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HomeMy WebLinkAboutO-09060ORDINANCE NO.9 () ti 0 "AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $8,725,000 PARKING FACILITIES REVENUE BONDS (SERIES 1980), OF THE CITY OF MIAMI, FLORIDA PAYABLE SOLELY FROM REVENUES OF CERTAIN OFF-STREET PARKING FACILITIES AND OF ON -STREET PARKING METERS, FOR THE PURPOSE OF PAYING THE COST OF ACQUIRING AND IMPROVING PARKING PROJECTS (AS MORE FULLY DESCRIBED HEREIN); AMENDING ORDINANCE NO. 7414, PASSED AND ADOPTED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA ON MARCH 14, 1966, AS AMENDED BY ORDINANCE NO. 7452 AND ORDINANCE NO. 7517, ADOPTED ON JULY 14, 1966 AND FEBRUARY 8, 1967, RESPECTIVELY; AND PROVIDING THAT CERTAIN OF SUCH AMENDMENTS WILL BECOME EFFECTIVE ONLY UPON THE RETIREMENT OF ALL THE OUTSTANDING SERIES A, B AND C BONDS HERETOFORE ISSUED; AUTHORIZING THE VALIDATION OF SAID BONDS; DECLARING THE ORDINANCE AN EMERGENCY MEASURE; AND DISPENSING WITH THE READING OF THE ORDINANCE ON TWO SEPARATE DAYS." WHEREAS, the City is authorized pursuant to the Consti- tution and laws of the State of Florida, including particu- larly Chapter 166, Florida Statutes, to issue parking facilities revenue bonds and to pledge to the payment thereof the revenues derived by the City from its ownership and operation of off-street parking facilities and on -street parking meters; and WHEREAS, the Commission on March 14, 1966 duly passed and adopted Ordinance No. 7414, as amended by Ordinance No. 7452 and Ordinance No. 7517, duly passed and adopted on July 14, 1966 and February 8, 1967 respectively (said Ordinance No. 7414 as amended being hereinafter called the "Bond Ordinance"); and r• • • WHEREAS, the City has heretofore issued pursuant to the provisions of the Bond Ordinance (a) $3,400,000 Parking Facilities Revenue Refunding Bonds (Series A), (b) $1,600,000 Parking Facilities Revenue Bonds (Series B), and (c) $3,Z00,000 Parking Facilities Revenue Bonds (Series C), (collectively said bonds presently outstanding being hereinafter called the "Outstanding Bonds"); and WHEREAS, the Commission has determined to provide for the issuance at this time of revenue bonds of the City in the aggregate principal amount of not exceeding Eight Million Seven Hundred Twenty -Five Thousand Dollars nzattORXDOLICIaa ( ($1_,725 ,000) and designated Parking Facil- ities Revenue Bonds (Series 1980) (the "Series 1980 Bonds"), for the purpose of paying the cost of the acquisition and construction of the additional parking projects mentioned herein; and * WHEREAS, the Series 1980 Bonds and any additional Bonds issued under the provisions of this Ordinance (collec- tively the "Bonds") shall be subject to all the terms and conditions set forth in the Bond Ordinance, except the requirements for the issuance of Additional Bonds set forth in Section 209 of the Bond Ordinance; the authority of the City to issue the Bonds to be governed by said Section 209 as amended by this Ordinance; and 2. 9 06.0 WHEREAS, the Commission has determined that it is de- sirable that no additional bonds be issued under the provisions of Article II of the Bond Ordinance until after such time as the Outstanding Bonds have been retired at which time any such additional bonds thereafter issued will be on a parity with the Bonds and all secured equally under the Bond Ordinance as amended by the Ordinance; and WHEREAS, the Commission has determined that it is desirable for certain provisions of the Bond Ordinance to be amended, such amendments to become effective only after all of the Outstanding Bonds shall have been retired or provision shall have been made for their retirement; and WHEREAS, inasmuch as such amended provisions will not become effective until all of the Outstanding Bonds shall have been retired or provision shall have been made for their retirement, the rights of the holders of said Outstanding Bonds will not be affected by said amendments; now, therefore, BE IT ORDAINED by the City Commission of the City of Miami, Florida: Section 1. All capitalized terms used herein other than those defined herein, shall have the respective meanings set forth in the Bond Ordinance unless the context otherwise indicates. The term "Parking Projects" shall mean the acquisition and construction of the following: 3. 9060 • • Multilevel Parking Structure to contain approximately 700 spaces, adjacent to the Department of Off•Street•Parking's existing garage located at 190 NE Third Street, including all costs; plus replace ment of existing parking meters and repayment of short-term debt. The term "Bond Reserve Account Requirement" shall mean the maximum Principal and Interest Requirements on account of the Bonds issued under the provisions of this Ordinance in the current or any subsequent fiscal year. The term "Bond Reserve Account Deposit Requirement" shall mean as to each Series of Bonds (a) in each of sixty successive months beginning with the month following the delivery of any such Series, the Bond Reserve Account for which Series shall not have been capitalized from the proceeds of such Bonds, an amount equal to one —sixtieth (1/60) of the difference between the amount on deposit in the Parking Bond Reserve Account prior to the issuance of such Series of Bonds and the Bond Reserve Account Requirement to be in effect immediately following the issuance of such Series of Bonds and (b) in each of the sixty successive months beginning with the month following any month in which any amount shall have been withdrawn from the Parking Bond Reserve Account an amount equal to one —sixtieth (1/60) of the deficiency createdby such withdrawal until such deficiency is made up. 4. 9060 ' ►1 • • Section 2. There shall be issued revenue bonds of the City in the aggregate principal amount of not exceeding EightMillion Seven Hundred Twenty -Five Thousand Dollars ($ 8, 725,000) , the principal of and the interest on which bonds shall be payable solely from a special fund created under the provisions of this Ordinance and designated "Miami Parking Revenue Bonds Interest and Sinking Fund" as herein- after provided for the purpose of acquiring and constructing the Parking Projects. The Bonds initially issued shall be designated "Parking Facilities Revenue Bonds (Series 1980)", shall be subject to the terms and conditions of the Bond Ordinance to the extent hereinafter provided, shall be dated as of the first day of the month in which the bonds are delivered, shall be in the denomination of $5,000 each, numbered consecutively from one upwards, shall be stated to mature (subject to the right of prior redemption as hereinafter set forth) on the 1st day of October, in such year or years not more than forty (40) years after the date of the bonds, and may be made redeem- able at such times and prices all as shall be provided by resolution of the Commission adopted prior to the issuance of the Parking Facilities Revenue Bonds (Series 1980). The Parking Facilities Revenue Bonds (Series 1980) shall bear interest until their payment at a rate or rates not exceeding the maximum rate then permitted by law, such interest to the respective maturities of said bonds being 5. r4O6O a�; • payable semi-annually on the first days