HomeMy WebLinkAboutR-82-00770
RESOLUTION NO.
82 -77
A RESOLUTION FIXING CERTAIN DETAILS
CONCERNING $10,400,000 PARKING REVENUE
BONDS (ADDITIONALLY SECURED BY NON AD
VALOREM REVENUES), SERIES 1981 OF THE
CITY OF MIAMI, FLORIDA, APPROVING THE
OFFICIAL STATEMENT FOR SAID BONDS AND
DIRECTING PUBLICATION OF NOTICE OF
SALE OF SAID BONDS.
WHEREAS, the Commission of the City of Miami (herein-
after sometimes called the "City Commission") on the 9th day of
July, 1981, duly passed and adopted Ordinance No. 9291 authorizing
the issuance of not exceeding $12,000,000 Parking Revenue Bonds
(Additionally Secured By Non Ad Valorem Revenues), Series 1981
(the "Bonds"), which Ordinance was amended by Ordinance No. 9370
adopted on January 28 , 1982 (said Ordinance No. 9291, as amended
being herein called the "Bond Ordinance");
WHEREAS, the City Commission has determined:
(a) that $10,400,000 of the Bonds should be
sold at public sale for the purpose of providing funds to pay
the cost of the Project (as defined in the Bond Ordinance),
(b) that the Bonds shall mature, be redeemable
and have such other details as hereinafter provided, and
(c) that the sale of the Bonds shall be held
and notice thereof given as hereinafter provided;
WHEREAS, the Finance Department of the City has prepared
and submitted to the City Commission an Official Statement, dated
February 11, 1982, containing data and information respecting
the City, Dade County and the Bonds and the City Commission has
examined and considered said Official Statement; NOW, THEREFORE,
FLORIDA:
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
-1-
CITY COMMISSION
MEETING OF j
J A N 2 8 1982
82-7
FSOX MN W.....................
A
Section 1. There shall be issued and sold at this
time Parking Revenue Bonds (Additionally Secured By Non Ad Valorem
Revenues), Series 1981 in the aggregate principal amount of
Ten Million Four Hundred Thousand Dollars ($10,400,000), being
a portion of the $12,000,000 Bonds authorized as hereinabove
described. The Bonds shall be dated as of the 1st day of March,
1982, shall consist of 2,080 bonds of the denomination of $5,000
each, numbered 1 to 2,080, inclusive, and shall mature, subject
to the right of prior redemption, in numerical order, lowest
numbers first, on the 1st day of August as follows:
Year of Principal Year of Principal
Maturitv Amount Maturity Amount
The Bonds may either be Serial Bonds or Term Bonds
or any combination thereof as provided for in the Official Bid
Form and in the Notice of Sale as specified by the successful
purchaser.
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Section 2. Any Term Bonds will be subject to mandatory
redemption by the Cit'> from moneys in the Redemption Account
(established under the Bond Ordinance) in the principal amounts on
August 1 of each year as set forth in the Official Bid Form and
in the Notice of Sale as specified by the successful purchaser in
part and by lot at a redemption price equal to the principal
amount of the Bonds to be redeemed plus accrued interest to the
redemption date but without premium.
Section 3. The Bonds maturing on and after August 1,
19_ are subject to redemption at the option of the City Commission
on and after August 1, 19_ in whole on any date, or in part
in the inverse order of their maturities (by lot within any
maturity) on any interest payment date (February 1 and August 1)
at the following redemption prices (expressed as percentages of
the principal amount) set forth below, plus accrued interest to
the redemption date:
Redemption Period
(Dates Inclusive)
August
1,
to
July
31,
August
1,
to
July
31,
August
1,
to
July
31,
August
1,
to
July
31,
August
1,
and
thereafter
Redemption Price
(_% of Principal Amount)
Section 4. The Paying Agents for the Bonds shall be
Chemical Bank, New York, New York and Barnett Banks Trust Company,
N.A., Miami, Florida. The Fiscal Agent for the Bonds shall be
Barnett Banks Trust Company, N.A., Miami, Florida.
Section 5. Interest on the Bonds shall be capitalized
for the period commencing on the date of issuance of the Bonds,
to and including , 19i and the Fiscal Agent
from the proceeds of the Bonds shall deposit an amount equal to
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such capitalized interest in the Bond Service Account pursuant
to Section 207 of the Bond Ordinance.
Section 6. The Official Statement for the Bonds is
hereby approved in the form presented to the City Commission for
its consideration and is ordered to be filed as part of the
official records of the City. The Mayor of the City is hereby
authorized and directed to sign said Official Statement for and
on behalf of the City in such form, with such minor changes,
insertions and omissions as he may approve, and thereupon cause
such Official Statement to be delivered by the Director of Finance
for use by the prospective purchasers of the Bonds in connection
with the public sale of said Bonds, and the signature of the Mayor
on such Official Statement shall be conclusive evidence of his
approval, as herein authorized, of any such changes, insertions
and omissions in said Official Statement.
Section 7. The Director of Finance is hereby authorized
and directed to publish a notice calling for bids for the Bonds in
, a daily newspaper of general
circulation published in the City of Miami, and in The Daily Bond
Buyer, a financial journal published in New York City and devoted
primarily to municipal bonds, each of such publications to be
made at least ten (10) days before the date for the receipt of
bids, which notice shall be substantially in the following form:
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NOTICE OF SALE
$10,400,000
THE CITY OF MIAIIII , FLORIDA
Parking Revenue Bonds
(Additionally Secured By Non Ad Valorem Revenues)
Series 1981
Sealed Bids
January 29, 1982
Sealed bids will be received by the Commission (the
"Commission") of The City of Miami, Florida (the "City") at its
regular place of meeting in the City Hall, 3500 Pan American
Drive, Dinner Key, Miami, Florida until 11:00 A.M. Miami time
on February 11, 1982, at which time and place all bids will be
publicly opened and read, for $10,400,000 Parking Revenue Bonds
(Additionally► Secured By Non Ad Valorem Revenues), Series 1981
of The City of Miami, Florida, dated as of March 1, 1982.
Bond Details
The Bonds will be coupon bonds in the denomination of
$5,000 registrable as to principal only or as to both principal
and interest. The Bonds will be dated and bear interest from
March 1, 1982, payable on August 1, 1982 and semi-annually
thereafter on February 1 and August 1 in each year, at the rate
or rates specified in such proposal as may be accepted. The
amount of principal to be paid on the Bonds on August 1 in each
year is as follows:
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82-77
Maturity Date
August 1,
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
S
Principal
Amount
Maturity Date
August 1,
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
S
Principal
Amount
THE BIDDERS SHALL HAVE THE OPTION OF RECEIVING SERIAL
BONDS OR TERM BONDS OR BOTH. THE BID MUST DESIGNATE THE PRINCIPAL
AMOUNTS AS EITHER A SERIAL MATURITY OR A SINKING FUND INSTALLMENT
FOR A TERM BOND BY INDICATING IN THE BID FORM THE SINKING FUND
INSTALLMENT DATES UNDER THE SECTION "TERM BONDS". THERE MAY BE
MORE THAN ONE TERM BOND MATURITY. EACH TERM BOND MATURITY SHALL
BE IN AN AMOUNT EQUAL TO THE TOTAL OF THE CONSECUTIVE PRINCIPAL
AMOUNTS MATURING ON THE SINKING FUND INSTALLMENT DATES. IN ANY
EVENT, THE ABOVE PRINCIPAL AMOUNT SCHEDULE SHALL BE REPRESENTED
BY EITHER SERIAL BOND MATURITIES OR SINKING FUND INSTALLMENTS,
OR A COMBINATION OF BOTH.
Principal of, premium, if any, and interest on the
Bonds will be payable, at the option of the holder, at Chemical
Bank, New York, New York, or at Barnett Banks Trust Company, N.A.,
Miami, Florida.
Optional Redemption
The Bonds maturing on or after August 1, 199_ are
subject to redemption at the option of the Commission of the
City on and after August 1, 199_, in whole on any date, or in
part in the inverse order of their maturities (by lot within
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any maturity) on any interest payment date, at the following re-
demption prices, plus accrued interest to the date of redemption:
Redemption Period
(Dates Inclusive)
August
1,
to
July
31,
August
1,
to
July
31,
August
1,
to
July
31,
August
1,
to
July
31,
August
1,
and
thereafter
Purpose and Authorization
Redemption Price
(% of Principal amount)
The Bonds shall be issued under and pursuant to the
laws of the State of Florida, the Charter of the City and
ordinances and resolutions of the Commission of the City. The
Bonds have been authorized under the provisions of the City
Charter and certain ordinances and resolutions adcpted by the
Commission of the City and were validated by judgment of the
Circuit Court in and for Dade County on October 1, 1981.
Security for and Source of Payment for the Bonds
The Bonds shall not be deemed to constitute a debt of
the City or a pledge of the faith and credit of the City, but
shall be payable exclusively from the special fund provided there-
for from revenues of the Project. (as defined in the Ordinance)
and, if required, the revenues received by the City from certain
designated non ad valorem tax revenue sources (the "Designated
Revenues"). The issuance of the Bonds shall not directly or in-
directly or contingently obligate the City to levy or to pledge
any form of taxation whatever therefor, other than Designated
Revenues, and the holder of this Bond shall have no recourse to
the power of taxation.
MBIA Insurance
The City has received a commitment from the Municipal
Bond Insurance Association ("MBIA") for a policy of insurance on
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82-77
the Bonds. The policy unconditionally guarantees the timely
payment of principal of and interest on the Bonds to the paying
agents of the Bonds. The policy is non -cancellable and the
premium will be fully paid at delivery of the Bonds.
Interest Rate and Bidding Details
EACH PROPOSAL MUST BE IN THE FORM OF THE OFFICIAL BID
FORM ENCLOSED IN A SEALED ENVELOPE MARKED "BID FOR $10,400,000
PARKING REVENUE BONDS (ADDITIONALLY SECURED BY NON AD VALOREM
REVENUES) OF THE CITY OF MIAMI, FLORIDA". BIDDERS ARE REQUESTED
TO NAME THE INTEREST RATE OR RATES IN MULTIPLES OF 1/8 OR 1/20
OF 1%. EACH BIDDER MUST SPECIFY IN HIS BID THE INTEREST RATE
FOR THE BONDS OF EACH MATURITY AND ALL BONDS MATURING ON THE SAME
DATE MUST BEAR INTEREST AT THE SAuME RATE. ANY NUMBER OF INTEREST
RATES MAY BE NAMED, BUT THE INTEREST RATE NAMED FOR THE BONDS OF
ANY :MATURITY SHALL NOT BE LESS THAN THE INTEREST RATE NAMED FOR
THE BONDS OF ANY EARLIER MATURITY. THE INTEREST ON ANY BOND PAY-
ABLE ON ANY INTEREST PAYMENT DATE SHALL BE REPRESENTED BY A SINGLE
COUPON. NO BID FOR LESS THAN ALL OF THE BONDS OFFERED OR FOR
LESS THAN NINETY-EIGHT PERCENT (98%) OF PAR PLUS ACCRUED INTEREST
TO THE DATE OF DELIVERY OF THE BONDS WILL BE ENTERTAINED, PREMIUMS
MAY BE SPECIFIED.
Award of Bonds
As between acceptable proposals complying with this
Notice of Sale, the Bonds will be sold to the highest responsible
bidder whose proposal offers to purchase all the Bonds at such
rate or rates of interest as will produce the lowest effective
interest rate to the City. The lowest effective interest rate
will be determined in accordance with the "Canadian" or "true"
interest cost method of calculation by doubling the semi-annual
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interest rate (compounded semi-annually) necessary to discount the
debt service payments from the payment dates to the date of the
Bonds and to the price bid, not including interest accrued to the
date of delivery.
The right is reserved to reject all bids or any bid not
conforming to this Notice of Sale or not in the form of the Official
Bid Form. The right is also reserved to waive, if permitted by
law, any irregularity or informality in any proposal.
Good Faith
Each bid must be accompanied by a certified, bank
cashier's or treasurer's check drawn upon an incorporated bank
or trust company, in the amount of $208,000, which check, on which
no interest will be allowed, must be payable unconditionally to
the order to The City of t-liami, Florida. Award or rejection of
bids will be made on the date above stated for receipt of bids,
and the checks of unsuccessful bidders will be returned immediately.
The check of the successful bidder will be cashed and the proceeds
will be held as security for the performance of the bid, and, in
the event such successful bidder shall fail to comply with the
terms of his bid, the proceeds will be retained. The retention
of such check will constitute full liquidated damages. If it
shall be found impossible to issue and deliver the Bonds, the
City will deliver to the successful bidder a certified, bank
cashier's or treasurer's check drawn upon a bank or trust company
in the City of Miami, Florida, payable unconditionally to the
order of such bidder, in the amount of the check deposited by
such bidder with his bid. Upon delivery of the Bonds, the pro-
ceeds of such check of the successful bidder will be applied to
payment for the Bonds.
82 -77
CUSIP numbers
It is anticipated that CUSIP identification numbers
will be printed on the Bonds, but neither the failure to print
such numbers on any Bond nor any error with respect thereto shall
constitute cause for a failure or refusal by the purchasers there-
of to accept delivery of or pay for the Bonds in accordance with
the terms of their bid. All expenses in relation to the printing
of CUSIP numbers on said Bonds and the CUSIP Service Bureau charge
for the assignment of said numbers shall be paid for by the City
of Miami.
Delivery of Bonds
Delivery of the Bonds in definitive form will be made
on or about March 4, 1982 in New York, New York, against payment
therefor in New York Clearinghouse Funds to the order of The
City of Miami, Florida. The unqualified approving legal opinion
of Brown, Wood, Ivey, Mitchell & Petty of New York, New York
will be furnished without cost to the purchasers of the Bonds.
There will also be furnished the usual closing documents including
a certificate, dated as of the date of the delivery of the bonds,
with reference to the Official Statement, as provided therein,
and stating that there is no litigation pending or, to the knowledge
of the signer of such certificate, threatened affecting the
validity of the bonds.
Concurrently with the delivery of the Bonds, the Citv
Manager and the Director of Finance will furnish their certificate
to the effect that, to the best of their knowledge, the Official
Statement, as of its date and as of the date of delivery of the
Bonds, did not and does not contain an untrue statement of a
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82 -77
material fact or omit to state a material fact which should be,
included therein for the purpose for which the Official Statement
is to be used, or which is necessary to make the statements
contained therein, in the light of the circumstances under which
they were made, not misleading.
The successful bidder shall have the right, at its
option, to cancel its obligation to purchase the Bonds if the
City shall fail to tender the Bonds for delivery within 60 days
from the date herein fixed for the receipt of bids, and, in such
event, the successful bidder shall be entitled to the return of
its deposit mentioned above, with interest.
Disclosure Obligations of the Purchaser
Section 218.38(b)(1), Florida Statutes, requires that
the City file, within 120 days after delivery of the Bonds, an
information statement with the Division of Bond Finance of the
State of Florida (the "Division") containing the following in-
formation: (a) the name and address of each underwriter
associated with the Bonds; (b) the name and address of any
attorney or financial consultant who advised the City with re-
spect to the Bonds; (c) any management fee charged by the under-
writer; (d) the underwriting spread which the underwriter expects
to realize; (e) any fee, bonus or gratuity paid, in connection
with the Bonds, by the underwriter or financial consultant to
any person not regularly employed by the underwriter or consultant;
and (f) any other fee paid by the City with respect to the Bonds,
including any fee paid to attorneys or financial consultants.
The successful purchaser will be required to deliver to the City
at or prior to the time of delivery of the Bonds, a statement
signed by an authorized officer containing the information
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mentioned in (a), (c), (d) and (e) above. Receipt of such state-
ment is a condition precedent to the delivery of the Bonds to
such successful purchaser. Section 218.38(b)(2), Florida Statutes,
requires the successful purchaser to file with the Division within
90 days after the sale of the Bonds a sworn statement containing
the same information mentioned in (c), (d) and (e) above.
Additional Information
The Official Bid Form and Notice of Sale and copies
of the Preliminary Official Statement relating to the Bonds may
be obtained upon request to the undersigned at Miami City :call,
3500 Pan American Drive, Dinner Key, Miami, Florida 33133,
telephone number (305)-579-6350, or to the Financial Advisor,
James J. Lowrey & Co., Incorporated, 110 Wall Street, New York,
New York 10005, telephone number (212)-363-2000.
Carlos E. Garcia, CPA
Director of Finance
The City of Miami, Florida
Section S. The form referred to in the Notice of Sale
set forth in Section 7 above and on which all bids are requested
to be made shall be substantially as follows:
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82 -77
OFFICIAL BID FORM
For the Purchase of
$10,400,000
THE CITY OF MIAMI, FLORIDA
Parking Revenue Bonds
(Additionally Secured By Non Ad Valorem Revenues)
Series 1981
Commission of The City of Miami
Citv Hall
3500 Pan American Drive
Dinner Key
Miami, Florida 33133
Gentlemen:
February 11, 1982
On behalf of an underwriting syndicate which we have
formed, headed by the undersigned, and in accordance with the
terms and conditions of the attached Notice of Sale dated January
29, 1982 which is hereby made a part of this proposal, we offer
to purchase all of the $10,400,000 Parking Revenue Bonds
(Additionally Secured By Non Ad Valorem Revenues), Series 1981
of The City of Miami, Florida to be dated March 1, 1982 and we
will pay therefor, at the time of delivery, in New York Clearing-
house Funds,
Dollars
($ ), plus accrued interest, if any, from March 1,
1982 to the delivery date of the Bonds.
SCHEDULE OF INTEREST RATES
The Bonds shall bear interest at the rats set forth
in the following schedule:
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Maturity Date Principal
Interest Maturity Date Principal
August 1 Amount
Rate August 1 Amount
1984 $
1997 $
1985
1998
1986
1999
1987
2000
1988
2001
1989
2002
1990
2003
1991
2004
1992
2005
1993
2006
1994
2007
1995
2008
1996
Interest
n _ L -
*The bidder may stipulate the Principal amounts as Sinking Fund
Installments. If the bidder stipulates the Principal Amounts as
Sinking Fund Installments, indicate the rate of interest for the
Term Bond(s) next to all such Principal Amounts.
TERM BONDS
Q
0
The following schedules are for the purpose of designating
any mandatory Sinking Fund Installment dates in bids for the Bonds.
The Sinking Fund Installments to be made on such dates are in-
dicated in the schedule above as Principal Amounts.
Sinking Fund Installment Dates Term Bond Maturity
From August 1, to August 1, August 1,
From August 1, to August 1, August 1,
From August 1, to August 11 August 1,
We enclose herewith a certified or bank cashier's or
treasurer's check, drawn on an incorporated bank or trust company
in the amount of $208,000 payable to the order of The City of
Miami, Florida, which check is to be applied or returned in
accordance with the Notice of Sale.
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82-77
The closing papers referred to in the Notice of Sale
are to include a certificate, dated as of the date of the delivery
of the bonds, with reference to the Official Statement, as pro-
vided therein, and stating that there is no litigation pending
or, to the knowledge of the signer of such certificate, threatened
affecting the validity of the bonds.
Respectfully submitted,
Bidder
M
Title
(No addition or alteration, except as
provided above, is to be made to
this bid and it must not be
detached from the attached
Notice of Sale.)
STATEMENT OF .TOTAL INTEREST AND EFFECTIVE INTEREST RATE
The following is for information only and is not part
of this bid:
The total amount of interest payable on the Bonds
during the life of the issue under this Proposal, without adding
the discount bid, if any, or deducting the premium bid, if any,
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is $ For the purpose of determining such amount of
interest, the Bonds are deemed to mature in the amounts and on
the dates set forth in the Schedule of Principal amounts contained
in the Notice of Sale.
Effective interest rate for the Bonds calculated as
described in the Notice of Sale is
The above mentioned check has been returned and receipt
thereof is duly acknowledged.
ATTEST:
Bidder
By
Title
Section 9. This resolution will take effect immediately.
PASSED AND ADOPTED this 28 day of JANUARY , 1982.
RALPH G. ONGIE
CITY CLERK
MAURICE A. FERRE
MAURICE A. FERRE
MAYOR
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82-77..
PREPARED AND APPROVED BY:
DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND__CORRECTNESS:
GEMA F . KNOX , JR .
CITY(ATTORNEY
8 2 - 7T
Z9 A
-0 Howard V. Gary
City Manager
Rs"i Carlos E . Garci
Director of Finkce
CITY OF ` IAMI. FLORIDA
INTER -OFFICE MEMORANOUM
DATE January 18, 1982 FILE
SU,,ECT Government Center Parking
Garage
REFERENCES
ENCLOSURES:
We are hereby requesting that the attached emergency
ordinance and resolution relating to the sale of
$10,400,000 Parking Revenue Bonds for the construction
of a parking garage in the Government Center be presented
to the City Commission at the January 28th meeting.
The time frame for this bond sale is very tight due to
delays already experienced in defining its specifications.
The building contractor with the lowest bid has extended
his bid until February 12, 1982, therefore, we must have
the bond sale take place during the February 11, 1982
City Commission meeting, so that a contract may be awarded
to the building contractor at that time.
This project consists of a seven story parking garage with
campacity for 1,100 cars. The design of the garage allows
for expansion at a future date, should the demand occur, for
two additional levels. That would bring the capacity to
1,450 cars. The garage will be built on land that was
deeded by the County to the City for the specific purpose
of building a parking garage at the Government Center.
The exact location is N. W. 2nd Avenue and 2nd Street; or
one block south of the City's administration building.
The most recent update of the report dealing with the feasi-
bility of incorporating retail/commercial and office space
in this garage, prepared by the firm of American Community
Real Estate, Inc., indicates that the originally projected
29,000 square feet of retail space could not be rented at
this time. They go on to say that approximately 12,000
square feet could be rented within three years of the open-
ing of the garage. Based on these findings, the retail
space has been eliminated at this time, although it may be
incorporated in the future if a stronger demand for retail
space develops.
The feasibility analysis on the parking garage itself,
included in the official statement, as Appendix A, has been
prepared by the firm of Barton-Aschman Associates, Inc.,
and indicates that 1) there is a strong demand for parking
in the area, and 2) the project would generate net revenues
sufficient to cover debt service by 1986. In the meantime,
82-77
Benj. N. Tyrrel (212) 962-5222
2214C-1—Proof of lanuan 15. LW-
Howard V. Gary WISt 29 - 2 - January 18,' 1982
it is estimated that the City would have to make a total
contribution of approximately $151,060 to cover cumulative
deficits through 1986.
The total amount of the City's contribution for this garage
will be:
Loans from other City funds already
approved by the City Commission $255,000
Anticipated deficits through 1986 1510060
Cash contribution for bond discount 200,000
Total $606,060
The City's $200,000 contribution toward bond discount allows
underwriters to bid bonds at a discount, making them more
attractive and effectively reducing the projects interest
cost by an amount much larger than its cost to the City.
These funds will be repaid to the City after the garage starts
producing a net profit in 1987.
Attached is a letter from Mr. Roger Carlton, Director of the
Department of Off Street Parking, endorsing the project. The
Department of Off Street Parking will operate the garage.
CEG:hb
CC: Mr. Randolph Rosencrantz,
Assistant City Manager
1•' N.y. 1
DT rVarthiritt of (Off - trrrt 1jarking
CITY OF MIAMI. FL0RID'A.;,
`: i��...�. t 4�_� t _ t �� •: �'�f ,_ .�' •.1 ,i.'.�' ���� 1+�J�:: .'i � � yA Lt7
�i-�. T:. �ir�.i..,. �^iRra!�"fi_:•'•1..:1r k',:.riK._'.:ia..._ �'A�.-..-.....' •'
4ROGER M. CARLTON, DIRECTOR
January 7, 1982
190 N. E. THIRD STREET MIAMI, FL 132
TELEPHONE r67
,7; T
Mr. Howard V. Gary
City Manager
City of Miami
P. 0. Box 330708
Miami, Florida 33133
Dear Howard:
OFF-STREET PARKING BOARD
MITCHELL WOLCSON, CHAIRMAN
MARX D• CAUTHEN
ARNOLD RuwN
DIANNE SMITH
H. GORDON WYLLIE
Please be advised that we have reviewed the January 5, 1982 Barton-Aschman
Associates, Inc. "Estimated Financial Performance of Alternative Develop-
ment Scenarios for the Proposed Government Center Parking Garage" and the
ACRE study of the "Feasibility of Incorporating Retail Space in the Proposed
Downtown Government Center Parking Facility". The conclusions of the ACRE
study and the Barton-Aschman update appear logical and financially r°� �I-
sible. Therefore, we are in concurrence with your recommendation t:: struct
a seven level garage (1,110 spaces) without retail space.
The Department of Off -Street Parking will provide whatever assistance you
require during the construction phase and, upon approval of the Bond
Indenture by the City Commission, will begin the development of a Management
Agreement as required in the City Charter and the provisions of the Trust
Indentures for existing Off -Street Parking bonds.
Sincerely,
Roger M. Carlton
Director
Department of Off -Street Parking
1
82-77
i3enj. Ii. Tyrrel (212) 902-3222
2214C-I—Proof of January 15. '
t PRF.LIMUNAR:'•JFFICIAL STATEMENT DATED J.- N *' 29. 1982
In the opinion of t tond Counsel. interest on the Bomis is c ry rant tr•nrn all nreoerir Federal income razes
under existing statutes. re,�Ulations. Tulin s and court elec•icions.
A.2 is Credit Ratings: Ntoodv's
o o Standard & Pour's::\aA CNIBIa Insured)
z
U
`° " NEW ISSUE
_r
$109400,000
WMA
o The City of Miami, Florida
H y Parking Revenue Bonds
(Additionally Secured BN Non Ad Valorem Revenues)
t= °
:5 N A M Series 1981
O C =
3.� H Dated: March 1. 1982 Due: August I, as shown below
..�dg
iv o
I =,� Interest on the Bonds is payable semi-annuallf, on February 1 and August I in each year. coinmencing August
1. 193'_. The Bonds are issuable as coupon bonds in the denumtnatun of S5.000 re��istrable as to principal onl}
E= y•= or as to both principal and interest. Principal of. premium. if any. and interest on the Bonds are payable. at the
ow option of the holder. at Chernical Bank. New York. New York. fir at Barnett Banks Trust Company. N .A . Miami.
o _ Florida. the Fiscal Agent.
The Bonds maturin_• on or after August 1. 199 are subject ai redemption at the option of the Commission
c of the City on and after .august 1. 199 :in whole on any date. or in part in the inverse order of their maturities
-.__ _ (by lot within any maturity) on any interest payment date. at an initial redemption price of 10 "(' . plus accrued
a interest.
134dA c
The Bonds are beinca issued to finance the Cu,t of the Project consisting of an uffstr'cet parkin: garage and
d `= related facilities to be constructed In the Downtown Government Center in the City. The Bonds are special
S._ = y obligationsof the City payable excluswely from the: Miamt Parkin_ Rey rue Bonds (Additionally Secured By Non
Ad Valorem Revenues). Interest and Sinking Fund lobe funded from Net Revenues of the Project and cem:in nen
w = = ad valorem revenues of the City. The City has received a :onrmitinent from the Municipal Bond Insurance
H d o A- ,sociation for a policy of insurance on the Bonds.
M ,; Neither the faith and credit nor the ta.xin2 power of the Cite to levy ad %alureni real or tangible personal
s property taxes is piedgnd to the payment of the Bonds.
Lo� d:= MATURITI" SCHEDI.'LE"
•�
Cr(Accrued interest to he added)
Due Principal field or Due Principal I it-ld or Due Principal rigid or
W c o_ August i .amount Rafe Prize �usuNt I .amount Rafe Price :august i .amount Rat. Price
m -- --
c r o :° 1984 1992 21NI1
w = A H 19f•S 1993 2002
._ 'r .m 1986 1994 2003
�- c a�
199: a10d
1988 i996 :90
d 0 1989 1997 :0116
c 1990 1999 2007
a: is 1991 1999 24108
ev — 2000
3
E a
The 'bidders shall have the option of receiyins serial bonds or term Bonds subiert to mandatory Sinking
Moo Fund Installments or both.
_A" 3
eO o
c� a� d 3
The Bonds are offered when. as and if issued and received by the Undemi-iters. suhject to the unqualified
A `21, o approval of legality by Brown. Wood, Ivey. Mitchell & Pett%. Nev Yorl.. New York. Bond Counsel and to certain
ottier conditions. It is expected that the B(')nd, in .kfinitivterm will he •lyaiiubie lint' deii\ery in Nets York, New
o fork. on or about March -f. 102.
.5
.= HH vs Sealed proposals %gill be received b% the Conimis.ion of Tile City. at its re_ulai place off iacennil in the City
Hall. 3';00 Pan American Drive, Dinner Key. Miami. Florida, until It 00 A.M . `•Iianu time. tin February I I.
1982. Please refer to the Ufticial Bid Form and Moth.: of Sale Much outhne the terms and conditions for the
submission of offers to purchase the Bands.
19k2 82 - 77
r Benj. H. Tr•rrel t212) 962.5222
2214C-I—Proof of January 15. 1982
CITY OF MIAMI, FLORIDA
MEMBERS OF BOARD OF CITY COMMISSIONERS
MAI,RICE A. FERRE. Mayor
JOE CAROLLO
DEMETRIO PEREZ. JR.
CITY OFFICIALS
MILLER J. DAWKI`S
J. L. PLUNIMER. JR.
Cite Manacer ............................ H. V. GARY
City Attorney ........................ G. F. KNON. JR.
Finance Director ......................... C. E. GARCIA
City Clerk ............................... R. G. ONGIE
Director of Public Works ......... DONALD W. CATHER
Bond Counsel
BROWN, WOOD. IVEY. MITCHELL & PETTY
New York. New York
Financial Advisor
JAMES J. LOWREY & CO. INCORPORATED
Ne\+ York. New York
Independent Certified Public accountants
PEAT. MARWICK. MITCHELL S: CO.
Miami. Florida
Feasibility Consultant
BARTON-ASCH,\I AN ASSOCIATES. INC.
Evanston. Illinois
82-77
. Benj. H. Tyrrel (212) 962-51..2
2214C-1—Proof of January 15. 1942
This Official Statement does not constitute an offer to sell Bonds in any jurisdiction to any person to whom
it is unlawful to make such offer in such jurisdiction. No dealer. salesman. or any other person has been authorized
to give any information or make any representation. other than those contained herein. in connection with the
offering of these Bonds, and if given or made, such information or representation must not be relied upon. The
information and expressions of opinion herein are subject to change without notice and neither the delivery of this
Official Statement nor any sale made hereunder shall. under any circumstances, create any implication that there
has been no change in the matters described herein since the date hereof.
TABLE OF CONTENTS
Page
Page
Introduction . ..............
IN)
BUtldln! Permits
tNl
Description of the Bond, ....
IN)
Recent De\elopments
Entplu\mcnt and Personal Income
IN)
M.......
General ........ .. . . ...
not
Mandator}' Redemption
00
Tax Related Mauer.
INI
Optional Redemption ....
IN)
Tar Limitation for \Iunntpal Purpose,
Notice of Redemption ....... ..
00
Fwlude Debt Scrx ice .. . ..
... INl
Real Propert\ and raninhle Personal Propert}
Authorization and Validation ... .. ...
IN)
Tate
IN)
Secunt% for and Sources of Pa\ment our the Bonds ..
00
Taxes Not Levied by Municipalities .. ...
IN)
Security for the Bonds . . ... ... ... ....
. 00
Tax Reduction Imtiati\e ..
00
MBIA Insurance ... .. .. ... ..
IN7
Procedure for Tax Lc\\ and Tat Collection
M
Xpplication of Proceeds of Bonds
IN)
\sses,ed \ aluatitins
Record of Tax U\tes and Tax Collection,
M
IN)
The Project ... .....
IN)
Ten Largest Taxpayers in the Cin tit Miami
IN)
Background ...... ... ... ....... ..... ..
(N)
Financiallntoatiun tin the CIt} of Miami
00
Description of the Protect ..
u0
Pa)mcnt of Bonds and Bond Election Requirement
IN)
Estimated Economic Feasthllit\
IN)
Legal Debt Limitation
tin
Estimated Parking Demand .... _ .
II)
Bonded Indchtednes and Various Debt Ratio,
IN)
Estimated Garaee Construction Cost.
IN
I)hltgution Bonds :\uthon�cd
Estimated Financial Performance ..
tin-
But Not I„ucd
(NJ
Department of Ott -Street Parking
p
tin
Other Proposed Bond Issue
IN)
Estimated Debt Service Requirements
IN)
general De.nption tit Financial Practice,
(N)
Deception tit The Cue ..
IN)
Sununarx •+t Re\enues and E\penditurrs
IN)
The Cott. .......
IN)
Re\enue Structure
IN)
Go\emment of Mlanm ...
IN)
City Pension Funds
NI
Mawr and Cio. Commissioner,
IN)
L tuatio❑
INI
Administration tit Con .\tfans
IN)
RnL Mana_cmcnt
IN)
Principal Government ScntccsPertormed Int. the
Ciq of Miami ....
NI
Tax Exemption
N)
Pnnctpal Factlnte of the CIt\
IN)
Financial Statcmcrns
tin
Capital Impro\ement Plan ...
IN)
Employee Relations ..
IN)
Credit Rath_-
Nl
The Climate
IA)
Clos+ne Ccmticatcs . .
iII)
Go\emment of Dade Count\
IN1
Demographic, tit Dade Counq ...
tN1
\ppro\al „t L.,-,al Pn>t,edines
N1
Local Mass Transit
IN)
Miscellaneous
01)
Education
IN)
..
Medical Facilities
IN)
Fea,Ihllu\ Con,ultant*s Report
Appendix A
Recreation . .. . ..
II)
Dennition, of Certain \Nord, and Teems
\Ltscellaneuus ...... .
IN)
U,ed tit the Bond Ordinance and in This
Economic Information on Miami and Dade Count\
00
Qtfic;al Statement and Summary tit
General
IN)
Ccna)m Prnxlstons of the Bond
Corporate Expansion . .
INI
Ordinance ..
appendix B
Industrial Deelopment .. ..
(NJ
Report tin Examination of Financial
Agriculture .. ...... ... ...
INI
Statement, for the Year Ended
Film Industry .... .
IN)
September ?0. I`+.40
Appendix C
Financial Institutions ..
IN)
Bond Counsel Opinion (Fnrm of)
Appendix
Tourism .. ... .....
II0
Miami Inremarronal Airron
Ili)
Letter of CIn \homey re: LIn_auon ...
\ppcndl\ E
Port of Miami . . . .
00
Santrlc G,p\ ref \IBI:\ Policy of Insurance
Appendix F
M
82 -77
Beni. H. Tyrrell (212) 962.5`t,
2214C-1—Proof of January 15. 1981
OFFICIAL STATEMENT
$10.400.000
it
THE CITY OF MIAMI, FLORIDA
Parking Revenue Bonds
(Additionally Secured By Non Ad Valorem Revenues)
Series 1981
INTRODUCTION
The purpose of this Official Statement of the Cite of `lianti. Florida ( the "Cite" i, which includes the cover
page and appendices hereto, is to set forth information concerning the City and its Parkin« Revenue Bonds
(Additionally Secured BN Non Ad Valorem Revenues) Series 1951 [tile "Bonds") to be issued in the total
principal amount of S10.400.000.
The Bonds are being issued to finance the cost of construction of a multi -level parking garage and related
facilities (the "Project") to be located in the Do%%ntown Government Center and incorporating_ I.I10 parking
spaces. to provide for capitalized interest on the Bond,, for a period of eighteen i IS) months. to provide for a
deposit to the Reserve Account equal to one year's maximum annual debt service on the Bonds. and to pay all
costs of issuance associated with the Bonds.
The Bonds are special obligations of the Cite payable exclusivel\ from the Miami Parking Revenue Bonds
tAdditionally Secured By Non .Ad Valorem Revenues). Interest and Sinkin_ Fund (tile "Sinking Fund") to be
funded from Net Revenues of the Project and certain nun ad valorem revenues of the Cite (see the caption
"Security for the Bonds" herein).
\either the faith and credit nor the taxing po%%er of the Cit\ to le\ ad valorem real or tangible personal
property taxes is pledged to the payment of the Bonds.
Definitions of certain \cards and terms haying initial capitals used herein and in the Bond Ordinanc:
(hereinafter mentioned) are contained in "Definition_ of Certain Words and Ternis Used in the Bond Ordinance
and in This Official Statement and Summary of Certain Provisions of the Bond Ordinance" in .Appendix B hereto.
DESCRIPTION OF THE BONDS
General
The Bonds are being issued in the aggregate principal amount of S 10,-100.000. are dated March 1. 1982, bear
interest at the rates per annum set forth on the cover page of this Official Statement. payable semi-annually on
February I and august I of each year. commencing August 1, 1952. and mature on august 1 in the \ears and
principal amounts set forth on the cover page of this Official Statement.
The Bonds are issuable in coupon form in the denomination of S5.000 each. registrable as to principal only
or as to both principal and interest and. if registered as to both principal and interest. recon ertible into coupon
bonds.
The principal of. premium, if any. and interest on tale Bonds are payable:. at the option of the holder. at
Chemical Bank, New York. Nee York, or at Barnett Banks Trust Compan\. N.A.. Miami. Florida.
82 - 77
Benj. H. Tyrrel (212) 962-522
221.4C-1—Proof of January 15. 1982
Mandatory Redemption
The term Bonds due are subject to mandatory redemption or retirement by the Cite from funds
available in the Redemption Account in the principal amounts on August I of each year as set firth in the schedule
below. in part and by lot. at 100cc of the principal amount thereof plus accrued interest and %%ithout redemption
premium.
Year
Optional Redemption
Principal
Amount Year
Principal
Amount
The Bonds maturing on or after .August 1. 199 are subject to redemption at the option of the Commission
of the Citv on and after August 1. 199 in %%hole on any date. or in part in the imerse order of their maturities
t b% lot within anc maturity) on an} interest payment date. at the fol lm% ing redemption prices. plus accrued interest
to the date of redemption:
Redemption Period
idates inclusitet
AuuYust I.
to Jul% 31.
August 1.
to Jule ? I .
Au�_ust I.
to Jule ;I.
August 1.
to July i 1 .
August I.
and thereafter
Notice of Redemption
Redemption Price
ipercentage of
principal amount)
rC
........................
........................ �r
......... ..............
`r
......... .....
The resolutions require the City to alive notice of redemption of the Bonds by publication in a ne%%,paper of
eeneral circulation in the Cit% and in a flail% ne%%spaperor financial �uurnal published in the Boruu_0 of Manhattan.
City and State of New Turk. said publications to be at least 10 da%s prior to the redemption date.
AUTHORIZATiON .AND VALIDATION
Issuance of the Bonds has been authorized h% the Commission of the City pursuant it) the Constitution and
laws ofthe State of Florida. including in particular. the Charter of the Cit% of Miami. being Chapter I0847. Special
Lays of Florida. 1925. as amended i the "Charter") and Chapter 166. Florida Statutes. as amended. and pursuant
to the provisions of Ordinance No. 9291. adopted by the Commission on July 9. 1981. as amended tthe "Bond
Ordinance"). The Bonds %sere validated by the Circuit Court for Dade County pursuant to a judgment rendered
on October 1. 1991. and the time for filing an appeal therefrom has expired %%ithout an appeal being taken.
SECURITY FOR AND SOURCES OF PAYMENT FOR THE BONDS
Security for the Bonds
The Bonds %%ill be secured by and payable as to principal and interest from moneys deposited in the Sinking
Fund created by the Bond Ordinance from the Net Revenues of the Protect idrfined in the Bond Ordinance to mean
the Revenues of the Project less the Current Expenses of the Protect) and to the extent such Net Revenues are
insufficient therefor. from moneys held in the Reserve Account.
The Bond Ordinance provides that. if in any Fiscal Year moneys are %%ithdra%%n from the Reserve Account
to pay the principal of or the interest on the Bonds. the City %%ill in the Cit% bud-oet for the next ensuim! Fiscal
Year bud__et as a first priority item an amount equal to the amount ol'such %%ithdra%%al from the Reserve .Account.
82-77
Benj. H. Tyrrel (212) 962-5222
?214C-I—Proof of lanuan• 15. 198_"
Such budgeted amount will be a first charge against the Designated Revenues (defined in the Bond Ordinance to
mean the non ad valorem taxes collected by or on behalf of the City from the sale of water and Las in an amount
in each Fiscal Year not to exceed 1 _25C,� of the maximum Principal and Interest Requirements in the current or anv
subsequent Fiscal Year) received in such next ensuing Fiscal Year and upon receipt by the City of Designated
Revenues in such next ensuing Fiscal Year such Designated Revenues shall, subject to the prior claim of the 010;
outstanding Special Obligation Utilities Service Tax Bonds (Series Al, dated February 1. 1963. first be deposited
as received with the Fiscal Agent for the credit of the Reserve account until the amount so deposited equals such
budgeted amount. Such budgeting and deposit requirements are cumulative and w ill he carried forward to ensuing
Fiscal Years if not previously satisfied. `
The City has previously pledged the entire Proceeds of the utilities service tax. which amounted to
S18.343.231 in 1981. including proceeds derived from taxes collected on the sale of eater and gas, to its
SM 25.000 Utilities Service Tax Bonds. Series A. dated February 1. 1963. of w hick S 1.050.000 Series A Bonds
remain outstanding. The Bond Ordinance. howeycr. provides that no additional Utilities Service Tax Bonds of the
City may be issued under the ordinance authorizing and securing the Series A Bonds either to refund the Series
A Bonds or to finance additional municipal projects. Accordingly \\hen the Series A Bond,, are retired, scheduled
to occur in accordance with their terms in 1988. the Bonds will enjoy a first claim on the Designated Revenues.
Under the Bond Ordinance no additional bonds ma% he issued except to complete the Project and no such
completion bonds may be issued unless the amount of Designated Revenues received during any audited twelve
month period in the preceding Ili months are in the same proportion to maximum annual Principal and Interest
Requirements for all Bonds outstanding together with the completion bonds to be issued as such Designated
Revenues bear to the Maximum Annual Principal and Interest Requirements for the Bonds described herein on
the day the Bonds are issued.
Designated Revenues
t'tilih Ser,ice
ttitit} \er,ice
Year
Ta'x: Gas
Ta\: Water
Total
1976 ..................
633.181
071,472
1.304.6i3
197'. ..................
693.838
6y1.U92
1.3't5.83n
19/8 ..................
729.IWO
798.3'S
I.5_'8.1'S
1979 ..................
608.60-1
Soo. 53"
1980 ..................
751.708
8411.104
I .SU6.8 ('
19811 1) ................
`(74.SSy
y88.325
1.802.884
1982(2) ................
928.0u)1)
1.190,000
2.11smoo
1983(2) ................
1.021.000
I.226.000
2. 47.0oo
1984(2) ................
1.123.000
I.4-71.0u)I)
2.Sg1,000
198�;(2) ................
1.291.00U
1.515. mo
',"I)bmoO
1986(_') ................
1.420,t)00
l,5(,lwoo
2.980.000
II) Budgeted
I_') Projected by the City
MBIA Insurance
The City has received a commitment from dte Municipal Bond Insurance Association I *MBiA.. i fur a policy
of insurance on the Bonds. The policy unconditionally guarantee, the timely payment of principal of and interest
on the Bonds to the paying agent of the Bonds. The policy is non -cancellable and the premium w ill be fully paid
at delivery of the Bonds. Upon notification of failure by the Fiscal Agent to deposit full payment of principal and
interest coming due with the paying agent. MBIA's members are oblivated to deposit funds promptly with
Citibank. N.A.. New York. New York. as fiscal a�_ent for MBIA. sufficient to fully Guyer the deficit in the ' Ang�
agent's account. `
The insurers will be responsible for such payments. less any amounts received by the holders of the Bonds
from the Fiscal Agent or from anv other sources other than the insurers. Normally, notice of an impending default
will be received in advance of the payment date of the Bonds allowing_ MBIA time to make the funds a%ailable
for payment on the due date. If notice of non-payment is received on or after the due date. TIBIA w ill provide
82-77
Benj. H. Tyrrell (212) 962-5222
'314C-I—Proof of January 15. 198'_
for payment on the business day follo« ing receipt of the notice. Upon payment by MBIA of am Bonds or coupons.
NIBIA becomes the o�cner thereof.
The insurance companies comprising NIBIA and their respective percentage liability are as follows: The
Aetna Casualty and Surety Company. thirty-three percent 133"O: Fireman's Fund Insurance Company. thirty
percent (30r�)' The Travelers Indemnity Company. fifteen percent (IS<<):.aetna Insurance Company. twelve
percent ( 12 'c 1: and The Continental Insurance Company. ten percent ( 101 (' ). The policy is a several and not a joint
insurance policy obligation of the participating insurance companies. Each company's participation is backed by
its entire resources.
The follo%%ine table sets forth financial information v ith respect to the five membercontpanies of NIBIA. The
statistics are as reported by the member companies to the Nc�% York State Insurance Department:
M00's omitted)
.Aetna Fireman's T'ra%elers Aetna Continental
Casualti Fund Indemnit% Insurance Insurance 'rolai
Assets 6 30,81 ...... 56.781.382 53.185.;0_ 55.090.309 51.891.682 51 . I `t0.199 518.1 29.074
Policyholders'
Surplus 6,30 81 ... S 1.078.01; S 887.434 S 1.033.622 5 299.852 S 173.570 S 3.472.493
Standard & Poor's rates all ne%y issues insured by NIBIA "AAA" Prime Grade.
