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R-77-0231
ktsOUTION A R880tUTION APPROVING Tilt OFFICIAL STATEMENT BEARING DATE OF APRIL 140 1077 RESPECTING $2800000000 GENERAL Ott/GATION IMPROVEMENT tONts TO tt ISSUED tY THE CITY CONSISTING OP $1300000000 SANITARY SEWER 110Nus, g5M01000 sTREET AND HIGHWAY IRPRoVEMENT BONDS $5,000000 FIRE VIMITING, FIRE PREVENTIoNi AND RESCUE FACILITIES toNbs, $30000000 PottcE HEADQUARTERS AND GRIME PREVENTION FACILITIES BoNbS AND $24000M0 STORM stWER IMPROVEMENT tams; AMU AUTHORI2ING THE MA?OR To EXECUTE SUCH OFFICIAL STATEMENT ON BEHALF OP THE CITY. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The Official Statement, which bears the date of April 14, 1977, and which has been submitted to and considered by the Commission and which pertains to the General Obligation Bonds to be issued by the City consisting of $13,000,000 Sanitary Sewer Bonds, $5,000,000 Street and Highway Improvement Bonds, $5,000,000 Fire Fighting, Fire Prevention, and Rescue Facilities Bonds, $3,000,000 Police Headquarters and Crime Prevention Facilities Bonds and $2,000,000 Storm Sewer Improvement Bonds is hereby approved in the form presented to and considered by the Commission and is hereby ordered to be filed as part of the official records of the City. Section 2. The Mayor is hereby authorized and directed to sign the aforesaid Official Statement for and on behalf of the City in the form presented to, and considered by the, Commission, with such minor changes, insertions and omissions as he may approve. The signature of the Mayor on the Official Statement shall be conclusive evidence of his approval, as herein authorized, of any and all such changes, in- sertions and omission in said Official Statement, Section 3. Upon the execution of the aforesaid Official. Statement by the Mayor, the Director of Finance is authorized to cause to be prepared copies of the said Official Statement thus executed for use in connection with the offering and salvaf_said bonds set forth in VUMNIENTI I.NDEX Section 1 hereof, rutil N "SUPPORTIVE DOCUMENTS F42LL' CITY COMMISSION mEE-riNG OF i MAR 4 C 1977 REA:LtiriON 040 1 7 3 / .. . . . i-!', ...„ .... ......... Seetian 46 This teseiutiOtt shah be effective immediately up ti its adopt dtt PAD AND ADOPTED this .,.w 6 H day Of 19776 PREPARED AND APPROVED BY: Assistant City Attorney APPR'► D S TO FORM AND CORRECTNESS: Y y GE GE F. KNO1, JR., CITY ATTORN IAUR tCt FERR MAYOR "SUPPORTIVE DOCUMENTS FOLL�,V;b 5 ",i.j. #3314 ' c�t:•t tlk Annun) ilitnd' Setini -- __..: ___ — I'::}tnent% lerttrd it;tlred Otlikt.mlittg C_1011.11k 35,01k1177j — — — 1es 40.0 4I(7S) — 45not) (74.8(I) — — — 50.000(SII ),0001100 71,5,1100 1,15,000 I10.000(77) — __ — %es 78,11((47S) — — 15.()t01(74) — ._ 75,11r1i1(So) — — _ 100,00(01) 1.800,thgl 1,3?2.1100 47g,Ot1:.) 75.1)(1000.s!) 9141,.li11) A45,1100 355.(1tl) -- 15(1JIth1t77 SS) 1,I:_'. MI') 1.315JIM.) ),I,t(111.0'1O :...!, I35.n;1t1(_7) — — c 1d0,1hN11.ts) — — 150.ut h r 7 t) — 155.(1(Nhst1) — __ 165.110:4S1-s2) t.,P).).oi);1 yy(1,(It)tl 41(),ti'.'t) $ S.(10!)( 76.77) — — 1e+ 10,010( t)) 1 1.00ot, I) l4.001); S .71 105,11(N1 36,01)0 64 rint) litOtlitt'1; ' 71 I I.1rk4 7`•)- 1.7_00(479 ) 13,011 n gin) 1.1,0i/iffiii 16/11k11i) 1 7,IhY.1tG1-A51 ) S.01111040 — 20.11111(k") 2I,(IIW;%.) _ — 22,(111111S4► "5 111)(1 4,()11(1 : l61100 15-. 