of April and October in each year. Section 3. Both the principal of and the interest on the Series 1980 Bonds shall be payable in any coin or currency of the United States of America which on the respective dates of payment thereof is legal tender for the payment of public and private debts. The principal of the Series 1980 Bonds, unless registered, and the interest on Series 1980 Bonds not registered as to both principal and interest shall be payable at Southeast Banks Trust Company, N.A. in the City of Miami, Florida, or at the option of the holder, at the principal office of The Chase Manhattan Bank (National Association), in the Borough of Manhattan, City and State of New York (herein sometimes called the "Paying Agents"). Payment of the interest on the Series 1980 Bonds to the respective maturities thereof shall be made only upon presentation and surrender of the coupons, if any, representing such interest as the same respectively become due; or, if any Bond shall be registered as to both principal and interest, payment of the interest on such bond on any interest payment date shall be made to the person appearing on the registration books of the City hereinafter provided for as the registered owner thereof, such interest to be paid by check or draft mailed to the registered owner at his address as it appears on such registration books. The 6. �' u 6 0 • principal of any bond registered as to principal alone or as to both principal and interest shall be payable upon the presentation and surrender thereof at the principal office of the Trustee (as defined in the Bond Ordinance). Section 4. The Series 1980 Bonds herein authorized shall be subject to redemption, either in whole or in part and at such times and prices, as may be provided by the Commission by resolution adopted prior to the issuance of such Bonds; provided, however, that any redemption in part may be made only on an interest payment date and the premium to be paid on the redemption of any such Bonds, either in whole or in part, shall not exceed five per centum (5%) of the principal amount of the Bonds to be redeemed. Section 5. The Series 1980 Bonds shall be subject to registration as to principal alone and also as to both principal and interest and, if registered as to both princi- pal and interest, may be reconverted into coupon Bonds, in accordance with the provisions endorsed on the Bonds and subject to the terms and conditions set forth in the Bond Ordinance. Section 6. The Series 1980 Bonds shall be signed by, or bear the facsimile signature of, the Mayor of the City and shall be signed by, or bear the facsimile signature of, the City Clerk and a facsimile of the corporate seal of the City shall be imprinted on the Bonds; provided, however, 7. 9060 that each Bond shall be manually signed by at least one of said officers. The interest coupons to be attached to the Bonds shall be executed with the facsimile signature of the City Clerk. In case any officer whose signature or a facsimile of whose signature shall appear on any Bonds or coupons shall cease to be such officer before the delivery of such Bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The Series 1980 Bonds and the provisions for registration and reconversion and the statement of validation to appear thereon and the interest coupons to be attached thereto shall be, respectively, substantially in the following forms: No. United States of America State of Florida County of Dade THE CITY OF MIAMI PARKING FACILITIES REVENUE BOND (Series 1980) $5,000 The City of Miami (herein called the "City"), a munici- pal corporation in the County of Dade, State of Florida, for value received, hereby promises to pay, solely from the special fund provided therefor as hereinafter set forth, to 8. 030 the bearer or, if this bond be registered, to the registered owner hereof, on the 1st day of October, 19 , the principal sum of FIVE THOUSAND DOLLARS and to pay, solely from said special fund, interest thereon from the date hereof at the rate of per centum ( %) per annum until payment of such principal sum, such interest to the maturity hereof being payable semi-annually on the 1st days of April and October in each year. Both the principal of and the interest on this bond are payable in any coin or currency of the United States of America which on the respective dates of payment thereof is legal tender for the payment of public private debts. The principal this bond, unless registered, and the interest hereon, unless this bond be registered as to both principal and interest, ere payable at Southeast in the City of Miami, Florida, or, holder, at the principal office of of Banks Trust Company, N. A., at the option of the The Chase Manhattan Bank (National Association), in the Borough of Manhattan, City and State of New York. Payment of the interest on this bond to the maturity hereof will be made only upon presentation and surrender of the coupons, if any, representing such interest as the same respectively become due; or if this bond be registered as to both principal and interest, payment 41) • of the interest on this bond on any interest payment date will be made to the person appearing on the bond registra- tion books of the City as the registered owner hereof, such interest to be paid by check or draft mailed to the regis- tered owner at his address as it appears on such registra- tion books. The principal of this bond if registered as to principal alone or as to both principal and interest is payable upon the presentation and surrender hereof at the principal office of the Trustee under the Bond Ordinance (hereinafter mentioned). This bond 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 solely from the special fund provided therefor. The City is not obligated to pay this bond or the interest hereon except from such special fund, and the faith and credit of the City are not pledged to the payment of such principal or interest. The issuance of this bond shall not directly or indirectly or contingently obligate the City to levy or to pledge any taxes whatever therefor or to make any appropriation for the payment of this bond or the interest hereon except from such. special fund. This bond is one of a duly authorized series of revenue bonds of the City, designated "Parking Facilities Revenue Bonds (Series 1980)", consisting of bonds maturing in annual 10 . 