The MBIA companies listed above or their parent organisations have been in the insurance business from
seventy to well over a hundred \,cars. Each NIBIA company enjoy-, the highest polic}holder ruing accorded
insurers (Excellent. A. or A -plus) by the nationaliv reco«nize:d Insurance company rating, .u)thurity. A.M. Best
Company. Inc.
MBIA has obtained a ruling from the Internal Revenue Service that neither the insurance protection nor
payment thereunder will affect the exemption from Federal income tax of interest on bonds so insured. The
Securities and Exchange Commission has issued a no -action letter stating that municipal bonds insured by NIBIA
are not subject to registration under the Securities .act of I y33.
.attached as appendix F is a sample copy of the MBIA policy of insurance. A Statement of Insurance Mll
be printed on the Bonds.
-01PLICATION' OF PROCEEDS OF BONDS
The City estimates that the proceeds of the Bonds (excluding accrued interest) \%ill he applied as follo%ks:
For pa\ntent of Project construction costst I) . . ......
For deposit in the Reserve Account(2) ............... I .Z, I +.00t)
For payment of costs of issuance ................... 431;,000
For payment of capitalized interest(31 ................ 2.18;.000
For payment of bond discount. i1 any ................ 208mot)
Total Bonds ........................ S 10.400.000
(I) Excludes S I.119.8-10 of estimated investment income on Bond proceeds in the Construction Fund and Reserve
.account. If the proceeds of the Bonds together with such In\ estment income is less than the required amount.
the City %%ill stake a contribution to the Construction Fund up to approximately 5200.000.
(_2) Equal to one Near*-,, maximum annual debt service on the Bonds.
(3) To pay I001 i of the interest on the Bonds frorn March 1. l 95_ until September 1. I1)83.
Moneys in the Construction Fund shall be invested. to the extent possible. in authorized ln\estment Ohli-
_atium Much shall mature. or be subject to redemption at (he option of the holder thereof. not later than the
respective dates Mien moneys must be available to meet Construction Fund expenditures. If any sum remains in
the Construction Fund after completion of construction. it shall he transferred to the General Reser\ e Fund.
-1
82 -77
Benj. H. Tyrrell (212) 962-52.
2214C-1—Proof of January 15. 1982
THE PROJECT
Background
The Project consists of a seven (7) level parking garage to provide parking for 1.1 Ill cars. The Project will
be located in the Citv*s Downtown Government Center,
The Downtown Government Center. occupying approximately 12 blocks in the northwest corner of the ,Ntiami
Central Business District. is beings developed as the focus of city. county and state office buildings. The area is
to contain the Metro -Dade Cultural Center including a library. art museum and historical museum. The principal
rapid transit -people -mover station is to be located on the cast side of the Doetn(own Government Center.
With full plan implementation. the Downtown Government Center area is to contain It) office building,. the
Cultural Center. a central support facility and the new transit station. At the present time, three of the buildings
are in operation —the City of Miami Police Headquarters. the Cit of Miami Administrative Office Building. and
the State of Florida Regional Center. Construction vv as bei_*tin in the Summer of 1980 on the Metro -Dade Cultural
Center. This latter facility is to be opened by 19S2. The Metro -Dade .Administrative Building uas started in .tune
1981 with an anticipated completion date of 1983.
The principal mode of travel to the Dc»v mown Governnient Center of both employees and visitor, is expected
to be the private automobile. With completion of the proposed rapid transit system and the people -mover. it is
estimated that approximately 7l) percent of the perman-trips to the area %% ill be by private automobile and 30 percent
by public transportation including the new mode, and continuation of the existing bus ,ystcrn. Even though use
of public transportation in future years is expected to he bemeen tvvo and three times as `seat as today. it i, clear
that a lard*e amount of parking space %\ould be needed to accommodate persons irayelin2 by automobile.
Following the recent occupant\ of the City of Miami Administrative Building, there vvas a total of approx-
imately 375.000,yuare feet of government offices open in the Downtown Government Center. With completion
of the Metro -Dade Administrative Buildine and the central ,upport facility the amount of office space sill more
than triple to 1.2 million square feet. In addition. ve ith the completion of the \lctro-Dade Cultural Center. there
will be a major demand for yi,itor parking and some eniployce parkin_
Description of the Project
The parking garage structure will con,i,t cif,even level, and %%ill pro%ide parking for I.l It) cars t-W percent
compact. hil percent full size) in it _ro„ area of 300.000 ,yuare feet of garage flour i _- 1 ,yuare Meet per earl. Upon
future conversion to all compact ,pare,, the capacity ve ill increase to I .315 ,pace,.
Stairs are located at four corner of the garage and elevator, are rricluded in the ,outhea,t and northwest
corner. The _!arwe contains at -,grade parkin.' i'lu, six full floors of parking on structure.
Estimated Economic Feasibility
in January. I982 Barton-Aschnian .Associate,. Inc. ("Barton-Aschman " i o► Evanston. Illinois submitted to
the City a report entitled "Feasibility Analv,is. Propo,ed Parking Structure. Do"ntm%n Government Center.
Miami. Florida" ithe "Feasibility Report "i isce .Appendix A). The Feasibility Report sets firth the estimated
parking generation in the: Dovvntovyn Government Center. estimated ,tabilized :zros, revenue, of the Protect.
estimated annual debt service. and estimated financial perfomiance.
Estimated Parking Demand
The Feasibility Report state, that in order to estimate the patronage that might accrue to the subject garage.
it %vas necessary to estimate the amount of parkin_* that vyould remain by the time the garay opens and. in effect.
represent competitive facilities. The Dovv ntovv n Government Center area is changing almost daily as ob,olescent
buildings are demolished and temporary <urface lots are created. Hkmeyer. by the time the _arag \%ould achieve
stabilized use —by approximately 1985. the net remaining capacity in Dimntokkn Governnient Center is placed
at 1.584 spaces that may be available to the _general public. It should be noted that (fits number does not include
the 442 spaces in the police gara_,c. However. this number doe, include the anticipated construction of a h20-space
county earaoe in connection with the proposed central ,upport facility vv hich is ,cheduled for initiation in it)X2.
82-77
Benj. H. Tyrrell (212) 962-521
'214C-1—Proof of January 15. 1982
By comparing the parking generation estimated «ithin the trade area of the garage site «ith the amount of
parking space that is likely to remain in the future it is possible to estimate the future parking demand. In summary.
it is estimated that the definite parking generation accruing to the site should approximate 882 spaces during the
peak hours of a typical clay including 620 long-term spaces and 202 short-term spaces. in future years. as the other
elements of the Do�%ntown Government Center are developed (those that are indefinite at the present time). this
peak -hour requirement could increase to 1.890. In addition. the shortage of parkin, space in the balance of the
central business district could increase this demand.
Estimated Garage Construction Costs
Based on bids received by the Cite of Miami kill October 15. 1981. the construction cost of the `garage project
and site work would total 57.13o.ot)0 in 198I dollars.
Estimated Financial Performance
Financial performance of the garage aas examined by comparing its estimated net income ksrth the annual
debt service. In preparing this pro forma, an annual escalation in gross revenues and maintenance and operating_
costs has been assumed. Four percent per year (compounded) has been assumed for both the income and the
expenses. In addition. it is assumed that the capitalized debt service iSl .513.840i1 «ould earn interest at 11.5
percent, not compounded.
The assumed garage development timetable is:
Start Construction: March. 1982
Open Garage: May, 1983
First Full Year of Operation: Calendar 1984
During the first year. 1982. only interest ssould be paid —from capitalized funds. Also in the second scar.
interest only ssould be paid —half from the capitalized funds and halt from the garage net revenue. It Is estimated
that gross revenue the first (partial) year. 1y83. %could he S873.1 0. maintenance and operations costs would he
S169.702 and, thus. net revenues in 19ti3 \souid approximate ti703.418. In addition. Interest earned on the
capitalized debt service from the 19th through the 24th month %%ould he $87.04h. producing' total Income for the
partial %ear 198', of S790.404. Therefore. the estimated surplus In 198; Is estimated at So-.1-I`t.
in 1984 and the fbllou Ing years until the bonds are retired. the sources of income for debt pa}ment would
he the net revenues from the __ ira__e plus interest earned on the debt service reserve. AN summarised in Table 12.
it is estimated that the protect ssould !encratc net revenues sufficient it) ewer debt wrx Ice by i 9h6 to I Q87. (This
date is one to mo years after the rapid transit is to he In full operation and ,generating intercept parkers. and the
Metro -Dade Adntinistratise building is open.I
By 1989. the debt coverage ratio Is estimated at I .u9. The coyeragc ratio is estimated to reach i ._(s by 1993
and I.iO by 1997-1991K.
0
82 - 77
qr
qr
Benj. H. Tyrrel (212) 962-5222
2214C-1—Proof of January 15. 1982
Revenue Bonds of the City_ for the purpose of constructing a parking garage, acquisition of parking meters and
improvements to existing parking facilities. The ne%k facility began operations in September. 1981. The De-
partment also will manage the Cit%-*s convention center parking garage %%hich is scheduled for completion in 1982.
Although the Bonds are not being issued through the Department, the Department will manage the parking
garage operations at the Project on behalf of the City.
The Department is in the process of preparing a five year capital improvement program and anticipates
entering the bond market within the next year. There is no co -mingling of funds bet«een the Department and the
City.
ESTIMATED DE13T SERVICE REQUIREMENTS
The following table indicates the estimated annual debt service requirements on the Bonds at an as-,unted
interest rate of ci .
Fiscal Year Total
Ending Estimated
September 30 Principal Interest(l) Debt Service
1982 ..... 5 5 S
1983 ..,..
1984 .....
1985 .....
1986 .....
1987 .....
1988 .....
1y89 .....
1990 .....
1991 .....
1992 .....
1993 .....
1994 .....
1995 .....
1996 .....
1997 .....
1998 .....
1999 .....
2000 .....
2001 .....
_loo'_ .....
2003 .....
2004 .....
2005 .....
2006 .....
2007 .....
g
82 -77
Benj. H. Tcrrel 1212) 962-5W
2214C-1—Proof of January 15. 1982
•
ESTIMATED EFFECT OF INFLATION ON GOVERNMENT CENTER GARAGE COVERAGE
ASSUMED ANNUAL INFLATION RATES (COMPOUNDED)
PARKING GROSS REVENUE i 4 Z
PARKING M 19 EXPENSE 4 N
PARKING PARKING TOTALQ ) DEPT(2) ANNUAL(1) CUMUL COVERAGE
YEAR GROSS MSO NET SEWICE SURPLUS SURPLUS RATIO
1982
0
0
0
0
;
0
1983
973r120
169002
790P464
725's7i7
62r148
6211"13
1994
1s513r408
294rl49
1r393r350
isS13+B40
-1209490
-589342
0.92
1985
IPS739944
305r915
1r442rl20
1s513s840
-71020
-1309062
0.95
1986
196369902
318r152
1r492►842
19513,840
-201998
-1519060
0.99
1987
197021378
330r878
I►5457592
ir513,840
3IP752
-1199308
1.02
1988
IP770r473
344PI13
1+600052
1613r840
86612
-32+697
1.06
1989
198419292
357r878
1r657s506
1613s1'!0
1439666
1109970
1.09
1990
1014s944
372►193
1016►843
IP5139840
203r003
3139972
1.13
1991
1r991r542
3879020
IP778►553
195131840
2649713
5789685
1.17
1992
2r0719203
4029564
1r842031
1r5139840
328+891
9079576
1.22
1993
29154r0SI
4189666
1r909r477
IY5139840
3959637
193039210
1.26
1994
29240+214
4359413
1r97Bs892
1►51398.10
4659052
1068470
1.31
1995
29329r822
452r829
29051,084
1►5139"10
537r244
2r3059510
1,35
1996
2+423+015
470+993
21126+164
IY5139810
612r324
2,917r830
1.40
1997
21519+936
489080
2+244+247
1+513+840
694007
?960Ev240
1.46
19"
2r6209733
S09071
2+285053
1�513440
7719613
4+370450
1.51
1994
2r725s562
529+746
2s369+908
195139840
856+068
5r235020
1,57
2000
&98341585
550036
2+457+740
1s5139840
943r900
6r1799820
1.62
2001
2047068
572073
2+5499086
lr513r840
1s035+246
7►215+070
1,69
2002
3065s887
595492
2+644086
1s513rf10
1s130r146
8s345s310
1,75
2003
3+188622
619r728
2s742r886
175131fi44
I92:9+046
9r574►360
1181
2004
3016063
644+517
2+845s638
1r513r1" 0
1r3319798
1099061200
1.88
2005
30489706
6709298
2052+500
1r5131`' 0
1r438s660
12►3449800
1.95
2006
3)5861654
6971110
3063r636
195139'c 0
is549+796
1318941600
2,D2
2007
30301120
724r994
39179.218
1 6131'�10
1►665r378
15r5601000
:.10
2008
3P0799325
753r994
3+299s423
0
3s299r423
18.859s400
(1) NOTE1 NET AND SURPLUS INCLUDES INTEREST EARNED ON RESERVES 3 174+092
(2) LEVEL DEBT SERVICE ASSUMED AFTER FIRST 24 MONTHS. INTEREST CAPITALIZED FIRST 18 MONTHS,
FINAL YEAR PAID FROM RESERVES.
(3) INTEREST RATE ON BOND ISSUE _ :4 Z
(4) INTEREST RATE EARNED ON RESERVES = 11.5 Z
Department of Off -Street Parking
All parking within the City of Nliami is under control of the Department of Off -Street Parking tthe
"Department" 1. The Department is a semi -autonomous entity governed by a Board a hose members are confirmed
by the Cite Commission. The Department is vested in the Cite Charter with the authority to manage and control
all on -street and off-street parking facilities of the City. The City exercises discretion over the Department through
the control of its budget and its rates and charges and the control of the sale of the revenue bonds which are sold
in the name of the City but are backed solely be the revenues of the Department. There are presently 11.428
parkins spaces operated by the Department. 2.428 spaces are in : ,,arages and 4.800 are in 41 off-street parking
lots. The remainder is comprised of metered on -street parking. The Department has 37 employees and operates
an annual budget in excess of S'-.900.000. The Department on April 21. 1980 issued 58.725AW Parking Facility
7
82 -77
Benj. H. Tyrrell (212)962-5222
2214C-1—Proof of January 15. 1982
Revenue Bonds of the Cite for the purpose of constructing a parking garage. acquisition of parking meters and
improvements to existing parking facilities. The ne%% facility began operation, in September. 1991. The De-
partment also will manage the City's convention center parking garage «hich is scheduled for completion in 198?.
Although the Bonds are not being issued through the Department. the Department will manacle the parking
garage operations at'the Project on behalf of the City.
The Department is in the process of preparing a five year capital improvement program and anticipates
entering the bond market within the next vcar. There is no co-minLling of funds bet« een the Department and the
Citv.
ESTIMATED DEBT SERVICE REQUIREMENTS
The follo\vinL table indicates the estimated annual deht service requirement, on the Bonds at an assumed
interest rate of .
Fiscal Year Total
Ending Estimated
September 30 Principal InterestllDebt Service
1982 ..... S S S
1983 .....
1984 .....
1985 .....
1986 .....
1987 .....
1988 .....
1989 .....
1990 .....
1991 .....
199, .....
1993 .....
1994 .....
1995 .....
1996 .....
1997 .....
1999 .....
1999 .....
'_000 .....
2001 .....
_'001 .....
_003 .....
'004 .....
'006 .....
-007
rd
82 -77
Benj. H. Tyrrell (212) 962•524vo
2214C-I—Proof of January 15. 1982
DESCRIPTION OF THE CITY
The City
0
The City of Miami. the largest city in the State of Florida. is located in Dade County and was first settled
in 1836 and was incorporated in 1896. It is located on the lower east coast of Florida alone the western shore of
Biscayne Bay and is the southernmost large cite in the United States. It comprises 34.3 square miles of land and
19.5 square miles of water. The 1980 estimated census population of the City was 400.061. representing
approximately 23.4% of the total population of Dade County.
Government of Miami
The City of Miami has operated under the Commission -City Manager form of government since 192 1. The
Cite Commission consists of five elected citizens. who are qualified voters in the Cite. one of whom serves as
Mayor. The Commission acts as the governing body of the Cite with powers to pass ordinances. adopt regulations
and appoint a chief administrative officer known as the City Manager.
City elections are held in November every two years on a non -partisan basis. At each of these elections a
mayor is elected for a two year term. Candidates for `layor must run as such and not for the Commission in
eeneral. At each election two members of the Commission are elected for four year terms. Thus. the City
Commissioners' terms are staevered so that there are always at least two experienced members on the Commission.
The City Commission appoints the City Clerk. the City Attorney. the City Manager. the members of the Off-Strect
Parkine Board and the members of the Planninc and 7_oninu Board.
The City :Manager acts as the administrative head of the municipal government and is responsible for the
proper administration of all affairs of the City. The charter of the Citx of Miami places considerable respunsibilit\
upon the City Manager. He is authori7ed it) appoint and remove all department directors. prepare the annual
budL,et. investigate the affairs of the City or of any City department. reorganize the administrative structure and
recommend to the City Commission any policies which will benefit the health. safety or welfare of the community.
Mayor and City Commissioners
Maurice A. Ferre was elected Mayor in November 1973. reelected in 197�, 1977. and 197N. 1'or two-year
terms respectively. Mayor FetTe is a graduate of Lawrenceville School in New Terse\ and holds a Bachelor of
Science deLree in Architectural Enuineerin_ from the University of Miami. He is a prominent businessman and
corporate consultant with interests in both the United States and the Caribbean.
Joe Carollo was elected Commissioner in November. 1971t. for a four-year term. Commissioner Carollo is
a ,_raduate of Miami Dade Commurim Collet:e and Florida intemationai University. fie holds a Baccalaureate of
Arts Degree in International Relations and a Baccalaureate of Science Degrce in Criminal Justice. fie is present!\
Vice-president of' Export of International Trading and Shipping Corporation.
Miller J. Dawkins was elected Commissioner in No\cmher. 1981 for a tour year term. Commissioner
Dawkins is a graduate of Florida Memorial Culleue and holds an MS de_rce from the University of Northern
Colorado. Commissioner Dawkins has been employed tier I I years at Miami Dade Community Cu11e,e.
Demetrio Perez. Jr. was elected Commissioner in November. 19 S 1 for a four year term. He holds a Master
of Sciences decree in Human Resources from Biscayne Colle_e. A well-known tiuure in educational and cis is
matters. Commissioner Perez is also a member of the Inter -American Press .association tIAPA►. Presently. he is
the Executive Director of Lincoln -Marti Schools and an acti%c member of the business community.
J. L. Plummer. Jr. was appointed a Commisssioner in October 1970. and was elected Commissioner in
November. 1971. and reelected in 1975 and 1979 for four-year terms. Commissioner Plummer is a _raduate of
.Miami Senior High School and the Cincinnati Colleie of Mortuary Science. He is Chairman of the Board of
Ahern -Plummer Funeral Hume. Miami.
.administration of City affairs
Howard V. Gary. City Manager. was appointed to the City's top administrative position by the City
Commission on April 16. 1981. Prior to his appointment. Mr. Gary served as Director of the Department of
82 -77
1
Benj. H. T%rrel t212f 962-52_z.
2214C-1—Proof of January IS. 1982
Management and Budget. and as .assistant Cite Manager. respectively. fur a total of four and one-half years. He
served as Budget Director of Newark, Ne« Jersey. from 1973 to 1976. and as Chief .administrative Assistant from
1971 to 1973.Mr. Gary is a graduate of Moorehouse College and the University of Michigan. and holds both a
Bachelor's Degree in Business Administration, and a Nfaster*s Degree in Public Policy. He is an active member
of the International Management association.
Carlos E. Garcia. Finance Director. joined the Cit\ in November. 1976 as ,assistant Finance Director. He
has been previously employed in private industry in positions of Treasurer. Controller and Auditor. fir. Garcia
is a 1970 graduate of the University of Miami with a B.B.A. decree and is licensed as a C.P.A. in the State of
Florida. He is a member of both the American and Florida institute of C.P.A.'s and a member of the Municipal
Finance Officers Association.
George F. Knox. Jr., the Citv .attorney for the City of Miami. vas graduated from the Michigan State
University and University of Miami. Florida School of Lau. Prior to becoming City .attorney. fir. Knox was
.assistant Professor of Lain at the University of Arkansas. He is a member of the .association of American Law
Schools.
Ralph G. Ongie. was appointed City Clerk on July 31. 19 7h. He was the assistant City Clerk from 1972 until
1976. and the Deputy City Clerk from 1958 until 1972. He is a graduate of Baraca High School. Marquette.
Michigan, and has attended advanced personnel administration courses in Bainbridge. Maryland and selected
courses at the University of Miami. Mr. Ongic is a member of the International Institute of Municipal Clerks, and
is currently the Executive Director. Region IV. of the I.I.M.C.
Principal Government Services Performed by The City of Miami
The City's Fire Department, in addition to its traditional fire sci % ices. pro\ ides emergency medical and rescue
services. The Department also provides training_. enforcement of fire and building codes. and emergency commu-
nication services.
The Police Department is the largest department of the Cit\ . In addition to lac enforcement. it provide, police
personnel training. developing of new information. computer systems, criminal investigations and improving
relations between the Department and the communit\ it sen es.
Other services performed by the Cit% are garbage collection: sanitary ,ever, storm sewer and highway
construction and maintenance: street lightimr. trade and conunerce promotion: planning: and building and zoning
inspection.
Principal Facilities of the City
The City maintains 87 parks haying an area of,S36 acres. and two golf courses. It operates and maintains time
Orange Bowl Stadium: the Miami Baseball Stadium: Marine Stadium. four Cits -uu ned marina facilities pro\ iding
685 berthing facilities. the newly renovated Coconut Grove Exhibition Center. and the Bayfront Park auditorium.
Capital Improvement Plan
The 1980-1986 Capital Improvement Program of the City includes 204 projects totalinu, S408,97.4.000 in
value. There has been an increase in programmed ,pending in the number of ,torm, sanitary sever and street
projects scheduled in the latter years of this program.
Included in the capital improvement program is the Convention Center. This will be funded by the proceeds
of general obligation bonds issued in stay. 1969 in the amount of 54.500.t OO. a Federal grant made by the
Economic Development Administration and S00.000.000 in revenue bonds that were sold in July, 1980, firr
completing the construction of the Convention Center anti for the construction of a parking garage with a
connecting walkway and appurtenances. Such revenue honds will be secured by a first lien on and a pledge of net
revenues of the Convention Center and the garage. by a pledge of certain telephone and telegraph excise tax
revenues, and by a covenant of the City to make up deficiencies in the revenues available to pay such bonds from
the _general fund of the Cite. exclusive of any ad valorem real property or tangible personal property tax revenues
therein. (See Note ( I I itci in .appendix C.i
It)
82-77
Benj. H. Tyrrell (212) 962-520P
2214C-1—Proof of January 15. 1982
0
Watson Island. 87 acres in size and located one mile from downtown Miami. is projected as a planned
development which will include entertainment. cultural. marine. shopping and dining facilities. The City is
currently reviewing the scope of and the financing alternatives related to the project.
The Downtown Government Center is a 30-acre joint development among the Cite. State and Federal
governments. Facilities at the Center include the City of Miami administration building. a County administration
building. a County Court building. a central library. a Cite parking garage and tour State buildings. Space is
reserved for future construction of a Federal building.
Employee Relations
The City has multiple -year labor agreements with tour employee labor organizations.
The American Federation of State. County. and Municipal Employees. Local 1907 represents the bulk of the
Union employees and just recently ratified a three-year labor agreement between Local lytli and the Cite of
Miami. Florida.
The AFSCIIE Contract provides for increases of I _",� the first Near. and I U'c* the second and third years. Said
Contract terminates on September 30. 1984. and has no COLA or reopener clause in it.
The Contract with the Fraternal Order of Police. Lodge No. 20 was recently successfull% neLotiated by the
Labor Relations staff of the City of Miami. It was ratified on Friday. November 30. 1481. Said Contract is two
years in duration. terminating on September 30. 1983. It calls for the same increases for the first and second years
as the AFSCME Contract.
The Sanitation Employees .Association Contract expire September 30. 1982. The employees cosered by this
agreement received a wage increase of 61,� in October. 1981.
The successor contract between the International .Association of Firefighters Local 587 and the City of Miami
is in the tinal stages of negotiations and it is anticipated to he ratified in the next 30 da\ s. The wave settlement
is anticipated to be identical to that ,viih the Police Union and said contract will be a tsyo-scar contract terminating
September 30. 1983 with no reopening or cost of living clause included.
The City Manager's Office has a full-time protssional labor relations staff assi_•ned to labor ne`_otiations and
contract administration during the term of these agreements.
The Climate
The temperature of Miami is essentially subtropical marine. featured b\ lone, w arm summers. w ith abundant
rainfall. followed by mild. dry winters. The average temperature in the summer is S1.-t- and 09.1- in the winter.
with a Nearly average of 75.3'.
Government of Dade County
The followin`_ information and data coneerntnc, Dade County tthe -County-) are siLnificant in indicating
factors which substantially of feet The City of Miami by reason of its status as the largest municipality in the Count
and the County's urban character.
The Florida Legislature in 1955 approved and submitted to a general election. a constitutional amendment
designed to give a new form of government to the County of Dade. The amendment was approved in a state-wide
general election in November of 1956..A Dade County Charter Board was constituted and in .April. 1957 it
completed a draft of a charter for the County. The proposed charter. which established a firm of Metropolitan
County government. was adopted in a county election in May of 1957. and became effective on July 20. 1957.
The electors of Dade County_ are granted power to revise and amend the charter from time to time by county ide
vote. Since its adoption the charter has been amended in 1901. 1902. 1963. 1960. 1967. 1969 and 1972. It now
enjoys home rule subject only to the limitations of the Florida Constitution and General State Laws. The County
is. in effect. a municipality •.\ith governmental powers effective upon the twenty-seven cities in the County and
the unincorporated area. it has not displaced or replaced the cities but supplements them. The County can take
over particular acti%ities of a city's operations t 1 r it the services tall below minimum standards set by the County
Commission. or t 2) with the consent of the governing body of the city.
82.77
,is 7
Benj. H. Tyrrel (212)962-52?- I'
2214C-I-Proof of January 15. 1982
Since its inception. the Metropolitan Counts government has assumed responsibility on a County -wide
service basis for a number of functions. including County -wide police services. complementing the municipal
police services within the municipalities. with direct access to the National Crime Information Center in Washing-
ton. D.C. and the Florida Crime Information Center: uniform system of fire protection, complementing the
municipal fire proteotion services within ten municipalities and providinu full service fire protection for seventeen
municipalities which have consolidated their fire departments with the County's fire department: consolidated
two-tier court system conforming to the revision of Article V of the Florida Statutes which became effective on
January 1. 1973: creation of the 4liami-Dade Counts Water and Se%%er Authority with the responsibility for
developing and operating a County -wide "ater and sewer system under a single body composed of seven members
appointed by the Board of County Commissioners: coordination of the various surface transportation programs and
extending into the development of a unified rapid transit system: installation of a central traffic control computer
system which will computerize traffic management: merging all public transportation systenis into a County
system: effecting a combined public libran• system of the County and eighteen municipalities, which together
operate the main library, seventeen branches and six mobile units Nervine forts -four County -wide locations:
centralization of the property appraiser and tax collector functions: furnishing data to municipalities. Board of
Public Instruction and several state auencies for the purpose of budget preparation and for their respective
governmental operations: collection by the Dade Counts. Tax Collector ()full taxes and distribution directly to the
respective governmental entities according to their respective tar '.cvics: and prescribing minimum acceptable
standards adopted by the Board of County Commissioners and enforceable throughout the County in such areas
as environmental resources management, building and zonine. consumer protection, health. housing and %%clfarc.
Demographics of Dade County
The U.S. Census figures for 1970 ,how that the working group from 20 scars through age 64 makes up 54.1
of Dade County's population, compared to 52.31c for the entire United States. The percent of population 65 and
over exceeds the national average by 3.8c�.
AGE GROUP AS A PERCENT OF TOTAL POPULATION
1971)
Age Group
United States
Percentage
Dade Count.
Percentaye
0-5
17.154.337
8.4
86.172
6.8
5-9
19.956.24 7
9.8
107.062
8.4
10-14
20.789.468
10.2
1 13.205
8.9
15-19
19.070.348
9.4
11)3.OS(l
8.1
20-2•1
16.3 71.02_ 1
8. I
89.329
7.0
25-29
13.476.993
6.h
75.,85
60
30-34
11.430.436
5.6
71.059
5.6
35.39
11.106.85)
5.5
73.200
i.8
40-44
11.980.954
5.9
83.372
0.6
45-49
12.1 15.939
6.0
32.701
6.5
50-54
11.104.018
4;
75.701
6.0
55-59
9.973.028
3.9
69.635
S.5
60-64
8,(j16.784
4.2
64,804
5.1
65-69
6.991.625
3.4
62.213
4.9
70-74
5.443.831
2.7
if).155
4.0
75 and over
7.630.046
3.8
60.3.39
4.8
Total
203.2 11.925
100.0
1.267.792
100.O
Local Mass Transit
Metropolitan Dade Counts Rapid Transit System: One of the most important developments affecting Dade
County in general, and downtown Miami to particular. is the recent start of construction of a rail rapid transit
system. Construction has beaun on the development of a 21-mile, elevated rail system to extend from Kendall
Drive. in southwest Miami, to Hialeah. north of Miami International Airport.
The system trill pass through the western portion of Miami's Central Busines. District i "CBD" t and have
21 stations. Construction was begun in May 1979 and is expected to extend through 1984.
1_2
82 -77
Benj. H. Tcrrel (21211962-5 .
2214C-1—Proof of January 15.�198_'
0
Downtown People-Alover Sy.srem: The Downtown People -Moyer System. a separate rail transit system in
Miami's Central Business District, is planned to consist of a two-way. elevated rail line extending around the
"CBD" core with spur lines extending north and south to the outer portions of the downtown area.
The project would be developed and operated under the auspices of Metropolitan Dade County's Trans-
portation Authority and is projected to cost approximately S 186 million. Dade County and the City of ;Miami have
committed S26 million to the project. Presently the Federal government has committed 563.6 million to the Loop
portion of this project.
Education
Dade County provides educational facilities on primary, secondary and college levels.
Colleges and universities located within the area are:
University of Miami Biscayne College
Miami -Dade Community College Florida Memorial College
Florida International University Miami Christian College
Barry University
Public school enrollment, including both primary and secondary levels. since 1971 is as follows:
School Enrollment
Public School System
1971 ..........
2-15.275
1976
239.806
1972 ..........
242.190
1977 ..........
235,1 _' 1
1973 ..........
2.44,565
1978 ..........
228,592
1974 ..........
246.548
1979 ..........
227.000
1975 ..........
243.4-4 4
1980 .......
.. 232.356
Medical Facilities
There are .42 hospitals located in Dade County.
Recreation
The Miami area is famous for its sailing. deep sea fishing and hunting in the Everglades \ationai Park.
Athletics for the spectator sportsmen include professional football, basehall and basketball competition.
university competition in sports. open ,golf tournaments. and professional exhibition games.
There are twenty public and eight private golf courses in Dade County.
There are 297 public parks and playgrounds nhich have a total area of -108, 710 acres in Dade Count\ .
Miscellaneous
Data ,+hich reflects the :ro\� th of the econom\ of Dade County since 1950 is presented in the following table.
Growth Factors Relative to Dade Couny. Florida
WATER
ELECTRICITi"
7'ELEPHO\ES
Number
Consumption
K"M
Number
Motor
lost
sales Taa
of
Millions or
Sold
Commercial
Residential
in
Vehicle
Office
Collections
Year
dater Meters
Gals.
1000,$)
Customers
Customers
Service
Registration
Receipts
1000's1
195O
_;4.h1?
18.0141
-.So.24.;
1Q. 3 31
'IN).h.s
.,, S;y
i.f,7.071
S Q.W,
14hU
?s S
?, .»Ii
j,?»1.1111
\.44:
_1S.4r'
5Ih. I
Jq'.444
I'.?4h,bl)4
»I.h(hh
I00.1134
a.S-y
9.1.+1.1S1
?4,�;'
:iy •);'
y11.1?I
,_?.»�_,
24 111d.>11:
I»IL_„_,
1Y,h
I_h.`IHI
�I1,7'I)
I'_.?tiS.hUo
?� _NI
�11.V1111
I..JI.?QU
I._IN1._I'
-S.SII�,hh1
„3,SI11
14�'
I?IL�INI
I.' 1
1=.03..41111
.tllmi
;: ,.(XI
1.3,,_S.»1
1.=h,�.h?�
-� �\ ;4h
259.114
1Y-S
1» .INN)
:,404
I?.IIh11.0iNI
;y,i,Nl
»h,111N1
I.?hK.o?»
I.IISI.::»
44,ti'i.?4i
_4x.3sh
I4"4
1h-.I11N1
'h,?h?
I».'_!l1I,IN to
h:..IX1
;-: _,1111
I,- =.h?I
1,1W
17».?(ill
S?.r»4
1.4.1C t)oo
h`,1111)
.;N',_,I111
1.`h0,`1`h
1.113
114,sI`1. 4:,
34!.?81
Source: Economic Society of South Florida
13
82-77
A
Benj. H. Tyrrel (212) 962-522�
?'_ 14C-1—Proof of Januan I i. 1982
General
0,
ECONOMIC INFORMATION ON' MIAN11 AND DADE COUNTY
The Countv in recent years has begun to base its economy upon a more varied economic base. industn- and
manufacturing are becoming stronger forces in Dade County. While the County", share of Florida's tourist trade
remains one of the major economic forces. its attractiveness as a residential area to ,killed labor and its ,election
as the site for major and smaller light industrial activities have combined with tourism to produce a more
diversified economic base.
Dade County. in addition to being Florida's tourist capital. is also the industrial center of the State. having
more than twice as many employed in manufacturing* as any ether county in the State.
Corporate Expansion
The favorable geographic location of Dade County, the trained commercial and industrial labor and the
favorable transportation facilities have caused the economic base of' the County to expand b} attracting to the
Countv many national and international firms doing_ business in Latin .America. In Coral Gables, over 100
corporations have set up hemispheric operations. Among them are such corporations as Doss Chemical. Gulf Oil
Corporation. Owens -Coming Fiberglass Corporation. American Hospital Supply. Coca-Cola Interamerican Cor-
poration and Ocean Chemicals. inc.. a subsidiary of Rohm & Has, Company.
In addition to the Lrowth in manufacturin:r. siLnificant stride, have been made in the location of non-
manufacturine firms in Dade Counts-. Other national firms which established international operations or office
locations in Dade County are: Alcoa International. Ltd.: Atlas Chemical Industries. Bemis International: Dsmo.
Inc.: international Harvester: Johns Manville International: Minnesota i 3-M t Export. inc.: Pfizer Latin America:
Royal Export and United Fruit.
Industrial Development
Since becoming operational in January 197S. the Industrial Desclopntent Authority of Dade County has
approved 38 issues of Industrial Development Revenue Bends. Much resulted in an additional local capital
investment of approximately S I I6,499.000 and the addition of new jobs to the local market.
In addition. oser the last three sears the Industrial Development Authorit\ has assisted w ith tite location of
17 new companies in Dade County. providing an additional local capital in\ estment of appromnlatelx S-t 1.400,000
and adding an estimated 1.925 new job, to the local market. These 17 new companies were attracted to Dade
County althoueh they did not seek or did not yualif\ for tar -exempt financing of their capital investnunt through
the issuance of industrial de\elopment bands. Included among these firms are Rolls Roy c Ltd. and Cle\eland
Pneumatic Company. mo major aviation -related ntdustries..As a result of Rolls Royce', decision to locate in Dade
County, the Authority has receised inquiries from important prospects which scree as suppliers for Rolls Royce
as well as from ancillary. aviation -related companies.
.agriculture
The land area of Dade Count\ includes large a,riculturtl expanses on which limes. avocadoc,. mangoes.
tomatoes. and pole beans are crown for the fresh produce Market. During the sunm and %�arnt sinter nwnth,. the
mild climate enables these crop, to be grown and harvested. Many of the vegetables shipped to the northern and
northeastern parts of the country are part of this harvest. Exotic tropical fruits such as plantains. lychee fruit.
papaya. sugar apples, persian limes, etc. grow in this area and cannot be grosin am,-shere else in this country.
The Dade County Cooperative Extension Department has indicated that in 1979, the wholesale value of agricul-
tural products crown in South Florida exceeded S200 million «hile the retail value exceeded S000 million.
Film Industry
The Dade County film and television industry ranks third nationall% behind New fork and Los An_-cles in
its annual dollar volume of production costs. As estimated in the Februar;. 1981) edition of Florida Trend
MaL,azine. the total economic benefit to the local area %%as more than :S-10 million fOr fiscal year 1979 and is
projected to exceed more than S50 million for fiscal 114SO. In addition. more than 2.000 people are entplo\ed
directly in the film industn and in related job,.
14
82 -77
Benj. H. Tyrrel (212) 962-5221
2214C-1—Proof of January 15. 1982
Financial Institutions
There are 63 banks located in Dade County khich together have a total of o%cr S9,800.000.000 in deposits.
Demand Deposits
• Number
Number
of
Total
of
Total
Year
Banks
Demand Deposits
Year
Banks
Demand Deposits
1960
36
S 1.150,92-1.000
1974
91
S5.493.965.000
1965
63
1,744,453.000
1975
93
5.296.569.000
1970
68
3,257,368.000
1976
95
5.526.615.000
1971
71
3.614.491.000
1977
98
6,489,006.000
1972
77
.4,432.841.000
1979
71
8.412.714.813
1973
83
5.193.728.000
1980
6? '
9,845,643.473
Source:
Miami Herald
"The total number of banks has been declining because bank holding conipanie" are no %
consolidating
branch banks.
Dade County is al-o increasine as an international financial center. This has resulted from the location in the
County of such major northern and western banks as Bank of America. Bank of Boston. Bankers Trust Co.. Chase
:Manhattan Bank. Citizens and Southern Bank, Citibank. Irving Trust Co., Northern Trust CO. and The \Veils
Fargo Bank. The Federal Reserve System has located a branch office in Dade County to assist the Atlanta office
kith financial transactions in the South Florida area. Such branch received full branch status on Jul\ 1. 1975. There
are 21 major overseas Edge act banks that have moved to Miami. The Federal Reserve Edge act amendment.
adopted in 1919. permitted banks to open international banking subsidiaries outside their home states.
Tourism
Tourism is. and kill be for the near future. an important economic force in both the County and the Cite due
to the combination of favorable climate. together � ith excellent recreational opportunities —theatres. ballet.
symphony orchestras. famous entertainers. parks, public beaches, %acht basins. fishing. golf. outstanding restau-
rants. racing. all spectator spurts. historic sites. and other land and \+ater recreational facllitie•.The Cite is also
one of the major convention centers in the United States.
Miami International airport
Metropolitan Dade Count\ is the o�sner of tiye separate airports %\ ithin its boundaries. The responsibilities
for their operation are assigned to the Dade Counts As iatlun Department. Miami International airport ranks Sth
in the nation and 9th in the ssorld in the number Of passengers using its facilities. It ranks 5th in the nation and
8th in the �%orid in the movement of domestic and International air cargo.
During 1980. airport services %sere prosided to user 30 million domestic and international scheduled
passengers. This is an increase of 4.471-(* Oyer the previous sear. Uf major importance was the 131< increase in
international passengers. The airlines serving the Miami International Airport provide %%orld-%ide air routes
convenient for importers and exporters.
A tine -near summarN of the growh in both passengers served and cargo handled is Indicated bclo«:
Year Passengers Cargo M011's lbs. i
1976 ...................
12.598.000
783.844
1977 ...................
13.341.000
907.390
1978 ...................
15.891.000
I.057. S03
1979 ...................
19.067.000
1.054.770
1980 ...................
30.505.01'
I.161.ih0
Source: Dade County Aviation Department.
The Airport's facilities include three runka%s. a 5.000 car parking complex. appro\imatel\ mo million
square feet of warehouse and office space. and maintenance shops. approximate]% 30.001) individuals are
employed at the airport.
I
82 - 77
,ram,
Benj. H. TsIrrel (212) 962.5222
2214C-1—Proof of January 15. 1982
Port of Miami
The Port of Miami is owned by Metro -Dade County and is operated by the Dade County Seaport Department.
From 1976 to 1980. the number of passengers sailing from the Port increased from 1,026.825 to 1.459,114. an
increase of 42fr. This increased growth explains the Port's emergence as the world's leading cruise port.
The Port of Miami specializes in unitized trailer and container cargo handling concepts. This most effective
use of equipment and the Port's convenient location combined to make the Port the nation's leading export Port
to the Western Hemisphere, From 1976 to 1980. the total cargo handled increased from over 1 .5 million tons to
over'_.4 million tons. an increase of 62%.
In 1979. details were completed for the expansion of the Port of Nliami From 300 acres to 525 acres. The
additional space is needed to accommodate the increasing number of shippers. bu%ers, importers, exporters.
freight forwarders and cruise passengers who wish to conduct business through the Port.
A five-year summary of the growth in both passengers served and cargo handled is indicated below:
Passengers Cargo (Fonnaae)
1976 ...................
1.026.825
1.536.715
1977 . ..................
978,016
1.71 1.535
1978 ...................
982.275
1.922.864
1979 ...................
I.325,816
2.251.958
1980...................
1.459.114
2.485.791
Source: Dade County Seaport Department.
Building Permits
The dollar value of building permits issued in the Cite and in unincorporated areas of Dade County since
1971. are as follows:
Go of Miami
Dade Cnunt%
Year
UIt►WSI
1100"o ,
1971 ...................
156.239
760.228
1972 ...................
2-41.967
1 .296.235
1973 ...................
190,026
1 ,1 19.1-41
1974 ...................
113,619
786.760
1975 ...................
60,750
404.585
1976 ...................
80.7-44
506.798
1977 ...................
97,15 l
460,689
1978 ...................
105,06.4
651.482
1979 ...................
201.667
963.1-14
1980 ...................
350.054
1.020.840
Source: City and County Building Departments.
Recent Developments
Over the past year approximately 53.000 refugees from Cuba and Haiti have relocated to the City. State.
County and City officials have sought Federal assistance to offset the economic impact of the increase in
population which is unknown at the current time. The Federal Government's enforcement of immigration laws has
effectively stopped the refugee influx.
IS
82-77
Benj. H. Tyrrel (212) 962-52,�
2214C-I-Proof of January 15. 1982
Employment and Personal Income
The tables below indicate the scope of employment throughout Dade County .
Ten Largest Private Employers
Number of
Fmployees
Eastern Airlines ...................................................
13.95.4
Southern Bell Telephone & Telegraph Compan%..........................
11.204
Pan American World Airways ........................................
6.900
University of Miami ................................................
6.500
Burdines Department Stores .........................................
6.155
Florida Power & Light Company .....................................
4.000
The %,Iiami Herald .................................................
4.000
Miami -Dade Community College .....................................
3.900
Southeast Banking Corporation .......................................
3.575
Winn Dixie Stores, Inc . .............................................
3.000
Source: Dade Industrial Development Authority.
Estimated Employment in Non -Agricultural Establishments
September September September
1979 Percent 1978 Percent 1977 Percent
Manufacturine
(a) Durable Goods .............. 42.700 5.7(- 39.100
6."-�
36,500
6.2`
(b) Nondurable roods ............ 58.300 7,8 54.000
8.6
51.300
8.8
Contract Construction .............. 40.100 5,4 33,000
-
-900
4.1
Transportation .................... - - 45.600
7.2
43,000
7.3
Communications & Public Utilities( I 1 70.000 9.-1 16.500
2.6
16,100
2.7
Trade
(a) Whoiesaie .................. 55.100 7.4 48.700
7.7
45.700
7.8
Ib► Retail ...................... 128.500 17,2 112.000
17.8
104.000
17.7
Finance. Insurance & Real Estate .... 49.600 6.6 46,200
7.3
43.300
7.4
Medical & Other Health Services 42.100 -;.6 37,600
6.0
36.700
6.3
Other Services & Miscellaneous ..... 16-5 '00 22.1 108.000
17.2
102.2_00
17.4
Govemment ...................... 95.400 12.8 89.300
1-t.2
83.800
14.3
TOTAL ................. 747.000 100.0'z 630.000
100.01-�
586.500 100.0
1 1) Transportation and Communications &. Public Utilities have been combined for Scpember 1979.
Note: All industries are classified according to the Standard Industrial Classification
Manual. 1972.
All data are adjusted to first quarter 1977 henchman; levels.
Source: Dade County Community and Economic Development Department.
Unemployment Rates
As of
December
1975 1976 1977
1978
1979 1981)
USA ................... S.5 7.7i 7.0`'c
6.0ci
5.8'-,r 7.4%
Florida ................. 10.7 9.0 8.2
6.6
6.0 5.0
Dade County . ............ 12.6 10.0 8.9
7.4
5.8 5.2
Source: AmeriFirst Research Division.
Per Capita Personal Income
Dade Countv and Other Areas
1976
1977
1978
1979
1980
U.S.A. .................
