOOR AREA AND INCREASED DISTANCE
TO REMOTE SITE PARKING RESPECTIVELY; BY AMENDING
SECTION 2012 ENTITLED "DEFINITIONS AND METHODS
OF MEASUREMENT RELATING TO STANDARD LUI RATIOS;
REQUIREMENTS AND LIMITATIONS" OF ARTICLE 20 ENTI-
TLED "GENERAL AND SUPPLEMENTARY REGULATIONS;"
FURTHER, AMENDING SECTION 36 ENTITLED "GENERAL"
OF ARTICLE 36 ENTITLED "DEFINITIONS;" AND BY
REPEALING ALL ORDINANCES, CODE SECTIONS, OR PARTS
THEREOF IN CONFLICT; AND CONTAINING A SEVERABIL-
ITY CLAUSE.
ORDINANCE NO. _
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
PARKING SYSTEM REVENUE BONDS OF THE CITY OF
MIAMI, FLORIDA, INCLUDING AN INITIAL SERIES OF BONDS
IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEED-
ING $16,000,000 FOR THE PURPOSE OF PAYING AT THEIR
RESPECTIVE MATURITIES OR REDEEMING THE
OUSTANDING PARKING FACILITIES REVENUE BONDS OF
THE CITY ISSUED PURSUANT TO ORDINANCE NO. 7414,
ADOPTED ON MARCH 14, 1966, AS AMENDED, AND ORDI.
NANCE NO. 9060, ADOPTED ON JANUARY 24, 1980, AS
AMENDED; PROVIDING FOR THE PAYMENT OF SUCH
BONDS AND THE INTEREST THEREON FROM NET REVE-
NUES DERIVED BY THE CITY FROM ITS PARKING SYSTEM;
AUTHORIZING OTHER CLASSES OF INDEBTEDNESS TO
BE SECLRED AS HEREIN PROVIDED; SETTING FORTH
THE ('IGHTS AND REMEDIES OF THE HOLDERS OF SUCH
BONDS; AUTHORIZING THE VALIDATION OF SAID BONDS.
ORDINANCE NO,
AN ORDINANCE AMENDING ORDINANCE NO. 9500, THE
ZONING ORDINANCE OF THE CITY OF MIAMI, FLORIDA,
M R 120
AS AMENDED, BY AMENDING SECTION 1504.5.1 ENTI-
TLED "AUTHORIZED VARIATIONS" OF ARTICLE 15 ENTI•
TLED "SPI: SPECIAL PUBLIC INTEREST DISTRICTS", AND
SECTIONS 2803 ENTITLED "COMMISSION DISPOSITION
OF FINAL APPLICATIONS; CONSIDERATION OF
RECOMMENDATIONS" AND 2804 ENTITLED "EFFECT OF
CITY COMMISSION APPROVAL OF FINAL APPLICATION",
OF ARTICLE 28 ENTITLED "MAJOR USE SPECIAL PERMITS!
DETAILED REQUIREMENTS", BY PROVIDING ADDITIONAL
AND MODIFIED STANDARDS AND REQUIRED FINDINGS
AND DETERMINATIONS: FURTHER AMENDING SAID ORDI-
NANCE NO. 9500 BY AMENDING SECTION 2011.1.1 ENTI-
TLED "ESTABLISHMENT OF LAND USE INTENSITY RAT-
INGS BY LUI SECTOR MAPS AND LUI TABLES" OF ARTICLE
20 ENTITLED ''GENERAL AND SUPPLEMENTARY
REGULATIONS" AND AMENDING TABLE 1 OF SHEET 1
AND TABLE 3 OF SHEET 2 OF THE OFFICIAL SCHEDULE
OF DISTRICT REGULATIONS MADE A PART OF SAID ORDI•
NANCE NO. 9500 BY REFERENCE AND DESCRIPTION IN
SECTION 320, ENTITLED "SCHEDULE OF DISTRICT REGU-
LATIONS FOR DISTRICTS OTHER THAN SPECIAL
DISTRICTS; ADOPTION", OF ARTICLE 3, ENTITLED
"OFFICIAL ZONING ATLAS; OFFICIAL SCHEDULE OF DIS-
TRICT REGULATIONS" THEREOF, BY PROVIDING
INCREASED OFF-STREET PARKING IN CERTAIN SECTORS;
REPEALING ALL ORDINANCES, CODE SECTIONS, OR PARTS
THEREOF IN CONFLICT; AND CONTAINING A SEVERABIL-
ITY CLAUSE.
ORDINANCE NO.
AN ORDINANCE AMENDING SECTION 14.17 OF THE CODE
OF THE CITY OF MIAMI, FLORIDA, AS AMENDED. TO
EXPAND THE BOUNDARIES OF THE DOWNTOWN DEVEL-
OPMENT DISTRICT TO INCLUDE THE AREA (COMMONLY
REFERRED TO AS THE BRICKELL AREA) BOUNDED GEN-
ERALLY BY THE MIAMI RIVER, BISCAYNE BAY, SOUTH-
EAST AND SOUTHWEST 15TH ROAD AND THE METRORAIL
GUIDEWAY, INCLUDING CLAUGHTON ISLAND, ALSO
KNOWN AS BURLINGAME ISLAND; CONTAINING A
REPEALER PROVISION AND A SEVERABILITY CLAUSE.
Said proposed ordinances) may be inspected by the public at the
office of the City Clerk, 3500 Pan American Drive, Miami, Florida,
Monday through Friday, excluding holidays, during the hours of 8:00
a.m. to 5:00 p.m.
All interested parties may appear at the meeting and be heard with
respect to the proposed ordinance(s).
Should any person desire to appeal any decision of the City Com-
mission with respect to any matter to be considered at this meeting,
that person shall ensure that a verbatim record of the proceedings is
made including all testimony and evidence upon which any appeal
i may be based.
RALPHC ONGIE
CITY
CITY CLERK
nmCITY OF MIAMI, FLORIDA
Publication of this Notice on the 24 day of May, 1983.
5124 M83.052446