9060 • installments in the years 19 to 20 , inclusive, and issued to provide funds for paying the cost of certain parking facilities (herein called "Parking Projects") within the corporate limits of the City, the proceeds of said bonds being estimated at the time of their authorization to be sufficient, together with other moneys then or to be made available, to provide funds for such purpose. All of said bonds are subject to the terms and condi- tions of Ordinance No. 7414 duly adopted by the Commission of the City on March 14, 1966, as amended by Ordinance No. 7452 and Ordinance No. 7517 adopted on July 14, 1966, February 8, 1967, respectively (said Ordinance No. 7414 as so amended being herein called the "Bond Ordinance"), and Ordinance No. duly adopted by the City Council of the City on , 1980 (herein called the "Ordinance"). Reference is made to the Bond Ordinance and to the Ordinance for the provisions, among others, with respect to the custody and application of the proceeds of bonds issued under the Ordinance, the collection and disposition of revenues, the fund charged with and pledged to the payment of the interest on and the principal of the bonds, the nature and extent of the security, the terms and conditions on which the bonds of each series are or may be issued, the rights, duties and obligations of the City and the rights of 11. the holders of the bonds, and, by the acceptance of this bond, the holder hereof assents to all the provisions of the Bond Ordinance and of the Ordinance. The City has heretofore issued under and pursuant to the Bond Ordinance Parking Facilities Revenue Refunding Bonds (Series A) of the City, aggregating $3,200,000 in principal amount, $1,600,000 Parking Facilities Revenue Bonds (Series B), and $3,600,000 Parking Facilities Revenue Bonds (Series C). The City has convenanted that no additional bonds shall be issued pursuant to Article II of the Bond Ordinance until after such time as all of the outstanding Series A, B and C Bonds shall have been retired at which time any such additional bonds thereafter issued will be on parity with the bonds issued under the Ordinance and all secured equally under the Bond Ordinance as amended by the Ordinance. The Ordinance provides for the issuance of additional bonds, from time to time, under the conditions, limitations and restrictions therein set forth. This bond is issued and the Bond Ordinance and the Or- dinance were adopted under and pursuant to the Constitution and laws of the State of Florida, particularly Chapter 183, Florida Statutes, now Chapter 166, Florida Statutes (herein called the "Enabling Act"). The Bond Ordinance, in accord- ance with and as required by the Enabling Act, provides for 12. 9060 • a the fixing, revising and collecting by the City of rates, fees and other charges for the use of, and for the services and facilities furnished by, the Off -Street Parking Facil- ities which will provide revenues sufficient at all times to pay the cost of maintaining, repairing and operating the Off -Street Parking Facilities and to provide reserves therefor and, with the net revenues derived from the on - street parking meters within the City, will be sufficient to pay the principal of and the interest on the three Outstand- ing Series of Parking Facilities Revenue Bonds as the same shall become due and payable and to provide reserves there- for. The Bond Ordinance provides for the creation of a special fund designated "Miami Parking Facilities Revenue Bonds Interest and Sinking Fund" (herein called the "Inter- est and Sinking Fund"), which special fund is pledged to and charged with the payment of the principal and the interest on all the Outstanding Series A, B and C bonds and also provides for the deposit (subject to the prior lien of the Series A, B and C Bonds and to certain pledges to the extent and upon the terms and conditions set forth in the Bond Ordinance) to the credit of General Reserve Account. The principal of and interest on this bond are payable from moneys which may be deposited in said General Reserve Account all as provided in the Ordinance. 13. 9 06 0 4 The City has covenanted that if on any April 1 or October 1 the amount on deposit in the Interest and Sinking Fund is insufficient to pay the principal or interest then due on the outstanding Series A, B and C Bonds, the City will transfer from the Miami Parking Bonds Interest and Sinking Fund, the fund securing the bonds of this Series, such amount as may be required to make up such insufficiency. The bonds of this Series at the time outstanding which mature after October 1, 19 , may be redeemed prior to their respective maturities, either in whole, at the option of the City, on any date not earlier than October 1, 19, from any moneys that may be made available for such purpose, or in part, in the inverse order of their maturities, on any interest payment date not earlier than October 1, 19 , from moneys in the Interest and Sinking Fund, at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of (here insert the respective redemption premiums and the time during which each such premium is applicable). If less than all of the bonds of this series of any one maturity shall be called for redemption, the particular bonds to be redeemed shall be selected by lot by the Trustee as provided in the Bond Ordinance. 14. Any such redemption, either in whole or in part, shall be made upon at least thirty (30) days' prior notice by publication and otherwise as provided in the Bond Ordinance, and shall be made in the manner and under the terms and conditions provided in the Ordinance and the Bond Ordinance. Bonds which have been duly called for redemption, or with respect to which irrevocable instructions to call for redemp- tion at the earliest redemption date have been given to the Trustee, notice having been published and moneys for payment of the redemption price being held by the Trustee or by the paying agents under the Ordinance and the Bond Ordinance, all as provided in the Ordinance or the Bond Ordinance, shall become and be due and payable at the redemption price provided for redemption of such bonds on the date designated for redemption, interest on the bonds so called for redemp- tion shall thereafter cease to accrue, coupons maturing after such date shall be void, such bonds shall cease to be entitled to any benefit or security under the Bond Ordinance, and the holders or registered owners of such bonds shall have no rights in respect thereof except to receive payment of the redemption price thereof so held by the Trustee or by the paying agents. The holder of this bond shall have no right to enforce the provisions of the Ordinance or the Bond Ordinance or to 15. 906.0 "4 institute action to enforce the covenants therein, or to take any action with respect to any event of default under the Ordinance or the Bond Ordinance, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Ordinance or the Bond Ordinance. Modifications or alterations of the Ordinance or the Bond Ordinance or of any ordinance supplemental thereto may be made only to the extent and in the circumstances permitted by the Bond Ordinance. In certain events, on the conditions, in the manner and with the effect set forth in the Bond Ordinance, the princi- pal of all the bonds then outstanding may become or may be declared due and payable before the stated maturities thereof, together with the interest accrued thereon. This bond may be registered as to principal alone or as to both principal and interest and, if registered as to both principal and interest, may be reconverted into a coupon bond, in accordance with the provisions endorsed hereon and subject to the terms and conditions set forth in the Bond Ordinance. Subject to the provisions for registration endorsed hereon and contained in the Bond Ordinance, nothing con- tained in this bond or in the Bond Ordinance, shall affect 16. a a or impair the negotiability of this bond. As declared by the Enabling Act, this bond shall have all the qualities and incidents of a negotiable