S6.441
S7.028
S7.840
S8.706
S9.458
Southeast ...............
5.5.4
6.057
NA
NA
NA
Florida .................
6.I09
6.647
7.578
8.5'_1
8.987
:Miami area ..............
6.931
7.755
8.567
9.714
NA
:Miami USA .............
108<<
1 10' (
109cr
11 IC;
NA
Source: Bureau of Labor Statistics.
17
82 -77
Benj. H. Tyrrell(212) 9b2-5t.
2214C-1—Proof of January 15. 1982
TAX RELATED MATTERS
Tax Limitation ForMunicipal Purposes Excludes Debt Service on General Obligation Bonds
Article 7. Section 8 of the Florida Constitution provides that municipalities in the State may not levy ad
valorem taxes in extess of ten mills upon the assessed value of real estate and tangible personal property having
a situs within the taxing city. when the tax is being imposed to generate monies for municipal purposes. Taxes
levied for the payment of general obligation bonds are not, however. limited by this ten mill maximum.
Real Property and Tangible Personal Property Taxes
Both Dade County and the City tax real and tangible personal properties %%ithin the City.
Taxes Not Levied by Municipalities
Dade County and twenty-seven incorporated municipalities, including? the City. do not levy personal income
tax. gross receipts tax. inheritance tar. gift tax and commuter tar.
Tat Reduction Initiatives
Dade County has been involved in litigation %Kith a taxpayer %%ho by an initiative petition ;nusht to reduce
Dade Countv's ad valorem tax rate For general Dade County operations from 7.M6 mills per S 1.00 of valuation
to 4 mills per S 1.00 of valuation for the 1980-81 Fiscal sear. On July 25. 1980 the Supreme Court of Florida ruled
in a unanimous decision that the setting of the millage rate by initiative violated the Florida Constitution.
On July 1 1. 1980 the Florida LeLislature enacted a bill (the "Trim Biil") requiring that only legislative bodies
fix the millage rate and requiring all property to be assessed at I00<< of just value. The Trull Bill. effective July
1, 1980. prohibits the 1981 millage from being set by referendum. Based on the estimated tax roll. the certified
Citv millage for fiscal 1982 has been calculated to be 8,947. compared to 9.036 for fiscal 1981. The requirement
for 100 -c assessment resulted in an increase in the City', non-exempt propert% tax roll. from S-4. 3 billion in fiscal
year 1981) to approxinmutcly S6.5 billion in fiscal }ear 1981. A Constitutional amendment to raise the Homestead
Exemption to S25.000 ifrom S5.000) over three years. «as approved by the electorate at an October 7. 1980
election.
Procedure for Tat Levy and Tax Collection
Real and personal property \ aluations are determined each Near as of January I b\ the Dade County Assessor
of Property at just value. A notice is mailed to each property o\\ ner indicatim: the property s aluation. The property
ov ner has the right to fife an appeal with the Dade Count\ Clerk of the Board of Tax Adjustment if such property
valuation as determined by the property appraiser is inconsistent with that as determined by the property o\\ner.
All appeals of such valuation determinations are heard by the Dade County Board of Equalization. The Board
certifies the assessment roll upon completion of the hearing of all appeals so Filed.
All taxes are due and payable on Nmember I of each year or as -soon thereafter as the assessment roll is
certified and delivered to the Dade Count\ Tar Collector. The Dade County Tax Collector mails to each taxpayer
on the assessment roil a notice of the taxes levied. Taxes matt be paid upon receipt of such notice. with discounts
at the rate of four percent if paid in the month of `ovember, three percent if paid in the month of December, two
percent if paid in the month of January and one percent if paid in the month of February. Tares paid during the
month of March are %%tthout discount. Taxpayers also have the option of paying their taxes in equal quarterly
payments based on the prior years tax %%ith a six percent discount \+ith the June 30th payment. four percent with
the September 30th payment. tWo percent plus one-half of any adjusunents discounted at three percent with the
December 3 I st payment and no discount plus one-half of an adjustments \\ ith the March 31 st payment. All unpaid
taxes on real and personal property become delinquent on April 1 of the calendar year following the year in \+hick
the taxes were levied. All tax collections for the City are delivered to the Cit\ of Miami by Dade Count\. The
delinquent real property taxes bear interest at the rate of eighteen percent per ycar from April I until a tax sale
certificate is sold at auction from %%hich time the interest rate shall be as bid by the buyer of the certificate.
IN
82-77
A- ,41
Benj. H. Tyrrel (212) 962.521.-1
'_? 14C-1—Proof of Januan- 1 1982
Assessed Valuations
The following table shows the assessed value of taxable property together kt ith real property value assessed.
personal property assessed value. and homestead exemptions in the current and each of the last ten completed fiscal
years.
City of Miami
Assessed Value of all Taxable Property
Fiscal Fears Ended September 30.
Fiscal
Real
Personal
Gross
Homestead
Vet
Year
Property
Property
Total
Exemptions
Total
1992
7,176,591.117
4?2.419.3IU
8,1114,5111,13h
-11.275.971
7
.?h8.234.165
1981
6.2?2,_'1h.3051 I 1
8h4.5U7.1_ I
l01.81 3,26
554.128.066
h,512, 7 15.hM1
1980
3.743,o51.211
822.728.511
1,5h5.7^y ;$:
14".?11),871
1,3h8,1hi.881
1979
3.420.191.422
806.793.605
1.22'.175.1)2-
140.708,033
1,030,16h.994
1978
3._279.667.2,o
711.179.862
1.1)2?.84-1.09S
I95.ht31,076
3.828.183,11_2
1977
3,256,815.111
h8i.151,479
3,9 38,2"�1.343
148 jj8.652
3.'39.711.711
1976
3.123.657.035
072.h47,1-151
..'yh,3;-4AX9
144,120.601
+.59h.9?3.188
1975
2.851.309,94h
60.895., 64
",; 11.2115.'64)
8
3.315,1118,1112
1974
2.168.158.814
5?3,145,i71
2.-111.h51.?911
198,11.11h, h?
2,511?.lh7,h2'
147?
1.959, 2U,'h5
1h1,719,081
-'.121,1hU,816
2111. 5f1,y12
222,718.9114
1972
I.S06.182.202
116.368.867
2.282,551,1)6U
2112,41N1.9`i5
-1.0703150.01141
1 l I The increase in assessed value of real property in fiscal year 1981 is largely due to a change in Florida !a"
requiring that property be assessed at 100"� of actual value S sce the ,ubsection "Tax Reduction Initiatives-).
Record of Tax Levies and Tax Collections
The City has levied a certified tnillay of 10.()64 mills for the fiscal year 1 `)81-`i'_ beginning October 1. 1981,
consisting of S.947 mills for general Operations and 1.7 17 mills fOr debt service. The follmx im_ table sho«s the
tax levies and collections of the City for each of the completed fiscal years from 1971 through 1980.
Record of Tax Lexies and Tax Collections
t)utstandine
Total
Total
Delinquent
Fiscal
adjusted
Collection
Per Cent
Collection
Collections
Taxes
Year
Tax
of Current
of
of
Total
As Percent
t)utstandina
As Percent
Ended
LevN
fear's
Le%i
Delinquent
Tax
of Current
Delinquent
of Current
Cite
Sept. 30
All Funds
Taxes
Collected
Taxes
Collections
Lest'
Taxes
Lest
Millake(il
1980
60.983.826
58.799.7%
4h.1lYi
o7.h59
90.I97.151;
Uh 41,;
4611
1474
58.? 84,? 75
57.325.287
48. 18
1?(I,U1'
_ ,-`h 2?1
')):.')2
I .i54 ?h1I1 ?1
2 h7
1478
5n.5?2.UIh
14,095 '63
4^ Ih
323,?':
19.6l>S.hjh
uz 14
?.145.y14
h.14
I _100
I477
13,851,117)1
2,4h4,2?'_
9" 48
h5U.77:
1?,6'_I).1)O-
49 1-
"82,534
5.211
11.411?
1976
38.5o8.055
i7,28O.6h1)
4h.,l)
6 I'M11)
37,411,520
91S 1h
11118,176
1975
3,1.923.276
33.833.h43
9h 88
1.583.71-4
117.41)-,
101 12
1.151,U11
4.1-
10.380
19'4
31.6?7,575
12. ?h.227
47,?2
881.8°3
??.618.II8U
44 41
I,Uy ),11?'_
-4
13 43h
1473
1.4 06.1)81
27,118,8h5
47 hh
L)OX.385
28.?57.2511
11111,84
1.9_'4 5"'
h 87
12.h73
1472
28,8114.11j
28,1113.7? 1
47.? 1
77
..h91
28,321,125
4 S ? I
2.1811.710
7 57
I1 755
1971
27.841,74h
27.332.495
481U1
I ?.hh4
2'.Stlh,151
48h2
1.642,726
h1)7
14.8--5
1 I i Includes levies for general operations and debt service.
t 21 Net of S I .'_ 1-4.234 (char Le to current year revenue i anal 5292.067 m ritedo« n of prior years' receivable and
reserve I.
t31 Net of Sh14.02S +charge to current sear expense) and S) t)55.672 mritedo\sn of prior dears' receivable and
reserve.
19
82 - 77
Benj. H. Tyrrel (212) 962.51C
22I4C-1—Proof of January 15. 1982
Ten Largest Taxpayers in the Cite of Miami
The following table is a listing of the ten largest ta.rpavers in the City. the nature of their business activity
and the assessed value of their property for the fiscal year ended September 10. 1981.
Ten Largest Taxpayers in the City of Miami
1981 Assessed Value of Property
Name of Taxpayer
Southern Bell Telephone & Telegraph Company
Equitable Life Assurance
Florida Power and Light Company
Miami Herald
One Biscayne Toyer. N.V.
Four .Ambassadors
1.B.M.
Ball Point Development
New York Life Insurance
Federated Department Stores 1Burdinest
1981
Assessed
Nature of Acthih
Value
Telephone Utility
S273,879.381
Office Buildings
126.003.704
Electric l.'tilit\
85.487.832
Newspaper
50.138.243
Office Buildini_•
-47, 3-42.073
Hotel
44.874.560
Retail Sales
42.150.979
Office Buildings
31.229.350
Office Buildines
16.788.607
24.744.214
Total Assessed Valuation of top 11) Taxpayers.
which is 11.5 x of total 1981 Assessed Valuation 5752,638,943
FINANCIAL INFORMATION ON THE CITY OF MIAMI
The information under this heading is subject in all respects to the more detailed financial information
contained in audited financial statements ofthe City constitutina.Appendie C to this Official Statement. Particular
reference is made to the letter of Peat. Mar« irk. Mitchell & Co. dated March 28. 1981 addressed to City officers
and the matters noted therein.
Payment of Bonds and Bond Election Requirement
Pursuant to the Florida Constitution. there is no limit on the amount of ad valorem taxes a cit% ma\ levy for
the payment of voted bonds. The City is limited to a maximum tax levy of Ii) wills per S1.00 610 per SIt►00)
of the assessed value of real estate and tangible personal propert\ for Cit% ,cr%ice,, other than for the payment
of voted bonds.
The Florida Constitution requires the approval of electors prior to the issuance of bonds pa}able from ad
valorem taxes. A provision of the Florida Com tituuon limning such %ote to elcctr.r, %%ho ss ere owners of, freeholds
not wholly exempt from taxation within the ,uhdivision \%as declared void in 1972. Akcordin,lall qualified
electors in the Cit\ are eligible to vote in bond elections. The remainder of the Me\ ant section of the Constitution
providing for ad valorem taxation \tias held valid and is operatise.
Legal Debt Limitation
Section 58 of the City Charter limit, Leneral ohlivation bonds of the Cit\ to 15c(' of the assessed valuation
of all real and personal property �\ ithin the City limit, as shown b\ the last preceding assessment roll of the City
and provides that bonds for -street. sewer. sidewalk and other public improvements \%hick are paid from special
assessments. ,hall not be subject to such limitation of* amount nor he considered .� hen computing the amount of
general obligation bonds that may be issued.
The debt limitation for general ohli_ation bond, based on net assessed valuation as of September 30. 1981
%vas 5981.407.349. Outstanding general obligation debt applicable to the Cit,'s debt limitation a, of September
30. 1981 totaled SI2S.825.000.
'_0
82-77
Benj. H. Tyrrel (212) 962-5
221.1C-1—Proof of January 15. 1982
Bonded Indebtedness and Various Debt Ratios
The following several tables show the details of the City's general obligation bonds. special obligation bonds,
principal and interest requirements of general obligation bonds. the overlapping indebtedness of the County and
significant comparative ratios of debt to population and to the City's tax base.
General Obligation Bonds Outstanding on September 30, 1981
Final
Issue
Maturity
Amount
amount
General Obligation Issue
Date
Year
Issued
Outstanding
Fire Fighting Facilities .....................
3-1-58
1988
5 850.000
S 295.000
Coconut Grove Incinerator ..................
3-1-58
1988
1.100,000
390,000
Refunding Sewage Disposal Bonds ...........
1-1-62
1990
14.565.000
5.310,000
Dinner Key Marina ........................
6-1-65
1985
2.370.000
495,(X)O
Land Acquisition Bonds ....................
6-1-65
1985
700.000
140.000
Bayfront Recreational Facilities ..............
8-1-67
1987
2.250.000
690.000
Recreational Facilities ......................
8-1-67
1987
1.000,000
300.000
Storm Sewer Improvements .................
8-1-67
1987
1.000,000
300,000
Recreational Facilities ......................
7-1-68
1988
1.500.000
560.000
Storm Sewer Improvement ..................
7-1-68
1989
1.500.000
560.000
Sanitary Sewer ............................
7-1-68
1988
5.000.000
810,000
Convention Center .........................
5-1-69
1989
4,500,000
1.880,000
Fire Fighting Facilities .....................
10-1-70
1990
1.000.000
505,000
Police Headquarters ... . ............... . ....
10-1-70
1990
1.500.000
780,000
Pollution Control Facilities ..................
10-1-70
1990
3.000,000
i.560.000
Sanitary Sewers ...........................
10-1-70
1990
7.000.000
1.870.000
Highway Improvement ........ . ............
2-1-71
1982
3.000.000
300.000
Storm Sewer Improvement ..................
2-1-71
1991
1,500.000
795,000
Highway Improvement ....... . .............
9-1-71
1991
2.000,000
1.010,000
Sanitary Sewer ............................
9-1-71
1991
5.000.000
1.445,000
Fire Fighting .............................
6-1-72
1992
1.100.000
650,000
Sanitary Sewer ............................
6-1-72
1992
5,000.000
1.600,000
Police Headquarters ........................
b-1-7'_
1992
1.500,000
860,000
Storm Sewer Improvements .................
6-1-72
1992
3.000.000
1,720,000
Street and Hiehway Improvements ...........
6-1-72
1992
2.000.000
760,000
Public Park and Recreation Facilities ..........
10-1-72
1997
'_ Is. 3 50.000
20.075,000
Storm Sewer improvements .................
9-1-73
1993
2.0M.000
1 '75MO
Police Headquarters ........................
9-1-73
1993
4.000.000
2.530,0(K)
Storm Sewer Improvements .................
3-1-75
1995
3.000.000
2 200,00O
Sanitary Se%%er Improvements ...............
3-1-75
1986
5,(IUO,000
2.500,000
Police Headquarters ..................... ..
3-1-75
1995
8.000,000
5.850,000
Street and Highway improvement, ...........
:-1-75
1y86
3.000.000
1,500,U1k)
Sanitary Seu er Bonds ......................
10-145
1995
5.000.000
3.580,000
Police Headquarters ........................
10-1- 75
1995
2.(i00.000
1.575,000
Sanitary Sewer ............................
5-1-77
1997
13.000,000
10.780,000
Street and Highway Improvements ...........
5-1-77
1988
5.000.000
3,500,000
Fire Fighting .............................
5-1-77
1997
5.000.000
4.205,000
Police Headquarters ........................
5-1-77
1997
3.000.000
2.555,0(X)
Storm Sewer improvement ..................
5-1- 7 7
1997
2.000,000
1.685.000
Fire Fighting .............................
12-1-77
1998
I.000.000
900,000
Public Park and Recreation Facilities ..........
12-1-77
2003
11.540.000
10.560MO
Housing .................................
1 _' 1-77
_'O08
i .500,0O0
l . 36U.0O0
Street and Highway Improvements ...........
1 _2-1-78
1998
5,000.000
4.705.0O0
Sanitary Sew?r ............................
12-1-78
1998
6.000.000
5.675,000
Fire Fighting. Prevention and Rescue Facilities
12-1-78
1999
2,250.000
2.130.000
Storm SeN%er Improvement ..................
12-1-78
1998
5.000.000
4.850.000
Fire Fighting. Prevention and Rescue Facilities .
8-1-81
2001
1.750,000
1,750,000
Storm Sewer Improvement ..................
8-1-81
'_001
3.000.000
3.000.000
Housing .................................
8-1-81
'-01 1
4.400.000
4.400.0O0
Totals ...............................
S202.725.000
SI_28.825.000
21
82-77
Benj. H. Twrel (212) 962-=:
2-11 4C-1—Proof of January 15. 1982
General Obligation Bonded Indebtedness
Principal and Interest Requirements as of September 30. 1981
Fiscal
fear
Total Principal
Ending
Requirements
and Interest
Sept. 30
Principal
Interest
Requirements
1982.......
5 10,735.000
S 7.241.360
S 17.976.360
1983 ......
9.995.000
6.627.882
16.622.882
1984 ......
M65.000
6.019.482
15.58.4.482
1985 ......
9,555.000
5,439.164
14.994,164
1986 ......
9,430.000
4,883.33.4
14.313.334
1997 ......
8.630.000
4.338.976
12.968.976
1988 ......
8.245.000
3.8-13.359
12.088.359
1999 ......
7.290.000
3.370.751
10.660.751
1990 ......
7.105.000
1952.927
10.057.927
1991 ......
6,450.000
2,550.445
9,000.4 45
1992 ......
5,765.000
2.153.251
7.918.2-5 I
1993 ......
5,425.000
1,770,833
7.195.833
1994 ......
5.1 10.000
1.399.250
6.509 250
1995 ......
5,160.000
1,139.991
6.299.991
1996......
4,625.000
900,353
5.525,353
1997 ......
4.375.000
672.478
5.0.47.478
1998 ......
3,225.000
447.532
3.672,532
1999 ......
2.095.000
288.703
2.383.703
2000 ......
1.045.000
179.980
1.224.986
2001 ......
1,060.000
90.498
1.150.498
2002 ......
715,000
58.333
773,333
2003 ......
765.000
31.198
796.198
'_00 4 ......
285,000
18.-492
303,492
2005 ......
305.000
1-4.988
319.988
2006 ......
305.000
11.082
316,082
2007 ......
310.000
7.0_7_8
317.078
2008 ......
375.000
2,1 r _'
377,772
2009 ......
265.000
440
265.440
2010 ......
300,001)
108
300.308
2011 ......
315.000
157
315.157
S I _8.8_' .000
S�,6.455.403
S 185.280.-403
2-1
82 -77
M
Beni. H. Ty rrel (212) 962.5=2
2214C-1—Proof of January 15. 1982
Revenue and Special Obligation Bonds Outstanding on September 30, 1981
Special Obligation and
Revenue Bond Issue
Utilities Service Tax Series Al I )
Orange Bowl Special Obligations'_)
Orange Bowl Warehouse Revenue(3)
Orange Bowl Warehouse Reyenue13)
Off Street Parking Revenue
Series A & B(4)
Series Ct-t )
Series 198015 )
Convention Center and Parkine
Garage Revenue Bonds(6)
Final
Date of
Maturity
Amount
Amount
Issue
Year
Issued
Outstanding
2-1-63
1989
3.125.000
S 1.050.000
3-1-67
1982
1.900.000
165.000
1 _'-1-69
1982
105.000
25.000
12-20-74
1989
225.000
160.000
4-1-66
1994
4.800,000
2.635.000
4-1-73
2002
3.150.000
3.095.000
4-1-80
2009
S.725.000
8.725.000
7-1-80
2015
60.000.000
61).00t),000
82.030.000
S75.845.000
t 1) Debt service is provided by utilities service taxes imposed by the Cit% on each purchase of electricity. ,gas.
water and local telephone and telegraph service. A reserve must be maintained equal to the maximum annual
debt service requirements.
12) Debt service is provided by electric franchise revenues. A reseryc equal to the maximum annual debt ;ervice
requirement must be maintained. At September 30. 1980. there \%ere sufficient finds reserved to fully pay the
amount outstandin*.
(3) Rental income from the lease of the %%arehouse facilities is pledged to provide debt service on these bonds.
(4) Secured by a pledge of the net revenues of the off-street parking facilities and the on -street parking meter, of
the City.
(5) The Series 19SO bonds are secured by a pledge of the net revenues of the off-street parking facilities and the
on -street parking meters of the City. subject to the prior lien of the Parking Facilities Revenue Bond Series
A. B and C.
(n) Debt service is provided by a pled *e of net revenues of the Comention Center -Garage. a pledge of certain
telephone and telegraph excise tax revenues. and by a covenant of and a`*regiment of the Cit\ to provide. to
the extent necessary. revenues of the City. other than ad valorem propert} ta\ revenues. sufficient to make
up any deficiency in the required sinkino fund. iSee Note i 1 I )ic) in Appendix C.)
23
82 -77
Benj. H. Tyrrel (212) 962-522�
2214C-1-Proof of January 15. 1982
Fiscal Year
Ending
September 30
1982 ........
1983 ........
1984 ........
1985 ........
1996 ........
1987 ........
1988 ........
1989 ........
1990 ........
1991 .. .....
199'_ ........
1993 ........
1994 ........
1995 ........
1996 ........
1997 ........
1998 ........
1999 ........
2000 ........
2001 ........
2002 ........
2003 ........
2004 ........
2005 ........
2006 ........
2007 ........
2008 ........
2U09 ........
2011) ........
2011 ........
2012 ........
2013 ........
2014 ........
2015 ........
Totals .....
L7
Revenue Bonds and Special Obligation Bonds
Principal and Interest Requirements
as of September 30, 1981
Principal
Convention Center
Utilities and Parking Other Revenue Total Revenue
Service Tax Garage and Special and Special
Series .a Revenue Bonds Obligation Bonds Obligation Bonds
S 150.000
150.000
150.000
150.000
150,000
150.000
150.000
S1.050,000
S 100.000
330.000
640.000
1.060,000
1,1 40.000
1.225.000
1.3 20.000
1.425.000
1.5-40.000
1.665,000
1.805.000
1.i20.000
1.870.000
2 , 035.000
2.215.000
2..410.000
2.620.Ut)!)
2.850.t)OI)
3,095.000
3,365,000
3 , 660.000
3.980,(x)!)
-4.050.000
4. 410 ,000
�.72O.000
4.750,01)0
S60.000 0)0
S 355.000
199.000
196.000
252.000
=67.000
283.000
300,00)
316.000
337.000
330.000
350,000
370.000
395.000
-420.000
-4-45.000
475.000
505.000
5-40,000
575.000
615.000
655.000
705.()()()
775.000
e. 0,000
9.10.0i 0
1.020.000
I.1 15.000
1.220.000
J14.795,000
S 505,000
- -49.000
346.000
-402.000
-11 7.000
-433,000
.45O,000
316.000
-437.000
()(10.000
990,000
1.430.000
1.535.000
1.6-45.000
1.765.000
1.900.000
�.O-i5.00O
2.1180.000
2.335.000
'_ 525.000
2,7-10,000
2.990.00U
3.260.000
3.S5O.00o
,870,000
-t . 210.000
-4.585.000
3.W).O00
3 , 980.000
-t.050.000
4.410.000
�.720,00li
-4.750.000
S75.845,000
Interest
S 6.505.790
6.484.589
6.470.218
6.-455. 774
6.435.745
6.414.597
6.392.083
6.370.699
6.350.758
6.323.377
6.281.093
6.214.842
6.1 14.863
6.00-4.082
5.879.950
5.743.275
5,594.315
i.432,295
5,255,250
5,063.1-47
4.874.733
4.6-49,352
4.388.-1. ;
-4.103.190
3.791 .165
3,151._'45
3.080, 491)
2.0 70.992
2.23 7.3 75
1.917.125
I , %8.875
1.2(4.500
828.625
415,6_'5
S 160.98-1.-487
Total
Principal
and Interest
Requirements
S 7,010.790
6,833.589
6.816.218
6.857.77-4
6,852.7-45
0,8-47,597
6,842.083
6.696,699
6.787.758
6.983.37�
7,27 1.093
7 , 6-4-1, 8-12
1,6-49.863
7,6-49.082
7 , 6-4.4.950
7,643.275
7 ,639,315
7.637.295
7,635._250
7,398.1 47
7,199.733
7,389.352
7,378.4j3
7,363.190
7. 3-11.165
7.321.245
7,29),190
7,261.99_'
5,897.375
5,897.125
5,618.875
5,62-4,5nu
5,5-48,625
5.165,625
,4
82-77
Benj. H. Trrrel (2121 962-52.1
2214C-1—Proof of January 15. 1982
General Obligation Bonds and Motes Outstanding and Special Obligation Bonds and dotes Outstanding
for the City of Miami and for Dade County as of
September 30. 1981
General
Special
Obligation
Obligation
Combined
Debt
Debt
Debt
Cite of Miami ............................ S 128.825.000
S 75.845,000
S204.670.000
Dade CountN(1)(2) ........................ 463.660.000
164.307,247
627.967.247
Total ............................ S592.485.000
S240.152247
S832.637.247
(l) Excludes S97.500.000 NVaterworks Ssstem Bonds which are outstandin_, and are secured by revenues of the
Miami -Dade Waterand Sewer Authority as well as a pledge of the Count} to make pa%ment,. from ad salorem
tares. if necessary.
('_) Cite share of Dade Count-,- Debt is 23.4rr of amounts shown.
Current Debt Ratios of the City of Miami
FACTORS:
Assessed Valuation( 1).....................................
Net Taxable Assessed Valuation ............................
City of Miami Debt. Net of Reserve Funds
General Oblication ...................................
Special Obligation('_) .................................
Combined Direct Debt ( September 30. 1981 ) ..........
Overlapping Debt. Net of Reserve Funds. w 23.41
General ObliLwlion ...................................
Special Obligation(2 ) ................................
Combined Net Overlapping Debt (September 30. IW-1)
Population of Miami 1 1980 Census( ............ I ............
Assessed Valuation Per Capita ..............................
Net Taxable .Assessed Valuation Per Capita .................. .
DEBT RATIOS:
Net Direct General ObliLation Debt as a Percent of
Net Taxable .Assessed %'aluation ......................
Combined Net Direct and Overlapping General Obligation
Debt as a Percent of Net Ta\able Assessed Valuation .... .
Net Direct General Obligation Debt Per Capita ............
Combined Net Direct General and Special Ohii`_ation
Debt Per Capita ....................................
Combined Net Direct and Overlapping General Obligation
Debt Per Capita ....................................
Combined Net Direct and Overlapping General and Special
Obligation Debt Per Capita .......................... .
5128.825.000
71.738.000
5105.25�.=U8
S7.101.843.726
S6. 54'_ .715.600
S _'00.56 3.000
S 1.119.0i 1.9-49
400.061
S 11.752
S 16.354
I.1)71;
S 3".O1
S 5()I.33
� 585.I1
S 848.9I
t I ) .Assessed valuation as of September 30. 1981. using I001; of assessed values as mandated by Florida late.
12) Special obligation debt is payable from revenue sources other than ad valorem taxes.
25
82.77
Beni. H. Tvrrel 12121 962.52222
"_ 14C-1—Proof of January 15. 1982
Ratio of Net General Bonded Debt
to Net assessed Value and Net General Obligation Bonded Debt Per Capita
.assessed
Homestead
September 30.
Populationll►
Value
Exemption
198-1
100.06I
S8.109.510.436
5711._7i5.9'I
1981
319.(NN)
7,101.812,726
559.128.0hh
1991)
315.(0)
1227.175.027
1%.7118.033
1474
?15,fNN)
1,023.847,098
19i,661,1176
197R
31_.1MY)
3.938.270.393
198.558.657
1977
310.t)OO
?,7U6.R81.210
199.91'.752
1976
_3 S.INM)
_.511 ._205.7hn
14h,747.71 s
1U75
3 h,111M)
2.701.654.?911
199.1`Ih.7h2
1471
3 31.INN)
:,1_1,169,V17
_'Ill .'50.41:
1473
311,x54
=.282.551.004
_02.91H1.985
Ratio of
Net General
Obligation
Net General
Vet
Net General
Bonded Debt
Obligation
Assessed
Obligation
to Net
Bonded Debt
Value
Bonded Debt
assessed Value
Per Capita
S7.368.231.465
SI _x,8=5,IN111
1 'S`
S332.01
h.512.715.060
1_?.9115,IMN1
1.95
W.54
4.030.16h,991
13x,1)65,I11N)
3.13
11M1.19
?.824.183.022
1'_9,675,WO
? 1)
375.8,
'. 39.711.711
103.826.641
:.' i
303.59
3.546.9?3,18;t
41.J:3.9411
'_ h?
'_?8.111
11.1tI1i.01'
x3,4;1.2t,3
=.51
248.32
2.503.1h7.62S
14h.`111,1" :
2 17
7-5Y.47
2,11 , 7 Ix,91)5
51.161,74o
, 30
153 19
1.079,65;O.o84
4s,?11.'-118
_' 112
111.',o
I !) Estimated on basis of added electric and \\ ater connections and ne\\ d\\elling units constructed. except in those
\ears for \\hich a Federal census was a\ailable.
General Obligation Bonds Authorized but Not Issued
Of the SS 1.475.000 bonds approved by the voters on June 30. 1970 all of such bonds have been issued except
S2.375.000 of Streets and High\\ay Improvement Bonds and S4.000,000 of Pollution Control Bonds.
The S35.000.000 bonds approved be the voters on September 28. 1076 herein listed and the amounts of such
bonds unissued are as follo\\ s:
Sanitan
Fire
Sewers
Fighting
Authorized ............................ S'S.UQO.t)110
SIU.00U,000
Previously Issued ....................... 16.000.000
10,000.000
Balance Unissued ..... ................. S 9,000.U110
S —1)—
At an election held on March 7. 1978. the electors approved the issuance of S 15.000.000 of Storm Se\\ er
Improvement Bonds. S8.000.000 of said Storm Sewer Improvement Bonds \\ere previously issued and
S7,000.000 of such bonds are unissued.
The principal amounts issued and unissued of the S25.0110.000 General Obligation Housing Bands approved
by the electors on March 9. 11476 and \ alidated on Februar\ 17. 1977. are as tollu\\ s:
Authorized ............................................. S25.000.000
Previously Issued ........................................ 5,900.000
Balance Unissued ........................................ S19.100.000
On October 7. 19SO. the Voters approved S75.000.000 of Bundy consisting of S-t5.1100.000 of Sanitar Se\\ er
Bonds and S35.000.000 of Streets and High\\ay Improvement Bonds. On November 3. 1981 the Voters approved
S21.000.000 Fire Fighting. Fire Prevention and Rescue Facilities Bonds.
The City expects to issue approximately S 15.000.000 yariuuS purpose general obligation bonds during_ 1982.
Other Proposed Bond Issues
The City presently expects to offer marina revenue honds in an amount not presentl\ expected to exceed S30
million by the end of 1982 for the purpose of e\panding and de -,eloping, marinas located on Watson Island and
on Dinner Key.
The City has authorized issuance of bonds for the development of Watson Island. and as discussed under
"Capital Improvement Plan" abo\e, such issuance is eurrendy under re\te\\.
�b
82-77
Benj. H. Tyrrel (212) 962-54JE
2214C-1—Proof of January 1 4;. 1982
General Description of Financial Practices
The City Charter require, the City Manager to submit a budget estimate not later than one month before
September 30 of each fiscal year. Each department prepares its own budget request for review by the City
Manager. The City Commission holds public hearings on the budget plan and must adopt the budget not later than
October I.
The City's budgetary funds (General. Special Revenue. and Debt Service Funds) follow the modified accrual
basis of accounting, under which expenditures, other than interest on long-term debt. are recorded when the
liability is incurred and revenues are recorded when received in cash unless susceptible to accrual. i.e.. measurable
and available to finance the City's operations. or of a material amount and not received at the normal time of
receipt. The accrual basis is utilized (with minor exceptions) by all other funds.
The accounts, books. records and financial transactions of the City are audited annually and are subject to
quarterly review by a firm of independent certified public accountants. The opinions of the outside certified public
accountants are included in the Annual Reports of the Director of Finance.
The Following table presents certain financial information respecting the City and evidences the financial
capacity of the City respecting the payment of its obligations.
Summary of
Revenues and Expenditures
General Fund
Special Tax Levy Funds
and
Bond and Interest Retirement Funds
Fiscal Year Ended September 30
1981
19811
1979
1978
Budget
actual
.actual
actual
Revenue:
Ad Valorem Taxes 1 \et 1
General Operating .........
S 53.093.768
S -42.679.426
S 31).116.411
S 16.996.791
G.O. Debt Se vice ........
1',.76_2.70-!
Ih,69_'.,l7
1 7.- 17.31-1
I I.819.882
Other Income
Operating. ................
68.755.679
oI.70o.7.46
S(1.718.322
58.089.SS3
G.O. Debt Service
—
=.49-1.5,-)
I ._ 76. l; ;
564.698
Debt Service Fund Balance
1.213.52u
—
—
—
51.30,S25.680
51.3.632.1 1.4
$1 14.758.500
S 108.,71 .254
Expenditures:
General Operations ..........
S 121.849.447
S 10 3., 48.S6s
S 96.817.1 13
S 93.712.007
G.O. Debt Service
Principal and Interest ......
I8.791.380
17.3,95 '30
17.062.010
14.870. 52
Other ...................
184.853
184.518
168.6;i
9S.320
S 140.S25.680
S 120.928..110
S 1 14.047.-184
5108.677.579
Surplus or (Deficiency) of
Revenue over Expenditures S — S 2.703.798 S 710.716 S (,00.325)( 11
(I ( The deficiency of revenue over expenditures in 1978 w as offset by fund balance appropriations. All 1978 debt
service payments were met as scheduled.
Revenue Structure
The following is a description of the City's revenue structure. See .Appendix C for audited financial statement
of the City for the fiscal year ended September 30. 1980.
82 - 77
"1
Benj. H. T%rrel (212) 962.5.4r
'_? 14C-1—Proof of January 15. 198_"
General and Special Tar Levy Funds
Ad Valorem Taxes — See the section "TAX RELATED MATTERS".
Business License & Permits — The City levies a license tax for business privilege license, which is
collected by the Citv's Treasury Management Division. License taxes vary accordinL, to the type of business. The
exception to this are the contractors' licenses. which are collected onh by the Dade County Tax Collector. There
is a set contractor's fee for all contractors within the County. After collection. Dade County returns to the cities
its pro rata share of revenue collected. The pro rata share due each City depends on the number of contractors doing
business within each Citv's limits.
Utilities Service Tax — The City imposes a I Ore tax tin each purchase of electricity. metered gas. bottle gas.
water and local telephone and telegraph services. Rerenue is pledged tier debt service on Utilities Service Tax
bonds. The excess over the debt service reverts to the general fund.
Federal Revenue Sharing — The revenues derived from the Fedoral government are appropriated by the
Commission for various social service programs throughout the Citc as cell as the Citv's improvements to the fire
rescue service, recreation programs and the continuation of the City',; pay plan. (See, himever, Notes ( 10) and
( 12) in Appendix C.) The Citv's receipts of federal revenue sharing fund., since fiscal %ear ended September 30.
1976 are as fol lum s:
Federal Revenue Sharing Receipts
Fiscal Year
Ended September 31)
1981
SMO 8.088
1980
7.822.714
1979
8.248,815
Fiscal Year
Ended September 311
1978 581.25I
1977 8.893.709
1976 S.77-;,313
State Revenue Sharing — The revenue, distributed to the municipalities by the State of Florida under the
State's revenue sharing program are derived from a percentage of its collection of the State cnprette• ta\. the State
motor fuel tax, and the State road tax. The Cit% has received the t0llwa ing revenue .harm_ funds from the State:
Fiscal Year
Ended September 31)
1981 SI2.II2.t)l
1980 1 1.42 7.S-%
1979 11.561.?So
Fiscal Year
Ended September 31)
1978 SII.UO�;,-t77
1977 1 ! .O70,71 9
1976 I O.N'SU,-WO
Fines and Forfeitures — The City receive, a Pro rasa hate elf fin: and forfeltur_ revenue Iron Dade Count%
Since Fiscal 1976 the City has received the following amounts front the Count%:
Fiscal Year
Ended September 30
1981 S1.409.880
1980 1.11 7.038
1979 1. 304,35O
Fiscal Year
Ended September 30
I975
$I.299.509
1977
1. i 2 3 02
1976
I.I6�.i87
Internal Service — There are five internal service funds that are self-supporting because their revenues are
derived from charges for set -vices to other City Departments. These funds are:
City Garage Fund: For purchases and maintenance of all Ilea%t equipment used h� the City.
Motor Pool Fund: For purchases and maintenance of the automobile Ileet.
Property Maintenance Fund: For regular building maintenance. and a iinnted amount of building alterations
and additions.
Print Shop Fund: For all of the Citv's printing needs.
Stationer\ Stock Fund: For purchases and storing of ottice suppl\ item, cowunied in quantit\ in the Citv's
Operations.
,s,
82 -77
Benj. H. Tyrrell (212) 962-_-�
2214C-i—Proof of January 15. 1982
1
Enterprise Funds — Monies for these funds are generated by self-supporting activities \\hich render
services on a user charge basis to the general public. These activities include operation of the Orange Bowl
Stadium. the Marine Stadium. the Miami Baseball Stadium
Bayfrtmt Auditorium. golf ranges. and warehouse property
built and stored_
City Pension Funds
. various marinas. Coconut Grove Exhibition Center.
in which floats for the annual Ora_ne Bowl parade are
The City has two separate pension funds. the Retirement System ( Police and Firemen) %thigh gent into effect
on February I. 1940 (the "System" or "Retirement System") and the Retirement Plan (General Employees)
which went into effect on July 1. 1956 (the "Plan" or "Retirement Plan"). The actuary for the Retirement Plan
is Compensation & Capital. Inc.. Chicago. Illinois. For the Retirement System. the actuary is Alexander &
Alexander. Atlanta. Geor«ia.
With respect to the System and Plan. the principal actuarial assumptions are:
(I ) As to valuation method:
System —Entry Age Normal Cost Method » ith supplemental present value.
Plan. —Aggregate accrual Modification of the Entry aec Normal Cost Method.
t.) As to interest rate:
System and Plan-71<
(3) As to assets:
System —Moving market value average.
Plan —Market Value.
(4) As to retirement age:
The System and Plan have adopted. as of October 31 . 1y79. the use of probabilities by age. rather than
a single retirement assumption. Prior to October 31 . 1479. the used agc 53 and the Plan used
age 62.
Membership in the System and Plan is compukory for classified cmpfo}ees. optional for unclassified
employees and not open to temporary employees.
The City is in compliance with Florida Statutes, Part VIl. Chapter 112. "actuarial Soundness of Retirement
Systems". also cited as "Florida Protection of Public Employees Retirement Benefit Act". Through December
1976. the Retirement System and Plan %sere reported on a calendar \ear hasis. The City's required contribution
%%as made on a fiscal year basis. commencing October Ist. Subsequent to January 1977. the Retirement System
and Plan began reporting on a 'fiscal year basis. (See the section "LITIGATION— and Vote (9) in Append+.< C
for discussions related tx) litigation pertaining to the Cit•.'s Contributions to employe: pen+ron plans. t
The follo%%ing table sets tiMh in summary firm certain essential data respecting both the Retirement Plan and
the Retirement System for the calendar years 1973 through 1970. inclusi\c. and for the fiscal \cars ending
September 30. 1977. 1978. 1979 and I91so.
The unfunded liability reflected was determined upon the basis of data as of January I st of each ear. For
I9SO. the unfunded liability was determined » ith data as of January 1. 19ti0 for the System. and October 1. l(PSO
for the Plan.
29
82 •77
.'N
Benj. H. Tvrrel 1212) 962•S_
2214C-1—Proof of January 15. 198'-
City Pension Funds
Financial Data for Pension Plans
A
Benents Pmts,
Unfunded
Including
Cilv's
accrued
Emplo%ee
Employee
Interest
Contrihutinn
Liahility'
��IthdraWals
Contribution
Earnings(ll
Fiscal Years Ending
September 31). 1990
Miami Employees' Retirement System ..
.. S 8.738,311)
S 8;.40ti,(Hn)
S X.'92._34
S_.4;n.20S
S3.1u4,2N)
Miami Employees' Retirement Plan
5 ;.911,?27
Total ....
S11,h19.6-16
SI66.310,(h)(I
Slh,'uU.=O_
55,_228.o13
S9.1X4.'a"1
September 30. 1979
Stiaml Ernpluyees' Retirement Ss stern
S11).WO, -43
S Si%.110,0011
>-.1glt,;i?
S_.?"s.1IS
Miami Employees' Retirement Plan
S 4.43'_•1153
5 ",I1111,U1N1
5 f . i7.1)_=
S'.``U.IJfi
Total ....
. SIi,11_',�96
51�9,'Nl,INN)
51-.33-.53>
51,43";4K
S6,"_'J,-94
September 30. 1975
Miami EmpluSces' Retirement System ..
510--100.013
S SIARn),fnn)
s h.?na.9':
S2.316'32
S
Miami Entplocees' Rcurement Plan
S 3?09.mf+J
y jh,llllll,lhll)
i h,juti.4�-
j',Sh_', h9
SI.Sk4,`:1
Tma!
SI3,70900ii
SI37,00),Illll)
$(=.?h3.• "��
SJ,!t119,111)1
$1,14:,`14
September 30. 1k)"i2i
Miami Empirlyees' Retirement System
.. S h._29,'44
S >il.)77.4�hh
S
3.u5`I
Miami Employees' Retirement Plan
S '.164 -In
\ 1h._ 00.? 41
$ J,3_ 1'V
SI.SSs.134
Total .. .... ..
S `I.h95.i11�
S127.J(,7.v47
S '1."�) " _
53,h''1.9?tl
S;,3."
Calendar Year Ending
Deccmher 31. 197h
Miami Emplt)%ces'
Retirement S,,icru
.. S h.`'-",`Ill
\ 4i l,jil,�'h
1 4.;t`h,-"
.- ?3i+,.
�`.y'�• I
Miami Ernplosces'
Retirement Plan
S .114',"k'
3
1.n�h1 -
� <�_.
's J -i If h
S_',�h3.-74
S_ '1: cy
Total
) +.h-";
-14; 0 .ILA l
1 4,`tt.h?I
$4.•)113.;_11
1`,1411,3(fi
December 31, i9-`
Miami Ernpbl_sees'
Retirement SS,tcm
IS1.nh.,
S 1;9.2-6.-hl
S 1,Jh�.fh1
�_.14'.31W
S�•;. .40"
Stlami Empluyela'
Retirement f Ian
_
'.43f).4s,
1 �h.:rl?,31h
TVlal
S A.i-11
S14".480.10-
S 1,3?1.11r,\
D•cember ', L 107J
Miami Emplosecs'
R:nremcnt Sy,rem
�._'I.�_.
S U•)unlr.�inn
. 1.1s:.?_h
_.lx- m)1
Miami Emplosees'
Retirement Plan
1.7Sh,"�_
Total
; n.nSs.;-;
S 99,In N t,nOn
S ". l �u.h:s.n1?
SJ,:-1
December 3I, ly%?
Miami Empiosce,'
Retirement Sy,icm
.. S '_.�u(I,1f)1
S r,3.nuu.lnut
S 3.'+la.^yn
Si.'x9.;1;
i3,_I_.`tIW
Miami Employees'
Retirement Plan
S I-S-4209_
Total
.. .....
1st 2.>I111
) h5,111111•0(HI
1 h_t,h1,133
S .49�.1)1I
13.=1_2.N'(N
11) EarninuYs for
Plan S Svstetn .kern
combined prior
to 197-5. In 197 5 all General
Employees, \\ere
transferred
to Plan.
12) For the nine months ended September
10. 1977.
The fiscal year %%as changed to end
September
1I), thereafter.
.o
82-77
Benj. H. Tyrrel (212) 962-54.
'__' I -IC -I —Proof of January 15. 1992
LITIGATION
U
The Cite is currently defendant in a lawsuit seeking to require the City to make additional contributions to
its pension plans for prior fiscal years through 197-5. totalling S 0 million. includin, SS mullion in interest. Also.
the Citv is currently, defendant in a separate lawsuit seekint to require an additional 5 i 'million over the amount
appropriated by the Cite for fiscal year 1981). These la%%suits and others are discussed in the City Attorneys letter
attached hereto as appendix E.
There is not now pending any litigation restraining or enjoining the issuance or delivery of the Bonds or the
levy or collection of taxes to pay the principal of or the interest on the Bonds. or questioning the proceedings or
authorization under which the Bond, are to be issued. or affecttm, the validity of the Bonds.
RISK MANAGEMENT
A charter amendment "as appro%ed by the electorate in 1971 (7.904 for. 4.087 against t. allo%\ in_, the City
to set up a Self -Insurance and Insurance Trust Fund. The Citx Commission created. b% ordinance. a Board of
Trustees composed of the City Manager. the Director of Finance and the Insurance Manager it, handle the secunts
investments of the fund. Also created is a Self -Insurance Committee. appointed b\ the City Manager. to administer
the plan.