1'!t l (1C;, 41,,44 ?.1111) 1 111,4 j' J IM ) 77 4t1. '1k�1—!�11A'.il l3ONI)ISSU1- ►ROM:0E3!7777 88 oseph R4 Grassi• ;Lty Manager James E. t:, .ri3f.:...:r,r: DiroCrOr Or Fill f C &Tt: FQbruary 23, 1977 O;f.i.ri.al Statement S2,n00,000 Genc r a ! Ob 1Cratf.oti f c :, t Issue The City cif Miami s $28,000,000 General Obligation Bone sale is scheduled for April 14, 1977. The attached resolution, to be adopted at the March 16, 1977 meeting, authorizes the execution of the Official Statement. The Official Statement, upon approval of its execution by the City Cotmnission, will be printed and trailed to all underwriters in the country as an invitation to bid on the City's bonds. This issue consists of the following: $13,000,000 Sanitary Sewer Bonds 50000,000 Street and Highway Improvement Bonds 5,000,000 Fire Fighting, Fire Prevention, and Rescue Facilities Bonds 3,000,000 Police Headquarters and Crime Prevention Facilities Bonds 2,0000000 Storm Sewer Improvement Bonds The Official Statement was prepared by the Finance Department in conjunction with the City's Bond Counsel.. The City's operation and its financial condition have been fully disclosed in the Official Statement to comply with the anti -fraud pro- visions of the Security Exchange Act. JEG/p THE CITY OF MIAMI, FLORIDA OIL FICL I, STATEMENT Relating to the issuance of S28 OOO,OOO GENERAL OBLIGATION BONDS For Public Improvements l':+yable ft on unlimited ad yaiorent taxes on all t;r.:able property within the City of Miami, excluding homesteads to the extent of the exemption. Legal Opinion: l3rom n, \i ood, I vey, M itchell A.: Petty Nct+ York, NeA% York Sealed bids will be received by the Commis. ion of The City of Miami. Florida. at its regular place of meeting in t1i City Ball, 3500 Pan American Drive, Dinner Key, Ntiv.mi. Florida, until 11 o'clock, A.M., Miami Time, on Thursday,. April 14, 1977. Prepared h� City of Mianti Fia►aece Department City flail. 3500 Pan American Drive Miami, Florida 3133 %lurch 31, 1977 L 111MMM0,I INIMINrarOa. aww aR KIPIIIMP F'•IM.MMwA.TVMrM41.#0!P411# ,/r}0A!/*ir~10Nll►1.e. Uy10•0-MYwary.sa gj i 1'.l ,P4. * s1a 1,1.111 1E ti daili'1 ;Q!A'ti1S! t I PROM 11'34, Z; 97 bated: May 1, 1977 In the opinion of Bond Counsel. interest oh the Bonds is c.xeni jt under existing statutes 'front 1•ederal income taxes. t28,000,0►00 The tit • or Miami, Florida (Genetnl Obligation hands) Due: 1n Annual Installments. May 1, 1979 to 1997, inclusil'e benoniination $5.000: Coupon Bonds, registrable as to principal alone and also as to both principal and interest except as to Bonds full registered, principal and semi-annual interest (May 1 and November I, first interest pa>. able November 1. 1977). payable at Chemical bank of New York, New York, at Continental Illinois 'National Hank and Trust Company of Chicago. Chicago, Illinois. or at Florida Na'ionai Hank a. d Trust Company at 11lain i, ,11iami. Florida. at the option of the holder. The t3onds will be direct obligations of the City for which its full faith and credit is pledged. and are payable from unlimited ad valorem taxes levied on all taxable property in the City (excluding certain homestead!.). The Bonds shall mature, without option of prior redemption, on Nlav 1 in each of the years. and in the principal amounts respectively, as follows: ‘ cat of !