instrument under the negotiable instruments law of the State of Florida. This bond is issued with the intent that the laws of the State of Florida shall govern its construction. All acts, conditions and things required by the Consti- tution and laws of the State of Florida and the ordinances and resolutions of the City to happen, exist and be per- formed precedent to and in the issuance of this bond have happened, exist and have been performed as so required. IN WITNESS WHEREOF, the City of Miami has caused this bond to be signed by (bear the facsimile signature of) its Mayor and to. be signed by (bear the facsimile signature of) its City Clerk, and a facsimile of its corporate seal to be imprinted hereon, and the interest coupons attached hereto to be executed with the facsimile signature of said City Clerk, and as of the 1st day of (SEAL) , 19 . Mayor City Clerk (Endorsements upon Bonds) 17. �y060 a TRUSTEE'S CERTIFICATE OF AUTHENTICATION This bond is one of the bonds of the series designated therein and issued under the provisions of the within mentioned Ordinance. SOUTHEAST BANKS TRUST COMPANY, N.A. as TRUSTEE By Authorized Officer PROVISION FOR REGISTRATION AND RECONVERSION This bond may be registered as to principal alone on books of the City kept by the Trustee under the within mentioned Bond Ordinance, as Bond Registrar, upon presenta- tion hereof to the Bond Registrar which shall make notation of such registration in the registration blank below, and this bond may thereafter be transferred only upon an assign- ment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfac- tory to the Bond Registrar, such transfer to be made on such books and endorsed hereon by the Bond Registrar. Unless this bond be registered as to both principal and interest, such transfer may be to bearer and thereby transferability by delivery shall be restored, but this bond shall again be subject to successive registrations and transfers as before. 18. The principal of this bond, if registered, unless registered to bearer, shall be payable only to or upon the order of the registered owner or his legal representative, notwithstand- ing the registration of this bond as to principal alone, the coupons shall remain payable to bearer and shall continue to be transferable by delivery. This bond may be registered as to both principal and interest upon presentation hereof to the Bond Registrar which shall detach and retain in its custody all unmatured coupons and all matured coupons, if any, not theretofore paid or provided for, and shall make notation of such registration as to both principal and interest in the registration blank below, and this bond may thereafter be transferred only upon an assignment duly executed by the registered owner or his attorney•or legal representative in such form as shall be satisfactory to the Bond Registrar, such transfer to be made on such books and endorsed hereon by the Bond Registrar; after such registra- tion both the principal of and ther interest on this bond shall be payable only to or upon the order of the registered owner or his legal representative. This bond, if converted into a bond registered as to both prinicpal and interest, may be reconverted into a coupon bond upon presentation hereof to the Bond Registrar, accompanied by an instrument duly executed by the registered owner or his attorney or 19. g06O legal representative in such form as shall be satisfactory to the Bond Registrar; upon any such reconversion the Bond Registrar shall reattach hereto the coupons representing the interest to become due thereafter on this bond to the date of maturity and the h terest, if any, not theretofore paid and shall make notation in the registration blank below whether this bond is registered as to principal alone or is payable to bearer. Name of Signature Date of Registered Manner of of Bond Registration Owner Registration Registrar This bond is one of a series of bonds which were validated and confirmed by judgement of the Circuit Court for Dade County, rendered on , 19 . No. (Form of Coupons) On 1, 19 , The City' of Miami, Florida will pay to bearer (unless the bond mentioned below shall previously have become payable as provided in the Ordinance referred to in said bond and provision for payment thereof shall have been duly made) at Southeast Banks Trust Company, ' 20. N. A. , in the City of Miami, Florida, or, at the option of the bearer, at the principal office of The Chase Manhattan Bank (National Association), in the Borough of Manhattan, City and State of New York, upon the presentation and surrender hereof, the sum shown hereon in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts, solely from the special fund referred to in, and for the semi-annual interest then due upon its Parking Facilities Revenue Bond (Series 1980), dated as of 19 1, City Clerk Section 7. The proceeds (excluding accrued interest) of the Series 1980 Bonds herein authorized shall be deposited with the Trustee to the credit of the special fund designated the "Miami Parking Projects Construction Fund" (herein sometimes called the "Construction Fund") and the moneys so deposited shall be held in trust for the sole and exclusive purpose of paying the cost of the Parking projects and, pending such application, shall be subject to a lien and charge in favor of the holders of the bonds issued and outstanding under this Ordinance and for the further security of such holders until paid out or transferred as herein. provided. 21. 9060 Section 8. A special fund is hereby created and designated "Miami Parking Bonds Interest and Sinking Fund" (herein sometimes called the "Parking Bonds Interest and Sinking Fund"). There are hereby created in the Parking Bonds Interest and Sinking Fund three separate accounts designated the "Parking Bond Service Account," the "Parking Bond Redemption Account," and the "Parking Bond Reserve Account," respectively. The moneys in each of said Funds and Accounts shall be held in trust and applied as hereinafter provided with regard to each such Fund and Account and, pending such application, shall be subject to a lien and charge in favor of the holders of the bonds issued and outstanding under this Ordinance and for the further security of such holders until paid out or transferred as herein provided. The Treasurer of the Department shall, monthly, begin- ning in the month next succeeding the month in which the Series 1980 Bonds are issued under the provisions of this Ordinance and in each month thereafter prior to the time when the Outstanding Bonds shall have been retired or provision shall have been made for their retirement, with- draw an amount equal to the balance remaining in the General Reserve Account on the last day of the preceding month, and transfer such amount to the credit of the following Accounts 22. in the following order: (a) with the Trustee to the credit of the Parking Bond Service Account, an amount equal to one -sixth (1/6th) of the amount of interest payable on the bonds of each Series on the interest pay- ment date next succeeding (less any amount re- ceived as capitalized or accrued interest from the proceeds of any Bonds which is available for such interest payment) and twelve months prior to maturity an amount equal to one -twelfth (1/12th) of the next maturing installment of principal on all serial bonds then outstanding; provided, however, that in each month intervening between the date of delivery of any bonds (beginning with the month following the month in which such delivery takes place) and the next succeeding interest payment date and the next succeeding principal payment date, re- spectively, the amount specified in this sub- paragraph shall be that amount which when multiplied by the number of deposits to the credit of the Parking Bond Service Account required to be made during such respective periods as provided above will equal the amounts 23. 