The City is self -insured for all vehicular accidents. Police Torts and Premises Liabihi\ up to S100.000 per
accident and S200.000 per occurrence in accordance \%ith Florida Statutes. Section 768.aisin_ No%crei__n
immunity in tort claims.
The City of Miami is self -insured for all other exposures -,� ith the exception that coverage by outside insurance
purchase is made where it is found available at acceptable rates. Co\eragcs Qutrentl\ purchased include accidental
death and property damage. excluding burglar\. Group Life and accidental Disahilit\ and Death benefits haze
been purchased. with group benefits hemm_ elf -funded.
TAX EXEMPTION
In the opinion of Brtmn. Wood. It,ey. Mitchell and Pett\. \e« York. N.Y.. B,md Couns& interest on the
Bonds is exempt from all present Federal income taxes under emstin , statutes. regulations. rulrn_s and court
decisions.
FINANCIAL STATEMENTS
The financial statement. of the Cin of Miami set forth in .-appendix C to this Official Statement hat-e been
examined by Peat. Marwick. Mitchell k Co.. independent certified public accountants. for the periods and to the
extent stated in their letter to the City Commission dated \larch _'S. 1981. and are an integral part of this Official
Statement.
CREDIT RATINGS
The Bonds have received the credit ratings of AAA (MBIA lnsuredt h% Standard & Poor's Corporation and
by Moodx's Investor Service Inc. Such credit ratima, retlect only the yic\y, of such credit rating agencies.
and an explanation of the si_*nificance of such credit ratings may be obtained from the credit rating agencies
furnishim, the same. There is no assurance that such credit ratil)Ls "ill continue for anx gi\en period of time or
that the\ krill not he revised or �%itlidra%%n entirely by either or both of such credit ratima a_encies. if in their
respective lud`,ments circumstances so %\ arrant. A revision or "thdra%%al of am such credit ratim_ may have an
adxerse effect on the market price of the Bend,.
?I
82 - 77
10
Henj. H. Tyrrel (212) 962-S..
2214C-1—Proof of January 15. 1982
CLOSING CERTIFICATES
Certificate of Cite Manager and Finance
Director Concerning Official Statement
1b
Concurrently \t ith the deliver• of the Bonds. the Cit\ Mamwer and the Director of Finance «ill furnish their
certificate to the effect that, to the best of their knov\ledv. this Official Statement. as of its date and as of the
date of delivery of the Bonds. did not and does not contain an untrue statement of a material fact or omit to state
a material fact which should be included therein for the purpose for \\hich the Official Statement is to be used.
or which is necessar\ to make the statements contained therein. in the liLht of the circumstances under \\ hich they
\+ere made. not misleadin:.
APPROVAL OF LEGAL PROCEEDINGS
Certain legal matters incident to the authorization and issuance of the Bonds are subject to the approval of
Bro\\n. Wood. lvev. Mitchell & Petty. Ne\\ fork. N.Y.. Bond Counsel. \\hose legal opinion \\ill be available
to the undomriters, at no cost to them. at the time of the deliver\ of the Bonds and gill he printed on the Bonds.
MISCE1,LANEOUS
The references. excerpts and summaries of all documents referred to herein do not purport to tic complete
statements of the provisions of such documents, and reference is directed to all such documents for full and
complete statements of all matters of fact relating to the Bonds. the securit\ for the Pa%men[ of the Bonds and the
rights and ubliLatiuns of the holders thereof. CoPies of such doruntents nun he obtained from the Cit\ or from
James J. L m rev & Co.. Incorporated.
The information contained in this Official Statement has been compiled from official and other snurCes
deemed to be reliable. and is belie\ed to he correct as of this date. but is not _,uarantecd as to accuracy or
completeness h\, and is not to he :,)n trued as a representation h\. the Financial ALI%isor or the l'ndcr\\riters.
.fin\ statement made in this Official Statement in\ col\ nt' matter, of opinion or tit estimates. \1 hether or not
sal expressly Mated. are set torth as such and not as representations cot tact. and not representation is made that an-,
of the estimates \\ ill he realized. The information and c\pressions of opinion herein are ,uhiect to Chan e \\ ithout
notice and neither the deli\ery of'this (official Statement nor .in\ sale made hereunder hall. under am circum-
stances, create an\ implication that there has been no chan,'e in the attair• of the Cit\ of Miami since the date
hereof.
The execution of this Official Statenlcnt has been dal\ authorised h\ the Conunission of the Ctt\ of Miatni.
Cit\ of Miami. Florida
82 -77
FEASIBILITY ANALYSIS
PROPOSED PARKING STRUCTURE.
DOWNTOWN GOVERNMENT CENTER
MIAMI, FLORIDA
PREPARED FOR THE
CITY OF MIAMI
BY BARTON-Asof^BAN AsSOCIAiES, INC,
EvANSTON, ILLINOIS
JANUARY, 1982
APPENDIX A
82-77
f
CONTENTS
List of Figures and Tables, iii
7A
PURPOSE XNM SCOPE 1
BACKGROUND 1
METHODOLOGY .3
THE PEOPLE—iMOVER A.ND IYFERCEPT PARKING 4
ESTIMATED PARKING GENERATION IN GOVERMENT CENTER 6
DESCRIPTION OF THE PROPOSED GAR -AGE 16
EST I UM: OF c .ARAGE CONSTRUCTION COST I —
ESTLMTED STABILIZED GROSS RBI-,\,UI: 1;
STATUS OF TFffi GARAGE SITE 1 ��
ESMtkTEI) WU:U. DEBT �FRV I CV.. � 1
ESTINLXTED FIXkNCIAL PERFOR.`.RNCE
ii
82 -77
6 V
LIST OF FIGURES AND TABLES
Figures
1. Government Center Proposed Developments 2
2. Site 1 Trade Areas 9
Tables
1.
Proposed Development Schedule in Government Center
7
2.
Developments within Trade Areas of Proposed Garage
8
3.
Estimated Government Center Development Sizes
10
4.
Estimated Activity in Garage Trade Area
11
S.
Estimated Generation of Cultural Center
12
6.
Estimated Peak -Hour Parking Generation by Garage Trade Area
13
7.
Summary of Supply and Demand in Site Trade Area
16
8.
Estimated Garage Construction Costs
18
9.
Rate Schedule
18
10.
Estimated Stabilized Gross Revenues from Parking
20
11.
Estimated Cash I'lou ] S %nthti
12.
Estimated Effect of Inflation on Go�-ornment
_.
Center Garage Coverage
2a
iii
82 -77
0
PURPOSE AND SCOPE
2
The purpose of this report is to evaluate the feasibility of con-
structing a multi -level public parking structure in the Downtown Govern-
ment Center, bounded by West Flagler Street, NIV Third Avenue, NAV Fifth
Street and NIV First avenue, Miami, Florida. The site selected, after
evaluation, as the best location for the garage is between NIV First Street,
MV Second Street, I-95 and NIV Second avenue.
This study was prepared in accordance with an agreement with the City
of Miami, dated Ma} 1, 1980. At the meeting of April 24, 1980, the Com-'
mission approved Ordinance No. 9093 and Resolution No. 80-303. The ordi-
nance approved the expenditure of funds from the Parking Capital Projects
fund to cover the cost of the feasibility and design studies for parking
structures in the Downtown Government Center. Resolution No. 80-303 ap-
proved the City Manager's recommendation of the firms to provide profes-
sional services for the project.
BAC KGROLTND
Government Center, occupying approximately 12 blocks in the northwest
corner of the Miami Central Business District, is being developed as the
focus of city, county and state office buildings. The area is to contain
the Metro -Dade Cultural Center including a library, art museLwi and histori-
cal museum. The principal rapid transit -people -mover station is to be located
on the east side of Government Center. Figure 1 indicates the locations
of the various developments that now exist and those planned for future
implementation.
With full plan implementation, Government Center area is to contain
10 office buildings, the Cultural Center, a central support facility and
the new transit station. At the present time, three of the buildings are
in operation --the City of :Miami Police Headquarters, the City of �tiesii
.administrative Office Building, and the State of Florida Regional Center.
Construction was begun in the Summer of 1950 on the Metro -Dade Cultural
Center. This latter facility is to be opened by 19S2. :he `letro-Dac:e
:administrative Building is to be started in the near future with an
pated completion date of 1983.
The principal mode of travel to Government Center of both employees and
visitors is expected to be the private automobile. With completion of the
proposed rapid transit system and the people -mover, it is estimated that
approximately 70 percent of the person -trips to the area will be by private
automobile and 30 percent by public transportation including the new modes and
continuation of the existing bus system. Even though use of public trans-
portation in future years is expected to be between two and three times as
great as today, it is clear that a large amount of parking space would be
needed to accommodate persons traveling by automobile.
1
82-77
PIS 9IR $TWEET
1
I
� I '
POLICE (3)
I ;GARAGE
E I STATE (2) I
E E
j,
CIE STREET
�Ir — i
L02)
SS........
F
' i SITE 2� � � „.. • ; ; �� '. i i
j t✓ I •SITE 3, �
j I ( ^JLI
1 i NW ]re STREET
I , I (6)---
j GREENPARK F i
LL
ILA
E
(5) I 1
g a CITY �! 1 j I
I 'I 1 I 1 MW IMd STREET
17
I101 aD
I�1 i 1_� ��
i 1\ ` 1 •..... f II
SITE 1 F F I I ;t I`
^_��
� \\ NW iu STF[ET
16)
D l i 0 1 1 E
✓' ��✓! 1 t z1,
FLUGLER „TRE'TRm
I i i
0 so
Garage Sites 1-I-I--=y [�
E Existing '0
0 Definite
F Future Figure 1
i11 Development See Taole I GOVERNMENT CENTER PROPOSED DEVELOPMENTS
82 - 77
Following the recent occupancy of the City of Miami Acriinistrative
Building, there was a total of approximately 375,000 square feet of govern-
ment offices open in Government Center. With completion of the Metro -Dade
Administrative Building and the central support facLlity the .uilOLLnt of
office space will more than triple to 1.." million s(luare feet. In addition,
with the completion of the Metro -Dade Cultural Center, there will be a
major demand for visitor parking and some emplo}•ee parking.
This report evaluates potential parking generation only within the
trade area of the proposed garage in Government Center from development
which appears to be definite. Financial feasibility has been examined in
terms of the assumption that revenue bonds t..ould be used to finance the
parking improvement.
METHODOLOGY
The master plan for the Government Center area proposed three sites as
being appropriate for future garage development. 'These are identified in
Figure 1 as:
-- Site 1: Between %1i First Street, N1V Second Street, 1-95 and MV Second
Avenue.
-- Site 2: Immediately northeast of the intersection of Nl% Third :\venLLe
and NIV Third Street.
-- Site 3: Between \1i Third Street, Fourth Street, First Court and
the proposed alicj rient of the rapid transit acid the people -
mover.
A six -step approach was used to select and evaluate the M10-st promising
site for the first garage construction project:
1. The amount of potential parking demand within the trade area ')f each
garage site was estimated. This step eliminated Site ' from further
consideration since there appears to be no ai)Urecia;)le narrkini shortages
within its trade area in the nett few years.
2. a suitable parking garage concept was developed to fit the physical size
and shape of Sites 1 and 3. The garage concept reflected the fact that
the city recently changed two requirements that will lower the relative
cost of constructing new garages: a reduction in the sizes of parking
stalls and the proportion of compact spaces that may he included in a
new garage. The former requirement for a standard parking stall of
nine feet by 20 feet was reduced to nine feet by 19 feet. The require-
ment for compact stalls was reduced from 7.5 feet by 1, feet to 7.5 feet
by 16 feet. The maximum number of small stalls was increased from 30
percent to 40 percent of garage capacity. In developing the garage
3
82 -77
Following the recent occupancy of the City of Miami .administrative
Building, there was a total of approximately 375,001) square feet of govern-
ment offices open in Government Center. With completion of the Metro -Dade
Administrative Building and the central support facility the Mloiult of
office space will more than triple to 1.2 million square feet. In addition,
with the completion of the Metro -Dade Cultural Center, there will be a
major demand for visitor parking and some employee parkin;.
This report evaluates potential parking generation only within the
trade area of the proposed garage in Government Center from development
which appears to be definite. Financial feasibility has been examined in
terms of the assumption that revenue bonds v.7ould be used to finance the
parking improvement.
METHODOLOGY
The master plan for the Goverrunent Center area proposed three sites as
being appropriate for future garage development. These are identified in
Figure 1 as:
-- Site 1: Between \1i First Street, \li Second Street, 1-95 and \lti Second
Avenue.
-- Site 2: Immediately northeast of the intersection of IS1,; Third Avenue
and \1` Third Street.
-- Site 3: Between Mi Third Street, Fourth Street, M Et Court and
the proposed alig;unent of the rapid transit and file people -
mover.
A si\-step approach waS used t0 select and evaluate the ;110St pl•Omisirl;
site for the first garage construction project:
1. The amount of potential parking demand within the tradr, area f each
garage site was estimated. This step eliMinatCd Site irolr, ful•thOr
consideration since there appears to be no al.preci,-1)le 'iarKiil,- 5110rta�tS
within its trade area in the next few yearS,.
'_. A suitable parking garage concept was developed to lit the -)hysical size
and shape of Sites 1 and s. The garage concept reflected the fact that
the city recently changed two requirements that will lower the relative
cost of constructing new garages: a reduction in the sizes of parking
stalls and the proportion of compact spaces that ma•,• he included in a
new garage. The former requirement for a standard parkin,:; stall of
nine feet by 20 feet was reduced to nine feet by 19 feet. The require-
ment for compact stalls was reduced from 7.5 feet 17 feet to ,.5 feet
by 16 feet. The maximum number of small stalls was increased from SO
percent to 40 percent of garage capacity. In developing the garage
J
82 -77
concept, ti,o non -parking uses were considered as Joint -use possibili-
ties: office and retail. It was concluded that the development of
office -space in conjunction with the ,'arage proiect '.could be too dif-
ficult to coordinate and probably should not be considered at this
time for the first garage development. However, the inclusion of future
retail space in the garage appears to have merit and could provide
necessary services to visitors and employees of Goveriunent Center and
could also enhance the financial feasibility of t1-:e project.
3. a preliminary estimate of gross revenues was then made for Sites 1 and
3 using the capacity of the concept garage, potential patronage and ap-
propriate future fees. On the basis of this step, _ w'._ta aeG6 CtGc
as t::e best for the first parkino garage project to be developed
in Government Center by the City of miarlli.
4. at this point in the evaluation, the City of retained all architect
to prepare preliminary garage plans.
S. Construction bids were received by the City of Mixii on October 15,
1981, and were used to determine the required size of the bond issue
in this study.
6. Trc pro forma of a garage on Site I was developed by comparint, estimated
alhnual costs (maintenance and operating and bond a:t;ortization) with
estimated annual income.
THE PEOPLE-.%O%'T_R a.\l) I\TE.RCEPT ra:KI\G
Following several extensive studies, local gove1.1v,1O11t adopted a plan to
Lmrlement a downtown people -mover (Dp'�n system. Tl,c full s'.'stel:I MOL(ld SOM-e
aS an efficient distributor syste;;l, e1•e11tL1all%' conntectin the Flrickell,
central btlSineSS district and the Orull al'eas. This t.l-"illy I'OUte, ;1S
a; OpteQ D�' the City and CoLlnty Co:=, is`1o;1s oil Ija, `11 _ , 1, �S C'StL'^.at'- tC
cost S1b5 I111111on upon colilpletion. to 0= �(l
designated at approximately l,Goo-foot iIlteI';"a1S. Tf:�' �:l�e SySt�l , 02' the
central business district loop, is to be constructe6 by 1�S�-1985, based
upon UNITA's funding commitment. The proposed north lc,g of Onuli and the
south leg to Brickell are contingent upon future federal funding. However,
completion of preliminary engineering on this phase should be accomplished
within the year.
The principal station serving; the people -mover and one which interfaces
with the proposed rapid transit system (now Colder construction) is located
L,
82 -77
4"k 0
at Government Center. As indicated in Figure 1, thc station is to be located
at the east side of Government Center (just Kest of N1%; First Avenue) and is
to extend in a north -south direction from approximw:ely \IV First Street to
NT`' Third Street. The combined rapid transit and people -mover station is to
be interfaced vertically. Both the rapid transit and the people -mover are
to operate above grade. At the Governliient Center Station, the people -mover
guideway is to be located above grade but below the rapid transit tracks.
Escalators are to provide vertical transportation for passengers.
The people -mover loop connecting Government Center with the balance of
the central business district generally follows an alignment around the
periphen- of the CBD between N1V Third Street, BiscaN-ne Boulevard, SE Third
Street, and the eastern edge of Government Center along \1V First avenue.
The people -mover is to provide rapid interconnection between the Govena7nent
Center Station and other parts of downtot.n along its route. The round trip
time is estimated to be 11 minutes for the entire loop. 'File system is to
provide tracks in two directions so that a passenger can redo in either direc-
tion in order to minimize travel time. Under this configuration, the es-
timated travel time between Govel,unent Center Station and any other point
along the downtoun alignment would be less than six minutes.
In view of the excellent transportation that the dml-lltowl people -mover
is to provide between Government Center and the balance of downtoiNn, and
considering the increasing development taking place downtown along with the
inherent slow movement on do.ntown surface streets, it is believed that pro-
posed parking facilities in Government Center would attract a number of
parkers who would then continue their trims to the central area via the
people -clover. These "intercept parkers" are expected to provide additional
patronage to the proposed gara-e.
The preliminary engineering report for the dm.-ritoi.n people -mover issued
in July, 1979, estimated that the annual ridership on the people -;hover in
19S5--the first full year of operation --was empected to range between .)..3
and 9. Inllllon persons. Steady growth l.as indicated so that by 199_,
ridership was estimated t0 reach the ra71e of 11.1 to 11.(111111011 aIl.11t7ai
riders. ine report also indicates that during the !nornin, ;'e.:k hour ;:as
ci the early year's), a total of `omk? pas:t;,�.? StO:::.
Slightiv more than 50 percent of these passen-el's aro expacto", t:? 1:,7 r� .:t
Government Center Station. Many of these patrons '.tiCtlld De ',tior'kors, of t}lt
central area. In addition, persons visiting the central area for non -work
business and retail trips are expected to board at Governl:ient Center Station.
In the typical peak hour, 1,961 persons are expected to board at Government
Center Station.
On the basis of the estimated ridership;' volumes and patterns developed
in the downtovn people -mover study and considering the scarcity and slow ac-
cess of parking facilities located in the heart of the dc%ntown area, it is
J
82.77
estimated that approximately 360 intercept parkers l:ould choose to park in
the proposed parking garage in Government Center in the peak hour of a
typical weekday. Considering the probable turnover characteristics of
these packers,, it is estimated that they would represent some 504 parkers
throughout a typical weekday including '2(4 work trips and 300 non -fork trips.
ESTDV} TED PARKING GE.NER\TION IN GOVERNMENT CENTER
The purpose of this section is to derive estimates of the potential
parking generation that would exist in Government Center in future years.
In preparing these estimates the proposed developments in Government Center
were reviewed to establish their size, nature, and planned development staging.
As illustrated in Figure 1 and detailed in Tahle 1, there area total
of 12 public buildings planned for eventual development in the Do�%-ntc%,.n
Government Center. Three of these, the City of Mianli. Police Headquarters,
the City of Miami Administrative Office Building, and the State of Florida
Regional Center, are now completed and occupied. ("They are identified as
Developments 1, 2 and 4 in the illustration and the table.) In addition,
four of the developments are definitely planlied and/or now Linder construction.
Included in this latter group are the Metro -Dade Cultural Center (Development
6) which includes the librar,, the art muSeLlln and the historical ,museum.
Construction on this cultural complex began in May. 1980, and is planned for
completion in 19S_'. The Metro -Dade Adrlinistrati%'e Building (Developrlent -)
is scheduled for completion one year later, is 19S3 .
Other proposed projects in Goven-uTiont Center have an indefinite Mart and
completion date.
In order to estimate }parking demand that coul:i accrue to the proposed
garage, the developments %\ithin a 500-foot radius of the site were stratified
according to existin" definite or future. A sLulnnary of this analysis is pro-
vided in Table 2 and thcbasis for t}Iis tab?e is pro*k-ided in Figure
The sketch -shows;I �t'L1- i_
00t I'ad1L1S I rcm th., corner of th,, propcsc::
garage site to indicate the land -uses that hould he within a reasonable
waiking distance.
The estllllated bL11ld1n,� sizes in teIUS UI IJota es, elllployeL: and
aveI'ace daily visitors relatino to each, includlnq those Lllread:' bullt, those
that are definite, and those that are indetinite are summiarized in Table J.
Usin, the information in this table as a basis, parking generation is allocated
to the garage site in Table 4 and in turn the estimated parking generation is
summarized in Tables S anO 6.
Table 5 provides an estimate of the parking generation that will be
created by the Cultural Center --the library, the historical museLun and the
I
82 -77
Table I
PROWSIA) IN 111V1aOUTI' CIM'IT
use
Planned Schedule
I. City of Miami Vol icc licadquirturs (lit. 7S N)
1,10,000 Siluirc Feet
May, 1976
(d00 N.W. Second Avenue)
(I 0D0 uniployces)
(now open)
2. State of Florida) kegional Center (fi). 76 NI
109,000 `klllare Fect
Sepredier, 1978
(.101 N.W. `xcond A%entic)
(020 el"ployet-S)
(now Open)
3. State of Florida Offict-, (lil. 7(1 NJ
-157,000 �dJllare Feet
ConstnictrAmi to start
1982; to open 198.1
Q. Cily of Miami Miiinistrative litfildin
0,000 Square Fect
SlUIVIVI., 1980
(N.IV. Third Avenue and N.K. ')bird Strect)
(450 employees, 600 visitors/day)
(now Open)
S. City of Miald I lit . 95 %)
131,000 Situire Feet (800 etillAoyees,
Future (indefinite)
1,000 Visitors/day)
0. Sktro )tide cillturil Center (lit. 11.1 N)
Library: 20-1,.Soo Skloore Fect (2SO employees,
Constniction started
(Kest Hagler)
3,000 visitors/day)
Marc, 1980; to open
.17,1(jo
7. Nictro-Dadc A,bainistratiiv 110fildini, lifl. ill- Li
M I'ICV: I It 10 M I0 S(I LL;k IV 1 (41 ( '7--N8 000
Fstimhitcd completion:
(N.h. SWL'011d AVC11110 ;111(1 %. 1%. 1 1 r , t .`:treed I
sqw re feet, 3, 2M, vl1lpIq1Yccs, .1 000
lantuirv. PJ87,.
I
I0,(100 1tjiiarc 1-t-vir
1: 60 .0 (Ill ti'K I A L I I let f
8. Ilildt. Ot"ticvs Ifil. 9t, I)
W0.000 S(IMI-C 1'eUt
1:111111-C ( indefinite)
9 - Central Si it 11 lort Fac it I t ' v 11; 1 . I I I.-i N)
I.l11Ul-t'N* I tl-'I)- 1j1;lC0 �!:Iragel
Constylictioll to S r;I 1'r
11 al" I a I N'. W. St.-001 11 1 NVI.-I It If
1-c%q t-111plovew;)
ill 1981 .
Ill. GIVC1111VIII ()ItiCL' hillidill" (M. IW' N)
00,11110 h,ltldl-L- 1:('('t
I'lltill-L' (ITICICt lflltt')
11. GlIM-1111IL-lit MlICC h111111111 (1:1. SN N"I
2MI'Miff k-of
Flatirt. ( indefinite)OD
1_- Glkt'l-ll111L'II1 Ill I IL t- 1:111 Will:', I lit . N"' 1.1
'1110,01111 Icet
(iiii-Ict*inire)
rV) t sce 1:11"llre I lot
F]
,'able 2
111 lil�ll'h11iNl:S lgI'llllN 'MAT AKAS Of-' t'li(ll'(}Sla) CJl12t\t;li
C ening date
r� stI.nv; Definite Future
I CO
4. City of Miami Administrative Building 1980
1982
0. Metro -Dade CUt tuT',ll. Ce«tCr 1983
7. Metro -Dade A(Lninistrative building 1983
9. (:entr;it Support I.acil ity and Garage Indefinite
1t1. Goveri-nnciit office lluildiiig Indefinite
li. Covernmciit office Bui_ldi.ng
04
Gamic _ .
N.W. 5th
Police
(1)
Site 2 I
Gov,tt
7City r 1
(4) /-- `16 1
i� (5)
City I
L — — — — -4
i
St. People Mover
\` (JJJ2)
•
State
(2)
r
r
L_—
r
r
N.W. 4th St.
Site 3
K12
r
r
w
'
r
.,
I
1
[ �
�\
Gov' t
•
w
r
r
r
.
Site 1\
r--�
i (10) j
\�\
IGov' t l
i t
I
\I
I J.
1---
.x
-
N.;d. 3 d St.
•
'%J
a
Gov' t .�
N
z
•
'.
ii7
.
w
•
3
z
w
-
c�
'
1: W.
(• Co Lin ty �I
l j7)
t . �
• .V .'1V. ist Ct.
r r rMuseum i �
Library (6) ►—----��► =
r-
I . J
•• L Arts
L J
Figure 2
Site 1 Trade area (S00' RadiUS)
Dade i
• i W. Flagler St.
1'
r
Gov' t . y
Z I .
ac -
h .
ol�
`ate � ♦tittttttt,tu
i N
we
mill oiling imiiimiliiiiiiiiiiiiilI 1 1 1 1 1111111111111 1111111111111III II III
Table 3
ESTIMATIM GUVE- N4Nr CENTER DEVELOi'1�4?i1T SIZES
Average
Development(') Area (sq.ft.) Employees Daily Visitors
Existing
'
1.
City of Miami Police Headquarters
140,000
1,000
2.
State of Florida Regional Center
168,750
620
4.
Ciiy of Miami Administrative Building
67,000
4S0
600
Definite
6.
Metro -Dade Cultural Center
a. Library
2009000
250
3,000
b. Historical Museum
37,200
40
1,000
�.
c. Center for Fine Arts
370600
26
800
c
7.
Metro -Dade Administrative Building
738#000
3,200
4,000
9.
Central Support Facility (and 620-space garage)
7S,000
None
Indefinite
3. State of Florida Offices 457,850
S. City of Miami Offices 1339000 8010 1,000
8. Dade Offices 400,000
10. Government Building 2001,000
C0 11. Government Building 200,000
12. Government Building 400,000
-1 M.See I.,iguc•c 1 fur locaticmti
41
t�
'1'ahle 4
I:. ribIXIIA) ACTIVITY IN GARAGE TRADF. 11PIA
Development (1 ) I_x i st i )ice-- -_z _-- Definite Future
,�3rnrrher _ __ Area ljn ilc�_c_a_5 Visitors Area ~ Thployees Visitors Area Employees Visitors
67. 0 450 000
0
7
9
lr)
I1
Tot a 1: 07.0 450
(I )Sce 1 ignre 1 for locations.
w
274.8 316
4,800
738.0 3,200
4,000
75.0
None
200.0
200.0
000 1,087.8 ",,Slti
8,800 400.0 - -
1J
r]
Table 5
ESTIMATED GENERATION OF CUL nML CENTER
Average
Average
Daily
Daily
Peak
Facility_
Persons
Parkers
Parkers
Turnover
Visitors
Library
3,000
0 ��
l()()
3.0
Museum
1,000
267(�)
10;
2.5
Art Center
S00
100(3)
40
2.5
Total:
4,500
b67
247
Employees
Library
250
117(4)
lOb 1.10
MILISeum
40
19 ` ��
17 1.10
Art Center
26
12�4�
11 1.10
Total:
316
148
134
')Assumes:
20
percent
would drive
in;
average car
occupancy,
2.0.
(")assumes:
80
percent
would drive
in;
average car
occupancy,
3.0.
(3)Assumes:
50
percent
would drive
in;
average car
occupancy,
2.5.
(4)assumes:
70
percent
would drive
in:
avera t2 car
occupancy,
1.1.
12
82 - 77
Table b
1i51IhL\TI1) PEAKlKltlli ['ARhINt� GINLl2ATit{N It1' tL11 \I 1: TRAM.1R(A
-_ ----�I+cistinr�-- -------------Ikfinitr'—
-- - -- -- - - -- T. r rT Yit t�"r -
- - -S
�_Trt
Tnir%
Lr1ng Shari
---
PcrsonS
>n
Lon
S wrt
Ikncl art
olnrwnt _ 1'cr�nnti -- --- - -- king
I-crm_
(�;�,p� _-
Imtlo ee> Visitors C?i
1_ ?—
Ir•nn Penn
— —
-- -
-
::\rca fitrployees Visitors
Tenn
Perm
?hnnhrr Area hnl,l,��es-lI�nu reniYl
- --�--
17l(t) )ti(r)
133.0 800 1, 000
3111
1 5 67.0 15t1 bull
t7•1 8
ilh 1 8011
13.1 217
321)(7)
n 7i3.i{
3,`Ilf1 I,tuul
(,21h1'11
32
.I
2(III .11
30.1(�)
(6 )
Ill
bU0 ICI 14 I,uti7.�
', ,.
IIII{.tI S00 1,t100
J 1 _
90
1,ttal: 67.0 •150
(1 1:\rra r n t hou,antl, o f ,yua tr I c ct .
I-)Il.,.r,we J.,lk. tr,itorti.
(3)I'raV hour Jenaur.l u, loll", "tell" :rrnl �h r t term r •.
(4 )11c.d• "honr lor,.L,-tc•lilt I ,It'I in); •:,t nti,t(,.l .,t l�..iS ;I,ar, , lu r cml�l„yec.
15)I,K hour lnn),"tenu ltar{,rrr); r-,t nnatcd .it 1.5 ,pacc, per
1,tIUn ;ynare feet.
(0)1'c.rk-hour ,hurt -tcrin Jim LIII i e t in,.,t,J .11 O.It, sltaco, her
l,nun „Iuarc trc•t.
(' )Peal. hour rhort tern! 1411k111t; , •t ir.,.,t• •I ,rt o.n;; sl:r :: I,rr
t rsrtor .
OD
to
1
art center. The estimates of annual visitations sh v.'n in this table are
based on meetings with the directors of each respective center. The
library is expected to attract about 3,000 person -trips each typical day,
the historical museum approximately 1,000 person -trips, and the art center
an average of 500 person -trips. The estimated average parkers, re-
flecting the typical characteristics of this t,,-he of visitor, the local
automobile usage patterns and the estimated impact of the rapid transit and
the people -mover project is also sho�%n in Table 5. it is estimated that the
average daily parkers generated by the three cultural facilities will be 300
to the library, 267 to the musetun and IM) to the art center for a total of
667 parkers. This is an average figure --there would he days in which the
parking generation would exceed this ntLnl--cr :1P. i otilcr d;iys in l':hicll it Mould be
less. Using estimated tui-nover factors, the nl.unhel• of peak -hour parkers
has been estimated at 100 for the library, 107 for the museulu and -10 for the
art center. Thus the peak hour parkin, requirements of the Cultural Center
(occurring during several hours of a da,; ;ir0 nlaccd at 47 spaces.
The Cultural Center is to have an estimated 3i6 employees including _230
at the library, 40 at the museum and 26 at the art center. It is estimated,
as shoi%n in Table 5, that the total peak hour parkin,, requirements of these
employees will be 134 space;.
In order to estimate the parking generation or the other facilities
planned for Government Center, the follo%-Ang f:ictors .:ere appliod:
1. Parking Spaces Per Friployee
a. It is estimated that on a t,,pical ,%-cel:day S3 percent Of the om-
ployees will be preseIlt, I'S percent ai)sent iiecall-�e o1 Vacations,
travel or illness.
b. It is estimated that during the peak mi.iday }l curs of an average
day 90 percent o C the employees will he present, 11) percent out of
the area for lo._al travel or other reasons.
c. It is estimated that -l) percent of the ei plovees will travel to
:ork by automobile, 3-0 percept v..11 use tr_:nsit :ode. s *i la�e
of transit i�ode rei lects conditions Wi-,c•n :lie tr"11-
sit s%'stem is L'lii)I'Oved with the addition D thIc rani,l t-ansit an'
tiie people-movcl• system.
d. The average occupancy of each employee's car is ;issumed to be 1.4
persons. This is slightly higher than the current 1.3 value,
reflecting the fact that increasing motor Ctlel costs and rarking
costs are tending to incr,2;1se car occupancies.
e. On the basis of the above ass�unptions it is that each
100 employees will generate a parking derand for 3.S peak hour
spaces. (0.85 x 0.90 x 0.70) divided by 1.4 = 0.3R25. In addition
to each long-tein or employee space it is estiMated that each
82-77
0
employee will generate a need for 10 to 11 percent short -ter^]
parking spaces to acconlnlodatc visitors. The-.-el-ore, in total,
each 100 employees is estimated to generate .12 parking spaces,
including aS for lellg-terlrl llsc and COUI' for :short-term use.
2. Parking Spaces Per 1,000 Square Feet of Office 3uildin,,
In those cases where the proposed development in Govermiient Center is
provided in terms of office area a different procedure has been used
to estimate parking generation. In this instance it is assumed that
each employee will occupy- approximateiv 250 square feet and, therefore,
there would be four employees per 1,000 sclLtare feet of office area. By
applying the factors discussed abo>-e -(park ing spaces per employee) it
is estimated that each 1,000 square feet of office space will generate
the following parking demand Burin; peak hours of a typical day:
Long -Term Space: 1.52 spaces per 1,000 square feet
Short -Term Space: 0.16 spaces per 1,000 square feet
Total: 1.68 spaces per 1,000 SCILlare feet
Through an application of the aho�-e ocneratioll factor, the peak iloLll'
parking generation of Govel'n111ent ('Onto" Was developed as silo-ai in Table b.
Again, the parkin, generation is stratified according to existing, definite
and future.
In order to estimate the patronage that might nccrl]c to the ;L11blect
garage, it was necessary' to estimate the amount of parkin, that ctiould
remain by the time the garage opens and, in effect, represent Dorn},ctitie
facilities. The Govei=ent Center area is than -in- almost daily as ob-
solescent buildings are demolished and tornporary surface lots are created.
However, b%• the time file oarage achie�-e stabilised
mately 1955, the net remaining capacity in Govemlient Center is placed at
1,5S4 spaces that may be available to the general puhlic. It should be
noted that this number does not include the 142 spaces in Block ;\ in the
police larage. Ficv;ever, this ntLnher :foes include the anticii ated --olistrLlc-
tion of a 620-space county in Block %t in connection l,:'th t:]e roposed
central SUppOrt faCllltV h ]ll}] 1� schcdall�,d ioi'
By comparing the parkin; veneration estimated within the trade area of
the garage site with the amount of parking space that is likely to remain
in the future it is possible to estimate the future parkin; de:nand. This
analysis is summarized in 'Table 7. In SUMIiiary, it is estimated that the
definite parking generation accruing to the site should approximate SS'
spaces during the peak hours of a t'pical day including 6_`0 long-ter:-m Spaces
and 262 short-term spaces. In future years,'as the of the
Government Center are developed 'those that are indefinite .at the present
time), this peak -hour requirelnent could increase to J,3fa0, In addition,
the shortage of parking space in tide balance of the CBI-1 could increase this
demand. Further, the total peak -hour Lase by intercept parkers could add
between 350 and 400 vehicles after tre rapid transit opc.n.,; i:1
15
82-77
Table
SUMMARY OF SUPPLY :AND DMAND IN SITE -I'R-V)E ARF \
Long Short
Term Term Total
A. Parking Demand
Existing
48
'119
Definite 1,3'S
56!
1,94I
Subtotal: 1,5.36
615
2,161
Future 912
96
1,008
Total: 2,458
711
3,169
B. Parking Suppl-
Existing - - 64S
Definite (No) - - 1,045
Subtotal: 1,340 353 1.,693
Loss - -114 - - 414
Net 926 1,279
Estimated Net Shorta,e�l''
(Peak hours)
Future 1,532 1,S90 ,.
Definite 620 -'63 SS -,I-`)
�1)In addition to the shortae ::ithin the site trade area, there is estimated
to be a shortace in the adiacent CSD area that could increase the demand
accruing to this site. This increase could approach 500 spaces b,,- 1�-'SS.
)Iiatercept parkers :n'e ostii:iated to increase the Cltiwc total by to 400
peak -hour vehicles ai-te, rile rapid transit opens.
It should be noted that the estimated parkin, p.)tenti.al does not include
any Cite of Miami employees who nog. work in Downtovoi Government Center (building
No. 4) or who may work in the future in proposed building `'o. 3. The stated
policy of the city is to develop a surface lot of approximately 425 spaces in
the area test of Route I-95 for employee Larking.
DESCRIPTION OF TIIE PROPOSED G-, AGE
The architect has provided the following diescription of the proposed
garage:
82 -77
The parking garage stnccture will be approximately 1-,4 feet by
feet with the long axis approxhiatel y parallel to NA _'nd :venue. 'The
garage floor plan is divided into three bays in the east-t.rest direction,
the sides being 58.5 feet and the center bein,, 5" feet. The north -south
direction has typically- ?8-foot bays with one end cf 3b.-5 feet and the
other end of 39.5 feet. The bays on the perirleter of the building are all
level; however, the interior bay will be a gentle sloping= floor which will
serve both as the ramp and as a parking floor. The dcsiijn results in ef-
ficient use of space while maintaining a smooth, flowing ' -traffic pattern
with ease of parking. The entrance and exit i-:ill be on NN ?nd Street on
the north.
Stairs are located at four corners of the ,arage and elevators are in-
cluded in the southeast and northwest corners. The garage contains some
at -grade parking plus six full floors of harking oil struct.,re. Floor to
floor height is to be approximately 10 feet.
The garage will provide parkin,, foi. I, Ili) cars (4,9 percent compact, 60
percent full size) in a gross area of 311,000 square feet of garage floor
(280 square feet per car) . Upon f1ltt1re COM-CI'Sioll to call coMpact spaces,
the capacity itiill increase to approxicultely 1,315 spaces.
ESTIALATE OF CARAGE CONSTRUCTION COST
Based on bids received by the Cite of MiLud on October 1 1_�51, tho
construction cost of the garage proiect a::d site work would total
$7,130,000 in 1981 dollars. (.See Table S.)
ESTIMATED STABILISED GROSS PJ-_AT'X;Ur
Two estL-nates of potential oarago parki:l�, rex'enues 11al"e been developed
foI' this analysis- for 40 percent CCNt,` Ic t an't 1 11, percent -;::*.,AI
Spaces.
The parking revenue estinlates assmio the fee schedule shomi in Table 9--
to be effective in 1983. Based on these proposed ci1;Ir,ge, the estic:ated
average fees are estimated to be:
Monthly employee rates, includin;, intercept work -trip parkers: 5;0.00
average fee paid by an office visitor and intercept nun -work
i arkers (at S0 cents per half how-): $ 3.20
Average fee paid by a visitor to the Cultural coliter: S 2.30
By applying the indicated tee schedll?e to the esti;::atod muma1 parkin,
generation the annual gross revenLles ,%:ere derived. The annual gara-,e use
82 - 77
Table 8
EST I-,NMD GARAGE CONSTRUCT I Off; COSTS
Item
Description(')
Area o Coverage
Height
Roof Elevation
Floor Areas(l)
Garage Parking Area
Elevators, Stairs, Office, MiscellaneeuG
Total Area:
Parking Capacity(l)
Wit 40 Percent Compact Stalls
With 100 Percent Compact Stalls
Estimated Construction Cost(`)
—garage
Site
Total:
Costs
1 4' x 272'
70'
80,
294,200 sq . l t .
16,s00
311,000 q.it.
1,110
1,315
Source: (1)Wilbur Smith and Associates, project architect.
(` Based on construction bids received octeber 1.5, 1981.
Table 9
RATE SCHEDULE
,Monthly Fee (Paid in Advance) �-, . , �►,
Daily/Hourly- Parkers
Under
1 hour
S
1 - ?
hours
l.�u
- 3
hours
' . l►�
3 - 4
hours
3.=0
4 - 5
hours
4.00
Over
5 hours
5.00
Note: Fees are in 19S3 dollars.
is
82 -77
has been estimated by applying appropriate turnover factors to estimated
peak use and, in turn, annualizing this figure. A, shown in the upper
part of Table 10, it is estimated that the 1,110-space capacity would
generate stabilized gross revenues of $1,455,200.
In later years --possibly by 1990--it should be possible to convert the
entire garage to compact spaces and thereby increase its capacity to ap-
proximately 1,315 spaces. The effect of tiiis change, again using constant
1983 dollars, would be to increase the estimated gross revenue to
$1,759,060.
The basis for assinning future conversion of the garage to small stalls
is the trend in recent years towards smaller automobiles. There are two
reasons for this trend. First, the federal government has mandated that
the average fuel consumption of all the automobiles manufactured by a given
company must achieve 27.5 miles per gallon by 1985. 'thus, the only option
open to automobile builders is to build a fleet of cars with lower inertia
weight which in turn mecns smaller automobiles. Second, the car-bilying
public, aware of the steep increases in motor fuel costs, are selecting
small cars in greater proportions to offset this constant out-of-pocket
cost. National statistics indicate that the consequence of these actions
has been to produce a current mix of approximately 55 percent large cars
and 45 percent small cars. Based on current and recent automobile sales
trends and the rate of scrapping older automobiles it is estimated that by
1985 to 1987 the number of small cars will predominate and represent 5
percent of the automobile population, lane cars _'S percent. By 1990,
it is estimated that 90 percent or ::ore of the automobile population i•.ill
represent small cars. By that time the conversion of the subiect parkin-,
garage to virtually all small -car spaces Mould be justified.
STATUS OF ME aAR-kGE SITE
The land comprising the gara`,e site i�as conveyed to the Cite of 'ilia:;;i by
Dade County ta,,der a L.-id Exchange Agreement dated December 20, 1979.
Section S of that .agreement identifies the site as follo�;s:
,'upon request by the CITY follow-:n the CGU\'?1''S rcceit�t of tide
to the property described in Exhibit A of this Agreer,,ont, anG" after
the CITY has demonstrated to the COU M' that it is prepared to con-
struct an approximately 1,000-space multi -storied public parkin;
garage and associated structures, the COUNTY shall convey to the CITY,
by County seed, the property- known as a portion of BLOCK 108 N, DOW%-
T0IQN M'FM.-IE\T CEE\TFR, more particularly described by legal descrip-
tion attached hereto and made a part hereof as Exhibit E. Said deed
shall contain language substantially similar to the following revertor
provision:
A QUM' grants all the real property noted in this deed to
the CITY so long as the CITY utilizes said property for a multi-
storied public parking garage. In the event that the CITY does
19
82 •77
a z
Table 10
ESTINUNTED STABILIZED GROSS RE1,TE.NUES FROM PARKING
Source
1. 7-Levels, 40% Compact Stalls
Employee
Office Visitor
Cultural Center Visitor
Intercept Parker (work)
Intercept Parker (non -work)
Total
2. 7-Levels, 10036 Compact Stalls
Employee
Office Visitor
Cultural Center Visitor
Intercept Parker (work)
Intercept Parker (non -work)
Total
Peak Turn- annual Average :annual
Use over Factor Fee(1) Revenue(1)
460
1.10
12
$70.00
$415,040
160
2.50
2S0
3.20
310,000
120
3.00
300
2.30
243,400
2 1)
1.10
12
70.00
221, ; 60
120
2.50
250
3.20
240,000
540
1.10
12
S70.00
`_49,N,0
180
2.50
25)0
3.20
301))000
1 �u
3.00
300
2.30
-61,100
25U
1.10
12
70.00
_'31,000
20(1
2.50
250
400,000
I,30U(') S1, 59,060
(1)Re%-enues and fees represent estimated 1953 constant dollars.
(2)Represents use in approximately 1986; assiLmos completicii of the rapid transit
and distribution s-,•stems.
(3)Represents use in approximately- assures ccmpleticn of the rapid transit
and distribution systems.
20
82 -77
a a
not use the property for a multi -storied public parking garage,
or if the CITY fails to comply with the provisions of Paragraph 5
of the Land Exchange .agreement between Dade County and the City
of Miami dated December 1979, or conveys or attempts to convey
all or a portion of the property, then'all -:he property described
herein will revert back to the COUNTY or it!3 successors or assigns
at the option of the COUNTY.
"The CITY agrees that such an approximately 1,000-space multi -storied
parking garage and associated structures shall he designed and con-
structed in conformance with the master elan for the Doivntoun Govern-
ment Center and shall be architecturally compatible with the other
facilities constructed or to be constructed in the Downtown Government
Center."
ESTIMATED A.N71NUAL DEBT SERVICE
It is estimated that development of the proposed garage will require a
bond issue of approximately $10,404,500 and that the annual level debt
service will be $1,513,840. The assumptions reflected in these estimates
are:
1. Garage construction will start within one month after bonds are placed
and be completed within 12 months thereafter at a cost of V ,1ti0,000.
2. The revenue bonds will have a term of 25 years and carry an average
interest rate of 14.0 percent.
3. Interest will be capitalized for the first 1S months after bonds are
placed.
4. A debt service reserve --covering one year --will be capitalized.
S. Bond insurance will be obtained at a cost of 0.7 *,percent of the total
principal and interest payments that are not capitalized.