9 06 0 144 required (in addition to any amounts received as accrued interest or capitalized interest from the proceeds of such bonds) for such next succeeding interest payment and next maturing installment of principal, respectively; (b) with the Trustee to the credit of the Parking Bond Redemption Account an amount equal to one -twelfth (1/12th) of the principal amount of term bonds of each Series then outstanding required to be retired, in satisfaction of the Amortization Requirements, if any, for such fiscal year, plus the premiums, if any, on the principal amount of term bonds which would be payable in such fiscal year if such principal amount of term bonds were to be redeemed prior to their respective maturities from moneys held for the credit of the Parking Bonds Interest and Sinking Fund; and (c) with the Trustee to the credit of the Park- ing Bonds Reserve Account, such amount, if any, of any balance remaining after making the deposit under clauses (a) and (b) above (or the entire balance if less than the required amount) as may be required to make the amount deposited in such month to the credit 24. 9 Eli t; of the Parking Bonds Reserve Account equal to the Bond Reserve Account Deposit Requirement for such month. If the amount transferred in any month to the credit of any of the Accounts shall be less than the amount required to be transferred under the foregoing provisions of this Section, the requirement therefor shall nevertheless be cumulative and the amount of any deficiency in any month shall be added to the amount otherwise required to be transferred in each month thereafter until such time as all such deficiencies have been made up. The City covenants that if on any April 1 or October 1 the amount on deposit in the special fund created under the Bond Ordinance and designated "Miami Parking Facilities Revenue Bonds Interest and Sinking Fund" is insufficient to pay the principal or interest then due on the Outstanding Bonds, the City will transfer from the Miami Parking Bonds Interest and Sinking Fund such amount as may be required to make up such insufficiency. Section 9. The Parking Projects to be acquired and constructed with the proceeds of the Bonds shall be deemed to be "Off -Street Parking Facilities" or "On -Street Parking Meters", as the case may be, within the meaning of the Bond Ordinance. 25. Section 10. Moneys held for the credit of the Parking Bonds Service Account shall be applied to the payment of the principal of and the interest on the Bonds in accordance with the provisions of Section 510 of the Bond Ordinance. Section 11. Moneys held for the credit of the Parking Bonds Redemption Account shall be applied to the redemption of Bonds in accordance with the provisions of Section 513 of the Bond Ordinance as hereinafter amended. Section 12. The City hereby covenants that no Addition- al Bonds (as defined in the Bond Ordinance) shall be issued pursuant to the Bond Ordinance until after such time as all of the Outstanding Series A, B and C Bonds shall have been retired or provision shall have been made for their retire- ment at which time any such Additional Bonds thereafter issued will be on a parity with the Bonds and all secured equally under the Bond Ordinance as amended by the Ordinance. Section 13. In addition to the Series 1980 Bonds authorized under the provisions of this Ordinance, addi- tional Bonds may be issued under this Ordinance, on a parity with the Series 1980 Bonds and any additional Bonds thereto- fore issued and then outstanding, from time to time for the purpose of paying all or any part of the cost of construct- ing or acquiring any Additional Facilities. 26. 9060 4- • Before any additional Bonds shall be issued under the provisions of this Ordinance, all of the conditions and provisions of Section 209 of the Bond Ordinance as herein- after amended by this Ordinance shall have been met. Section 14. The City covenants that until such time as the Outstanding Bonds shall have been retired or pro- vision shall have been made for their retirement it will use its best efforts to insure that there will be adequate deposits made in the General Reserve Fund to pay the principal of and the interest on the Bonds and to that end the City specifically agrees: (a) to maintain rates and charges pursuant to Section 501 and 503 of the Bond Ordinance at levels required to insure that there will be adequate moneys available in the General Reserve Fund to pay the principal of and the interest on the Bonds; (b) not to provide for the payment of the cost major extension or additions to the Off -Street Parking Facilities from moneys to be deposited in the Renewal and Extension Fund if meeting such costs would prevent adequate deposits being available in the General Reserve Fund to pay the principal of and the interest on the Bonds; and 27. 0 6 0 • J (c) in accordance with Section 514 of the Bond Ordinance no moneys shall be deposited in the Expansion Fund. Section 15. The phrase "until such time as the Outstanding Bonds shall have been retired or provision shall have been made for their retirement" as used throughout this Ordinance shall include the case of there having been deposited with the Trustee in irrevocable escrow direct obligations of or obligations the principal of and the interest on which are guaranteed by the United States of America, the principal of and the interest on which when due will provide sufficient money to pay the principal or redemption price of and all unpaid interest to maturity or to the redemption date, as the case may be, on all of the Outstanding Bonds. Section 16. The following amendments to the Bond Ordinance (except as hereinafter provided) shall only be- come effective after all of the Outstanding Bonds shall have been retired or provision shall have been made for their retirement: (a) Article I of the Bond Ordinance is hereby amended to add after the definition of "Additional Facility", a definition of "Amortization Requirements" as follows: 28. 9060 • "The term "Amortization Requirements" shall mean with respect to any term bonds issued hereunder an amount equal to the principal amount of such term bonds to be redeemed in installments beginning in a fiscal year determined by the City and ending with the fiscal year preceding the fiscal year in which such term bonds mature. (b) Article I of the Bond Ordinance is hereby amended to add after clause (b) of the definition of "Principal and Interest Requirements" the following clause (c): (c) The Amortization Requirements, if any, for all term bonds then outstanding for such fiscal year. Clause (b) of the definition mentioned above is hereby amended by substituting for the word "such", the word "serial". (c) Article I of the Bond Ordinance is hereby amended by adding the following definition before the definition of "Series": The term "serial bonds" shall mean the bonds of a Series which shall be stated to mature in annual installments and the term "term bonds"'shall mean the 29. " ,060 bonds of a Series which shall be stated to mature in a single year. (d) Section 209 of the Bond Ordinance is hereby amended by deleting the first sentence of the fourth para- graph and inserting a new first sentence to read as fol- lows: "The serial bonds of each Series issued under the provisions of this Section shall be stated to mature in annual installments on October 1 and the term bonds of such Series shall have such Amortization Requirements, the first of which in either case shall be made pay- able not earlier than one (1) year after the date of the bonds and the cost of which shall be made payable not more than forty (40) years after the date of the bonds." (e) Clause (c) of Section 209 of the Bond Ordinance is hereby amended by deleting item (iii) thereof and insert- ing a new item (iii) to read as follows: "(iii) seventy per centum (70%) of the average additional annual Net Revenues of the Off -Street Parking Facilities to be received in the third, fourth and fifth complete fiscal years immediately following the estimated date of 30. placing the Additional Facilities in operation, taking into account all pertinent factors, in- cluding but not limited to, the acquisition of such Additional Facility or Facilities and any increase in the rates, rentals, fees and other charges under the provisions of Section 503 of this Ordinance;" (f) Clause (d) of Section 209 of the Bond Ordinance is hereby amended by deleting items (i) and (ii) thereof and inserting new items (i) and (ii) to read as follows: "(i) the total amount of the Net Revenues of the Off -Street Parking Facilities as shown by the last twelve (12) monthly reports filed under the provisions of Section 708 of this Ordinance, adjusted in case the rates, rentals, fees and other charges for the Off -Street Parking Facilities shall have been revised and such revisions shall have gone into effect prior to the delivery of the bonds then requested to be authenticated and delivered by adding the additional amount of Net Revenues which would have been realized during such twelve (12) months if such rates, rentals, fees and other charges had been in effect during such twelve (12) months, 31. (ii) the total amount of the Net Revenues of the on -street parking meters as shown by said last twelve (12) monthly reports, adjusted in case on -street meter rates shall have been re- vised and such revisions shall have gone into effect prior to the delivery of the bonds then requested to be authenticated and delivered by adding the additional amount of Net Revenues which would have been realized during such twelve (12) months if such rates had been in effect during such twelve (12) months," (g) Section 209 of the Bond Ordinance is hereby amended by deleting paragraphs (3) and (4) thereof and inserting a new paragraph (3) to read as follows: "(3) the percentage derived by dividing the amount shown in item (iv) of the certificate mentioned in clause (d) of this Section by the maximum amount of the Principal and Interest Requirements for any fiscal year thereafter on account of the bonds of each Series then out- standing and the bonds then requested to be authenticated and delivered as shown in item (v) of such certificate shall be not less than one hundred ten per centum (110%)." 32. 906 0 (h) Paragraph (2) of Clause (c) in Section 503 of the Bond Ordinance is hereby amended to read as follows: (2) one hundred twenty-five per centum (125%) of the amount of the Principal and Interest Requirements for the current fiscal year on account of all bonds then outstanding under the provisions of this Ordinance. (i) Section 509 of the Bond Ordinance is hereby amended by deleting clauses (a) and (b) thereof and inserting new clauses (a), (b) and (c) and relettering existing clauses (c), (d) and (e) as (d), (e) and (f) as follows: (a) with the Trustee to the credit of the Bond Service Account, an amount equal to one -sixth (1/6th) of the amount of interest payable on the bonds of each Series on the interest payment date next succeeding (less any amount received as capitalized or accrued interest from the proceeds of any bonds which is available for such interest payment) and twelve months prior to maturity an amount equal to one -twelfth (1/12th) of the next maturing installment of principal on all serial bonds then outstanding; provided, however, that in each month intervening between the date of delivery of bonds pursuant to Sections 209, 210 or 211'of this Ordinance (beginning with the month following 33. 090( the month in which such delivery takes place) and the next succeeding interest payment date and the next succeeding principal payment date, respectively, the amount specified in this subparagraph shall be that amount which when multiplied by the number of deposits to the credit of the Bond Service Account required to be made during such respective periods as provided above will equal the amounts required (in addition to any amounts received as accrued interest or capitalized interest from the proceeds of such bonds) for such next succeeding interest payment and next maturing installment of principal, respectively; (b) with the Trustee to the credit of the Redemption Account an amount equal to one -twelfth (1/12th) of the principal amount of term bonds of each Series then outstanding required to be retired, in satisfaction of the Amortization Requirements, if any, for such fiscal year, plus the premiums, if any, on the principal amount of term bonds which would be payable in such fiscal year if such prin- cipal amount of term bonds were to be redeemed prior to their respective maturities from moneys held for the credit of the Interest and Sinking Fund; 34. ,,9060 (c) with the Trustee to the credit of the Reserve Account, such amount, if any, of any balance remaining after making the deposit under clauses (a) and (b) above (or the entire balance if less than the required amount) as may be required to make the amount then to the credit of the Reserve Account equal to the maximum amount of the Principal and Interest Requirements for any fiscal year there- after on account of the bonds of each Series then outstanding; provided, however, that the amount so deposited under this clause (c) in any fiscal year shall not exceed twenty per centum (20%) of the amount required to be deposited in such fiscal year under the provisions of said clauses (a) and (b); (j) Section 509 of the Bond Ordinance is hereby amended by deleting the proviso in clause (e) thereof and the proviso which follows clause (e) so that said clause in its entirety reads as follows: "(f) the balance, if any, remaining after making the deposits under clauses (a), (b), (c), (d) and (e) above, shall be deposited with a Depositary or Depositaries to the credit of