6. In addition to the construction costs, four fixed costs .: i:= be
in the bond issue; bond issuance expense, S180,000; administration,
$100,000; artwork, $107,000; and a&F. construction inspection, SS4,000.
7. Interest will be earned on idle funds during the first 18 months at a
rate of 11.5 percent.
The estimated cash flow during the first 18 months, based on the above
assumptions, is shown in Table 11.
'_1
82 - 77
T.ihle 11 .
ESTIMATED CASH FLOW FIRST 1S MONIHS
STARTING
ENDING
MONTH
-----------------------------------------------------------------------
BALANCE
INTEREST
PAYOUT
BALANCE
1
1014049500
0
254026
1Or1509200
1
1191501200
97r273
1851555
10461000
2
111061r900
969427
1659298
9r993450
3
9093458
959767
216r634
9r872r180
4
9i872r1BO
94r618
319r306
916171486
5
9r647080
92055
319006
9r420r630
6
90261630
90r281
1015012BO
8r360r630
7
893601630
809123
523065
719lb 398
8
7017090
75r875
625083
7r367r2B0
9
70671286
70r603
794r251
b 613r640
10
6r643r640
63r668
861r986
5r845r320
11
59845020
56r018
820r632
54809708
12
5481000
48r690
116240400
3604090
13
3404090
33r590
53Sr173
310830 10
14
3003r41D
289783
386r869
2r645r320
15
2r645r320
25r351
2401285
2r4309391
16
2038090
23r291
1653
2;446r130
17
2r446►130
23042
1653
2062420
18
2062020
239594
971r523
1r514490
TOTAL
11119r840
1090109300
BOND ISSUE SIZE : s 1114041500
LEVEL DEBT PAYMENT : s 115l3rBiC
BOND TERM ; 25 YEARS AT 14 X
RETAINED RESERVES; DEBT SERVICE (1 YR) ; S 1r5139G48
ASSUMED INTEREST ON RESERVES : 11.5 X
FIXED COSTS GF ISSUE: (s
115714 06 )
VARIABLE COSTS: ($
3r953rlZO )
CONSTRUCTION:
S 7rl30r000
D.S. RESERVE
(1 YR) : S 1r513964O
REPAY CITY LOAN:
S 0
CAP INTEREST
(18 MG): $ 2r1B4r950
BOND EXPENSE:
S 180,000
BOND INSUR (
.7 X) : s 254026
ADMINISTRATION:
s 1001000
ART WORK :
s 107r000
ALE CONSTR FEE:
$ 54,008
----------------------------------------
PREPARED 117182
--------------------------------
-- 82 - 77
a Z
ESTIMATED FINkNCIAL PERFOR,NWNCE
Financial performance of the garage is examined by comparing its
estimated net income with the annual debt service. In preparing this pro
forma, an annual escalation in gross revenues and maintenance and
operating costs has been assumed. Four percent per year (compounded) has
been assumed for both the income and the eienses. In addition, it is
assumed that the capitalized debt service (51,513,'J1'0) would earn interest
at 11.5 percent, not compounded.
The assumed garage development timetable is:
Start Construction: March, 1982
Open Garage: May, 1983
First Full Year of Operation: Calendar 1984
During the first year, 198-2, only interest mould be paid --from capitalized
funds. Also in the second year, interest only would be paid --half from
the capitalized funds and half from the garage net revenue. It is estimated
that gross revenue the first (partial) year, 1983, i,.ould be 5873,1.10,
maintenance and operations costs would be �169,702 and,thus, net revenues
in 1983 would approximate $703,418. In addition, interest earned on the
capitalized debt service from the 19th through the 14th month 1rould be
$8-,046, producing total income for the partial year 1983 of S•1on,464
Therefore, the estimated surplus in 1983 is estimated at Sn_,118 .
In 1984 and the following years until the bonds are retired, the sources
of income for debt payment would be the net revenues from the garage plus
interest earned on the debt service resen,-e. As su narized in Table 12,
it is estimated that the project would generate net revenues sufficient to
cover debt service by 1986 to 19817. (This date is one to ti-.o years after
the rapid transit is to be in full operation and generating intercept parkers,
and the :Metro -Dade administrative building is open.)
By 1989, the debt coverage ratio is estimated at 1.09. The coverage
ratio is estimated to reach 1.26 by 1993 and 1.50 by 199"-1998.
'3
82 -77
TABLE NO, 12
ESTIMATED EFFECT OF INFLATION ON GOVERNMENT CENTER %F;C-E '"OVEF;r,_E
ASSUMED ANNUAL-INF'LATION FATES {COMFOUNDI:I:'
PARKING CROSS REVENUE : 4
PARKING M I C EYPENSE a :
F'MF„;ING DWING i0 A.{ 1'r 2E00 Ar+NAW EUOL COVEPAGE
YEAR GROSS MID SET SERVICE EUPPLOS CU'''pul RATIO
1982 0 0
1903
873PI20
169,702
790-46;
�- ';'
�J:,140
�. :;_
1984
05131408
2941149
003050
1,513,E41
-:20,00
0,342
. ':
1985
IY5739944
300915
IY442YI20
5513,243
-711720
-13015c2
Ws
1966
10361902
318 052
IP492►S42
1,113-840
-20.9^6
•151YO60
0,19
1987
117021378
3201678
19545.592
1,513040
11,752
-11 0203
1.02
1968
07701473
344013
1,600052
0513,940
W612
-32.0-
1. 1,
1989
0841092
3Jl,8" 78
116571506
1,5131:' 0
1431666
110,070
KH
199G
R1
,1. 4,9a4
„2 1
.r ,1.3
, S
11.16,.,42
c 9 /'
i- 13,�a..
2031103
3130
1.13
1991
IP991PS42
38710E'0
19776,553
1,513-3-0
264.713
57S,685
1,17
1992
2
2+071} 03
40 , to
2 5
' 8
,1 42-721
,.
:-513,01.
23,39
� ,. �,,
,,,_ 7
6
1.7-1
1993
2050051
4181666
0909,477
0513010
05627
:-30211
1.5
1994
2,240-214
430413
119781692
05120G
465-2S2
11761,75
1.11
e
19 5
c
2132 ,�22
a5:1;;25
r,
:,�51-�2a
1,_� ,
513 "1.0
53 24
J�,1 a
- =1r,
_ _.:,�,
.., 0
1996
2020015
470v?J3
2-1:0164
1,51' . 'k
612,324
27,830
a,
1997
0510-076
4891,20
&ZCO247
i1`_12,310
00,4C7
cOt,:41
at
W9
..020562
529046
.13651.'6
10131W
_JG -'J .,O
0 1. _, ,..
.,.
2 ^
. ri �p'J
n- e 5
�lt,dal.,6J
55 n7
JSv, ..6
, 57 0
.}4J/-740
c t 3 2"
1,. _.,-v
'•1:�1,
0c
"n szr
tf. ',]mil
2
.,0..
2 01
21940966
572,00
J54002J
.,511-00
1,03506
-1 W-07.:.
2002
310651867
05,312
2,640086
.1513K io
11120,20
31245-310
1,7S
2003
311F8622
619026
2042PSE6
1,513 ;,?
112_=1C4
OQ74-_60
. 1
2004
3,3161063
6449517
204063
0513,
0330-9t
2,026-:10
.-t-
2005
W4800i
67OP298
2-95200
1-71k 0
1,42E-W
0_44-20
13S
2006
31526454
695111
3.560626
00: `?
iJ49,7h
004,090
2207
3/7201120
724,04
3.17c.218
1,513,: u:
1,665.31
.:,`... ...
..
2008
3187": - 225
7E3, 9t. r
19 299, 423
1
: _ 6 40
1: 2514': c
-----------------------------------------------------------------------'---------------------------
(1) NOTE: NET AND SURPLUS INCLUDES INTEREST EAF;,4ED 3N r:[ZERVES :S i'a1C92
(2) LEVEL DEBT SERVICE ASSUMED ,FTC4 FIRST 24 MONTHS. INTEREST CAPITALIH-I' FIRST is hGt�":,c,.
FINAL YEAR PAID FF;OM PESERVEE.
(3) INTEREST RATE ON UND ISSUE _ 14 Z
(4) INTEFEET RATE EARNEI! ON = 11.5 X
:PREPARED: 01,121S2'
'4
82 -77
Bet. H. Ty"d 1212) 962-A
"1401--Proof of January 15. 1982
�9
APPE`DiX B
DEFINITIONS OF CERTAIN WORDS AND TERMS USED iN THE BOND
ORDINANCE AND IN THIS OFFICIAL SIATE.NI :NT AND SU.NENIARY OF CERTAIN
PROVISiONS OF THE BOND ORDINANCE
The folloy+ing are certain definition used in and sunnnariCs of CCI-Win pray Lions of the Bond Ordinance. l'he
folloyy'ing summaries are not to be Conidered cull StUtenlents of the terms of the Bond Ordinance and. accordingly.
are qualified by' reterence thereto and are .uhject to the cull text thereof. Copies of the Bond Ordinance may he
obtained from the City or front Janes J. Lo\yery t,1, Co.. Incorporated.
DEFINITION'S
"Current E\penes" shall mean the C ity's reasonable and nece—my current e\poises of maintenance. repair
and operation of the Pn ject and hall include. %%nhout limiting the _ener:(lit>, of the All-ke wing. Al ordinmx and
usual expenses of maintenance and repair, \yhich tidy include e\penses not .uuunill recurring. all City adrinnis-
tratiye expenses and any reasonable charges for pension ur retirement i'unds properly chargeable it) the Project,
insurance prennUllls. Cog hWini expenses relating to maintenance. repwr and tTeration. (Qc% and expen es, Ut
Pay In`_• Agiv1ls, legal expense%. any taxes \\ hich Ilia\ he la\\((illy iillp Ned on the Prk jest or its income ter operatiow,
and reser\'es for such taxes, management tees. and any other expenses required to be paid by' the City Under (Ile
provision of this Ordinance or by layy \y Ith respect it) the Protcct :all In accordance \y Ith the a.:crual nletht�d of
accounting but shall not include any re,er\es for extraordinary inanitenance or repair. or any .itlttyyance for
depreciation, any amorli/aunt, charges, or any deposits or tran-icrs to the credit of the SIrlklni I told and the
General Reserve Fund
"Depositary " shall mean any hank or trust Cttll,pany dill\ atitil0rl/ed by lays to ell_;tL'c in the ba nk-I g business
and designated by (he C'it1 Ct,r1nins,1011 J" a iICPO,Itar\ of money, under the pnn ision, of the BOOK( 01'diMillee.
—DeAgnated Rvenuo— Iliall n-,can the non ad %aloretn ta\ r,\Cnlle at,:Illdhle it, Ile City �ttn�l�Iltl'
of the Utility ,erylt:c taxes collected by or on behalf tit the C lt.. fro,ll the sale M \%atcr and ill an .It11oLlnt In
each Wad fear not to c:\cct_'d 1 of the IllaVMull I Princlpa! ,111d Interest KeyulrCnlentI Irl ifn :UVIQiII ter' .111y
stlh,Cyuent Fiscal )'Car.
" iscal Year— shall mean the period kt+nlrnevicni_ on the Iirsi day' ttf ( )k.:Iohel and ending on the Lest da( of
Septenfa of Me ttAhm mg or a the vmw nmy he amen cd Iced(( Mille (tt chile Rt ottlttmn ttl the else,( l:ar tit'
the City .
"Government Ohll_'atittns" -had! nlc,!(1 tllre:t t'h1;C:illt,rls t`t. l.`1!_at!olls Lill' pflllei('.II `t ant: I11t' :tit:t` s(
on "h(ch are guaranteed hy. the L'nncd State, I`1 America.
"inyewnent OhNg Heins" shall ❑lean i I I Ch"emmem (Ihll`_a(Ion, I lei Mend.. debentures or noes Issued by
am of the Wu Federal ayeneicy Bank, Wr Couper:(mo. Federal! Intcrmcdia(t C'reda B=W Federal Home:
Loan Bank. Export-import Bank of the l'nned State.. G,vernmem National Mort_a e Association. Fcderll Land
Bank:. or the Federal National Nh m_al o Association ! Includin= participation ::rtifiCate, L•ued by such .�>•ueI
at(oni. (inr all other obhgathms issued or unconditionally _uaraniced .Is to principal and Interest by :in auenc% or
person controlled or supervised by and aviing as an Instmnlemallty of the United States Goyern(nent PursLIan*t to
authonty _ranted by the Congres4 by I repurchake LIgI'eenlentN yyith rCputahle financial in,ntution, cull e;ured
by Government Ohlieat(on�. connnUOUS11 hayin` a market value at least equal to the anxIunt .o ( nvged •ub ect
to the foregoing being permitted in\ eNtnlent!, tit municipal turd' under Florida lays and I y i Time Depo-'Its. secured
by the foregoing.
"Net Revenues" tilt any particular period shall "wan the arihnInt of the excess of the Re rote% (t,r sileh
period over the Current Expen,es for such period.
"Operational Agency" shall mean the Department of WbStreet Parkin_ of the Cit\ established by the
Charter of the City of Miatin and any .uCCLIsor thereto.
"Principal and Interest Requirements" shall mean the respccn\e :Inlounn yyhlch are required in each Fiscal
Year to provide
Rff
82 - 77
Benj. N. TN rrel t 2121 96?-
"14C-I—Proof of January I;. 1982
tat for pain_ the intere-t on all such Btinds then outstanding \\hich i" Pa%abie on FehrUar\ I and on
Au1_1us1 I in such Fiscal Y' ar. and
iht for paint, the principal of ail Serial Bonds then outstmidin`, %%hich is Pa}ahle On AU1'uSt I in such
Fiscal Year. pnd
t:1 the Amortiiarion Requirement-. it' an\ . for all berm Blind, then OLIN Inding tier such Fiscal Year.
"Project" shall mean the tiff -street parkin_ facilities to he constf_IMCLI and aCLiLlired in the I)o\\nto',\n
Go\ernnlent Center in the Cit\ of Miami. together \\ill such land. structure". CLluipnlent and aPPurtenances
necessar\ or de,4able in connection \\ ith the oltner\hip anti opel'aut'n of silch t.iClhtlo- all Lts described In plans
and speCliiCahons. LIs the ";title ma\be amended from tinge it) lime. on flle it, the office tit the Clt`. Man;i_er.
"Reser\e .-account Requirement" Shall mean the niavnlunl Principal and Inierc,t Requirements on account
of the Bond', issued under the pro%i- ons tit Article 11 of this Ordinance In the CUtTetil Or an\ stlb,,equent Fis:al
cal'.
"Res:r\e .account Deposit RCLlulrenlcnt'' shall IIMM in C;ICh tit the l\\Ci\C Illollllls bl'L'illllln ` \\ ith
the nionth f0llo\ling arl1 month ill \\hick an\ alllttllnt shall h;t\c hcen .11[hdrav tl from the Re,Cr\C Ai:ollnt .ill
alllttllnt CgUal to one-h\elfth i i 12 1 tit the deticien:\ created h\ sllih \\ Ithdr.mal wild sll:h LeflCiCll:\ is MAIC III).
"RL \'CI1LlC" sha11 Mean .111 nwne\ s. fees. C11:11'__es and other It1Co111C i'e:el\ed b\ the II\ 0l' a::rLieL1 Io II
Cit\ m connection \\ ith or ;ls a re"Lill of Il, o\\ tlei'shlP tut (Ile PrOICCt. ill:llllhn,_ I11\ CIUIiCllt ificO lle hold the 1110110,
on deposit in the Refer\e Account. the Smkim,. Fund Lind the (it ICral RC1:r\C FLIMI aild all\ PI'0:ee1I1 t`f u"o Lint)
tt::Llp inc\ 1n,,urance oil file Prote:t tir :In\ Part thereof.
-Time Deposits" shall mean huge dep'islt".:ertlflC;ltCs'tf dCPti"It or similar arrall_Clll:m" '.\ithi all\ hauls ill -
trust :otlipjn\ \\hlch is :1 member tit tale Federal DCPosit lt1sL11'afl:e (ilri'Uratlofl .iild 1111% federal tit' State of Fltmda
saving,, and loan Lissoclatlon \\ filch Is a nicniber of the I"CLICRII S.i\ Irlt_s .111d 1_t ,111 ii1sLll'ati:e Corporation and \\ hi:h
are secured in the illann:r pro\Ided in SC:twn tall tit this Ordinance.
S[.MMARY 01: CERTAIN PROVISIONS OF "1'1111". 11().'1) O1ii)I\:\\C1•:
C,miph-rion Bontli. In addiloln to fhC Bond", the Cit\ 111.1% Issue .IdLlluof al Bonds On a Pal'it\ 111erC\\ Ill' It
and to the ement nccessar\ Li Pro\Ide additional funds !Or P X IMI the Cost tit the Pioiect. other require-
incnt> for the issuance of sLICII Colll('tetloll Bollds la! :Ile C 0tlsLllllnC Fn`_Illeers Mull file a st;ileillelll \\ Ith the 1"1ti;ll
agent that the Proceeds ill sLICII aiHlp!cuon Bonds \\ ill hC required ind \\ Ill he sulllcictil for Pa\ Inc Ilse t ,11.lIl:l'
tit the cost of the Project and, � h I it nCCe—ar'.. the Lit', L otllilli`s'.iin Ill 'Ile '`hl.lt.iCt e ;l Citiorli (tlg such :tililltle'I in
Bonus must Increase the Designated ROcTILCs such QW1 the proportion of !)Cs1"nai:tl Re\eilLles to illa\ilI' ill
annual Principal and Interest Requirement, in an\ Fiscal Year on IC:1tU111 Of .ill Blinds ouht.lndim_, includill u:h
completion Budd-,. reillams the lime as the proportloil of Dc-i,-mated Re\ enues it) Ill.l\II11Uf11 antlllal P1111CiP;li and
ltlterest RegUiretllents oil aC:tiliilt oI all Bonds oUtstLllldln" Pt'lor tut issLIall:e of sUCh C0i11pletion Bonds. In addition
sitllUlianeoUsl\ \\ ith the issualice of sLI:h Co111PICuon Boilds the Fiscal :Lent is t'CL11.11'ed it) deposit from completion
Bond proceeds ill the Rese:\e AccOLltll the amount required to illake the .1111OL111t on deposit in the Reser\e CLICtaI
At the Rescr\e .-\ccount Requirement hullo\'.Iii`_ (Ile Is>Llafl:'C of sLIC11 C011111ICtiotl Btirldl.
C omwti lion FielO. The proceeds of all Bonds required for the constru:non ill the Project \\ ill he deposited
«ith and held b\ the Fiscal Agent in Li11sl and applied to the pa\ meet of the :ost of the Project. Mone\s ma\ he
\\ ithdra\\ n from the Construction Fund for the pad nlent of such co,t, onl\' upon recelpt by the Fiscal Agent Lit
requisitions and ,upportin" :Crtlfl:;lies of [he CI(\ , Clt\ \lana__er or tus dcsi_ilee e\ iJeticing the propi'let\ 01"Lich
pa\illent,� accompanied h\ certificates of appro\al sl_11ed h\ the Consulting E.n__ineLrs. Upon completion of the
Project an} surplus hone\'" \\ill he transferred to the General Rescr\e Fungi.
Cow ii( tilt' P/'oject. Tile Cost of Zile Project \\Ill include. but \\ithout (imitation. the follimInt':
tat ObliLLmons incurred for lahor and materials and to ct'ntractor,. huilders and materialmen ill Con-
nection \\ ith the construction of enlargement,. improvement, gild emen,lons, for muchiner\ Lind equipment.
and for file restoration of propert\ dailla_ed tit' destro\'ed in connection \\ ith ,LICIT :on,truction Lind for the
13-2
82-77
Benj. H. Tcrrei (212) 962-A
2214C-1—Proof of Januar\ I i. 19S�
relocation of utility lines occasioned b\ construction alld for the demolition and disposal of structure,
necessar\' or desirable In connection \\ ith such construction:
Ibl Interest accruing_ upon the Bonds prior to the commencement of and during con"truction or for am
additional Period as ma\ be authorized by km if so prmided. and suhiert to am limitation. in the ordinance
providing for. -or authorizing. rile Is,uance (If Lich Bond":
(c) the cost of acquiring b� purchase and the amount of am a\\ and or final mdenhent in am proceedim,
to acquire he condemnation. such land. structures and nnpro\e[lie nts, property rights. rights -of -\\a\, fran-
chises. easements. and other interests in lands necessary or :on\enient in connection \kith such construction
or \kith the operation of the Protect_ and the amount of am damages incident thereto:
Id) e\penses of adminl,tratlon properl\ chap,eable Ito sLlch construction or ricglli,llion, legal. architec-
tural and en_'incerin4 e\petlses and fees. Cost of audit,, and of preparing' and isstling the 13onds. fees and
expenses of consultants. financing charges. fee, and e\pen,e, of the Fi,,:ai Agent. capital ro,t1, to he incurred
by The Operational Agenck in corin"tion \\ Ith the Initiation of Its nlatla_t rlltllt ttf the Protect. 11011d IlMirance
Premiums. take, or \ether io\ernnletltal Chai;'es la\\full\ assessed dUrinL t;ttn,trllc(loll, rrC1111UI11s oil ill'Ur-
ance in Connection \k ith colstrllCtlon. the Cost of fUndtn-, the Rc ct—\c Account and ;ill tither Items of C\Perl*,C
not e1scv.11cre In ihls Section ,pccificd. ItnCident tit Ilse fiIIJtlCill . C0lIstrLI,:tWI1 ter P!'01CCt
and the placing cf the ,.hole in operation: dild
lei all\ cost Ii1CUCrCd hk the Cit\ for ,in% of the fore:olim: purpo,C,. \\itlim three \CUl's l`I'lOr to the dati
of deliver\ of the Bonds. in :onnection \\ ith the aclllllsttlon and C0ll,(rUCtI01I of the Prolccl and pall for h\
the Cit\ out of fLlnds other than mono\, In the Construction Fund.
Retry Cr,ltnant. Tile Cit\ co\enants in the Bond Ordinam:i: that It \kill ilk. charge and CoIICCI rmes and
ehariges for tile U,e of the ,er\ lee, and lactltie, furnished f \ the Proi"t and th,!t troill time to tittle. and ,I- often
a, it hall he nece,,ar\ . it \\Ill adlu,t such rates and ehal-L:es h\ increasing or the game ter am elected
categories of rates and charges so that the Re\QnLtC, \kill at all time` he'+LiHiCletlt 111 CaCh Fl`C.il ear to Pro\life
an afllount at least equal to the 11,1111 01' a) I IW; of the Cllrl"Cot L\PCIiscs tit (lie Protect for tie curi-c'm 1 local Year.
ihl It)O ; of the Principal and lrlterest RrgLlirenictlts for the Alrrellt 1'I1c;11 Y C:tr. and ICI Illil" tit the Rc,cr\e
Account DCPosit Requirement for the Current Fl,,:al Year.
Tile Cit\ further :o\enantN that Il at .ill\ time the Rc%clnUCs 111,111 nett hC `lllttCtetll to prokidc sl1Ci1 1111101,11111.
it .\ill rc\Ise thy' rate, and :har'ges for the `er'•lees alld ta,:IIMCs fllrm,lled h\ (lie Prolekt, so that the CatCs ;Ind
,Ninnies eUliected in the Current and each `Uhset.11lent I III:al Year 1k ill re`Utt I11 RC\eil lies sl!IIiCiG1I tit pro\ id: such
amount,.
Tile Cit\ i:menant, that the rates Cli,;r'Ce I X.d : 11C.Aed Lilldel" ll1C 13011 Or'dilhaCk: '.\ 1!1 he .'alga: to t'r _CCatCt'
than each :ate-gor\ of iate and eharge ll\ed and :hared h\ the Cit\ at .ink !.chit, (hCrl operal, tJ
b\ the Operational A erlc\' and located \\ithin Will) left of the Proleet.
►he Clt\ cowilants that If ill an\ I iscol Year the Rc\cnues shall not Thal e heel uttictetit it, Pro\ide the
amounts set forth in the first paragraph ,rho\e. it '.kill hefore the Ist da\ the lollit\\Isle Fi,Cal car
request the Project Consultant and the Operational A-enc\ to illake their reColIIfile lidal!olls ;Is to a re\ lslon tit the
rate,, and charsi_*es for the use of the ,cr\ ices and facilities furnished h\ the Protect ,Ind cif) leI of sLie h request and
such recornmendations hall he filed will the Cit\ \lana_er and the Fiscal .-cent.
In the e\ eni that the Cit\ shall fat to adjust rate, ,rod charges in accordance \\ ith the Pro\ i,ion• of this Section.
the Fiscal Agent nla\ and upon the \k ritten regUOt of' the holder, of not le„ than 25' (' in principal amount of all
Bonds then outstanding ,hall Institute and prosecute In a Court of Ct)lllpCICilt juri,dictiol an appropriate Alit_ aCliorl
or proceeding to compel the Cit\ to ad)ust such rate and charees In accordance %%ith the ahokc described
requirement,. and the Cit\ co\ enants that it \k ill adopt and charge rate, and .hargel in ronlphance \\ ith am
judgment. order or decree entered in am such suit. action or proceeding.
.-lrmmal Biul,et. The Cit\ CO\ellant, that on or befOre the first da\ of each Fiscal Year it \k ill adopt a hud_et
of Current E\pem,es and Capital Expenditures fkir sui.h Fiscal Year Ithe "Annual Budget") on account of the
Project. Copies of the Annual Budget shall he filed \\ ith the Cit\ Clerk and the Fiscal Agent and mailed h\ the
Cite to all Bondholder, \\ ho shall ha\ e filed their nanies and addre,ses i.\ itll the Cit\ Clerk for such Purpose.
11-6m
82-77
Benj. H. Tyrrel (212) 962-:
2214C-1—Proof of January 15. 1982
relocation of utility lines occasioned b\constrUCtion and for the demolition and disposal of structures
necessary or desirable in connection \\ith such construction:
(bi interest accruing upon the Bonds prior to the commencement ill and during construction or for any
additional period as may be authorized by la\\ it so provided. anti subject to an\ limitation. in the ordinance
providing tur.,or authorizing*. the Issuance of stlCII Bonds.
(c) the cost of acquiring b% purchase and the alllount of an\ a\\ and or final judgment in any proceeding,
to acquire b% condemnation, such land. structures and inipro\'enients. propert% rights. ri`•hts-of-%\as. fran-
chises, easements. and tether interests in lands necessary or con\ement in connection \\ith such construction
or \kith the operation of the Project. and the aniount of arty damages Incident thereto:
(d) expense,, of administration properl\ char --cable it) such construction or acgltisiNOn. le_'al, architec-
tural and engineering expense-, and fees. cost of `audits and of preparing .Ind tilt.` BOlds, tee,, and
e\pen,es of Corl>U1lanfs, finanCm; Chal';_CI. fee, and e\pcn,c% ofthe Fiscal capital QOst1 t0 he ilICIlrred
by The Operational Age tic in connection \t lit the Initiation of ih III anLII-011ent Of tilt: PI'oject. Band insurance
Premiums. takes or other gmernrnental t:har,'Cs I:I»tllll\ assCss'.d dllriml constrliCti011. premiums tin insur-
ance in connection \\ ith construction. the cost of funding the Rescr\e ACCOLInt and all other items of e\pensc
not elsewhere In this Section specified. inCidem to the flnanCirl,'. :oil sI'tictIon ur a, gtit1ltlotl of the ProfCCI
and the placing cf the same in operation: and
ICI all\ cost incurred bl the Cit\ for sill% of the forCgolilg ptiposes. I.I.lthin three 1czw, prior to the date
of deliver\' of the Bonds. In connection \kith the acquisition and COnstrU01011 Of the PR0jCCt Jrld lWid Itlr h\
the Cit\ out of funds other than monc\s ill the Construction Fllnd.
Rare Cm enwir. The Cit\ covenants In the Bond Ordinance that it \\(II ti\. charge and collect rates and
charges fir the use of the services and faculties furnished h\' the Protect and that front tulle to three, and as often
as It shall be ilece`sar\ . It \\ III adjust such rates aril char, -,es h\ lncreal�lil_ or dct:ieasitig the Faille t>r apes selected
categories of rates and Charges so that the Re\enues \\ill it all tunes he sufficient in each 1-1•-ca1 %'ear to pro\ide
an amount at ICast equal to tilt: shell of (a) lilt)'; of the CIIII'Cllt f-Alicnses tit the Project for the Current Fiscal Yearr.
(bi 10I1; of the Principal and Interest RCgtllrcnicilts fOr the CURVIIt f'IsCal letlr, mete ICI I(lil'r of the ResCr\e
Account Deposit Requirement for the current Fiscal Year.
Tile Cit\ furdic' co\etlants that it at ail\ time the RC\enUCs shall nilt he stitliCI:Jlt GI pro\i& -Lich anIOLIFih.
It '.\ill re\Ise the rates anti ihar,_es for the sCr-,lCCs .lied (aCIl(tles ttlrnlshed h\ the llroleit. so that the rats ant
Charges collected in the current ,Ind : ICh uh,cquctit Fiscal Year \\ di re,Ult Ill RcwnllCs sutt;cicnt to pro\ id: such
amounts.
The Cit\ co%c iants that thy'. rates ch,lr'gC'd ,ir;d coilc:tcd undler the Bored t )ra inji c \\ ii1 he calla; to ,'r 'reatter
than each cite^_kIr\ of. rate and fi\ed and Chareed ht the Clt\ aI .ifl\ 011—treat parkin_ facill(t then operated
b\ the Operational agenc%, and located \\ith(n II!tlll feet of the Project
The Cit\ co\cnants that If in am Fiscal Year the RC\entles shall not ha\e Ncn sI11tIC1Ctlt to pro'.1de the
aniounts .of t0rth in the first para_-raph abo\e. it %%Ill bet"tre the I da\ of No\cnlhet of the I)lkmilt` Fiscal 1'eatr
request the Project Consultant and the Operational to maize their reCt\mnicndatiori, als to al re\ ision of the
rates and charges for the use Of the ser\ices and 1,lCllllles furnished h\ the ProieCt and citptes 01 sUCh reatlCst arld
such recomrile ndations shall he tiled \\ iih the Cm \lana_er and the Fiscal a-ent.
In the e\ent that the City shall fail to adjust rates and ch,lr yes In accordance \\ ith the pro\ isions ol'this Section.
the Fiscal A� sent nlay and upon the \\ ritten request of the holders of not less than 25' (' in principal amount net of all
Bonds then outstandim, shall institute Mld pro>eCUte In a Court of competent jurisdiction an appropriarte sleet, action
or proceeding to compel the Ch\ to .ldtust such rate and charges in accordarne \\th the aho\e described
requirements. anti the City covenants that It \\ill adopt and charge rates and charn_es in conipliatic: \kith am
jUdgment, order or decree entered in any such suit, action or proceeding.
Anni(al Butler. The City covenants that on or before the first da\ ofeach Fiscal Year it \\ili adopt a htict_et
of Current E\penses and Capital E\penditure, for such Fiscal Year ithe "annual Budget" I un account of the
Project. Copies of the annual Butt,_ct shall he filed \kith the CII\ Clerk and the Fiscal agent and mauled h\ the
City to all Bondholders \\ho shall ha\e tiled their names and addresses \kith the Cit\ Clerk for such purpose.
M.
82-77
Benj. 11. Tcrrel (2121 962-4
'? 14C-i—Proof of lanuar\ i 198"
The ON ma} at anc tittle adopt an amended or supplemental AnnLlal Bud�:et (Or the remainder of the then
Current Fiscal Year on aCCOUnt of the Project. and the .annual Budget ;u intended or supplemented shall be treated
as the .-annual BULK*et under the pro-,!sions of the Bt nd Ordinance COJ)We, t,f am such amended nr supplemented
.-annual Budset shall he filed \\ ith the Ott, Clerl, and the Fis:al Agent and rllalICLi h\ the Cit\ to all Bondholders
\\ ho shall ha\e-f ilod their names and addre„es \\ ith the Cit\ Clerk for sorb purpo,e.
The Cit\ further co\'enants that the anlnunt e\pended fOr CUrrent E\pen,e, ill in,, Fi,cal )'car t. ill not exceed
the reasonable and necessar\ amount thereof. and that it \\ill not e\pend all\ amount for maintenance. repair and
operation of the Project in excess of the total an1A,unt pro\ Ided for Current E\pcn,c, in the .-annual BUL1_et.
Flint• ot'Ftmd.t. A special fund is hcreb\ created .md designated the "\Ir.!nli Oif-Street Parking, Facilit\
Re\enuc Fund" ithe "Re\"enL!e Fund" I. The Cn\ cmenan[, that all ROCnucs \\ III he C011CC[Cd and deposited as
recei\ed \\ith a Depositary or Depositaries to the credit of the RC\CIILIC Fund. All mone\, in the Re\enue Fund
shall be held b\ the Cit\ in trust and applied a, pm\ided In the Bond Ordinance.
A special fund is here],\created mid de.,ienated —Miami Harkin_ ROenuc Bond, I AddltiOnall\ SCCUrcd 13\
Non Ad Valorem Re\enuesi Interest and Sinkimg FUnd " (tile "Sink-ill-2 Fund —I There are created in the Sinkin ,
Fund three separate aCCOUnt, deNiL1la(Cd ''BOnd Semic AQLC nt". "Redemption AC,:0Ullt 11111 "Re�ertc
Account" re,pec(i\el\. An additional special fund i, InrCh', crcateLl :i ki de,i,,n:;teli "Nhimi Off -Street ilm-kin_
Facilit\ Generai Rc,er\e Fund" ithe "General Rcscr\e FLInd"I.
The 111011C\ s ill CLIJI of said Funds anti A:COLlllt, \\ Ill he IlCld in tFUlt and .Ipi'lled oil!\ a, hcrelllalter pro\ ided
with re_ard to eaCh sLICII Fund and ACCOLInt aInd. pCM1111L ,uLh alpl`IICaUIuI}. \\Ill be ,uhic:t to a lien and 'Ahar"c
In to\or (it' the holders of the Bond,, issued and ollt,tandim-, LInd;:r the Bond t 1rdl11,111Ce ,Ind for the im-thet' ,ccLIi it\
of such holder's until paid Out of transfen"ell as herein pro\ idcd
The Cit\ Nlana�'er \\ ill, oft or before the ,()ill da\ of the month Ile\1 ,LICCCCdln' the ill(Intil ill \\111:11 Bonds
are initial]\ Issued under the Bond Ordinance and not later than the 2(ith Lla\ tit each month therc fitter. \\tlhdi-Lm
Lin amount equul to file balance renia min_' in the RL•\CIiLIC Fund oil the list da\ t)f the prc:cLhnL (Month. lc„ all
anlnunt ilk` he held for the pal\ nlent of C ummit F.\pen,:, I equal tit) all a111h0L1ilt not e\,:Qcd mL' file .1111OLInt no%:c,,ar\
(Or Current E\pell,e, dUrint: the ilc\t eri,um,.2 three t 11 Month, :1, determined h\ the C It\ Mana`'cr. and deposit
the sun,, so \\ ithdr"%%n \\ ith the -V__ent [t) the rCLI11 t`f the f0litm im: A,:01LInt, tit, FUCLi, in the In' IIrLICr:
I a1 to the credit of the Bond Scr\ i:: A::t'Llllt, aril atllt'Lllil CgUal to olle-,i'Llll t,i the :01101311t of Interest
pal\able on the Bond, oil till Interest pal R1eil[ L1a[C next ,U::Cedltl- i less ail\ ,11?loLillt rC::l\CLI a, :ap r.di/cd
or aCCrLled llllere,t IIolil The proceed, of the Bt,nd, \\ill:h i, a\,Iliahle't,l" pat (tl.'(lt I and hCOMIlln,
Au,'u,t 11-1 all allloLillt equal it, one-(\\ellth of the ne\t nlaturinC installment .tf rillICT'd oil all Serial Bond,
then oll[,4lndltli pki\Ided. I?t".+C'-:I. t1Ltt :n Ca:h ICttrHh :(lief\c(ilii.. hL".\\:Ctl the Ll .. of dehl,en of Bond,
PUI',Ltant to rile Bond Ordiriant: the:lnlnln ' '.\:1h Il:e mloritl iti{Itt\\ Itl" the 11U`(1[h ill \\ hlCh LI:h dcii` er\ lake,
Placel and the next succcedln. Interest p ment date and the nc\t ,u::Cedm_ pillwipal pa\nlcnt date.
respeCfl\Lit. . the anloUn( ,PC:itlCd in till, sul,rara'*raph ,hall he 111.11 anlnunt \\hich ',\hen multiplied b% the
number of deposits to the :i-edit of tilt: Bt,nd S:r\ IC: A::oLInI rCllUlr:J to he made du1'in_ such rCspC:ti\C
period, as pro\iLd aho\e \\Ill elllial the atMOUnr, reLlllir d inn addition to .Ill\ all1o1111(, rCCCI\Cd -is a::fLtcLl
Interest or capi[all/ed Interest Hitt]] the prLiCCeds of ,U:h Bonds for ,Lich tle\t ,uc:eedin` in(ere,t pa\(Rent
and next maturing installment of principal, re,pccti\ cl\ :
ibi to file Credit of the Redemption AC:oUnt an aillount elllial to OI1C-I\\Ch[h o1 the principal .lillnl111t of
Term Bond, then outstanding required to be retired. in satisfaction tit tie Amortization ReL(LtlfelIM1111. if an\ .
for such Fiscal Year. Plus the premiums. it" an\ , on the principal anlnunt of'I Call Bonds \\ hICII \\ ould he
payable in such Fiscal Year it such principal amount of Term Bonds \\cre to he redeemed prior to their
re\neCtl\e illaturities hom mote\', held ltir the Credit Of the Sinking Fund:
ICI to the credit tit till' Reser\e AcCoLltlt. ,UCh amount. 11 all\, of an\ halance remainin_ after making
the deposit under:lause, ial and ibl abo\e for the entire balance II le„ that(: the required ailol11111 as illa%
be required to slake the amount deposited ill ,Utah (Month to the :redlt of the Re,:t"\e A:wUnt equal to the
Reser\e A:coUnt Dept„1I ReLllltf:Ilkrlt for ,L1Ch )Month:
id) to the credit of the Get}eril Re,er\e FUrld. file hal.ln:e. It .nil . remaiwn- .liter making Zile deposits
under clause, 1.11. 1 h 1 and I. I aho\ e
B-r
82 -77
Benj. H. T'�rrei (213► 9616
"i-tC-I—Proof of January 15.T9S2
If the amount deposited in any month it) the credit of any tit the :\ccoUnt- or Funds mentioned In (al to (c).
Inclusive. above <hall be le" than the anxumt required to he deposited under the fore_olm; pro%isions of this
Section. the requirement therefor shall noerthele„ be cumulative and the amount Many deficiency in any numth
shall be added to the amount other\\use required to he deposited in each month thereafter until such time as all
:Lich deficienctes hurt been made up. The anmunh required to he depo,ifed in the .Account, nleiltioned tit clauses
tat. iN and tcl abme in any month ilia) be reduced to the e\tent chat all or a potion of the deposit regwred tit
Lilly such month ha, theretofore been reahied front the in\c,tillctlt of mol'.ey, on deposit In any ,Lich AccoLint.
,application hI I mzd Se'/'1'ict' Acc•oititt. The Fl,c:ll assent ,Hall, during the period of fly c hw r ess
day, ImrilcdlatCly preceding each Interest paylilCrlt date. `AIthdrx.\ from the Iiind Scr\Ice .Account. Lind ta) rellllt
by mail t0 each o\\ner of Bonds registered its to both Prin1:lPJI and niterest the amounts rCgllired for paying the
Interest on 'such Bonds a, ,Lich illtere,t becomes due Lind payable and Ill) deposit ill trll,i yyith the Pay III,-, Agenf,
rile alllollnt, reLiLlired for pay Inn the interest tin the Road, ;I, Lich MIL:relt }iecOnw, Mlle and payable ;end the
principal of .111 Serial Bond, as such Principal becomes due .Ind payLINC.
Alilllirtiritut 01 tlonevy i;r Retle mlition.•11rt'ititt. Moneys held for the credit of the Redenlpton Account Wall
be LlppliCd to tile rCUWMCilf of To Terlll Bolld, I„Fled LlndCr tie pnni,lons of till, tlydlnallce a, follkmy ,:
la) SLIitICCt to i11C pro\'f'•Ioll, of paraLraph 1C) of Ohl, Se:tion. till` Fiscal A_Ceii( (ilay purcha e anJ Ielill
Bind, secured hereby and then UL!Isiarltllng. \\hrther or ntq such Wmi Mmd, ,h;!11 :hen be ,Uhlict tit
redemption. till the most atlyalllal'COLI, terns, Obt.1111.1hIC \y all rC;t,on;ll'IC dll!"e!:cC. ,Lich Pike [lot to e\cccd
the principal of ,Lich Terlll Bonds plus the amount tit the fCLICInpilull plCi11IL1111. It ,Illy. ' filch night on the
nC\t redengion date he paid to the holder, of ,Li:h Tenn ITUN undcr dw ploy lion, of the Bond ( )rdinallce
It ,Lich Term Bonds ,hOWd he called 54 R'de1lmMltm on ,Lulus date Rom note;, in to Smistrig FmA. The
Mal Agent ,h;tll pay the Irl acq accmcd on ,u h Tenn lima, a, d.IIC tit ,.t11t:mcM TeNfoi li'om the Blind
St'r\ Ice :\Ccolinl and the pur:ha,c price from the RedemptUm \:count. but Ito ,LICIT plr:ha,e ,hall he m:Idc
by the 1'ls:;ll .i_Cflt "AhIn the pel'Rld of 1-15: days ne\t pl'C:CIh!1_ .ill\ in!et'C,t rt,iy'nent (late on Nllich ,Lich
Term Bond, arc ,Uhleri to :all ft)l' rCdcitlptloll U11dei'thC Pr0\1110ris Ill the Bond tlyd:nilnce. C\:CpI frolll
rilo11C\, t`ihef th;tll 'lloftey, Lit .t,k1C of dCpo,IICI{ iof (tic redcmption +`i I erns ltond,.
bl SUbIL:t tt+ t?e pro% I,Ion, of the Bofid OrdIIianco and h,lr'.. I',Iph I � I\Ctt \+.. the 1 (,Leis A Ilia\ call
for redemption on oak:h Illtcre,t pay n?ent chic on `.\111,11 1 ell11 lltif'd, ,toe ,tib!c:t tt+ IedCllTptl0I1 ,Lich ,1111o11111
tit 'Lich Terre Bond, a4 ulth the re+_{empuon Premium. if any, %%H1 e\h;ul,l the nuwn, vh!ch "A be held
Or Ole credit of the Rodenlptton "ouln tm sale{ imunt pa\ nwra kWe a, rwaQ .t, m,ly tic•. Pro\ idcd.
IiotiC\er. that not lc„ than \5ti,tl(It1 i`i!ris!l ,aI itiiount tit Terlll Bolld, ,Bail be :.hied t"t'rc,lelliplltull al all
one tI111e 'anic" a is„Cr alliount ,hall be 1egLL'r2tl to ,,tll,l\ the :\t?o al/ation Rcquticln,,I l for ally l'I,:al � C: 1
SLI:h redemption •hall fC 'llac{C I\L.tl,llaJlt 1+: the i'i'o\II ill t'I Ih. lit+IId t )rdIT.an:,. fhc E i,.;il -%ell' ,11:01
during. the period tit ei%e hu,in.,, Clay, imor to the reduiptim No \% nhd:a" trolls the Botts Son we -),:coed,
and the RCLICII)Ptloll .-\eCount Lind ,ct :hide ill ,et'ar.U: ;I::oL111t, 01 dC14011t N!ill the h.t\In_ .agent` the
re,pecti\e .IfiloLlfit, roquired for p.iy Ili 'llc Iii1Ct'e,[ t'il. ,slid ill,: IllI(lelp,il sill(! fCdCllll'Ilorl Plenlllllll CI. O'.0
Terll) Bontis so ::Ills.: for redemptst+r,
Tel \Toney:, held by the Fis"d A at in the hcdompWxr) :Nctount ,hail he applied E^•\_ the 1 I,cuE A_etlt
each FS"I You LI the redwrivent of Bond, ten tastandit = In the M"ing order:
FIRST: the Terns Bond, it) the e\tent of the .-lniorti/ation Requirement. if any . for such Fiscal Year
for ,Lich Ternn Bond,. Plus the applicable pretniurn. if ally. and any deficiency in any preceding Fiscal
tar, in the purchase or redeniptwil of ,Tress T erni Bond, Linder the pray I,lori, 01 this subdivision arid.
if the amount n adable in such Mai You hall not he .efficient therefor. then Ili proportion to the
Aniortization Requirement. if any. for such Fiscal fear for tilt Terns Btatd, then oulstaildnrL. plus the
applicable preinium. if any. and any such deficiency .
St-co`u: Term Bonds. if any. in such manner as the City Nlan.L__er,hall determine re,ult, ill the
_reate,t economic benefit to flit City.