the General Reserve Fund." 35. i (k) Section 511 of the Bond Ordinance is hereby amended to delete the words, "Redemption Account" at the end of such section and to substitute therefor the words "General Reserve Account." (1) Section 513 of the Bond Ordinance is hereby amended by deleting clause first in paragraph (c) thereof and inserting a new clause first to read as follows: "first, the term bonds of each Series to the extent of the Amortization Requirement, if any, for such fiscal year for such term bonds, plus the applicable premiums, if any, and any deficiency in any preceding fiscal years in the purchase or redemption of such term bonds under the provisions of this clause and, if the amounts available in such fiscal year shall not be sufficient therefor, then in proportion to the Amortization Requirements, if any, for such fiscal year for the term bonds of each such Series then outstanding, plus the applicable premium, if any, and any such deficiency." (m) Section 514 of the Bond Ordinance is hereby amended to read as follows: "Section 514. Moneys held for the credit of the General Reserve Fund may at the election of the Director be applied: 36. (a) to pay the cost of Additional Facilities, (b) to purchase or redeem bonds, (c) to pay the principal of and the interest on any obligations issued or indebtedness incurred as permitted by Section 1115 of this Ordinance by the Department to pay the cost of improvements which obligations will be junior and subordinate with respect to the pledge of Revenues to the bonds issued under the provisions of Article II of this Ordinance, (d) to make up deficiencies in any of the Accounts and Funds created by this Ordinance including any deficiencies in the Revenue Fund required for the payment of Current Expenses, (e) to pay the cost of any item qualifying as an authorized expenditure from the Reserve Maintenance Fund, and (f) to any other lawful purpose of the Department." (n) Article I of the Bond Ordinance is hereby amended to insert after the paragraph defining the term "Interest and Sinking Fund" the following paragraph: The term "Investment Obligations" shall mean (1) Government Obligations, (2) bonds, debentures or notes issued by any of the following Federal Agencies: Banks for Cooperatives, Federal Intermediate Credit Banks, Federal 37. 9060 Home loan Banks, Export-import Bank of the United States, Government National Mortgage Association, Federal Land Banks, or the Federal National Mortgage Association (includ- ing participation certificates issued by such Association), (3) all other obligations issued by or unconditionally guaranteed as to principal and interest by an agency or persons controlled or supervised by and acting as an instrumentality of the United States Government pursuant to the authority granted by the Congress, (4) repurchase agreements fully secured by Government Obligations and (5) Time Deposits, subject to the foregoing being permitted investments of public funds under Florida law. (o) The term, "investment Obligation" shall be sub- stituted for "Government Obligations" in each Section of the Bond Ordinance in which the term, "Government Obliga- tions" appears. (p) Southeast Banks Trust Company, N.A., in the City of Miami, Florida is hereby appointed Trustee under this Ordinance. At such time as the Outstanding Bonds shall have been retired or provision shall have been made for their retirement, Southeast Banks Trust Company, N.A., will become successor trustee under the Bond Ordinance as herein amended. (q) The provisions of the Bond Ordinance relating to the powers and duties of the Trustee thereunder shall 38. apply in all respects to the powers and duties of the Trustee under this Ordinance. (r) Section 903 and Section 914 of the Bond Ordinance are hereby amended to read as follows: "Section 903. The Trustees shall be under no obligation to effect or maintain insurance or to renew any policies of insurance or to inquire as to the sufficiency of any policies of insurance carried by the City, or to report, or make or file claims or proof of loss for, any loss or damage insured against or which may occur, or to keep itself informed or advised as to the payment of any taxes or assessments, or to require any such payment to be made. The Trustees shall have no responsibility in respect of the validity or suffi- ciency of this Ordinance or in respect of the validity of the bonds or of the coupons or the due execution or issuance thereof. The Trustees shall be under no obligation, except as otherwise herein expressly required, to see that any duties herein imposed upon the City, the Parking Consultants, the Paying Agents, any Depositary, or any party other than themselves, shall be done or performed." "Section 914. If at any time hereafter the Trustee shall resign, be removed, be dissolved, 39. 9 06 0 or otherwise become incapable of acting, or if the bank or trust company acting as trustee shall be taken over by any governmental official, agency, department or board, the position of Trustee shall thereupon become vacant. Tf the position of Trustee shall become vacant for any of the foregoing reasons or for any other reason, the Board, with the approval of the City Commission, shall appoint a Trustee to fill such vacancy. The City shall publish notice of any such appointment by it made once in each week for two (2) successive weeks in a daily newspaper of general circulation published in the City of Miami, Florida, and in a daily newspaper of general circulation or a financial journal published in the Borough of Manhattan, City and State of New York. At any time within one year after any such vacancy shall have occurred, the holders of a majority in aggregate principal amount of the bonds hereby secured and then outstanding, by an instrument or concurrent instruments in writing, executed by such bondholders or their attorneys infact or legal ,representatives and filed with the City, may appoint a successor Trustee which shall supersede any Trustee theretofore appointed by the City. Photostatic copies of each such instrument 40. 9060 shall be delivered promptly by the City to.the predeces- sor Trustee and to the Trustee so appointed by the bondholders. If no appointment of a successor Trustee shall be made pursuant to the foregoing provisions of this Section, the holder of any bond outstanding hereunder or any retiring Trustee may apply to any court of competent jurisdiction to appoint a successor Trustee. Such court may thereupon, after such notice, if any, as such court may deem proper and prescribe, appoint a successor Trustee. Any Trustee hereafter appointed shall be a bank or trust company authorized by law to exercise corporate trust powers and subject to examination by federal or state authority, of good standing, and having a combined capital and surplus aggregating not less than Ten Million Dollars ($10,000,000)." Section 17. The amendments set forth in Section 16 of this Ordinance shall only become effective after all of the Outstanding Bonds shall have been retired or provision shall have been made for their retirement except that the amendments set forth in Section 16(a), (b), (c), (d), (e), (f), (g) and (1) shall immediately become effective as to the Bonds. 