Tfi1RD: Lifter the reninomem of all Term Bonds. If Me . Serial ISM, i„Ued Tussles the prtiyi,luns tit'
file Bond Ordinance in the myCr,e order of their snmuntit,
B
82-77
Benj. H. T%rrel (212) 962A
_21-1•C-i—Proof of Januar\' 15. 982
rI
,arlilic'uriolt of Mone.Ns ill Re.)erv'.iccotint. Mone\s held flor the credit of the Resere Account shall first
be used for the purpose of pa\ing the interest On and the principal of the Bonds \\henc%er and to the e\tetit that
the moneys held for the credit of the Bond Serice Account and the General Resere Fund sliall he insufficient
for such purpose and thereafter tOr the purpose Of makint, deposit, to the credit of the Redemption Account
pursuant to the requirement. Of clause (b) Of Section 504 (it' this Ordinance \\hene\er and nt the e\ter.t that
uithdrauals from the Re\enue Fund and the allIOUnt On deposit in the GEn.ral Reser\e Fund are insufficient for
such purposes. It at an\time the mone\s held for the credit of the Re,,me ACCount shall c\ceed the Reserve
Account Requirement, such e\cess shall he \\ ithdi tLM n h\ the Fiscal .1_ent and deposited h) the credit of tilt:
Revenue Funs.
.41)plic'tuion Rt'ventiev: (, try'enull!:i;tlill\1 lttillmcc ttl :itlthliolml B(Pli is tolder 01'dilltillt't' No.
7066..- dolited November 'l. /962. The City co\enants that If In an\ Fiscal Year nlonc\s held for the credit
of the Reserve A::oUnt are \\ itlid ra\\n and deposited to the credit of the Bond Sec\ Ice .-\c:aunt or the Redemption
Account, the Cir\ \\ III in the Cit\" hudget for the ne\t ensutng Fiscal Year hUdeet as a tirst prnlrlt% it -cm an anluunt
equal to the :Itllount Of such «ithdrLmal from the Rescr\C Account. SLlch hLld_. t!d anluunt shall he a first charee
against the UesiLmated Re\Cnuc. recei\ed In such ne\t ensulnL Fiscal Year and up011 the receipt hy the C it\ of
Desi,_,nated Re\enues. In Illeh ne\t ensuing Fiscal i ear Mich DeNi`_:nated Re\cnUCN 111al). ,tlhle:t Its the prior claim
of the Cit\'s oUtstatldinl �pCii:!) ObliL.Ition L*01itles Ser\ick fa\ Bonds 1S:Pies AI. dated FehIlUar\ I . 1963. first
he deposited a, reie)\ed \\ith the Fiscal A_ent fol the :rtdlt of the Resere A::oU11t Llmi the 111101.1111 NO deposlted
tt.!UaIS such hud,_eted amuLlnt. T Ile blld`'etln,_ Gild dept»lt I'Ctltllreillent ttl tills section shall he :Llnniiatl`e and to
the e.\(cnI that 6t�l,'nated RC\CIILIC,, ret:el\ed h\ the C It\ Ill :Ili% Fiscal Year are not Nutficicnt to itlake deposits
in the Reserve A:COLt(lt equal ill all prior \\ithdra\\als. \\hich li i%e not hcen restored front Fhsl_natcd Re\enuCs.
the Clt\' shall relllaln ohhgated it) bUkh-M anti dePosll ,llllolli)rs sLlfliCICIlt it) ill,Ike Lill .Int. .Lich Unrestored
\\ithdra\\als. The Clt\ :o\enants fOr the henefi, of tlic holtfer, tt( the Bolltls th,lt It \\ ill ts,Ue no bonds. ill addition
to the Present\ OLItIlLincling, Utilities Ser\ice T,i\ Bonds iSeries At of the Cit\ dated FChRIZII\ I. 1')h;. pul-su,Ult
tU the authori(\ conferred h\ Aiticle I I of Ordinal):c No. 7tihh. adapted I,\ the Cit\ Comilllssloil till \o%CIllbCI-
_I. )yr,,, either to IiMMCe IddIti0nII illUillClp:d PI'0.IC:ts tK tit r:fUnd the ollhtaildln_ tierie,, i honds.
'l)1)liCtllltUl tit .tlt'Itc\t ill !lit' Gencral Rt'4'1'rt' 1 inlet. �1011 ',s held for the :redit of the General Rest'\e
Fund mad at the e!ectlon of the Civ, he applied:
la, to rel(llbllr,: the CII\ for an) aniULlRtN deposlt:d nl ale Res:I\e A::ttllm'.rom Ihsi niat:d Re\enueN.
1b1 to pur:ha,c or r:d:en1 Borl�is.
1:1 ?,0 Pa\ file :test of WILMIal or e\tr.Ittldindr\ Illalnl:il:tn:: Or repairs. d1C :fist of retle\tals and
repla:cnl,ilts .tlld the ,ill related It, :he 1'rttl::t an,! the :list
of acgUlrmg and additions and Rl:(t t\cn:enl� tit llt� F�i't t:�, al) i li,'.:I .tnd .ldlnll)
h,(rdti\e e\pens:. related to the itV'e`_ t111"..ind
Id) to make Lill deiI:ICil:les ill all\ of ;he . CsOLlnt. and Fantls:i":a(:d ill the Bond Ordinzmc,C ;n:ludim:
an\' deficiencies ell the Revenue Fund rc+llred tOr the Pal nlcrlt tH L urr:rlt E:\p:lres.
Pro\ )ded. hm%e \"er. that in the el ent of am deficiencie" in ,Iil\ A::oUnts or FLinds :seated h\ the Bond t )rdinatl:e
the nlone\s in the General Reser\e Fund shall he applied is Pro\lded in paragraph tdi Ubo\e at make up all sLl:Il
deficiencies prior to tppl\ing an\ nione\s in the Rt:se1'\e A::OUnt for such purpose and prior to appl%ing more\.
in the General Reser\ e Fund for the purposes described Ill paragraphs i a ), (hi and i c) abo\ e.
AlyVicatitul rtl'.11unt"\� ill .Sorkin,' Fioul. Subject to the terms and conditions set forth ill the Bond Ordi-
nance. monevs held for the Credit of the Sinkin_u, Fund shall he held in trust and dishursed h\ the Fiscal Agent for
(a) the Pa%nlent of interest On tilt: Bonds a, such interest heconles due :Intl pa)ahle. or (bt the pal}ment of tilt:
principal of such Bond, at their maturities. or I c) the Pa\ nlen.t of the purchase or redemption price of such Bonds
before their nlaturit\ and such nlone\ s are pledged to and Charged \\ ith suCh pal\ nlents mentioned in the Bond
Ordinance.
!!n'estmenr l)(Mlone'xs. done\', held for the credit Of the Construction Fund. the Re\'enue Fund. the Bond
Service Account. the Redemption Aecount. and the General Re,cr\e Fund. \\ill. as near[\ as nla\ he practicable.
he continuous[\ in\ested and reinvested h\ the Fiscal Aeent in Ime,lment Obligation, \\In:il shall mature. Or
82 -77
r;i �►
f l a Benj. H. Tcrrel (2121 961; E,2
22 f 4C-i—Proof of January 15. 19-82
nhich Oiall he sabred to redemption by the holder thereof at the t` O* of such I1o1dCr. not later than the respective
Wife, v%hen moneys held Q the credit of said F-LlnLI, and Account, \\III he rtyun'td h`r tile purPt"�� intended. or
in Time Deposit,: provided. htnwer. that each such Tinhc Deptim ,hall powl-mu the money, so placed to he
a\ arable for use at the time,; provided ahoy e.
Moneys held for the credit of the Reserve accoLma shall. a, nearly a, may he practicable. he ownurnisly
invested and reinvested by the Fiscal agent in In\ ewlient Obligation,. %v hich In\,,tnitnt Ohhgati'n„hall mature.
or shall be subject to redemption b� the holder thereof at the option of such holder. not later than (en years after
the date of such in\e,tnitnt. or in Time Deposit,. pro%ided. however. that each such 'Cline Deposit ,hall permit
the money, ,o placed to be a\adahle for use at the tulles pro\ ided aho\c.
Investment Ohli gaUhnN and Time Deposit, so pUrcha�cd ,1, in Itl\c,nn nt of monc\, ail any ,UcIl Fund or
Account ,hall be deemed at all times it) he pall of well Fund or Wow Ile Illtcre,r accruing thereon and ail\'
profit realized from ,Uclh in%'est111cra ,hall he called to such Fund ter acCOLint and any 10-, resUltin_ front ,'ach
in\e,tnlent shall be charged to) Fund or A xount. pro% ided, ho"ever. &I IIilew ,I cniiilt_' on and any pit\fit
realized frorll tilt In\tslment of iihtnCy s in the General Reserve FLInd ,hall i'e dCpo,IfCd to ille credo of the i ;:\CIILIC
Fund. Tile Fiscal Agent ,hail sell or present for pay merit or redelll "Ill Lilly Ill\C,II11CIlt (Y1h1-',ltlon, so ICLILtired
y%hcne\'o:r it ,hall bt necC„ary so to do in order ill provide Illt`rheys it) 111ett all\ pa\melt tron1 ,ugh Fund or
Account. Neither the W"d Age;lt nor ally agerlt thereof Wall be 1551C t`r re,potl,Iblc for ail\ Ill,, re,LO(IM from
an; ,Lich lll\'r_,i wnt.
In computing the armllmt in any Fund or acct`Unt treated pursuant it) the pro\I,loll, of the liond Ordinance.
e\cepti g the Reserve account. Shgation, purchased a, an m\c,nnent tit' nhone\, thereat shall he valued at the
Mist or ma ket price thereof. \vhicIle \er i, Io\\Qr. CWILI'i%C tit ,ICciUCd I[Itere,t. iil Coll IPUtillg the .1111t1LIW of the
Rc,erve account, 01)11,_atitlnI ptlydla,Cd T, an m%c,trner1I of Illt`Ilc-,,therein ,haII he \,Idled at chef[ cw-rctitinarket
price. The Director of Finance of tilt Ck, ,hall on [tie I do of. \I,I% anal Decenther Ill Cash y ',Ir Cake1,11AC the
market price of all ,u:h oNt_,ahon, and if such total market prise. U j then %vIih any cash then held In [Ile I"C'ene
Account. shall I�C IC„ that) the Re,Cr\C :\cCOLlril RCL{Lllroi1hC11t. the C i,% ,11,111 be 01111_,lted \v itllll the c11,11ing Llt)
days eitherio nuke dep -A, at the time, pi'tt%lded in wi under the ,ul-cupwort ''Florio, 01 FLind"' J1,'0\C oi' io [hake
cleposih frolll the General Re coo Find purnwrti it` Id! Ui1L!er file ,ubCal'li011 AI'p1lc,uloll Of Money, In IIIC
General Re,ene Fund aho\e in .iwouiaN rCLILllred it' make the Ilh,tikci price of aH ,u,h thll_,It orri i,tgetlC[ "ail
,toy cash then held it) ,lie Re,or\C \Cc.tura CLILIJI ill the Re,Cr%L' \cet`ll(hI RcLIUIIClllCta
Pa\nwnt tt Pr:lwiril. /!iit'!t"t ti!iti 1hl: 11\ :w,c'lan!, In the 11�)ril t)fdirialle: that It t%Ill
j`[tllllpil\ hay the princ:pal t`f and the lracrc,t on each and Cy l'y B,`aid l,sll, d Linder the proyl,Ion, or the Bond
O'dlrlance a, the place,. on ihC date, ,and lit tilt: inarni r pe.tl ed heteiil ,ind 111 said honds moll :11 the :oUpoill.
if .any „appelimning thcreun and an; prcmann S CLI mcd W Aw rcnwieilt of ,.:Id lit'rld, 4) pur:lla-e cir "Cdt_Il'•I'f1un.
acsordin_ to the true Intent arld nacarlma tictet'f SMh 1`[In,-ji'al. Isere,' ar,l I'r:iiltll;li y\';I be pa\,0b1-,' ,t`lel, tt',lrll
tilt RcyCilllCs ,Ind. to tie t\IC(lI pray ItlCll Ii1 the l0nd L lydtllant.c. troin tie Dc,;gnatcd Roy cnU;:, avid ,.lid Rcy CI1UC,
and De,lgrlated W enues are pledged hi the pa\ I11Cnt thereof :Ih the n1omwi— and to the ewat pari uhrly ,pC Med
in the Bond Ordinance.
Bond, I„Lied Linder the pw%I,Ion, oI the Bond (11011rlCC 0111 Olt he deelllCd In, oorl,unae a dcht .tt the C Iry
or a pledge of the faith and credit of the (Way but such timid, %% Ili he pa} able ,, do ly front the fund Pro% idt:d therefor
from Re',C11LIC, and DeOgnated Revenue,. The wlanceof the iiond, %yIll ilot directly t)t' Indirectly garcontin_cntly
obfl_'ate the City It) IC%% or to pledge any form of to\ation %%hate\ er ihereft!r. other than the Designated Revenue,.
nor shall any ,Lich Bonds con,titUCC a charge. hen or encutni'raricc. legal or equitable. upon Lilly' prltpCil\ tit the
City.
Coo licltlt A"'L111lit l:uLuNiir.tlnl'%. "File City f.itlhcr covenant, that. front the Rr\enues. It Mll pay Lill
go\:rnmetual cha e% W fully K ied or ww—ed uptln the Protect ter ,iny pan thereof ur upon an; Rmcnuc• \%hen
Me same ,hall hecome du;. that a y%i1l duly oh,er\e .and comply "ail all valid rcLiUilenlents of any municipal or
_o%ernmental autlont\ relate': fo the Pn!fect. that a %%Ill not :real: or nu r to be ci'Ca d all,. lied or charge upon
tilt Protect or .any part thereof. or t`il tit Revenues or oil the De,lputed Revenues. other than w provided in the
Bond Ordinance. ranking eyuJQ "Ali or prig[ to\ the Bond,. and His. trot of the Revenue,. a ylifl pay or cause
lobe discharged. or \%ill maim adequate pn'v islon to san,f\ and dnchar e all I,I%\ fun clairll, and demand, f,tr lahor.
materials. ,upplic, of other objects %%Inch. iI unpaid. night by i,l\% become a On upttit the Pniject or an) part
82 - 77
.
Benj. 11. T3rrel 12121 962•5.��
214C-i—Proof of Januar% 15. 1982
thereof tic the Re%enue%: provided. hoae%•er, that nothing Will requll'e the City tot pal or came to he discharged.
or make pro%ision fair, an% such lien or charge No kmg as the Widity thcr,of Nhall he contested In _,,00d f:uth LInd
be appropriate legal proceeding;.
Insurance. The Cit% :orenants that it %%ill at all tinges ram insurance. in a re,Pon,01k; insurance ctmnpanl
or companies authdrired and qualified under the la%%s of the Stag o► f=ltrida to a„Lurie the ri,k thereof. k:merin
such properties included in the Project aS are ell,tonlaril% in,Ured, and :u--ain,t Its, or dai ia,,.e from sack% CLIU,e,
as are custorriaillx insured against. by conlpanie> engaged In ,initar hu,ine,s
`ot%%ith<tano.iing the foregoing. the Cit\ ma% institute and maintain fi,:all\ sound and prudent ,elf-In,urance
programs !kith regard to such HNN a% JAI he wired tent "IT the wourn ;ndatrolr of a qualified ;lid rogOnally
mco`'ni7ed insurance consultant.
Rkecortlk, Account% an,l .alallt+. File City :o%ellaflC, 01,11 it %kill keep the fUrid,, a::oUnt,, flittrle\, and
In%e,tment, relating to the Project �eparatc from all other 11111d,, a ,0Unt., Illt�rk%I and imc-tillent, o the Cit%
or airy' of IfS departments. and that It %%Ili keep accuraw record, and account, of all ItettT, tot Cots and of all
expenditures reknttlg to the PrtiOct and of the Werl(it, :olle:Nd ,arid the application of ,tich Re\enuc,. Such
records and accounts ,hall he open to the in,pe:thin of all Wwre,ted Persons.
The Cie\ further co%cnant, that at lalst ginirieri% Wing enh I'Scal fear hwinning "all the AN: fall local
Year follo"We the date of dcli%er% Attie HOW it "A cause to he hKod %k all the by Clerk and the Fiscal A,,ent
an Unaudited interim report, ,Igned il\ the City Manager ,Noll%; forth lie re,pt:t of tilt` i`reCedin`_ thr e-nloflth
period:
fat a ,CPai'att Iilcollle and,\Perl,e a:Ctnml An' the Itroi n `il+t% mg qw t,t Ron a le, ;Ind a :alauh::Oil
chiming %khrther the C�it% is Ili complianco %kith the Jlate Cosa•] ant.
lb) :ill depo,l(, Ill lh: credit ttf ,Illd %%Ithdr:Mals 1r0111,:.I:It i'e':Lie I (!fill ,ink, A_-,-0l1fit:i':;li,a ttnkler tilt
pro,, isttns of the Bind (4din.mce.
1:I the detail• Wall i3o'nd, I„ucd. 11,011, PUrciia':d r,r r,l{r nick%.
ill% a balance -he:, .Is of tilt end of ,iP:h filr:,-i1N'lith !'r:h'l{. ,ll;d
Iel the aiilolilit, 011 dert„It at the eflkl Of ,Ukil t111:,-111ond1 r:!';o'kl ;11 caki) F'ailk "I t1U,t :1'flIj'aII." ,!!id the
,e:Urit\ held therefor.
The C tt\ further :O\Cnatil, t1.1! 'A itliltl ,i\ njonth, Xl, r tlrk' l .a:11 I Is::i� � :.ii" it %t. !ii "lu" an aukht
it' ill :onlpieled tit It, hooks and WCOLIflt, iler'XhIll; t+t t11: 1'",t'::t ii., tfi, r�::t'linLli!l. h:rr`r(, ieach auditl
,hail be tired %kith the CA, co;1::1L'"i m. !ilk' c IC Nl.+fl,l_.r ..Ia! aw I _.l! �_:III...^.t% mot' .it:n i' �++1? •h.al
be !1lalied to an% B0f'.dh0Id:r %%hoo shail ha, i::r1 hi ran!e .lilki ,Ill.'rs \!(ii :h: l It% (. ik!I, , 'r .,;h i'lL!'tr,: F.ach
,Uch audit report ,hail so! tort%% ill I,,reCt tit ,;lid 1'i-:al )'cal. !fl: ',Ulle lil,tt+,r' a- -!IC :eq;!1r,d for the kIU; furl%
reports and ,flail inClUde a :ompari,on '.\ lth the : nnUal Budget Q -aid Waal i,:al I he :i::ttlnlLllif. Ill addition
to'u:h audit rep(Irt. ,hall fUrrll,i) a ,reciad r.Prtrl ,tall%%_ that .1i1 e\,ilmnalion of th' fir ancial "'ate -lent, ila, Boon
rnnklUk I.d In accord MC, "ill _'ensmil% a:cepled audah; ,Llndard, and ,I l[IIIg %k hole:' ,11:11 financial
ial ,Iat:lilt ill,
present fairly tilt financial position of the Profe:t and the re,Ultl ++f deli orer,llioll, ,ind ch;lllge, :il it, fin.111I1,11
pti,ition for the period :o\ered by such stud%( report Al conf+il'll(it\ 'kith gt11e1a11\ ,ICLCP[Cd ,l::(1Un11Il r1"1nC1pl,,
applied to a Consistent ha'Is. Such special report shail state Ili %%hether at \ car end any % n)lauoil 01' hnnd:o\ enarl(s
C\%,led and ! Ili if al my time dwing the Ftsc:d 1 ear tom r xida an vent of default ICI, defined ill fag tlrotli'Il lei
in:ll he under the ,UbcaptDvil " %ent, of Detault i occurred and if mb the nauN of the de(aUlt. SUA ,p"WI
reports ,hall be linuted Al hn,lllC(:11 niattrr, described in the Ordnianc,. 11, the e%ent that lair Lilly rea,on bextlrld
(he control of the Con', It is unable a) tfLiin the foregt1111__ awdicote ,I, it, :onlPhaic, `.kith C:nerali% a::ePltd
acsiuntin_ principles'and i, taking all reaminable and feasible ,tnwn, 41 "MaIll ,dill :LT(1fica(C\ is 10 ,(Ih,equLnt
Fiscal Year,. the Cit% ,hall be deemed to be in :of1lpllance "ith the No%i,ion, of the Sectatn, it in Ileu of the
:ertifl:ate required ahti%e such kerUfl:ale state, the rea,ons for ,11:il fit 1(1-:ctlliPli:ilic, or non Ctillft+Cfili(\.
For the PUr'po,e, of the Bond Ordinance each Wd cycled thereunder,hali he el eerie% of icci nil, % uhin the
hook of account, of the CA% and ,hall :onnot: a ,egr:gation of accounts. %%hi:h %%Ill support ,Pedal Plli'Po,e
disclosure repons. floc to he :on,trued a, a ,epjrate set of hooks of ac:o(lnt,.
B•`
82 -77
Benj. N. T't rrel (212) 962•5-11*)
2214C-I--Proof of Jantiar\ 15. t' .82
En(rv'rrn ent ofCrdiet-time.\. The Cit\ %\ill di(i_entl\ enforce and collect the rates. fees and tither changes
for the per\ ices of the Project, \k i(I take all ,tell%, actions and pr-tweeding-, for the enforcement and collection< of
such rate<. fees and chargen ashall beconfe delimiLtent Ni the Rd! ement hcrnutted or authori/cd h\ Izm : and "Ill
maintain aCCurate recordk %ith respect thereto.
No Stile of Proiect. fill The C•it\ cok'enant, that so lone a. an\ Bond shall be outstanding_
under the Itro\ isiom of the Bond Adinance and e\cell( al In the [Mind OrdlflenCe othem ise Permitted. It \%ill not
sell. lease or ttther\ki�e di,Ito,e of or encumber the PrnfeCt. The Cll\ ma\. ht,\\e\er. from time at time. sell an\
rimchlner . tl\tUre<, altlttlrams. molt, intrumew or tither minable IlnOilert\acLILli'Cd h1 it in connection \011
the Project. or an\ materials used in connection there" ith. if the City %hall detennine that arch article% are no
longer needed of are no longer useful lit amnection \kith the 1:011strLI lletn or operation -gill} nlallltenance of the
Protect. and the proceed, thereofhall he applied to the replacement tit the Propertic, Io MALI of" disposed of or
shall be dePtn ed it, the Credit of the RetlelnyAn .Account or the General Rome I'mA at the tt(tn m of the Chy
IN Not\\ Ithstandirl, the pm\ kions oft at ahme. the Cal may frtent tinge at unit' ell. Irade tir lease such other
property forming hart tit the Project aN i, fit,( needed ter ICIACe fit) tlSef(II itlit'110,C Ill Cttfltwction \kith the
maintenance and operation of the Prt,ject and the proceed, of all\ such :Ili' of propert\ \\hlch i- deelared It\
re`oltlllon tit the Clt\ Cttllirm,,,iml to he tlnilece'oar\ lilt the Project liall be delto.lied to the .redit of the
Redemption ACCOUCt or the General Reser\e Fund. a, Illa\ he (trot\idekl b\ .U:h rewlUtlttll. The Cit\ Ilia\ list)
lea``e such portions of Ille Ploject a, shall ha\'C beeil dCll`_tlekl alit) :ofiIIr(!:(ed 11) he lealCd \\ IlhoUt rc1ard to file
firldinL'ti mention':d in the ltreccdi(l_ �enteii . The Prttl,<r[\ CCCCI\tll In i\ihafl't hUr,(I:IIi[ TO ,l!'\ trade 'hall Ile
deenled to be a hart of the hrt>_icct. 'I he rental, under all\ u:h lea'e hall he to [lie :r:dit of the Itc\enue
Fund.
ICI Not\%ith,Iandlll_ i}le pm\Won of ia1 ahtt\e, the Cit\ nu; A"m huge Gt Ingle hCrillmwi—I[l., ,lhatWon We
Use Of. sell. trade ttr lease art\ pro(tert\ fornim,=- a part of file Project bill till\ it
i 1 1 there •WH he filed \kAll the C'!t\ C-lcrk And do Fh"d Agent lira T tit Irt h .dC Or !ease
a certificate. siCfte:d h\ the Clt\ \lana_'er And a}trn,\et} f,} the �etn tlitln_ }.It uteer . 'Tatinz_
(AI that the CII\ i, flat (hell lit default iii the neI'11tl111,lilie'1l All\ 1ti !h: :t1\efi,al[ : }ildl(lorl�.
a_'reement, or provi,ion, :ontiinted m tilt: B.Ind OIt1!BAI1:'e. alit}
I Bi that il?e NCl Rmentim, An the nem PICIAM; ISCA i car. ail:: I\!tl ' Of"! lit I h ,Ih,MA111-
rilent, a)e of lca,,e ;gild ;in% rep(a:,i wnt are heel i:,- Chilli 1141'r t'f dIC illy\,iI1lllll ,1'r:_; fC I'l-III. 11,ll and
InlCre11 Re\)Uiremcnt, for ,ill\ ):al lhel2.l!l:i, and
' _1 Comm I, vqQ vt the Rna .. ,,:1` m A.}tl; cm:rlt.
{ he nt"'tt:::i"'I fi:. „�c o .!ilk l'iol'C: I '(''i11nC 1', 1i 'i fhc ltio-c,t !h 11' '\ 1'1, ii .'t I: I ,t!'t \: 'il,lil
Ctt}ter he d 1`1-�ifed :`\ :lie Ci(\ it, the credit of ti c IZ:d:tar::''n .\::ttllnt ell' Ill: Ci:ti :',tl K: eI\: I i!iid. ,it the t'111111rl
Of (lie CII\ . orhail he ,tppked it, file re^lac::merlt 1`( the iVttl,Crl\ "t oW. aild in, l+r''lnrq xquned a, vdi
rCltla:e:llCnl �hA hennne a pdrt of the NOW 'UEtICS 01 [he 11110I'Ittfl" elf till: I he retllnll under
an\ 1u:h 4e31e 11,lil he de11e1-11ed :tt the Credit oi' the R:\enue I und.
Ft,enf\ of ne ndi. Etch ttf the 1't110%\1(1_' ,11110rlt-'' u(IMN. 11 in "C\ent 01 defaLI1C . that 11, to .a\. It
ILiI ha\merit of the I,rink: Ilia l and tli the rat}Cll11,1WII ItrCIIIILill I. It .ttl\. oI all\ tIt (ll•.' B011d- III III 1101 be
made \\hen till wile shall become due and pa\ab,!- either ,It Illa((lrl(\ of fit loi redemption /)f'
other'.kl'.e. or
1hl Itaymerl( of ,ill\ instillment of in(erett On all\ of the BondN Nh,lll not he made \khen t}le anw Thal}
be:ome due and pa\ahie: t)I-
Ni I1,1\ met1l if ,.till amount relluhvd to miq) ally :tnitminuion RCt}Ulr::IICIII }lall 111)( he illade, it
r; kjuired hcr::n. or
idi the Cit\ .hall for an% rea,on he r.rld:red incapable of fulfillin-, it, ohi(iations hereunder: or
Iel fugal jutl_tllc'ftl for the i,!\ill:n[ of Illofl.\ 'hill hC [':ildered a=Jill't (hC CIt\ as a result ill the
o%%nenhih, control or oiler of t,n of the P!OICL11 And all\ NUt:11;tld"illent }gal) not he %%ithln tit! da\
82-77
Benj. H. Tyrrel (212) 961;3222
2214C-I—Proof of January 15. 1982
from the entry thereof or an appeal shall not be 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 judgment. order. decree or process or the enforcement thereof. or
(D the City shall default in the due and punctual performance of any other of the covenants. conditions.
agreements and provisions contained in the Bonds or in the Bond Ordinance on the part of the City to be
performed and such default shall continue for 30 days after written notice specifying such default and
requiring same to be remedied shall have been given to the City. which notice the Fiscal Agent may give to
the City and upon the written request of not less than 25% in aggregate principal amount of the Bonds then
outstanding shall give to the City.
Acceleration of Maturities. Upon the happening and continuance of any event of default. then and in every
such case the Fiscal Agent 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 writing to the City. 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
declaration the same shall become and be immediately due and payable. anything contained in the Bonds or in
the Bond Ordinance to the contrary notwithstanding: provided that if at any time after the principal of the Bonds
shall have been so declared to be due 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 the Bond Ordinance. moneys shall have accumulated in the Sinking Fund sufficient to pay the
principal of all matured Bonds and all arrears of interest. if any, upon all 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). and all amounts then payable by the City under the Bond Ordinance shall
have been paid or a sum sufficient to pay the same shall have been deposited with the Paying Agents. and every
other default in the observance or performance of any covenant. condition. agreement or provision contained in
the Bonds or in the Bond Ordinance (other than a default in the payment of the principal of such Bonds then due
only because of a declaration of acceleration) shall have been remedied. then and in every such case the Fiscal
Agent may and upon the written request of the holders of not less than 25�/c in aggregate principal amount of the
Bonds not then due except by virtue of such declaration and then outstanding shall. by written notice to the City.
rescind and annul such declaration and its consequences. but no such rescission or annulment shall extend to or
affect any subsequent default or impair any right consequent thereon.
Supplemental Ordinunce Withow Bondholders' Consent. The City Commission, from time to time and at
any time may adopt such ordinances supplemental to the Bond Ordinance as shall not be inconsistent with the terms
and provisions thereof (which supplemental ordinance shall thereafter form a part thereof)
(a) to cure any ambiguity or formal defect or omission or to correct any inconsistent provisions in the
Bond Ordinance or in any supplemental ordinance, or
ib) to grant to or confer upon the Bondholders any additional rights, remedies, powers, authority or
security that may lawfully be granted to or conferred upon the Bondholders. or
(c) to add to the conditions. limitations and restrictions on the issuance of Bonds under the provisions
of the Bond Ordinance other conditions. limitations and restrictions thereafter to be observed, or
(d) to add to the covenants and agreements of the City in the Bond Ordinance other covenants and
agreements thereafter to be observed by the City or to surrender any right or power herein reserved to or
conferred upon the City.
Supplemental Ordinance With Bondholder Consent. Subject to the terms and provisions described below,
and not otherwise, the holders of not less than two-thirds in aggregate principal amount of the Bonds then
outstanding shall have the right, from time to time, anything contained in the Bond Ordinance to the contrary
notwithstanding, to consent to and approve the adoption of such ordinance or ordinances supplemental thereto as
shall be deemed necessary or desirable by the City for the purpose of modifying, altering, amending, adding to
or rescinding, in any particular, any of the terms or provisions contained in the Bond Ordinance or in any
supplemental ordinance; provided, however. that nothing shall permit, or be construed as permitting. (a) an
extension of the maturity of the principal of or the interest on any Bond, or Ib) a reduction in the principal amount
ofany Bond or the redemption premium or the rate of interest thereon, or (c) the creation of a lien upon or a pledge
IM
82 -77
0
Benj. H. Tyrrell (212) %2-5222
2214C-1—Proof of January 15. 1982
of Revenues or Designated Revenues other than the lien and pledge created by the Bond Ordinance. or (d) a
preference or priority of any Bond or Bonds over anv other Bond or Bonds. or (e) a reduction in the aggregate
principal amount of the Bonds required for consent to such supplemental ordinance. Nothing. however. shall be
construed as making necessary the approval by Bondholders of the adoption of any supplemental ordinance as
described in the immediately preceding subcaption.
Cessation of Interest of Bondholders. If. when the Bonds shall have become due and payable in accordance
with their terms or shall have been duly called for redemption or either irrevocable instructions to call the Bonds
for redemption or to pay the Bonds at their respective maturities and mandatory redemption dates or any
combination of such payment and redemption shall have been given by the City to an appropriate fiduciary
institution acting as escrow agent. the whole amount of the principal and the interest and premium. if any. so due
and payable upon all of the Bonds and coupons then outstanding shall be paid or sufficient moneys. or Government
Obligations. not callable at the option of the obligor. either the principal of and the interest on which when due
or the principal of which when due will provide sufficient moneys. shall be held by such escrow agent for such
purpose under the provisions of the Bond Ordinance. and provision shall also be made for paying all other sums
payable by the City, then and in that case the right. title and interest of the holders of the Bonds in the Revenues.
Designated Revenues. Funds and Accounts mentioned in the Bond Ordinance shall thereupon cease. determine
and become void. and the City Commission in such case. shall repeal and cancel the Bond Ordinance and may
apply any surplus in any account in the Sinking Fund and all balances remaining in any other Funds or Accounts
other than moneys held for the redemption or payment of Bonds or coupons to any lawful purpose of the City as
the City Commission shall determine. otherwise the Bond Ordinance shall be. continue and remain in full force
and effect.
MF
82 - 77
0,
REPORT ON EXAMINATION OF FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30, 1980
CITY OF MIAMI, FLORIDA
Financial Statements
September 30, 1980
(With Accountants' Report Thereon)
C-1
APPENDIX C
82-77
CITY OF MIAMI, FLORIDA
Financial Statements
Year ended September 30, 1980
Table of Contents
Accountants' Report
Exhibits
Combined Statements - Overview (General
Purpose Financial Statements)
Combined Balance Sheet - All Fund Types and Account Groups 1
Combined Statement of Revenues and Expenditures -
All Governmental Fund Types and Expendable Trust Funds 2
Combined Statement of Changes in Fund Balances -
All Governmental Fund Types and Expendable Trust Funds 3
Combined Statement of Revenues and Expenditures - Budget
and Actual - General and Special Revenue Funds 4
Combined Statement of Revenues, Expenses and Changes in
Contributed Capital and Retained Earnings/Fund Balances -
All Proprietary Fund Types and Similar Trust Funds 5
Combined Statement of Changes in Financial Position -
All Proprietary Fund Types and Similar Trust Funds b
Notes to Financial Statements
Financial Statements of Individual Funds
Schedules
General Fund:
Balance Sheet A-1
Statement of Revenues and Expenditures - Budget and Actual A-2
Statement of Changes in Fund Balance A-3
Special Revenue Funds:
Combining Balance Sheet B-1
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual B-2
C-2
82 -77
2
CITY OF MIAMI, FLORIDA
Financial Statements
Table of Contents, (Cont.)
Debt Service Funds:
Schedules
Combining Balance Sheet
C-1
Combining Statement of Revenues,
Expenditures,
and Changes in Fund Balances
C-2
Capital Projects Funds:
Combining Balance Sheet
D-1
Combining Statement of Revenues,
Expenditures
and Changes in Fund Balances
D-2
Enterprise Funds:
Combining Balance Sheet
E-1
Combining Statement of Revenues,
Expenses and Changes
in Contributed Capital and Retained Earnings
E-2
Internal Service Funds:
Combining Balance Sheet
F-1
Combining Statement of Revenues,
Expenses and Changes
in Contributed Capital and Retained
Earnings
F-2
Trust and Agency Funds:
Combining Balance Sheet G-1
Combining Statement of Revenues, Expenses and Changes
in Fund Balances G-2
C-3
82 -77
RPeat.Marwick, Mitchell &Co
The Honorable Mayor,
City Commissioners and City Manager
City of Miami, Florida:
Certified Public Accountants
800 Brickell Avenue
Miami, Florida 33131
We have examined the combined financial statements of the City of Miami, Florida, as
of and for the year ended September 30, 1980, as listed in the table of contents. Our
examination was made in accordance with generally accepted auditing standards, and
accordingly included such tests of the accounting records and such other auditing
procedures as we considered necessary in the circumstances.
As described more fully in note 12, the City is experiencing a period of budgetary
constraint, and in addition, several contingencies exist which could place addi-
tional strain on the City's financial resources.
As described more fully in note 1, the City does not provide depreciation on pro-
perty, plant and equipment of the Enterprise and Internal Service Funds as required
by generally accepted accounting principles. In addition, as described more fully in
note 7, the City does not record claims payable in the Self Insurance Fund for all
losses incurred as required by generally accepted accounting principles.
As described more fully in note 9, the City is currently defendant in a lawsuit
seeking to require the City to make additional contributions to its pension plans for
prior fiscal years through 1975, totalling $30 million, including $8 million in
interest. Also, the City is currently defendant in a separate lawsuit seeking to
require an additional $4.2 million over the amount appropriated by the City for
fiscal year 1980. The final outcome of these suits is not presently determinable,
and no provision has been made in the financial statements for the effect, if any, of
such litigation.
As described more fully in note 10, the City participates in several Federally -
assisted grant programs which are subject to financial and compliance audits by the
grantors or their representatives. The amount of reimbursements, if any, which may
be required as the result of such audits is subject to final determination by the
granting agencies and cannot be determined at this time.
C-4
82 -77
PPeat,Marw1ck,M!tche11&Ca
The Honorable Mayor,
City Commissioners and City Manager
City of Miami, Florida
Page Two
In -our opinion, except for the effects on the financial statements of the failure to
provide depreciation on property, plant and equipment of the Enterprise and Internal
Service Funds and the failure to provide for all losses incurred in the Self
Insurance Fund as described in the third preceding paragraph above, and subject to
the effect of such adjustments, if any, as might have been required had the ultimate
outcome of the matters discussed in the second and first preceding paragraphs been
known, the aforementioned combined financial statements present fairly the financial
position of the City of Miami, Florida, at September 30, 1980, and the results of its
operations and changes in financial position of the Proprietary Fund Types and
Similar Trust Funds for the year then ended, in conformity with generally accepted
accounting principles applied on a basis consistent with that of the preceding year,
after giving retroactive effect to the changes, with which we concur, as described in
note 1 to the financial statements.
Our examination was made for the purpose of forming an opinion on the combined
financial statements taken as a whole. The combining and individual fund financial
statements listed in the table of contents are presented for purposes of additional
analysis and are not a required part of the combined financial statements of the City
of Miami, Florida. The information has been subject to the auditing procedures
applied in the examination of the combined financial statements and, in our opinion,
except for the effects of the failure to provide depreciation on property, plant and
equipment in the Enterprise and Internal Service Funds and the failure to provide for
all losses incurred in the Self Insurance Fund as described in the fourth preceding
paragraph above, and subject to the effect of such adjustments, if any, as might have
been required had the ultimate outcome of the matters discussed in the third and
second preceding paragraphs above been known, ar_ stated fairly in all material
respects in relation to the combined financial statements taken as a whole.
March 28, 1981
C-5
"`— 82-•7
1 IIIIIIIII
Assets
Equity in pooled cash and investments
(note 5)
Receivables (net, where applicable, of
allowances for uncollectibles of $4,313,041):
Taxes
Accounts
Assessment liens
Mortgage notes and loans (note 1)
Due from other funds
Due from other governments
(� Inventories
O, Deposits and prepaid expenses
Restricted assets:
Cash and investments with fiscal agent,
including accrued interest
Property, plant and equipment (notes 1 and 3):
Land
Buildings and improvements
Machinery and equipment
Improvements other than buildings
Construction in progress
Bond issuance costs
W Amount available in Debt Service Funds:
General obligation
lv Special obligation
Mount to be provided for retirement of
general long-term debt and other
payables:
General obligation bonds
Special obligation bonds
Other psyables
See accompanying notes to financial statements.
CITY OF MIAMI, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
September 30, 1980
Exhibit I
Account Croups
Governmental Fund Types Proprietary Fund Types Fiduciary Fund Types General General
Special Debt Capital Internal Trust and Self Fixed Long -Term Total
General Revenue Service Projects Enterprise Service Agency Insurance Assets Debt (Memorandum On
-- ti
$ 4,388,732 - 9,730,305 48,311,056 - 2,239,690 - 5,137,752 - - 69,807,535
928,476 - 361,880 - - - 3,939 - - - 1,314,295
1,100,904 - - 23.039 556,199 11,989 2,189,268 139,316 - - 4,020,715
- - 9,234 16,466 - - - - - - 25,700
- - 2,730,534 - - - - - - 2,730,534
1,990,404 - - - - 6,805,818 - - - 8,796,222
- - - 491,351 - - - - 491,351
5,226 13,722 - - - - 4,556 102,164 - - 125,668
- - - - 60,658,304 - - - - - 60,658,304
- - - - 7,965,851 - - - 17,952,150 - 75,918,001
- - - 22,250,993 3,566,253 - - 23,996,238 - 49,813,484
- - - 878,841 9,814,176 - - 11,126,981 - 21,819,998
- - - - - - - - 106,511.725 - 106,511,725
13,265,541 - - - 45,293,095 - 58,558,636
3,924,733 - - - - - 3,924,733
- - - - - 4,88•,028 4,885,028
- - - 1,651,515 1,655,515
- - - - - - - - 123,019,972 123,019,972
- - - 47,485 47,485
_ - - - 475,179 475,179
$ 6,423,338 2,004,126 10,121,419 51,081,095 109,500,462 16,123,459 9,003,581 5,379,232 204,880,189 1'0,083,179 544,600,080
(Continued)
Liabilities
Deficit in poole•' cash and investments
(note 5)
Vouchers and accounts payable
Accrued expenses (principally salaries)
Payable from restricted assets:
Construction contracts
Accrued interest
Due to other governments
Due to other funds
Deferred revenue
Deposits refundable
Claims payable (note 7)
Matured bonds and interest payable
Revenue bonds payable
() General obligation bonds payable (note 4)
J Special obligation bonds payable (note 4)
Other payables (note 4)
Total liabilities
Fund Equity
Investment in general fixed assets
Contributed capital and retained earnings:
Reserved for construction and revenue
bond retirement
Unreserved
Fund balances:
M Reserved for:
ON Authorized projects
Encumbrances
Anticipated claims (note 7)
Debt service (note 4)
Unreserved:
Designated for subsequent year's
expenditures
Undesignated
Total contributed capital and
retained earnings/fund balances
Total fund equity
Commitments and contingent liabilities
(notes 6, 9, 10 and 11)
Exhibit 1, Cont.
CITY OF MIAMI, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
September 30, 1980
Account Groups
_ Governments 1 Fund Types Pr2priecary Fund Types Fiduciary Fund Types General General
Special Debt -Capital Internal Trust and Self Fixed Long -Ten Total
General Revenue Service Projects Enterprise Service Agency Insurance Assets Debt (Memorandum Only)
$ - 1,922,828 - - 1,734,582 - 4,722,348 - - - 8,379,758
1,242,493 15,011 - 2,851,042 373,817 313,921 2,825,192 357,942 - - 7.979.418
1.612,831 - - 7,547 68,665 86,056 308,748 24,187 - - 2,108,034
- - - - 1,875,880 - - - - - 1,875,880
1,267,400 - - - - - 1,267.400
- - 162,932 - - - 162,932
- - - 1,484,730 1,245,804 - - - - - 2,730,534
845,634 - 190,940 - 257,483 - 14,470 - - - 1,308.527
384,451 - - - 4,849 - 68,915 1,089 - - 459,304
- _ _ - - - - 2,685,137 - - 2,685,137
- 3,389,936 - - - - - - - 3,389.936
- - - 60,208,000 - - - - - 60,208,000
- - - - - 127,905,000 127,905.000
- _ _ _ _ _ - - 1,703,000 1,703,000
4 686 - - - - - - - 475,179 479,865
4,085.409 1,942,525 3,580,876 4,343,319 67,036,480 399,977 8,102,605 3,068,355 - 130,083,179 222,642,725
204.880,189 - 204,880,189
- - - - 17 5v9,507 - - - - - 17,549,507 -)
- - - 14,914,475 15,723,482 - - - - 40,637,957
9,543 - 46,688,543 - - - - - 46,698,086
1,269,303 - - - - - - - - - 1,269,303
2,328,065 - - 2,328,065
- - 1,046.221 - - - - - - 1,046,221
500,000 - - - - - - - - - 500,000
568,626 52-,058 5,494,322 _ 49,233 - - 900,976 (17,188) - - 7,048,027
2,337,929 61,601 6,540,543 46,737,776 42,463,982 15,723,482 900,976 2,310,877 - - 117,077,166
2,337,929 61,601 6,540,543 46,737,776 42,463,982 15,723,482 900,976 2,310,877 204,880,189 - 321,957,355
S 6,423,338 2,004,126 10,121,4)9 51,081,095 109,500,462 16,123,459 9,003,581 5,379,232 204,880,189 130,083,179 544,600,080
See accompanying notes to financial statements.
CITY OF MIAMI, FLORIDA
Exhibt 2
Combined Statement
of Revenues
and Expenditures -
All Governmental Fund
Types and Expendable Trust
Funds
Year ended September
30, 1980
Governmental
Fund Types
Fiduciary Fund Type
Special
Debt
Capital
Trust and
Total
General
Revenue
Service
Projects
Agency
(Memorandum Only)
Revenues:
Taxes
$ 66,208,179
328,000
16,692,347
480,796
-
83,709,322
LicenseF and permits
5,593,487
-
-
-
-
5,593,487
Intergovernmental
14,879,651
7,956,019
-
796,431
20,971,103
44,603,204
Intragovernmental
3,342,194
-
-
-
15,673,731
19,015,925
Charges for services
3,293,378
-
-
-
-
3,293,378
Assessment lien collections
-
-
1,173,152
-
-
1,173,152
Interest
877,042
4,387
1,498,030
5,680,599
-
8,060,058
Other
2,429,751
61,411
3,562
138,295
592,901
3,225,920
Total revenues
96,623,682
8,349,817
19,367,091
7,096,121
37,237,735
168,674,446
Expenditures:
General government
10,308,191
-
-
-
-
10,308,191
Public safety
53,083,296
-
-
-
-
53,083,296
Public improvements
11,448,061
-
-
-
-
11,448,061
Sanitation
14,481,223
-
-
-
-
14,481,223
Culture and recreation
7,378,219
518,794
-
-
-
7,897,013
n Capital projects
-
-
-
19,184,535
-
19,184,535
x Grant and related expenses
-
-
-
-
21,971,375
21,971,375
Pension expense
-
-
-
-
14,273,007
14,273,007
Uncollectible delinquent property taxes
177,917
-
76,325
-
38,012
292,254
Debt service:
Principal retirement
-
-
10,638,000
-
-
10,638,000
Interest and fiscal charges
-
-
7,310,501
-
-
7,310,501
Other
4,917,390
94,487
108,459
-
793,243
5,913,579
Total expenditures
101,794,297
613,281
18,133,285
19,184,535
37,075,637
176,801,035_�
Excess (deficiency) of
revenues over expenditures
(5,170,615)
7,736,536
1,233,806
(12,088,414)
162,098
(8,126,589)
Other financing sources (uses):
Operating transfers in
7,822,490
-
380,163
3,742,200
470,176
12,415,029
Operating transfers out
(1,554,271)
(7,972,490)
-
(3,561,300)
-
(13,088,061)
Total other financing sources
(uses)
6,268,219
(7,972,490)
380,163
180,900
470,176
(673,032)
Excess (deficiency) of revenues
and other financing sources
over expenditures and other
uses
$ 1,097,604
(235,954)
1,613,969
(11,907,514)
632,274
(8,799,621)
See accompanying notes to financial statements.
110111111111111111
CITY OF MIAMI, FLORIDA
Combined Statement of Changes in Fund Balances -
All Governmental Fund Types and Expendable Trust Funds
Year ended September 30, 1980
Fund balances at beginning of year, as
previously reported
n Adjustment to beginning balance pursuant
to change in accounting method for
recording encumbrances outstanding (note 1)
Fund balances at beginning of year, as restated
Excess (deficiency) of revenues and other
financing sources over expenditures and
other uses
Equity transfers (to) from other funds
Fund balances at end of year
1
See accompanying notes to financial statements.
Exhibit 3
E
Fiduciary
Governmental
Fund Types
Fund Type
Total
Special
Debt
Capital
Trust and
(Memorandum
General
Revenue
Service
Projects
Agency
Only)
$ 664,066
293,667
4,926,574
63,774,757
344,933
70,003,997
342,695
3,888
-
-
-
346,583
1,006,761
297,555
4,926,574
63,774,757
344,933
70,350,580
1,097,604
(235,954)
1,613,969
(11,907,514)
632,274
(8,799,621)
233,564
-
-
(5,129,467)
(76,231)
(4,972,1A,
$ 2,337,929
61,601
6,540,543
46,737,776
900,976
56,578,825
111111111111111111 1
0
lV
Revenues:
Taxes
Licenses and permits
Intergovernmental
Inteagovernmental
Charges for services
Interest
other
Total revenues
n Expenditures:
General government
CD Public safety
Public improvements
Sanitation
Culture and recreation
Uncollectible delinquent property taxes
Other
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Operating transfers in
operating transfers out
Total other financing sources (uses)
Excess (deficiency) of revenues
and other financing sources
over expenditures and other uses
See accompanying notes to financial statements.
CITY OF MIAMI, FLORIDA
Combined Statement of Revenues and Expenditures - Budget and Actual
General and Special Revenue Funds
Year ended September 30, 1980
Exhibit 4
General Fund Special Revenue Funds Total (Memorandum On1Y)
Variance Variance Variance
Favorable favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Uofavorable)
3 65,976,385 66,208,179
5,191,420 5,593,487
14.563,102 14,679,651
3,191,126 3,342,194
3.997,128 3,293,378
956,900 877,042
1.988.721 2,429.751
95,864,782 96,623.682
10,010,054 10,308,191
53,262,512 53,083,296
11,482.729 11,448,061
15.107,444 14,481,223
7,150,767 7,178,219
177.917
6,521,924 4,917,390
103,535,430 101,794,297
(7,670,648) (5,170,615)
231,794 342,285 328,000
402,G67 - -
316,549 8,432,670 7,956,019
151,068 - -
(703,750) - -
(79,858) - 4,387
441,030 261,944 61,411
758,"0 9,036,899 8,349,817
(298,137) - -
179,216 ^
34,668 - -
626,221 - -
(227,452) 848,935 518,794
(177,917) -
1.604.534 279,17.8 94,487
1,741,133 1,128,113 613,I81
2,500,033 7,908,786 7,736,536
(14,285)
(476,651)
4,387
(200,533)
(687,082)
330,141
184,691
514,832
(172,250)
9,226,447 7,822,490 (1,403,957) -
(1,555,799) (1,554,271) 1,528 (7,908,786) (7,972,490) (63,704)
7,670,648 6,268.219 (1,402,429) (7,908,786) (7,972.490) (63,704)
3 - 1,097,604 1,097,604 - (235,954) (235,954)
66.318,670 66,536,179
5,191,420 5,593,487
22,995,772 22,835,670
3,191.126 3,342,194
3,997,128 3,293,378
956,900 881,429
2,250,665 2,491,162
104,901,681 104,973,499
10,010,054 10,308,191
53,262,512 53,083,296
11,482,729 11.448,061
15,107,444 14.481,223
7,999,702 7,897,013
177,917
6,801,102 5,011,877
104,663,543 102,407,579
238,138 2.565,921
9,226,447 7,822,490
(9,464,585) (9,526,761)
(238,138) (1,704,271)
961,650
217,509
402,067
(160,102)
151,068
(703,750)
(75,471)
240.497
71,818
(298,137)
179,216
34,668
626.221
102.689
(177,917)
1,789,225
2,255,965
I
2,327,783
(1,403,957)
(62,176) J�
(1,466,133)
$61.650
i I 1 I1IIIIIIII IIIIIIII 1
CITY OF MIAMI, FLORIDA Exhibit 5
Combined Statement of Revenues, Expenses and Changes
in Contributed Capital and Retained Earnings/Fund Balances -
All Proprietary Fund Types and Similar Trust Funds
Year ende:z September 309 1980
Proprietary Fiduciary
Fund Types Fund Type
Internal Self Total
Enterprise Service Insurance (Memorandum Only)
Operating revenues:
Charges for services
S 3,789,115
8,705,238
6,793,181
19,287,534
Contributions from employees and retirees
-
-
2,654,080
2,654,080
Other
-
-
260,494
260,494
Total revenues
3,789,115
8,705,238
9,707,755
22,202,108
Operating expenses:
Personal services
2,244,159
3,975,989
449,805
6,669,953
Contractual services
579,284
659,438
111,582
1,350,304
Materials and supplies
330,140
3,394,767
4,618
3,729,525
Heat, light and power
603,381
91,331
-
694,712
Intragovernmental charges
1,585,366
-
-
1,585,366
n
Insurance premiums
-
-
266,652
266,652
Claim payments
-
-
9,641,222
9,641,222
Other
252,322
586,666
669,940
1,508,928
'total operating expenses
5,594,652
8,708,191
11,143,819
25,446,662
Operating (loss)
(1,805,537)
(2,953)
(1,436,064)
(3,244,554)
Nonoperating revenues (expenses):
Interest
903,524
272,105
645.1-73
1,821,108
Interest and fiscal charges
(780,924)
-
-
(780,924)
00
Other
71,591
2,102
-
73,693
Total nonoperating revenues
194,191
274,207
645,479
1,113,877
Income (loss) before operating transfers
(1,611,346)
271,254
(790,585)
(2,130,677)
Operating transfers in (out)
703,932
(30,900)
-
673,032
Net income (loss)
(907,414)
240,354
(790,585)
(1,457,645)
Contributed capital and retained earnings/fund
balances at beginning of year
29,142,578
14,685,966
3,101,462
46,930,006
Contributions from other governments
2,905,471
-
-
2,905,471
Equity transfers from other funds
11,323,347
797,162
-
12,120,509
Contributed capital and retained earnings/
fund balances at end of year
$ 42,463,982
15,723,482
2,310,877
60,498,341
I
See accompanying notes to financial statements.
Ok
CITY OF MIAMI, FLORIDA
Combined Statement of Changes in Financial Position -
All Proprietary Fund Types and Similar Trust Funds
Year ended September 30, 1980
Sources of funds:
Operations:
Net income
Items not requiring funds:
Disposition of property, plant and
equipment
Amortization of bond issuance costs
Funds provided by operations
Issuance of revenue bonds
Contributions from other governments
Equity transfers from other funds
Borrowings from other funds
Increase in current liabilities payable
from restricted assets
Increase in vouchers and accounts payable
Increase in accrued expenses (principally
salaries)
Increase in deferred revenue
Increase in deposits refundable
Decrease in deposits and prepaid expenses
Total sources of funds
Uses of funds:
Operations:
Net loss
Funds used by operations
Acquisitions and transfers of property,
plant, and equipment
Purchase of investments
Payment of bond issuance costs
Increase (decrease) in accounts receivable
Repayment of borrowings from other funds
Decrease in claims payable
Retirement of revenue bonds
Increase in inventories and other
Decrease in accrued expenses (principally
salaries)
Total uses of funds
Net increase (decrease) of funds
See accompanying notes to financial statements.
Proprietary Fund Types
Internal
Enterprise Service
$ - 240,354
105,679
1,291,759
28,058
-
133,737
1,532,113
60,000,000
-
2,905,471
-
11,323,347
797,162
1,800,000
-
3,143,280
-
240,530
101,693
36,697
35,594
4,069
-
4,849
-
79,591,980
2,466,562
Fiduciary
Fund Type
Self
Insurance
1,277
1,089
54,263
56,629
907,414 - 790,585
907,414 - 790,585
Exhibit 6
Total 0
(Memorandum Only)
240,354
1,397,438
28.058
1,665,850
60,000,000
2,905,471
12,120,509
1,800,000
3,143,280
342,223
73,568
4,069
5,938
54,263
82,115,171
1,697,999
1,697,999
15,995,447
2,176,980
-
18,172,427
60,658,304
-
-
60,658,304
.3,952,791
-
-
3,952,791
260,820
(116)
31,300
292,004
554,196
-
-
554,196
-
-
46,856
46,856
21,000
-
-
21,000
-
98,929
-
98,929
-
-
31,283
31,283
82,349,972
2,275,793
900,024
85,525,789
$ (2,757,992)
190,769
(843,395)
(3,410,618)
C-12
82 - 77
I CITY OF MIAMI, FLORIDA
Notes to Financial Statements
September 30, 1980
(1) General
Governmental Structure
The City of Miami, in the County of Dade, was incorporated in 1896, and com-
prises approximately 34 square miles of land and 20 square miles of water.
The City operates under a Commission/City Manager form of government and
provides the following services as authorized by its charter: public safety,
public works, sanitation, recreation and community development. The County
is a separate governmental entity and its financial statements are not
included in this report.
The Florida Legislature, in 1955, approved and submitted to a general election,
a constitutional amendment designed to give a new form of government to the
County of Dade. The County is, in effect, a municipality with governmental
powers effective upon twenty-seven cities and unincorporated areas, including
the City of Miami. It has not displaced or replaced the cities, but supple-
ments them. The County can take over particular activities of a city's
operations (1) if the services fall below minimum standards set by the County
Commission, or (2) with the consent of the governing body of the city.
Since its inception, the Metropolitan County Government has assumed respon-
sibility on a county -wide service basis for a number of functions, including
county -wide police services, complementing the municipal police service; uni-
form system of fire protection, complementing the municipal fire protection;
consolidated two-tier court system; creation of the Miami -Dade County Water
and Sewer Authority; coordination of the various surface transportation pro-
grams; installation of a central traffic control computer system; merging all
public transportation systems into a county system; effecting a combined
public library system; and centralization of the property appraiser and tax
collector functions.
The Department of Off -Street Parking and the City of Miami Retirement Plan and
System are entities independent of the City. The financial statements of
these entities are not included herein.
Basis of Presentation
The accounts of the City are organized on the basis of funds and account groups,
each of which is considered a separate accounting entity. The operations of
each fund are accounted for with a separate set of self -balancing accounts
that comprise its assets, liabilities, fund equity, revenues, and expen-
ditures or expenses, as appropriate. Government resources are allocated to
and accounted for in individual funds based upon the purposes for which they
are to be spent and the means by which spending activities are controlled.
During the fiscal year ended September 30, 1980 the City adopted the reporting
formats and the accounting for encumbrances required by NCGA Statement I -
Governmental Accounting and Financial Reporting Principles. Statement 1
(Continued)
C-13
82 - 77
elk 2
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
recommends groupings of individual funds into generic fund types and the
presentation of fund types in various statements referred to as "general
purpose 'financial statements". Additionally, encumbrances, i.e., commitments
related to unperformed contracts for goods or services, are required to be
presented as reservations of fund balances, not expenditures or liabilities.
Pursuant to the adoption of Statement 1, the City has restored encumbrances at
October 1, 1979 to beginning fund balance in the applicable funds' financial
statements, and presented its general purpose financial statements in the
recommended formats.
The budgets of the City include encumbrances as the equivalent of expenditures.
Adjustments necessary to compare the results of operations in the General Fund
on a basis consistent with the budget for the year ended September 30, 1980
are as follows:
Excess of revenues and other financing
sources over expenditures and other
uses (actual -as presented) $ 1,097,604
Plus encumbrances at September 30, 1979 342,695
Less encumbrances at September 30, 1980 (1,269,303)
Excess of revenues and other financing
sources over expenditures and other
uses (actual -budget basis) $ 170,996
Summary of Significant Accounting Policies
The accounting policies of the City of Miami, Florida conform to generally
accepted accounting principles as applicable to governmental units, except
for the non -recognition of depreciation on fixed assets of the Enterprise and
Internal Service Funds and the non -recognition of certain claim liabilities
in the Self Insurance Fund. The following is a summary of the more signif-
icant policies:
(A) Fund Accounting
The various funds are grouped in the financial statements into seven generic
fund types and three broad fund categories as follows:
GOVERNMENTAL FUNDS
General Fund - The General Fund is the general operating fund of the City. It is
used to account for all financial resources except those required to be
accounted for in another fund.
Special Revenue Fund - Special Revenue Funds are used to account for the pro-
ceeds of specific revenue sources (other than special assessments, expendable
trusts or major capital projects) that are subject to certain legal
restrictions.
(Continued)
C-14
82 -77
3
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
Debt Service Funds - Debt Service Funds are used to account for the accumulation
of resources for, and the payment of, general long-term debt principal,
interest and related costs.
Capital Projects Funds - Capital Projects Funds are used to account for finan-
cial resources to be used for the acquisition or construction of major capital
facilities (other than those financed by proprietary funds).
PROPRIETARY FUNDS
Enterprise Funds - Enterprise Funds are used to account for operations (a) that
are financed and operated in a manner similar to private business
enterprises - where the intent of the governing body is that the costs of
providing goods or services to the general public on a continuing basis be
financed or recovered primarily through user charges; or (b) where the
governing body has decided that periodic determination of revenues earned,
expenses incurred, and/or net income is appropriate for capital maintenance,
public policy, management control, accountability, or other purposes.
Internal Service Funds - Internal Service Funds are used to account for the
financing of goods or services provided by one department or agency to other
departments or agencies of the City, or to other governments, on a cost -
reimbursement basis. Where capital replacements are necessary, particularly
in the City Garage and Motor Pool Internal Service Funds, user charges include
an amount necessary to replace fixed assets. Substantially all excess funds
(net current assets) are committed under the City's vehicle replacement
program.
FIDUCIARY FUNDS
Trust and Agency Funds - Trust and Agency Funds are used to account for assets
held by the City in a trustee capacity or as an agent for individuals, private
organizations, other governments, and/or other funds. The City's Expendable
Trust Funds are accounted for in essentially the same manner as Governmental
Funds. These funds are used to account for revenues and expenditures relating
to most Federal and state grants.
Self Insurance Fund - The Self Insurance Fund is used to account for losses
incurred by the City for a variety of risks for which it is self insured (see
note 7). The fund also accounts for employees' and employer contributions for
certain health coverages.
(B) Fixed Assets and Long-term Liabilities
The accounting and reporting treatment applied to the fixed assets and long-term
liabilities associated with a fund are determined by its measurement focus.
All Governmental Funds and Expendable Trust Funds are accounted for on a
spending or "financial flow" measurement focus. This means that only current
assets and current liabilities are generally included on their balance
sheets. Their reported fund balance (net current assets) is considered a
C-15
82-77
(Continued)
+%
M
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
measure of "available spendable resources". Governmental Fund operating
statements present increases (revenues and other financing sources) and
decreases (expenditures and other financing uses) in net current assets.
Accordingly, they are said to present a summary of sources and uses of "avail-
able spendable resources" during a period.
Fixed assets used in Governmental Fund type operations (general fixed assets)
are accounted for in the General Fixed Assets Account Group, rather than in
Governmental Funds. Public domain ("infrastructure") general fixed assets
consisting of certain improvements other than buildings, including roads,
bridges, curbs and gutters, streets and sidewalks, drainage systems, and
lighting systems, are capitalized along with other general fixed assets. No
depreciation has been provided on general fixed assets. All fixed assets are
valued at historical cost or estimated historical cost if actual 'historical
cost is not available. Donated fixed assets are valued at their estimated
fair value on the date donated, except for the Olympia Building which houses
the Maurice Gusman Cultural Center for the Performing Arts which was donated
in 1975 and has not been recorded. The fair -market value of the Center is not
considered-aterial to the General Fixed Assets Account Group.
Long-term liabilities expected to be financed from Governmental Funds are
accounted for in the General Long -Term Debt Account Group, not in the Govern-
mental Funds.
The two account groups are not "funds". They are concerned only with the
measurement of financial position. They are not involved with measurement of
results of operations.
Noncurrent portions of long-term receivables due to Governmental Funds are
reported on their balance sheets, in spite of their spending measurement
focus. Special reporting treatments are used to indicate, however, that they
should not be considered "available spendable resources," since they do not
represent net current assets. Recognition of Governmental Fund type revenues
represented by noncurrent receivables is deferred until they become current
receivables.
Because of their spending measurement focus, expenditure recognition for
Governmental Fund types is limited to exclude amounts represented by non-
current liabilities. Since they do not affect net current assets, such
long-term amounts are not recognized as Governmental Fund type expenditures
or fund liabilities. They are instead reported as liabilities in the General
Long -Term Debt Account Group.
All Proprietary Funds are accounted for on a cost of services or "capital
maintenance" measurement focus. This means that all assets and all liabil-
ities (whether current or noncurrent) associated with their activity are
included on their balance sheets. Their reported fund equity (net total
assets) is reported as contributed capital and retained earnings. Propri-
etary fund type operating statements present increases (revenues) and
decreases (expenses) in net total assets.
C-16 (Continued)
,A, 8 2 - 7 7
� 5 �
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
Depreciation has not been provided on fixed assets owned by the Proprietary
Funds•as required by generally accepted accounting principles. The cost of
assets disposed of is charged to operations in the year of disposal and was
approximately $1,292,000 and $106,000 in the Internal Service and Enterprise
Funds, respectively, for the year ended September 30, 1980. The amount of
accumulated depreciation at September 30, 1980 and the depreciation expense
for the year then ended is not susceptible to determination at this time.
(C) Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are
recognized in the accounts and reported in the financial statements. Basis of
accounting relates to the timing of the measurements made, regardless of the
measurement focus applied.
All Governmental Funds and Expendable Trust Funds are accounted for using the
modified accrual basis of accounting. Their revenues are recognized when they
become measurable and available as net current assets.
Expenditures are generally recognized under the modified accrual basis of
accounting when the related fund liability is incurred. Exceptions to this
general rule include: (1) accumulated unpaid vacation, sick pay, and other
employee amounts which are not accrued; and (2) principal and interest on
general long-term debt which is recognized when due.
All Proprietary Funds and Similar Trust Funds are accounted for using the
accrual basis of accounting. Their revenues are recognized when they are
earned, and their expenses are recognized when they are incurred.
(D) Budgets and Budgetary Accounting
The City follows these procedures in establishing the budgetary data reflected
in the financial statements:
i(1) Prior to August 31, the City Manager submits to the City Commission a
proposed operating budget for the fiscal year commencing the following
October 1. The operating budget includes proposed expenditures and the
means of financing them.
(2) Public hearings are conducted to obtain taxpayer comments.
(3) Prior to October 1, the budget is legally enacted through passage of an
ordinance.
(4) Budgets for the General and Special Revenue Funds are adopted on a basis
substantially consistent with generally accepted accounting principles.
Budgeted amounts are as originally adopted, or as amended by the City
Commission throughout the year.
C-17
82 -77
(Continued)
u
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
(E) Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of monies are recorded in order to reserve
that portion of the applicable appropriation, is employed in the General Fund.
Encumbrances outstanding at year-end are reported as reservations of fund
balances since they do not constitute expenditures or liabilities.
(F) Investments
Investments are stated at cost or amortized cost, which approximates market.
All investments consist of U.S. government obligations and time deposits with
financial institutions.
(G) Inventory
Inventory is valued at cost on a first -in, first -out basis. Inventory in the
Internal Service Funds consists of expendable supplies held for consumption.
(H) Mortgage Notes and Loans Receivable
In February, 1978, the City Commission approved the Great Neighborhoods Program
to be funded through the Community Development Block Grant. The Program,
designed to operate over a three-year period, will provide low and middle -
income families, residing in designated areas, with mortgages and housing
improvement loans at low interest rates. The mortgage notes and loans are
payable when the property is sold, or over terms from ten to twenty years,
depending on the type of loan made.
As of September 30, 1980, the City had disbursed $570,474 in mortgage notes and
loans. A full allowance was established for this amount due to the City's
lack of historical data on programs of this nature and the questionable
collectibility of the amounts. As funding for the program increases and more
information becomes available, the City will reevaluate its allowance policy.
(I) Accumulated Unpaid Vacation, Sick Pay, and
Other Employee Benefit Amounts
Under terms of Civil Service regulations and administrative policy, City
employees are granted vacation and sick leave in varying amounts. Addi-
tionally, certain overtime hours can be accrued and carried forward as earned
time off. Due to the uncertainties relating to the timing and amount of
payment to be made, the above liabilities are not recorded (see note 11).
(J) Intragovernmental Allocation of Administrative Expenses
The General Fund incurs certain administrative expenses for other funds includ-
ing accounting, legal, data processing, personnel administration, engineering
and other services. A brief description of the major components of such
charges follows:
C-18
82-77
(Continued)
C 7
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
Project management - The Public Works Department charges major capital
-improvement projects of the City for design, survey and inspection ser-
vices. These charges are based on direct labor charges plus an overhead
factor for administrative expenses of the engineering division, and
totalled approximately $1,700,000 for fiscal 1980.
. Indirect Cost Allocation - The General Fund charges other departments and
funds for general and administrative expenses to allocate certain over-
head costs to the operating departments. Such charges approximate
$1,600,000 for fiscal 1980.
W Debt Service Funds Activities
Included in the operations of the Debt Service Funds are collections of assess-
ment liens. These revenues have been reported in the Debt Service Funds
because they are restricted for the payment of principal and interest on
certain bond issues.
(L) Total Columns on Combined Statements - Overview
Total columns on the Combined Statements - Overview are captioned Memorandum
Only to indicate that they are presented only to facilitate financial anal-
ysis. Data in these columns do not present financial position, results of
operations, or changes in financial position in conformity with generally
accepted accounting principles. Neither is such data comparable to a consoli-
dation. Interfund eliminations have not been made in the aggregation of this
data.
(2) Property Tax
Property taxes are levied on January 1 and are payable November 1 with discounts
of one to four percent if paid prior to March 1 of the following calendar
year. All unpaid taxes on real and personal property become delinquent on
April 1, and bear interest of eighteen percent from April 1 until a tax sale
certificate is sold at auction.
Assessed values are established by the Dade County Assessor of Property at just
values. The assessed value of property at September 30, 1979, upon which the
1979-80 levy was based, was approximately $4,410,000,000. Dade County bills
and collects all property taxes for the City. Property tax revenues are
recognized when levied to the extent that they result in current receivables.
Noncurrent delinquent property taxes are recorded as deferred revenue.
The City is permitted by Article 7, Section 8 of the Florida Constitution to
levy taxes up to $10 per $1,000 of assessed valuation for general governmental
services (other than the payment of principal and interest on general obliga-
tion long-term debt). In addition, unlimited amounts may be levied for the
payment of principal and interest on general obligation long-term debt sub-
ject to a limitation on the amount of debt outstanding (see note 4). The tax
C-19
82 -77
(Continued)
#� 8 ON
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
rate to finance general governmental services (other than the payment of
principal and interest on general obligation long-term debt) for the year
ended September 30, 1980, was $10 per $1,000. The tax rate to finance general
governmental services in fiscal 1981 is $9.03 per $1,000. The 1981 tax rate
has been reduced due to the significant increase in assessed valuations
resulting primarily from the state -mandated reassessment of all property to
100% of fair market value.
(3) Changes in General Fixed Assets
A summary of changes in general fixed assets follows:
Balance
Deletions
September 30,
and
1979
Additions
Transfers
Land
$ 17,153,484
888,086
89,420
Buildings and
improvements
15,007,005
8,989,233
-
Machinery and
equipment
8,877,817
5,122,509
2,873,345
Improvements other
than buildings
99,115,339
7,872,272
475,886
Construction in
progress
50,788,975
24,975,217
30,471,097
$ 190,942,620 47,847,317 33,909,748
Balance
September 30,
1980
17,952,150
23,996,238
11,126,981
106,511,725
45,293,095
204,880,189
C-20
82 -77
LJ
9
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
(4) Long-term Debt
The following is a summary of bond transactions and other changes in general long-term debt of the City for the
year ended September 30, 1980:
General
Special
Other
Obligation
Obligation
Revenue
Payables
Total
Bonds payable at September 30, 1979
$ 138,065,000
2,181,000
229,000
596,921
141,071,921
He,+ bonds issued,
Convention Center and Parking
Garage Revenue Bonds
-
- 60,000,000
-
60,000,000
Debt retired
(10,160,000)
(478,000)
(21,000)
(121,742)
(10,780,742)
Bonds payable at September 30, 1980
$ 127,905,000
1,703,000 60,208,000
475,179
190,2919179
The annual requirements to amortize all long-term debt outstanding as of September 30,
1980, including interest
payments of $186,298,397, are as follows:
Year ending
General Special
Other
September 30
Obligation Obligation
Revenue
Pavables
Total
1981 $
14,058,767 5459555
2,605,150
139,000
17,348,472
1982
16,810,163 354,390
5,174,967
131,000
22,470,520
1983
15,201,684 177,675
5,177,212
125,000
20,691,571
1984
14,180,597 172,725
5,162,750
117,000
199633,072
1985
13,608,679 1679775
5,162,677
113,000
19,052,131
1986-90
53,997,985 472,950
25,908,544
52,000
80,431,479
1991-95
32,750,782 -
29,593,575
-
62,344,357
1996-2000
14,784,942 -
30,635,033
-
45,419,915
Thereafter
2,366,824 -
86,841,175
-
80,10 ,999
$
177,760,423 1,891,070
196,261,083
677,000
376,589,576
Interest rates
1/10% to 3% to
6.5% to
7-1/2% 4-1/10%
8.752
6x
The various bond indentures contain significant
limitations and
restrictions
on annual debt
service
requirements,
maintenance of and flow of monies
through various restricted
accounts,
minimum amounts to be
maintained in
various sinking funds, and minimum
revenue bond coverages.
A summary of debt service requirements follows:
General Obligation Bonds - Debt service is provided by a tax levy on non-exempt property value and collections on
assessment liens from projects financed by proceeds of such bonds. The total general obligation debt out-
standing is limited by statute to fifteen percent of the assessed non-exempt property value. At September 30,
1980, the statutory limitation for the City was approximately $923,000,000, providing a debt margin of approx-
imately $795,000,000.
(Continued)
C-21
82-77
10
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
Special Obligation Bonds
(1) Incinerator Revenue Bonds - Debt service is being provided by General Fund
operating transfers. A reserve of $250,000 must be maintained.
(2) Utilities Service Tax Bonds - Debt service is provided by utilities service
taxes imposed by the City on each purchase of electricity, gas, water and
local telephone and telegraph service. A reserve must be maintained equal
to the maximum annual debt service requirement.
(3) Orange Bowl Special Obligation Bonds - Debt service is provided by electric
franchise revenues. A reserve equal to the maximum annual debt service
requirement must be maintained. At September 30, 1980, there were suffi-
cient funds reserved to fully pay the amount outstanding.
Revenue Bonds
(1) Orange Bowl Warehouse Revenue Bonds - Rental income from the lease of the
warehouse facilities is pledged to provide debt service on these bonds.
(2) Convention Center and Parking Garage Revenue Bonds - Debt service is pro-
vided by a pledge of net revenues of the Convention Center -Garage, a
pledge of certain telephone and telegraph excise tax revenues, and by a
covenant of and agreement of the City to provide, to the extent necessary,
revenues of the City, other than ad valorem property tax revenues suffi-
cient to make up any deficiency in the required sinking fund.
(5) Pooled Cash and Investments
The City maintains an accounting system in which all cash, investments and
accrued interest are recorded and maintained in a separate group of accounts.
All cash and investments, including accrued interest and interfund transfers,
are reflected in the equity (deficit) in pooled cash and investments.
Interest income is allocated based upon the approximate proportionate bal-
ances of each fund's equity in pooled cash and investments. No interest is
charged funds having deficit balances.
A summary of pooled cash and investments, and equity (deficit) in pooled cash
and investments as of September 30, 1980, follows:
Short-term investments, including accrued
interest $ 64,156,420
Petty cash and other 34,823
$ 64,191,243
(Continued)
C-22
82 -77
(6)
(7)
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
Bank overdrafts $ 1,718,480
Liability for payroll deductions 1,039,406
Other 5,580
Equity (deficit) of funds:
General Fund
4,388,732
Special Revenue Funds
(1,922,828)
Debt Service Funds
9,730,305
Capital Projects Funds
48,311,056
Enterprise Funds
(1,734,582)
Internal Service Funds
2,239,690
Trust and agency Funds
(4,722,348)
Self Insurance Fund
5,137,752
$ 64,191,243
The liability for payroll deductions shown above represents employee salary
deductions for FICA, credit union, bond purchases, etc. This liability is not
reflected in the accompanying financial statements since each fund's equity
in pooled cash and investments amount has been reduced for its respective
portion.
Retirement Plans
The City has contributory pension plans covering substantially all employees.
The Pension Fund charges each department of the City its respective share of
the required contribution which is disbursed by the Pension Fund to the
retirement plans. During fiscal 1980 the Pension Fund charged the operating
departments approximately $15,400,000, of which approximately $14,300,000
represents the actuarial requirements of the plans under the funding policy
adopted by the City. This funding policy included a 5% a year increasing
amortization of prior service cost over 35 years. The City's contribution to
the plans and the adopted funding policy is the subject of certain litigation
(see note 9). Substantially all amounts funded were contributed by the
General Fund, and the remainder by various other funds, principally Enter—
prise, Internal Service, and certain grant funds.
At September 30, 1980, the actuarially computed value of vested benefits under
the plans as of the date of the last valuation prepared by the City's indepen—
dent actuary exceeded the pension fund's net assets by approximately
$84,005,000.
Self Insurance
The City maintains a Self Insurance Fund to provide insurance for certain
property and liability risks, group accident and health, and workers compen—
sation. The City has continued to purchase outside coverage for certain
exposures where the premium is small in relation to the coverage provided.
The charges made by the Self Insurance Fund are not determined on an actuarial
(Continued)
C-'_3
82 -77
12
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
basis. The City believes the amounts charged in the accompanying financial
statements would not differ materially from actuarially determined amounts.
The City's accounting policy and amount of unpaid claims at September 30,
1980, for the various coverages, is explained below:
(a) General Coverage
Departments of the City are assessed a charge
for each risk based upon the number of automo-
biles, square footage of space utilized, etc.
As claims are reported, claims personnel
investigate each claim and estimate a liabil-
ity on a case -by -case basis. No provision is
made for claims incurred but not reported
(IBNR). The amount of the IBNR liability is
not susceptible to determination at this time.
(b) Group Accident and Health
Employees participating in the City's group cov-
erage contribute through payroll deductions
and departments of the City fund the remaining
cost based upon their respective number of
participating employees. Retired employees
also participate and contribute to the plan.
All claims paid are expensed as paid. The
amount of claims at September 30, 1980 repre-
sents certain September claims paid by the
City in October.
(c) Workers Compensation
All workers compensation costs are included in
the Self Insurance Fund, with all departments
of the City being assessed a charge for this
coverage. At September 30, 1980, there is no
claim liability for workers compensation
recorded. The amount of this liability is not
susceptible to determination at this time.
Total claims payable
The City maintains reserves of fund balance as follows:
Amount included
in Claims
Payable
$ 2,211,297
473,840
$ 2,685,137
(Continued)
C-24
82-77
13
CITY OF MIA.`1I , FLORIDA
Notes to Financial Statements
Hurricane loss - established by ordinance.
Workers Compensation - 10% of annual operating
budget for this coverage.
Group accident and health - 25% of the annual
operating costs for this coverage, exclusive of
life, accidental death and disability for which
the City has outside coverage.
General liability - 10% of the number of incidents
reported during the year at actual average claim
cost.
Amount included
in Reserved
Fund Balance
$ 500,000
347,915
1,190,250
289,900
$ 2,328,065
(Continued)
C-25
82 -77
14
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
(8) Segments of Enterprise Activities
Key financial data for the various activities of the City's Enterprise Funds for the year ended September 30, 1980 is
as follows:
Convention
Center
Stadiums
Marinas
Auditoriums
Golf
Others
Total
Operating revenues
$ -
1,670,961
996,850
303,398
782,093
35,813
3,789,115
Operating expenses
668,829
2,485,671
939,221
715,147
785,784
-
5,594,652
Operating income (lose)
(668,829)
(814,110)
57,629
(411,749)
(3,691)
35,813
(1,805,537)
Net income (loss)
(623,202)
(374,281)
128,196
(133,127)
66,130
28,870
(907,414)
Assets
81,966,981
15,828,542
3,680,892
6,042,740
•
1,536,913
444,394
109,500,462
Bonds payable
60,000,000
-
-
-
-
2081000
60,208,000
Fund equity
17,549,507
13,097,259
4,165,761
5,634,836
1,731,500
285,119
42,463,982
(9) Litigation
(a) Gates vs. the City of Miami
This is a class action on behalf of present and former employees of the City, seeking to require the City, for the
years 1939-1975, to retroactively make additional deposits to its pension plans totalling approximately
$30,000,000, including $8,000,000 in interest. The plaintiffs claim that the City levied p-�,perty taxes for
"pension or relief" purposes and was required to, but did not, deposit all such revenues ico the pension fund.
Instead, a portion of these tax monies was used for the City's social security-untributions, the City's
required portion of premiums on group health and life insurance policies, payment of judgments on pension
related cases, the City's workers compensation obligations, and reimbursement to the City of pension -related
expenses.
Summary judgment on liability was entered against the City on two of eight counts of the complaint on October 9,
1979, upon a finding by the court that monies taxed for pension or relief purposes were improperly used by the
City to pay off two judgments against the City and for contributions toward workers compensation obligations.
The City filed an interlocutory appeal from the court's ruling on the two counts as to which summary judgment
was granted. On January 20, 1981 the District Court of Appeal affirmed in part and reversed in part the
summary judgment. The City petitioned for rehearing, which petition was denied.
The City maintains in this action that its allocation of monies collected pursuant to its levy of property taxes
for "pension or relief" purposes was proper. However, in the opinion of counsel, the City's ultimate liability
cannot be determined at this time.
(b) Pension Trustees Suit for Contributions to its Pension Plans
The Board of Trustees of each of the pension plans has filed a petition for Writ of Mandamus, seeking to require
the City to contribute an additional $4.2 million over and above the amount actually appropriated by the City
(Continued)
C-'-6
82 -77
4 154*1
CITY OF MIAM1, FLORIDA
Notes to Financial Statements
for fiscal year 1980. The plaintiffs in each action contend that the City
is required to contribute the amount that the pension boards certify in
accordance with actuarial reports prepared for the boards.
The City Commission in September of 1979, adopted a policy limiting the
increase in the portion of the pension contribution relating to the
funding of the unfunded past service costs to five percent of the
preceding year's amount. It is the City's position that it is fiscally
sound to limit its budgeted contribution, that the budgeted amount is
actuarially sound, that the City is not automatically required to appro-
priate and contribute the amount certified by the pension boards, and that
if the City were automatically required to do so, the City Commission
would be defaulting on its responsibility for government of the City. The
State of Florida's Department of Administration has informed the City
that this funding technique provides for the adequate and proper actuar-
ial funding for the retirement plans, and meets the requirements of Part
VII, Chapter 112, Florida Statute.
In September 1980, the City Commission enacted amendments to the City's
pension ordinances. The amended ordinances would vest in the City Com-
mission the duties of the Retirement Board and Board of Trustees for the
retirement plans. The effective dates of the enactments have been stayed
by the Circuit Court which stay is the subject of an appeal by the City.
This litigation is in its preliminary stages and, in the opinion of counsel,
the outcome is not presently determinable.
(c) City of Miami vs. FEC
The City is involved in a "quick take" eminent domain action to acquire
32.64 acres of bayfront land owned by the Florida East Coast Railway
Company (FEC). The property is located in downtown Miami, between N.E.
6th and N.E. 9th Streets, and bounded on the west by Biscayne Boulevard.
In March, 1978, a trial court entered an Order of Taking and an Order of
Necessity, vesting title to said property in the City, subject to a
Stipulation entered into between the parties. In accordance with the
Order of Taking, and the Stipulation, the City deposited $14,500,000 with
a local depository which has been invested in certificates of deposit.
The certificates of deposit currently held will mature May 11, 1981 and
will aggregate approximately $20,000,000.
In March, 1981, a jury trial on valuation resulted in a verdict awarding the
FEC $23,350,000 for the property. Final judgment was entered on April 24,
1981, with 10% interest to accrue thereon as of April 2, 1981. The City
has filed a Motion for New Trial. If the Court denies that motion the
City will file its appeal immediately. The Court has reserved
jurisdiction to award FEC attorneys' fees and costs.
In a separate proceeding filed before the Interstate Commerce Commission,
(ICC), FEC challenged Florida's and the Federal Court's right to deter-
mine the nature of the railroad track located on the property and ruled
C-27
82-77
(Continued)
A.
16
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
that the FEC tracts is a "line of railroad" requiring a certificate of
abandonment from the ICC. The City has appealed that ruling to the United
States Circuit Court of Appeal, Fifth Circuit. On January 22, 1981 the
ICC filed a complaint in the United States District Court for the Southern
District of Florida seeking to require the City to obtain a Certificate of
Abandonment before taking possession of the property. The Court entered
an Order prohibiting the City from taking possession until a decision is
rendered on the pending case before the Fifth Circuit or until further
order of the United States District Court.
The ultimate amount which the City must pay FEC and other defendants for the
property and damages they may have sustained, including defendants'
attorneys' fees and Court -costs, depends on the outcome of the City's
Motion for New Trial or in the alternative the outcome of the City's
appeal. In the opinion of counsel, such amounts cannot be determined at
this time.
(d) Other
There are a number of claims and lawsuits against the City resulting prin—
cipally from personal injuries incurred on City property. In the opinion
of City officials and the City Attorney, these claims could result in a
liability to the City of approximately $2,200,000 which is reflected in
the Self Insurance Fund.
The City of Miami relies primarily on its legal department acting under the
direction of the City Attorney for legal advice. The foregoing opinions
(under the heading "Other") are based solely on the opinion of the City
Attorney. Outside counsel has been retained to represent the City in the
litigation referred to in (a), (b) and (c) above.
(10) Federally Assisted Grant Programs
The City participates in a number of Federal and state grant programs, prin—
cipally of which are Federal Revenue Sharing, Comprehensive Employment and
Training Act (CETA), Community Development Block Grant and Economic Develop—
ment Administration (EDA) grants. These programs are subject to financial and
compliance audits by the grantors or their representatives.
During the year ended September 30, 1980, the City received CETA funding in the
approximate amount of $8,800,000 to employ approximately 1,200 individuals.
These individuals are employed in various departments, the activities of
which are accounted for in various funds. The contribution of these CETA
employees to the services provided by the respective departments to which they
are assigned is not reflected in the various funds' financial statements. The
amount of benefit provided by these employees is not readily determinable
although a majority is in support of General Fund activities.
In December, 1980, an independent financial and compliance audit report was
issued covering selected CETA contracts of the City as subgrantee and the
South Florida Employment and Training Consortium as prime sponsor. This audit
C-28
82 -77
(Continued)
17
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
report covered, for the selected contracts, various periods through
September 30, 1979, and questioned approximately $540,000 of costs, and
recommended for disallowance approximately $455,000 of addicional costs,
claimed for reimbursement by the City during these periods. The City is
currently in the process of responding to the audit and defending specific
items of questioned and disallowed costs. A final determination of monies to
be reimbursed to the prime sponsor cannot be determined at this time.
At September 30, 1980, the audits of certain other programs, including CETA for
the period subsequent to October 11 1979, have not been performed. Accord-
ingly, the City's compliance with the applicable grant requirements will be
established at some future date. The amount, if any, of expenditures which
may be disallowed by the granting agencies cannot be determined at this time.
(11) Commitments and Contingencies
(a) Employee Benefits
The City has certain contingent liabilities relating to earned employee
benefits. The amount of benefits earned and accumulated is governed by
Civil Service regulations and administrative policy. The approximate
amounts of these earned benefits are summarized below:
Type Description Amount
Vacation Normal vacation earned $ 2,600,000
Earned Time Additional time off earned by
hourly employees for overtime
hours worked 2,200,000
Sick Leave Normal sick leave accumulated 13,300,000
$ 18,100,000
The full amount of vacation time, if not used by the employee, is payable
upon separation of service, subject to the following limitations:
. for employees in service at December 31, 1973 - all accumulations to
that date, plus a maximum of 160 additional hours.
. for employees employed since December 31, 1973, a maximum of 160 hours.
Earned time payable at separation is limited to 200 hours. Sick leave
payable upon separation is limited to a maximum of 960 hours, and is paid
only if the employee has ten or more years of service. In the case of
sanitation workers, there are various limits based on years of service
ranging from fifteen to twenty-five years. Due to uncertainties relating
to the timing and amount of payments to be made, the above liabilities are
not recorded.
C-29
82 -77
(Continued)
18
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
(b) Housing Bonds
In February, 1976, the Commission passed an ordinance which approved the
issuance of $25,000,000 General Obligation Housing Bonds of the City, for
the purpose of providing housing for families and persons, including the
elderly, of low and moderate income. In addition, and pursuant to agree-
ments between the City and Dade County, the proceeds of such bonds, as
they are issued from time to time, will be deposited in trust in a reserve
fund to provide additional security for certain housing revenue bonds to
be issued by Dade County. In the event the housing projects do not
generate sufficient funds to service the County's debt, the proceeds of
the City's Housing Bonds will be used to pay principal and interest. If,
however, the Dade County Housing Bonds are self-liquidating, all amounts
remaining in the trust account will be returned to the City for purposes
set forth above. At September 30, 1980, $1,500,000 of such City Housing
Bonds were sold and approximately $557,000 had been transferred to the
trust account. The amounts transferred to the trust account have been
recorded as a receivable and, due to the uncertainty of collection and
lack of collection experience, an allowance for the full amount has been
established.
During 1980, approximately $344,000 was transferred to the trust account,
and approximately $1,245,000 was expended by the City for its share of
certain housing development costs. The original sale of bonds plus accu-
mulated interest was not sufficient to cover these expenditures and, at
September 30, 1980, the Housing Bond Capital Projects Fund had a deficit
of approximately $53,000. The deficit will be eliminated by future sales
of Housing Bonds. Until such time, the Housing Bond Capital Projects Fund
has borrowed $1,400,000 from the Capital Improvements Fund to provide the
necessary funds.
(c) Revenue Bond Projects
Convention Center
During 1978, the City of Miami commenced construction of a Convention
Center, officially designated the City of Miami/University of Miami James
L. Knight International Center. The total estimated cost of the Conven-
tion Center, including a related parking garage, is approximately
$85,000,000.
The City has entered into an agreement with the University of Miami to lease
space in the Convention Center for a term of 30 years, including two
30-year renewal options, for the sum of $2,500,000, payable as advance
rent. The City has also entered into a lease and agreement for develop-
ment with a private developer, of certain air space over a portion of the
Convention Center for a hotel. In addition, the City has agreed with a
separate private developer, to lease air space over a portion of the
parking garage for a 30-story world trade center. .
(Continued)
C-30
82 -77
19
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
In August 1980, the City issued $60,000,000 of Convention Center and Parking
Garage Revenue Bonds to finance a portion of the cost of completing
construction of the project. The bond proceeds may be used for (a)
construction costs, (b) interest during construction, (c) engineering and
design fees, (d) legal fees and expenses and (e) other expenses incident
to the construction of the Convention Center -Garage and the placing of
same in operation. The bonds are secured under the trust indenture by a
first lien on and pledge of the net revenues of the Convention Center -
Garage and certain telephone and telegraph excise taxes and by a covenant
and agreement of the City to provide, to the extent necessary, revenues of
the City other than ad valorem tax revenues sufficient to make up any
deficiency in the required sinking fund.