41. 906 0 Section 18. The officers and employees of the City and the Department and the architects, engineers and other agents employed by the City and the Department are hereby authorized and directed to do all acts and things required of them by the provisions of the bonds, the Bond Ordinance and this Ordinance for the full, punctual and complete perform- ance of all the terms, covenants, provisions and agreements of said bonds and Bond Ordinance, and also to do all acts and things required of them by the provisions of this Ordinance. Section 19. The City Attorney is hereby authorized and directed to file proceedings and to take appropriate action, in cooperation with bond counsel and other counsel, for the validation of the bonds herein authorized in confor- mity with applicable law. Section 20. This Ordinance is hereby declared to be an emergency measure on the ground of urgent public need for the preservation of peace, health, safety or prospertiy and this Ordinance, upon being passed by a vote of not less than four -fifths (4/5ths) of the members of the Commission of the City, shall go into effect immediately upon its passage and shall not be subject to any right of referendum.. Section 21. The requirement of reading this Ordinance on two (2) separate days is hereby dispensed with by vote of 42. 69060 not less than four -fifths (4/5ths) of the members of the Commission of the City. PASSED AND ADOPTED this 24th day of January, 1980. Maurige A. Ferre MAURICE A. FERRE MAYOR (Official Seal) ATTEST• RALPH G. ONGIE CITY CLERK PREPARED AND APPROVED BY: ASSISTANT CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: GEORGE F. K CITY ATTO EY ( , JR. 43. 9060 MIAMi REVIEW AND DAILY RECORD Published Daily except Saturday, Sunday end Legal Holidays Miami, Dade County, Florida. STATE OF FLORIDA COUNTY OF DADE: Before the undersigned authority personally appeared Octelma V. Ferbeyre, who on oath says that she is Supervisor, Legal Advertising of the Miami Review and Daily Record, a daily (except Saturday, Sunday and Legal Holidays) newspaper, published at Miami in Dade County, Florida; that the attached copy of advertisement, being a Legal Advertisement or Notice in the matter of CITY OF MIAMI Ordinance No. 9060 in the X X X Court, was published in said newspaper in the issues of January 28, 1980 Aftiant further says that the said Miami Review and Daily Record is a newspaper published at Miami, in said Dade County, Florida, and that the said newspaper has heretofore been continuously published in said Dade County, Florida, each day (except Saturday, Sunday and Legal Holidays) and has been entered as second class mail matter at the post office in Miami, in said Dade County, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and aftiant further says that she has neither paid nor promised any person, firm or corporation any discount, rebate, commission or refund for ijfe purpose of sec41r1, - dvertisement for pubtlotion in the`u#1i _5rh to atig.Waribed before me this 2.8.daymf.',,`-i9 80 Notar My C (SEAL) MR•93 ,PIM to�}}¢of Iorida al arge misSION'6xpires July 17, 982. RECEIVED ru', � 8i t CITY OF MIAMI, Uty Cter DADE COUNTY, FLORIDA City 8f M18m , Fla. LEGAL NOTICE All Interested persons will take notice that on the 24th day of January, 1980, the City Commission of Miami, Florida, adopted the toll lowing titled ordinance: • ORDINANCE NO. 9060 "AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT EXCEEDING S8,725,000 PARKING FACILITIES REVENUE BONDS (SERIES 1980), OF THE CITY•OF MIAMI, FLORIDA PAYABLE SOLELY FROM REVENUES OF CERTAIN OFF- STREET PARKING FACILITIES AND OF ON -STREET PARKING E PURPOSES:* PAYING THE ‘• COST OF ACQUIRING AN HIMPROVIINNG PARKING PRO- JECTS (AS MORE FULLY DESCRIBED HEREIN); AMENDING ORDINANCE NO. 7414, PASSED AND ADOPTED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA ON MARCH 14, 1966, AS AMENDED BY OR- DINANCE NO. 7452 AND ORDINANCE N0. 7517, ADOPTED ON JULY 14, 1966 AND FEBRUARY 8, 1967, RESPECTIVE- LY; AND PROVIDING THAT CERTAIN OF SUCH AMEND- MENTS WILL BECOME EFFECTIVE ONLY UPON THE RETIREMENT OF ALL THE OUTSTANDING SERIES A, B AND C BONDS HERETOFORE ISSUED; AUTHORIZING THE VALIDATION OF SAID BONDS; DECLARING THE OR- DINANCE AN EMERGENCY MEASURE; ANO DISPENS- ING WITH THE READING OF THE ORDINANCE ON TWO SEPARATE DAYS." RALPH G. ONGIE CITY CLERK CITY OF MIAMI, FLORIDA Publication of this Notice on the 28 day of January 1980 1/28 - M804128511 �., ».. . r, ,,:ua:• K:c tag. rr way 111 tlrpartiittYut of (! ft-'tart tiarking CITY OF MIAMI. FLORIDA '`'0.N RICHAAo A. LA BAR, DIRECTOR 190 N. E. THIRD STREET MIAMI, FLORIDA 33132 TELEPHONE 579.6799 January 10, 1980 Honorable Joseph R. Grassie City Manager City of Miami P. 0. Box 330708 Miami, Florida 33133 Dear Mr assyh /,/ OFF-STREET PARKING BOARD MITCHELL WOLFSON. CHAIRMAN MARX D. CAUTHEN ARNOLD RUBIN DIANNE SMITH H. GORDON WYLLIE As you know, we are under considerable pressure to proceed with additional parking for the central business center of the City of Miami. In order to speed up the paperwork, we are transmitting the wording from the title of an ordinance covering the issuance of Parking Facilities Revenue Bonds, as follows: "AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $8,725,000 PARKING FACILITIES REVENUE BONDS (SERIES 1980), OF THE CITY OF MIAMI, FLORIDA PAYABLE SOLELY FROM REVENUES OF CERTAIN OFF-STREET PARKING FACILITIES AND OF ON -STREET PARKING METERS, FOR THE PURPOSE OF PAYING THE COST OF ACQUIRING AND IMPROVING PARKING PROJECTS (AS MORE FULLY DESCRIBED HEREIN); AMENDING ORDINANCE NO. 7414, PASSED AND ADOPTED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA ON MARCH 14, 1966, AS AMENDED BY ORDINANCE NO. 7452 AND ORDINANCE NO. 7517, ADOPTED ON JULY 14, 1966 AND FEBRUARY 8, 1967, RESPECTIVELY; AND PROVIDING THAT CERTAIN OF SUCH AMENDMENTS WILL BECOME EFFECTIVE ONLY UPON THE RETIREMENT OF ALL THE OUTSTANDING SERIES A, B AND C BONDS HERETOFORE ISSUED; AUTHORIZING THE VALIDATION OF SAID BONDS; DECLAR- ING THE ORDINANCE AN EMERGENCY MEASURE; AND DISPENSING WITH THE READING OF THE ORDINANCE ON TWO SEPARATE DAYS." We would appreciate it if this information could be used so that we can meet the deadline for items to be placed on the January 24, 1980 City Commission agenda. 9060 Honorable Joseph R. Grassie Page two January 10, 1980 The complete ordinance will be forthcoming early next week. With the complete ordinance, we will try to sell this bond issue with coverage down from 11 to 1 to 14 to 1, which we hope will be saleable based on our excellent track record and bond rating. It is imperative that we move ahead as expeditiously as possible on this because by this weekend we expect to have the advertisement for construction bids in the newspaper and bids to be received on February 14th. With the adoption of this ordinance by the City Commission on January 24, 1980, the earliest date for the bond vali- dation would then be February 19th. We anticipate the sale of bonds on February 29th and the start of the construction of Parking Garage No. 5 in March. Your consideration in this matter will be greatly appreciated. MW/cp Respect uiiy submitted, Mi s 1 Tro i f on Chairman Off -Street Parking Board