In connection with certain provisions of the trust indenture the City estab-
lished the Convention Center Enterprise Fund. Effective October 1, 1979
the fund was established by transferring the residual equity of the Con-
vention Center Capital Project Fund (approximately $5,130,000) and the
related construction in progress in the General Fixed Assets Account
Group (approximately $10,690,000) to the Convention Center Enterprise
Fund. In addition, subsequent to September 30, 1980, the Capital
Improvements Fund contributed $4.5 million to support the Convention
Center and cover certain construction cost overruns.
In connection with the project, the City has awarded approximately
$30,000,000 of construction contracts. Additionally, the lease and
agreement for development with the hotel developer calls for the City to
complete certain phases of the project by specified dates. In the event
of delays by the City in completing the facilities, the City is liable for
the additional interest expense payable by the hotel developer to its
mortgage holder, as well as other reasonable costs incurred by the
developer attributable to such delays.
Watson Island Theme Park
In July 1979, the City Commission passed a resolution authorizing the issu-
ance of $55,000,000 of revenue bonds to finance the development of Watson
Island as an amusement and recreation theme park. Of such amount,
$20,000,000 will be secured by revenues from the theme park, together with
a pledge of certain other non ad valorem tax revenues. The remaining
$35,000,000 will be secured only by revenues of the theme park. The date
of sale of the bonds has not yet been established.
(12) Maintaining Services and Liquidity
The City is experiencing a period of budgetary constraint. Double digit infla-
tion continues to adversely impact the growth of operating expenses while
revenue sources are limited. Some of the more significant factors affecting
the City are:
C-31
82 - 77
(Continued)
20
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
Property taxes for general operating purposes during 1980 were levied at
their maximum allowable millage (10 mills). For fiscal 1981, the assessed
valuation of property in the City increased approximately 40% due to the
state mandated reassessment of all property to 1007. of fair market value,
and the millage rate decreased to 9.03. Future increases in the property
tax millage rate will be limited by the 10 mill cap.
Comprehensive Employment and Training Act (CETA) funds are being discon-
tinued effective in June and August 1981. A majority of CETA funds have
been used to support General Fund activities. The impact on those depart-
ments employing significant numbers of CETA employees is yet to be deter-
mined, but would be tempered to some extent by the time commitment of
these employees to classroom training (see note 10).
. The liabilities for vacation, illness and earned time continue to increase
(see note 11).
. The City must fund the excess of vested benefits over available net assets
in its pension plans, and the adopted funding policy is in dispute and the
subject of certain litigation (see notes 6 and 9).
In addition to the above, the following situations and/or contingencies exist
which could place additional strain on the City's financial condition:
Penalties may have to be paid if construction of the Convention Center is
not completed within specified time limits (see note 11).
Judgments against the City or demands upon the City to pay in excess of
budgeted or available amounts may result from pending litigation (see
note 9).
Certain revenues, particularly telephone utilities service taxes and other
non ad valorem tax revenues, heretofore principally used for general
operating purposes, may be required to pay debt service or maintain
reserve requirements of certain revenue bonds (see note 11).
The City is continuing to study various alternatives to expand revenue sources
and control costs. During 1980, the City levied a waste collection fee for
the first time, and other revenue sources are being explored. The City's
ability to continue to provide the current level of services in the future
and/or pay the amounts, if any, that might be required by the unfavorable
resolution of the contingencies noted above is dependent upon further expan-
sion of revenue sources and containment of expenditures.
C-32
82 -77
CITY OF MIAMI, FLORIDA Schedule A-1
General Fund
Balance Sheet
September 30, 1980
Assets
Equity in pooled cash and investments $ 4,388,732
Receivables (net of allowances for
uncollectibles of $2,424,997):
Taxes 928,476
Accounts 1,100,904
Prepaid expenses 5,226
Liabilities and Fund Balances
Liabilities:
Vouchers and accounts payable
Accrued expenses (principally salaries)
Deferred revenue
Deposits refundable
Total liabilities
Fund balances:
Reserved for encumbrances
Unreserved:
Desionated for subsequent year's expenditures
Undesianated
Total fund balances
$ 6,423,338
1,242,493
1,612,831
845,634
384,451
4,085,409
1,269,303
500,000
568,626
2,337,929
$ 6,423,338
C-33
82 - 77
CITY OF MIAMI, FLORIDA
General Fund
Statement of Revenues and Expenditures - Budget and Actual
Year ended September 30, 1980
Revenues:
Taxes:
General property tax, including
penalties and interest
Business and excise taxes
Licenses and permits:
Business licenses and permits
Construction permits
Intergovernmental:
Federal grants
State grants
Other
Intragovernmental:
Engineering services
Administrative charges
Charges for services:
Public safety
Recreation
Sanitation
Other
Interest
Miscellaneous revenues:
Sale of land
Rents
Other
Total revenues
Budget Actual
Schedule A-2
Variance
Favorable
(Unfavorable)
$ 42,794,879
42,679,426
(115,453)
23,181,506
23,528,753
347,247
65,976,385
66,208,179
231,794
3,825,179
4,154,591
329,412
1,366,241
1,438,896
72,655
5,191,420
5,593,487
402,067
146,377
543,402
397,025
12,350,675
12,637,425
286,750
2,066,050
17698,824
(367,226)
14,563,102
14,879,651
316,549
1,582,000
1,686,026
104,026
1,609,126
1,656,168
47,042
3,191,126
3,342,194
151,068
1,069,300
920,832
(148,468)
73,800
84,063
10,263
2,280,000
19876,372
(403,628)
5749028
412,111
(161,917)
3,997,128
3,293,378
(703,750)
956,900
877,042
(79,858)
352,565
267,565
(85,000)
635,483
695,288
59,805
1,000,673
1,466,898
466,225
1,988,721
2,429,751
441,030
95,864,782
96,623,682
758,900
C-34
82 - 77
(Continued)
A&
r-1
2
CITY OF MIAMI, FLORIDA Schedule A-2 Cont.
General Fund
Statement of Revenues and Expenditures - Budget and Actual
Variance
Favorable
Budget
Actual
(Unfavorable)
Expenditures:
General government:
Mayor and commission
$ 355,340
354,807
533
City manager
1,092,302
1,059,444
32,858
City clerk
421,182
436,900
(15,718)
Management and budget
1,033,419
1,061,367
(27,948)
Finance
1,453,389
1,519,127
(65,738)
Legal
772,564
767,730
4,834
Civil service
147,914
121,637
26,277
Human resources
1,069,193
1,050,110
19,083
Community development
681,039
719,948
(38,909)
Tourism and promotion
661,809
697,178
(35,369)
Computers and communications
21321,903
2,5190943
(198,040)
10,010,054
10,308,191
(298,137)
Public safety:
Policy
30,237,396
29,915,882
321,514
Fire
23,025,116
23,167,414
(142,298)
53,262,512
53,083,296
179,216
Public improvements:
Public works
8,819,514
8,824,328
(4,814)
Building
1,886,290
1,884,245
2,045
Planning and zoning boards
776,925
739,488
379437
11,482,729
11,448,061
34,668
Sanitation
15,107,444
14,481,223
626,221
Culture and recreation
7,150,767
7,378,219
(227,452)
Uncollectible delinquent
property taxes
-
177,917
(177,917)
Other:
Employee benefits
2,907,631
2,587,519
320,112
Special programs
899,543
806,308
93,235
Miscellaneous
2,714,750
1,523,563
1,191,187
6,521,924
4,917,390
1,604,534
Total expenditures
103,535,430
101,794,297
1,741,133
(Continued)
C-35
82-77
0
3
a�,
CITY OF 'MIAM2, FLORIDA Schedule A-2, Cont.
General Fund
Statement of Revenues and Expenditures - Budget and Actual
(Deficiency) of revenues
over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing
sources
Excess of revenues and
other financing sources
over expenditures and
other uses
Budget
Variance
Favorable
Actual (Unfavorable)
$ (7,670,648) (5,170,615) 2,500,033
9,226,447 7,822,490 (1,403,957)
(19555,799) (1,554,271) 1,528
7.670.648 6,268,219 (1,402,429)
$ - 1,097,604 1,097,604
C-36
82-77
AP-1 Ab�
CITY OF MIAMI, FLORIDA
General Fund
Statement of Changes in Fund Balance
Year ended September 30, 1980
Fund balance at beginning of year, as
previously reported
Adjustment to beginning balance pursuant to
change in accounting method for recording
encumbrances outstanding
Fund balance at beginning of year, as restated
Excess of revenues and other financing sources
over expenditures and other uses
Equity transfers from other funds
Fund balance at end of year
Schedule A-3
$ 664,066
342,695
1,006,761
1,097,604
233,564
$ 2,337,929
C-37
Nm 82-77
CITY OF MIAMI, FLORIDA
Special Revenue Funds
Combining Balance Sheet
September 30, 1980
Schedule B-1
Downtown
Federal
Development
Revenue
Assets
Authority
Sharing
Total
Due from other governments
$ 12,428
1,977,976
1,990,404
Prepaid expenses
13,722
-
13,722
$ 26,150
1,977,976
2,004,126
Liabilities and Fund Balances
Liabilities:
Deficit (equity) in pooled cash and
investments
(44,806)
1,967,634
1,922,828
Accounts payable
15,011
-
15,011
Other liabilities
4,686
-
4,686
Total liabilities
(25,109)
1,967,634
1,942,525
Fund balances:
Reserved for authorized projects 9,543 - 9,543
Unreserved 41,716 10,342 52,058
Total fund balances 51,259 10,342 61,601
$ 26,150 1,977,976 2,004,126
C-38
82 -77
CITY OF MIAMI, FLORIDA Schedule 5-2
Special Revenue Funds
Combining Statement of Revenues, Expenditures and +
Changes in Fund Balances - Budget and Actual
Year ended September 30, 1980
Downtown Development
Authority
Federal Revenue
Sharing
Total
Variance
Variance
Variance
Favorable
Favorable
Favorable
Budget
Actual
(Unfavorable)
Bud et
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Revenues:
Taxer $
342,285
328,000
(14,235)
-
-
-
342,285
32
(14,8
Interest
-
523,884
4,387
126,195
4,387
(397,689)
-
7,908,786
-
7,829,824
-
(78,962)
-
8,432,670
4,
4,338787
7,956,019
4,33877
(476,651)
Intergovernmental
Other
261,944
61,411
(200,533)
-
-
261,944
61,411
(200,533)
Total revenues
11128,113
519,993
(608,120)
7,908,786
1,829,824
(78,962)
9,036,899
8,349,817
(687,082)
n
w Expenditures:
`C Culture and recreation
848,935
518,794
330,141
-
-
-
(4,154)
848,935
279,178
518,794
94,487
330,141
184,691
Other
219,178
90,333
188,845
-
4,154
Total expenditures
1,128,113
609,127
518,986
-
4,154
(4,154)
1,128,113
613,281
514,832
Excess (deficiency) of revenues
-
(89,134)
(89,134)
7,908,786
7,825,670
(83,116)
7,908,786
7,736,536
(172,250)
over expenditures
Other financing (uses):
(7,908,786)
(7,972,490)
(63,704)
(7,908,786)
(7,972,490)
(63,704)
Operating transfers out
� f
(Deficiency) of revenues over
-
(89,134)
(89,134)
-
(146,820)
(146,820)
_
(235,954)
(235,954)
expenditures and other uses
00
-
---
�w
l�r
Fund balances at beginning of year,
140,393
140,393
-
:�5,274
153,274
_
293,667
293,661
_
as previously reported
Adjustment to beginning balance pursuant to
change in accounting method for recording
-
-
-
3,888
3,888
_
3,888
3,888
encumbrances outstanding
-
Fund balances at beginning of year,
140,393
140,393
-
153,274
157,162
3,888
29],66)
297,555
3,888
as restated
Fund balances at end of year $
140,393
51,259
(89,134)
153,274
10,342
(142,932)
293,667
61,601
(232,066)
144
CITY OF MIAMI, FLORIDA
Debt Service Funds
Combining Balance Sheet
September 30, 1980
Assets
Equity to pooled cash and investments
Receivables (net, where applicable, of
allowances for uncollectibles of $171,786):
Taxes
Assessment liens
Liabilities and Fund Balances
Liabilities:
Matured bonds and interest payable
Deferred revenue
Total liabilities
Fund balances:
Reserved Ear debt service
Unreserved
Total fund balances
Schedule C-1
General Orange Utilities
Obligation Bow Incinerator Service
Bonds Bonds Bonds Tax Bonds Total
$ 8,074,790 608,683 303,763 743,069 9,730,305
381,880 - - - 381,880
9,234 - - - 9,234
$ 8,465,904 608,683 303,763 743,069 10,121,419
3,369,936 - - - 3,389,936
190,940 - - - 190,940
3,580,876 - - - 3,580,876
- 608,683 250,000 187,538 1,046,221
4,885,028 - 53,763 555,531 5,494,322
4,885,028 608,683 303,763 743,069 6,540,543
$ 8,465,904 608,683 303,763 743,069 10,121,419
C-40
82 -77
L]
101
CITY OF MIAMI, FLORIDA
Debt Service Funds
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
Year ended September 309 1980
Revenues:
Taxes
Interest
Assessment lien collections
Other
Total revenues
Expenditures:
Principal retirement
Interest and fiscal charges
Uncollectible delinquent property taxes
Other
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources:
Operating transfers in
Excess (deficiency) of revenues
and other financing sources
over expenditures
Fund balances at beginning of year
Fund balances at end of year
General Orange Utilities
Obligation Bowl Incinerator Service
Bonds Bonds Bonds Tax Bonds
$ 16,692,347
1,316,881 73,164 29,605
1,173,152 - -
3,562 - -
19,185,942 73,164 29,605
10,160,000 155,000 173,000
7,235,230 19,884 12,975
76,325 - -
108,193 76 190
17,579,748 174,960 186,165
1,606,194 (101,796) (156,560)
Schedule C-2
Total
- 16,692,347
78,380 1,498,030
- 1,173,152
3.562
78,380 19,367,091
150,000 10,638,000
42,412 7,310,501
- 76,325
108.459
192,412 18,133,285
(114,032) 1,233,806
186,250 193,913 _ 380,163
1,606,194
(101,796)
29,690
79,881
1,613,969
3,278,834
710,479
274,073
663,188
4,926,574
$ 4,885,028
608,683
303,763
743,069
6,540,543
Cot
82-77
OD
lv
CITY OF MIAM1, FLORIDA Schedule 0-1
Capital Projects Funds
Combining Balance Sheet
September 10, 1990
General
Obti anon
Special Obligation
Police
Packs and
Recreation
Highway
Fire
Parking
Revol•ttng
Capital
Total 1�
Store
Sanitary
Pollution
Facilities
Improvements
Facilities
Sidewalks
Housing
Garage
Fund
[spr349.466
Assets
Sewers
Sewers
Control
Facilities
3,357.350
5,506.447
5,526,607
3,026.202
19,555
1,369,988
39,236
143,718
10,849466
48,311,056
Equity in pooled cash and investments
3 7,288,966
9.959,422
1,224,099
Receivables (net, where applicable, of
aIIowences for uncollectibles of
-
-
-
22,IJ9
27,0J9
$566,791):
_
_
-
-
300
-
-
16,466
16,466
Acc wnt■
-
_
_
-
-
Assepeents
2,730.334
2,I30,374
Due from other funds
3,357,350
5,506,447
5,526,907
3, 026,202
19,555
1,169,988
79,Z16
I60,184
13,602,739
51,081,095
5 7.288,966
9,959,422
1,224,099
n Liabilities and Fund Balances
y
I.J Liabilities:
250,]45
769,585
181,943
280,188
101,959
J09,160
29l.11l
-
-
2,000
-
664,349
2,8 , 042
Vouchers and accounts payable
-
_
7,547
-
3,248
2,932
-
1,367
-
-
-
Accrued expenses (principally salaries)
-
_
1,421,305
61,425
- _
- _
L,484,730
Due to other funds
---
-----
- -
-- --
283,436
-----
104.891
- -
309,160
_--
_
'3,305
1,4.
67,425
-
664.549
4,343,319
Total )abilities
250,345
769,585
IAI,943
_'92,680
Fund balances (deficit):
7,038
9,189,871
1,042,156
3,073,914
5. 401,556
5,217,747
2,733,522
-
-
-
53,000
12,938,190
46,688,543
.
Reserved for authorized projects
,621
l9;'i5
(53,317)
(I4,189)
I07,184
_ -
49,277
Unreserved
-
5,401.556
5.211,7a7
_
�,713,522
19,555
(53.317)
(24,189)
160,184
12,93tl,190
46,737,776
Total fund balances (deficit)_
7,038,621
9.189,837
1,042,156
_
3,073,914
_ _ _
-
--
-
19,555
--__-
1,369,988
39,236
160,184
13,602,739
51,081,095
7,288,966
9.959,422
1,224,099
3,357,350
5,506.447
5,526.907
3,026,202
CITY OF MIAMI. FLORIDA
3ehae,tle D-2
C7P.W. Projects F.W.
Cwbtn,ng Sc.ten,ent of Revenues, Eapendatures
and Tanges ,n Fund 8sia nces
Yr.r ended Sepcem.r )O, 1980
_._Park.
Ge"r.l. 0611S. on
-_ ____
and --._.___
St ors
„ra,v
ss_v.
P�l.•.t, .n
Pnl,ce
Rrc seat, nn H,ghv.v C..n !orlon
Ftr,
F.tY,ng
Ravolvang
Cap,tal
Se__rs
r.
,,t I"!
F., ,I,t ,es
E.,111,tt.s ]npr.Ivemen[s Cent-
F.ctl,[,rs
S,d—lY.
Hoosang
Gar.ge
Food
lmproveaa[nt.
To_^.(
Rev!n„rs:
Inte,e.r
5 863.2/0
1.31....15
171, 2u1
-02. j)b
110,928 667,E95 -
$)1,987
1,935
155,244
-
16,441
844,)51
�1J
5.660,599�-'
I-
5)9,)28
796,411
Frain h,se to sls
-
-
-
-
- - -
-
-
-
-
-
460.796
420.;96
Other
_ -
_ -
_ -
�0 600 -
-
t]Ir 6)3
U8r295
_ _'
Ab ), 210
1, J:4,i;i
I11.:01
.0:,)76
nd.:16 bba,a85 ---
—511 ,967
1.915
'155.24,6
_22
16,4b5
_
,OU2,110
_
1.096,121
,.P,rAI project.
2,015_579
4, b:), 8:n
1.01-. )Sn
lL1 n),7)7
In_,,2_08 1.710, 9_2 __. _
), I11,611
_98
1,629,697
24,189
70_6
3,552,697
19.184,535
Eaces. (def,c,ency) of r v-...s
over eapend rt uses)oI
65n ,Ulu (1,042,jU7) -
(2,845,6241
1.817
(1,474.453)
(24,1891
15,759
(I.fSU,ftlt1
(1J.068,414+
Other f,nanc,rg .a„rtes (uses):
oper.t,ng trrna(ers to
-
-
-
-
-
-
-
-
-
3,742,200
1,742,200
Operating transfers out
_ _-_
_-
_
_ _ _
(7, 56U. )001 _-_ _ -_
(971 0001
_ -
-
(28,0007
- _
(Ii64,J601
total other fanancang wurces (alas)
-
-
-
-
12. Sb0,)U01 - -
(911,0oo)
-
-
-
(28,000)
3,142.200
180,900
--�---
-
-
_
- -� - _�_-
---
---
-
_-~
E.cess (deftclancyl 4f revenue, and
-hat Lna —x ......r
W
eapen4 +[urea and ocher u.es
(1.152,109)
1),)01.012,
18o1.15)I
(708,3nl)
II. 10- 29n1 (1,d42,107) -
0,818,624)
1,917
(1,414,453)
(24,289)
(12.241)
2,191.618
(11.907,S14)
Fund b.l.nces at b.if— -g of ya.r
6.190.910
12,490,879
I, on$ J09
11/81,275
1,105.846 6.2bO,054 5.129.467
6,552.146
11.718
1.421.136
-
172,425
10.146.572
611)14,157
E9utty transfers (to) other funds
--
_ _ _
_ ._ __
__ ___
�___ __ �___ (5i12o •.h)1
�-
_ ---
--
-
-
-
_`
(5,129,461)
F...d balances (def—C) at end of year
$ ),D ]8,h21
9,191.A P
1,042.1 `1,
),w 114
5,401,5,6 5,217,141
2,711.522
19,555
(53,317)
(24.189)
160.184
12,978.190
46, 717,776
0
co
lV
i
Assets
Current assets:
Accouats receivable (net, where applicable of
allowances for uncollectibles of $84,746)
Total current assets
Restricted assets:
Cash and investments with fiscal agent,
n including accrued interest
Property, plant and equipment:
Land
Buildings and improvements
Machinery and equipment
Construction in progress
Bond issuance costs
05
1
CITY OF MIAMI, FLORIDA
Enterprise Funds
Combining Balance Sheet
September 30, I980
Schedule E-1
Orange l
Marine Miami Bowl Convention Warehouse /
Stadium Stadium Stadium Center Marinas Auditoriums Golf Property Total
$ 13,524 42,026 386,567 - 53,236 43,797 17,049 - 556,199
13,524 42,026 386,567 - 53,236 43,797 17,049 - 556,199
- - - 60,658,304 - - - - 60,658,304
4,836 375,000 709.982 6,618,693 120,290 122,050 15,000 - 7,965,851
2,320,565 735,097 8,352,922 - 3,455,357 5,759,893 1,182,765 444,394 22,250,993
120,990 37,834 283,762 3,568 46,868 117,000 268,819 - 879,941
- 8,484 2,436,953 10,761,683 5,141 - 53,280 - 13,265,541
- - 3,924,733 - - - - 3,924,733
S 2,459,915 1,198,441 12,170,186 81,966,981 3,680,892 6,042,740 1,536.913 444,394 109,500,462
(Continued)
Liabilities and Fund Equity
Liabilities:
Current liabilities (payable from current assets):
Deficit (equity) in pooled cash and investments
Vouchers and accounts payable
Accrued expenses (principally salaries)
Due to other funds
n Deferred revenue
Deposits and other
"' Total current liabilities (payable from
current assets)
Current liabilities (payable from restricted
assets):
Construction contracts
Accrued revenue bond interest
Total current liabilities (payable from
restricted assets)
Long-term liabilities:
Revenue bonds
Total liabilities
Fund equity:
Contributed capital and retained earnings:
Reserved for construction and revenue bond
retirement
Unreserved
Total fund equity
2
CITY OF MIAMI, FLORIDA
Enterprise Funds
Combining Balance Sheet
September 30, 1980
Orange
Marine Miami Bowl Convention
Stadium Stadium Stadium Center Marinas Auditoriums
$ 233,029
83,646
602,799
1,270,885
(537,917)
22,746
16,658
275,682
-
17,523
338
2,388
36,925
3,309
11,385
-
-
1,245,804
-
-
-
555
190,713
-
19,320
-
-
-
-
4,820
276,113
103,247
2,351,923
1,274,194
(484,869)
-
-
-
1,875,880
-
-
-
-
1,267,400
-
-
-
-
3,143,280
-
- 60,000,000 -
276,113 103,247 2,351,923 u4,417,474 (484,869)
Schedule E-1, Cont.
0
Warehouse
Golf Property Total
367,137 (236,272) (68,725) 1,734,582
9,987 31,221 - 373,817
3,885 10,435 - 68,665
- - - 1,245,804
26,895 - 20,000 257,483
- 29 - 4.949
407,904 (194,587) (48,725) 3,685,200
1,875,980
1,267,400
3,143 r2IL
N.
- - 208,000 60,208,000
407,904 (194,587) 159,275 67,036,460
- - - 17,549,507 - - - - 17,549,507
2,183,802 1,095,194 9,818,263 - 4,165,761 5,634,836 1,731,500 285,119 24,914,475
2,183,802 1,095,194 9,818,263 17,549,507 4,165,761 5,634,836 1,731,500 285,119 42,463,982
$ 2,459,915 1,198,441 12,170,186 81,966,981 3,680,892 6,042,740 1,536,913 444,394 109,500,462
Imlalllllllll II II
CITY OF MIAMI,
FLORIDA
Schedule E-2
Enterprise
Funds
Combining Statement
of Revenues, Expenses and Changes
in
Contributed
Capital and
Retained Earnings
Year
ended September 30, 1980
Marine
Miami
Orange
Bowl
Convention
Harehouse
Special
Stadium
Stadium
Stadium
Center
Marinas
Auditoriums
Golf
Property
Properties
Totalj
Operating revenues - charges
$ 78,244
129,347
1,463,370
-
996,850
303,398
782,093
35,813
_
3,789,115
for services
Operating expenses:
Personal services
71,532
77,046
842,897
137,069
486,355
200,774
428,486
-
-
-
Z 244 159
579,284
Contractual services
52,346
10,759
7,119
24,614
28,603
53,515
461,726
21,819
16,354
80,258
9,619
18,466
3,517
120,709
-
-
-
330,140
Materials and supplies
Neat, light and power
39,859
50,977
99,122
-
175.794
168,748
68,881
-
-
_
-
603,381
1,585,366
Intragovernmental charges
223,786
201,867
564,249
284
160,707
276,896
157,577
252,322
Other
875
13
1364 ,92
47,931
19,753
40,644
6,614
-
-
Total operating expenses
399,157
361,636
1,724,878
668,829
939,221
715,147
785,784
-
-
5,594,652
Operating income (toss)
(320,913)
(232,289)
(261,508)
(668,829)
57,629
(411,749)
(3,691)
35,813
-
(1,805,537)
Nonoperating tevenues (expenses):
-
-
22,549
812,]47
55,40]
_
5.964
7,261
_
903,524
Interest
(766,720)
-
-
-
(14,204)
-
(780,924)
Interest and fiscal charges
5,159
18,871
4,716
-
15,164
23,025
4,656
-
71,591
Other
Total nonoperating revenues
(expenses)
5,159
18,871
27,265
45,627
70,567
23,025
10,b20
(b,943)
_
194,191 ,
Income (loss) before operating
(315,754)
(213,418)
(234,243)
(623,202)
128,196
(388,724)
6,929
28,870
_
(1,611.346)
transfers
Operating transfers in
219,134
170,000
-
-
-
255,597
59.201
^
-
703.932
Net income (ldss)
(96,620)
(43,418)
(234,243)
(623,202)
128,196
(133,127)
66,130
28,870
-
(907,414)
1
Contributed capital and retained
2,280,422
1,138,612
9,498,310
-
4,037,565
8,615,514
1,665,370
256,249
1,6509536
29,142.578
earnings at beginning of year
all
Contributions from other governments
-
-
554,196
2,351,275
-
-
-
-
-
2,905,471
-
-
15,8211434
-
(2,847,551)
-
-
(1,650,536)
11,323,347
Equity transfers (to) from other funds
-
Contributed capital and retained earnings
$ 2,183,802
1,095,194
9,818,263
17,549,507
4,165,761
5,634,836
1,731,500
285,119
_
42.463,982
at end of year
OD
to
I
Assets
Current assets:
Equity (deficit) in pooled cash and
investme its
Accounts receivable
Inventories
Total current assets
C7l Property, plant and equipment:
j Buildings and improvements
Machinery and equipment
Liabilities and Fund Equity
Current liabilities:
Vouchers and accounts payable
Accrued expenses (principally salaries)
Total liabilities
Contributed capital and retained earnings
(deficit)
CITY OF MIAMI, FLORIDA
Internal Service Funds
Combining Balance Sheet
September 30, 1980
Schedule F-1
Public
City
Motor
Property
Print
Stationery
Communications
Properties
Garage
Pool
Maintenance
Shop
Stock
Maintenance
Total
$ (60,690)
1,841,522
416,154
(239,030)
(30,213)
25,565
286,382
2,239,690
-
-
421
11,498
-
-
70
11,989
-
190,116
116,852
90,994
9,730
39,293
44,366
491,351
(60,690)
2,031,638
533,427
(136,538)
_
(20,483)
64,858
330,818
2,743,030
-
3,229,451
244,934
90,259
1,609
-
-
3,566,253
32,413
5,676,311
3,307,068
108,569
76,209
-
613,606
9,814,176
$ (28,277)
10,937,400
4,085,429
62,290
57,335
64,858
944,424
16,123,459
1,595
135,947
64,505
58,621
10,226
22,009
21,018
313,921
4,792
27,383
18,649
26,522
1,651
359
6,700
86,056 14
6,387
163,330
83,154
85,143
11,877
22,368
27,718
399,977
(34,664)
10,774,070
4,002,275
(22,853)
:�,458
42,490
916,706
15,723,482
S (28,277)
10,937,400
4,085,429
62,V -,
57,335
64,858
944,424
16,123,459
11 1
CITY OF MIAMI,
FLORIDA
Schedule F-2
Internal Service
Funds
Combining
Statement of Revenues, Expenses
and Changes in Contributed
Capital
and Retained
Earnings
Year ended September 30, 1980
40
Public
City
Motor
Property
Print
Stationery
Communications
Properties
Garage
Pool
Maintenance
Shop
Stock
Maintenance
Total
Operating revenues - charges for services
$ 400,446
2,902,353
2,198,433
1,960,846
166,518
205,108
871,534
8,705,238
Operating expenses:
Personal services
374,400
1,119,976
827,579
1,205,199
82,843
13,677
352,315
3,975,989
Contractual services
7,243
58,896
66,581
1,337,739
37,834
1,444,146
322,144
268,989
26,299
68,117
224
173,534
199,113
43,346
659,438
3,394,767
Materials and supplies
Heat, light and power
1,564
54,163
22,889
5,916
1,174
-
5,625
91,331
Other
7,130
113,318
121,078
254,676
3,719
973
85,772
586,666
n
Total operating expenses
449,233
2,691,777
2,453,526
2,056,924
182,152
188,408
686,171
8,708,191
00
Operating income (loss)
(48,787)
210,576
(255,093)
(96,078)
(15,634)
16,700
185,363
(2,953)
Nonoperating revenues:
-
245,031
-
-
-
-
27,074
272,105
Interest
190
-
1,912
2,102
Other
Total nonoperating revenues
-
245,031
-
-
190
-
28,986
274OD 96
Income (loss) before operating
transfers
(48,787)
455,607
(255,093)
(96,078)
(15,444)
16,700
214,349
271,254
Operating transfers in (out)
(63,424)
-
_7_OL000
j2,524
-
(70,000)
(30,900)
240,354
1
Net income (loss)
(48,787)
392,183
(255,093)
(26,07?;
17,080
16,700
144,349
04
-1
Contributed capital and retained earnings
(deficit) at beginning of year
1,243
11,204,786
3,434,469
(8,700)
28,318
25,790
-
14,685,966
Equity transfers (to) from other funds
12,880
(822,899)
822,899
11,925
-
-
772,357
797,162
Contributed capital and retained
(deficit) at end of
$ (34,664)
10,774,070
4,002,275
(22,853)
45,458
42,490
916,706
15,723,482
earnings year
i
111111111111111 111111111111111
Assets
Receivables (net, where applicable,
of allowances for uncollectibles
of $1,064,721):
Taxes
Accounts
Mortgage notes and loans
Due from other governments
n Prepaid expenses and other
�o
Liabilities and Fund Balances
Liabilities:
Deficit in pooled cash and
investments
00 Vouchers and accounts payable
Accrued expenses (principally
salaries)
Due to other governments
Deferred revenue
Deposits refundable
Total liabilities
Fund balances (deficit)
CITY OF MIAMI, FLORIDA
Trust and Agency Funds
Combining Balance Sheet
September 30, 1980
Community
Pension Development
$ 3,939 -
2,189,268 -
4,606,187
$ 2,193,207 4,606,187
143,082 3,304,165
1,218,410 1,193,016
Schedule G-1
Other
CETA EDA LEAA Grants Total
- - - - 3,939
2,189,268
1,392,560 318,510 155,370 333,191 6,805,818
- 4,556 - - 4,556
1,392,560 323,066 155,370 333,191 9,003,581
733,003 165,583 135,754 240,761 4,722,348
268,779 50,311 13,961 80,715 2,825,192
1,710
38,548
220,557
28,451
5,771
13,711
308,748
-
-
150,805
-
-
12,127
162,932
1,970
-
-
-
-
12,500
14,470
-
60
1,281
-
-
67,574
68,915
1,365,172
4,535,789
1,374,425
244,345
155,486
427,388
8,102,605
828,035
70,398
18,135
78,721
(116)
(94,197)
9009976
$ 2,193,207
4,606,187
1,392,560
323,066
155,370
333,191
9,003,581
1111111�11 nll i i �
CITY OF MIAMI, FLORIDA
Trust and Agency Funds
Combining Statement of Revenues, Expenses and
Changes in Fund Balances
Year ended September 30, 1980
Revenues:
Intergovernmental grants
Intragovernmental charges
Other
Total revenues
n
cim Expenses:
c Grant and related expenses
Pension expense
Uncollectible delinquent property taxes
Other
Total expenses
Excess (deficiency) of revenues
over expenses
00 Other financing sources:
Operating transfers in
i�
Excess (deficiency) of revenues and
other financing sources over
expenditures
Fund balances (deficit) at beginning of year
Equity transfers (to) other funds
Fund balances (deficit) at end of year
Schedule G-2
Community Other 6D
Pension
Development
CETA
EDA
LEAA
Grants
Total
$ -
8,685,370
8,861,688
897,476
541,774
1,984,795
20,971,103
15,673,731
-
-
-
-
-
15,673,731
436,339
-
-
-
-
156,562
592,901
16,110,070
8,685,370
8,861,688
897,476
541,774
2,141,357
37,237,735
-
8,638,651
8,903,195
890,360
627,470
2,911,699
21,971,375
14,273,007
-
-
-
-
-
14,273,007
38,012
-
-
-
-
-
38,012
646,956
-
-
-
-
146,287
793,243
14,957,975
8,638,651
8,903,195
890,360
627,470
3,057,986
37,075,637
1,152,095
46,719
(41,507)
7,116
(85,696)
(916,629)
162,098
- - - - 470,176 470,176
1,152,095 46,719 (41,507) 7,116 (85,696) (446,453) 632,274
(324,060) 23,679 59,642 71,605 85,580 428,487 344,933
- - - - - (76,231) (76,231)
$ 828,035 70,398 18,135 78,721 (116) (94,197) 900,976
Benj. H. Tyrrel (212) 962dk2
2214C-I—Proof of January 13M1982
a,
BOND COUNSEL OPINION (Form of)
(TO COME]
[O1
APPENDIX D
8 2 - 7 7 r�
Benj. H. T rrel (212) 962.3222
Y
2214C-1—Proof of January 15, 1982
APPENDIX E
1982
The Honorable Maurice Ferre and
Honorable Commissioners of the City of Miami
Gentlemen:
As of , the City of Miami is involved in the following major cases:
A. Gates vs. the City of Miami
This is a class action on behalf of present and former employees of the City. seeking to require the City, for
the years 1939-1975, to retroactively make additional deposits to its pension plans totalling approximately
$30,000.000. including $8,000.000 in interest. The Plaintiffs claim that the City levied property taxes for
..pension or relief" purposes and was required to, but did not, deposit all such revenues into the pension funds.
Instead, a portion of these tax monies was used for the City's social security contributions. the City's required
portion of premiums on group health and life insurance policies. payment of judgments on pension related cases.
the City's workers compensation obligations. and reimbursement to the City of pension -related expenses.
Summary Judgment on liability was entered against the City on ttio of eight counts of the complaint on
October 9. 1979. upon a finding by the court that monies taxed for pension or relief purposes were improperly
used by the City to pay off two judgments against the City and for contributions toward workers compensation
obligations. The City filed an interlocutory appeal from the court's ruling on the two counts as to which summary
judgment was granted. On January 20. 1981 the District Court of Appeal affirmed in part and reversed in part the
summary judgment. The City petitioned for rehearing, which petition was denied.
The Citv maintains in this action that its allocation of monies collected pursuant to its levy of property taxes
for "pension or relief" purposes was proper. However, in the opinion of counsel, the Citv's ultimate liability
cannot be determined at this time.
B. Pension Trustees Suit for Contributions to its Pension Pluns
The Board of Trustees of each of the pension plans has tiled a petition for Writ of Handanus, seeking to
require the City to contribute an additional S4.2 million over and above the amount actually appropriated by the
Citv for fiscal year 1980. The plaintiffs in each action contend that the City is required to contribute the amount
that the pension boards certify in accordance with actuarial reports prepared for the boards.
The City Commission in September of 1979. adopted a police limiting the increase in the portion of the
pension contribution relating to the funding of the unfunded past service costs to five percent of the preceding
year's amount. It is the City's position that it is fiscally sound to limit its budgeted contribution. that the budgeted
amount is actuarially sound. that the City is not automatically required to appropriate and contribute the amount
certified by the pension board. and that if the City were automatically required to do so, the City Commission
would be defaulting on its responsibility for government of the City. The State of Florida's Department of
Administration has informed the City that this funding technique provides for the adequate and proper actuarial
funding for the retirement plans. and meets the requirements of Part VII. Chapter 112. Florida Statute.
In September 1980. the City Commission enacted amendments to the City's pension ordinances. The
amended ordinances would vest in the City Commission the duties at the Retirement Board and Board of Trustees
for the retirement plans. The effective dates of the enactments have been stayed by the Circuit Court. which stay
is the subject of appeal by the City.
This litigation is in its preliminary stages and. in the opinion of counsel. the outcome is presently deter-
minable.
C. Cite of Miand vs. FF-C
The City is involved in a "quick take" eminent domain action to acquire 32.64 acres of bayfront land owned
by the Florida East Coast Railway Company (FEC). The property is located in downtown Miami, between N.E.
E-I
82 -77
$enj. H. Tyrrell (212) 90222
2214C-I—Proof of January 15. 1982
6th and N.E. 9th Streets, and bounded on the west by Biscayne Boulevard. In March. 1978. a trial court entered
an Order of Taking and an Order of Necessity, vesting title to said property in the City, subject a Stipulation
entered into between the parties. In accordance with the Order of Taking. and the Stipulation, the City deposited
$14.500,000 with a local depository which has been invested in certificates of deposit. The certificates of deposit
currently held will mature November 22. 1982 and will aggregate approximately $22.633.000.
In March. 1981. a jury trial on valuation resulted in verdict awarding the FEC $23.350.000 for the property.
Final judgment was entered on April 24. 1981. with 10% interest to accrue thereon as of April 2. 1981. The City
has filed a Motion for New Trial. If the Court denies that motion the City will file its appeal immediately. The
Court has reserved jurisdiction to award FEC attorneys' fees and costs.
In a separate proceeding filed before the Interstate Commerce Commission (iCC). FEC challenged Florida's
and the Federal Court's right to determine the nature of the railroad track located on the property and ruled that
the FEC track is a "line of railroad" requiring a certificate of abandonment from the iCC. The City has appealed
that ruling to the United States Circuit Court of Appeal. Fifth Circuit. On January 22. 1981 the ICC tiled a
complaint in the United States District Court for the Southern District of Florida seeking to require the City to
obtain a Certificate of Abandonment before taking possession of the property. The Court entered an Order
prohibiting the City from taking possession until a decision is rendered on the pending case before the Fifth Circuit
or until further order of the United States District Court. The City has set down a motion before the Federal District
Court for leave to accept possession of property on November 6. 1981.
The ultimate amount which the City must pay FEC and other defendants for the property and damages they
may have sustained. including defendants' attorneys' fees and Court costs, depends on the outcome of the City's
motion for New Trial or in the alternative the outcome of the City's appeal. In the opinion of counsel, such amounts
cannot be determined at this time.
D. Cable Television
On October 18. 1981. the City Commission approved an Ordinance granting a non-exclusive license to
Americable of Greater Miami and Miami Telecommunications. Inc., for the operation and construction of a cable
television system within the corporate limits of the Cite of Miami. Subsequently thereto. Wellington Rolle tiled
an action as a citizen and resident registered voter contesting the property of the use of the license versus franchise.
In the event Mr. Rolle prevails in his lawsuit, the City would be liable for the sum of approximately S200.(M.
which represents the cost associated with the procurement of outside counsel and cost of administration. which
are to be borne by the successful applicants. In the event Mr. Rolle is successful, an alternative will have to be
made by another licensing or franchise procedure. As to the merits of the case. it is not believed that Mr. Rolle
will prevail due to the weakness of his legal position.
E. C'in• of Miami vs. Suterreno
On January 26. 1981. the City of Miami acquired title to the property commonly referred to as "[llue
Lagoon". Said title was acquired pursuant to Quick Take Proceedings. A deposit of' S448.000 was made in the
Registry of the Court. At present it appears that a minimum amount of approximately S450.000 is needed to
finalize this matter. The City of Miami administration has identified funds to cover this expense.
F. Other
There are various other claims and lawsuits against the City resulting principally from personal injuries
incurred on City property. In the opinion of City officials and the City Attorney. these claims could result in a
liability to the City of approximately $2 200.000. which is reflected in the Self Insurance Fund. Additionally, there
has been no material change in the status of roles summarized in the report from this office dated April 27. 1981
and updated May 13, 1981 to Peat Marwick. Mitchell & Company. nor has there been any subsequent significant
litigation that would materially impact on the proposed Bond issue.
Sincerely,
GGORGE F. KNOX. JR.
City Attorney
E-2
82-77 82-77
Benj. H. Tyrrel (212) 962.5222
'2214C-1—Proof of January 15. 19
APPENDIX F
SAMPLE COPY OF MBIA POLICY OF INSURANCE
MUNICIPAL BOND GUARANTY
c A INSURANCE POLICY
° Municipal Bond Insurance Association
White Plains, New York 10601
SPECIMEN Policy No.:
The insurance companies comprising the Municipal Bond Insurance Association (the "Association"). each of which participates and is liable
hereunder severally and not jointly in the respective percentage set forth opposite its name, in consideration of the payment of the premium and
subject to the terms of this policy, hereby unconditionally and irrevocably guarantee to any holder as hereinafter defined, other than the Issuer of the
following described bonds, the full and complete payment required to be made by or on behalf of the Issuer to
or its successor (the "Paying Agent") of an amount equal to the principal of and interest on, as such payments shall become due but shall not be so
paid (except that in the event of any acceleration of (he due date of such principal, the payments guaranteed hereb% shall be made in such amounts and
at such times as such payments of principal would have been due had there not been any acceleration), the following bonds (the "Bonds"):
The insurance companies constituting the members of the Association are as follows
The )Etna Casualty and Surety Company 3311-
Fireman's Fund insurance Company 30%
The Travelers Indemnity Company 1517c
tEtna Insurance Company 12`&
The Continental Insurance Company 10%
Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in writing by registered or certified mail, or upon receipt of
written notice by registered or certified mail, by the General Manager of the Association or its designee from the Paying Agent or any holder of a Bond
or coupon the payment for which is then due to the Paying Agent, that such required payment has not been made to the Paying Agent, the Association
on behalf of its members on the due date of such payment or within one business day after recrip! of notice of such nonpayment, whichever is later.
will make a deposit of funds, in an account with Citibank. N.A. , in New York. New York, or its suc:essor. sufficient for the payment to the holders of
any Bonds or coupons which are then due. Upon presentment and surrender of such Bonds or the coupons, or presentment of such other proof of
ownership of Bonds registered as to principal or as to principal and interest together with any appropriate instruments of assignment as shall
reasonably satisfy Citibank, N.A., Citibank, N. A. shall disburse to such holders or the Paying Agent payment of the face amount of such surrendered
and uncancelled Bonds and coupons less any amount held by the Paying Agent for the payment of the principal of at interest on the Bonds and legally
available therefor. Upon such remittance and transfer of such uncancelled Bonds and uncancelled coupons or appropriate instruments of assignment
to Citibank, N.A., by the holders or the Paying Agent, the members of the Association shall become the owners thereof in proportion to their
percentage of participation under this policy This policy does not insure against loss of any prepayment premium which may at any time be payable
with respect to any Bond.
As used herein, the tern "holder" shall mean the bearer of any Bond not registered as to principal and the registered owner of any Bond registered as
to principal or as to principal and interest as indicated in the books maintained by the Pay ing Agent for such purpose and, when used with reference to
a coupon, shall mean the bearer of the coupon.
Any service of process on the members of the Association may be made to the Association, one of the members of the Association or the General
Manager of the Association and such service of process shall be valid and binding as to the Association and each of its members. During the term of its
appointment. Municipal Issuers Service Company will act as the General Manager of the Association and its offices are located at 34 South
Broadway, White Plains, New York 10601.
This policy is non -cancellable for any reason. The premium on this policy is not refundable for any rrason including the payment prior
to maturity of Bonds.
IN WITNESS WHEREOF, each of the members of the Association has caused this poltcy to be executed and attested on its behalf by
XXXX.xx. X XXXXX.)CXXXXXX}D�X,.19..... ?{...
the general manager and agent of the Association, this ............................... day of ................. .
MUNICIPAL BOND
INSURANCE ASSOCIATION
The /Etna Casualty and Surety Company
Fireman's Fund Insurance Company
The Travelers Indemnity Company,
.Etna Insurance Company
The Continental Insurance Company
By MUNICIPAL ISSUERS SERVICE COMPANY
XXXXXXXXXXX
resident of MunicipalIssuers Service
Corporation, General Partner
Attest. XXXXXXXXXXX
that N4xw d Tniws or Papria Aarei. Secretary of Municipal Issuers Service
Corporation, General Partner
F-1 82 -77