`tote i t S,cs ni Rate. Ntaturit} Amount 1'ietd Maturit} Amount 1'ietd 1979 $1.7.55.000 1989 $ ,170,000 1980 1,760.000 1990 ,170,000 1981 1,760,000 1991 4165,000 1982 1,760.000 1992 .165,000 1983 1,760,000 1993 ,165,000 1984 1,760,000 1994 ,155,000 1985 1,745.000 1995 ,155,000 1986 1.750.000 1996 .155.000 1987 1,750,000 1997 ,150,000 1988 1,750.000 The foregoing Bonds comprise the following series: £11000,000 Sanitary Sewer Bonds 5,000,000 Street and Ilighway Improvement Bonds 5,000,00(1 Fire Fighting. lire Prevention, and Rescue Facilities Bonds 3,000,000 Police headquarters and Cringe Prevention Facilities Bonds 2,000,000 Storm Sewer Improvement Bonds The t3onds are offered for delivery when. as and if issued. and subiect to the :legal opinion of Brown. Wood, Ivey. Mitchell & Petty. New York, New York, Bond Counsel. whose approving opinion w ill be pl inted on the Bonds. it is expected that the Bonds will be delis Bred on or about Flay 11. 1977. -- Nil 4Mt t1WM t)l! ! 1.1 1440[)1 Of 1; 7.17 F-1,P,1, #3314 THE CITY OF MIAMI MEMiltitS OP BOARD OP cin CONINtissIONERs MAURICE A. Flint, Mayor THEODORE R. GIBSON .1. L. PLUMMER, .1R. ROSE. GORDON NIANOLO REBOSO CLTV OPPICIALs City Manager J. R. GRASSIE City Attorney G. F. KNOX, JR. Finance Director J E. GUNDERSON City Clerk R. G. ONG1E I3ONI) COUNSEL BROWN, WOOD, IVEY. MITCHELL & PETTY New York, New York 10006 CERTIFIED PUBLIC ACCOUNTANTS }'EAT, MARWICK, MITCHELL & CO. Miami. Florida 33131 Additional copies of this Official Statement. the Notice of Sale and Bid Form. may be obtained from J. E. Gunderson. Director of Finance. P.O. Box 33070g, Miami, Florida 33133, Telephone (305) 579-6350. and from Brown, Wuod, Ivo. Mitchell 8-, Petty. 1 Liberty Plaza, New York, N.Y. 10006, Attention J. Guandolo. Telephone (212) 349-7500. 11 :KiNO — Mi.4P1l180%01sL1I?RUM OF 3/7117 This Official Statement does not constitute an offer to tell fiends io any jurisdiction to ahy person to tvhoth it is unlit%ful to make such offer in such jurisdiction. No dealer. salesman, or am other person has tech authorized to give any information of make any representation. other than those contained herein, in connection t►ith the offering of these hands. and if given or made, such inforniation or representation must hot he relied upon. The information and expressions of opinion herein are subject to change without notice and neither the delivery of this Official Statenient nor any sale made hereunder shall, under any citeumstances, create an implication that there has been no change in the affairs of the City since the date hereof. TABLE UP CONTENTS Page Purpose, Security, Authorization and Validation 1 Application of Proceeds of Bonds 2 General Information 4 Significant financial and Statistical Data 6 Indebtedness of the City I 1 Economic i•'actors in Standard Ntetropoiitan Statistical Area 26 Contingent Liabilities 12 Tax Exemption 32 Financial Statements .'. Closing Certificates 33 Approval of Legal Proceedings 33 M iseellaneous 33 Appendix A 34 F.i' p,i, 0314 • .i.....:..+rr ttt:vp.W A J MI W P I:;SI':t: PROOFOf 3i1/77 March 1, 1917 O�1~1C1AL STATl11 LNT Relating to THE CITY OF MIAMI, FLORIDA S28,000,000 General Obligation bonds The City of Miami, Florida will offer for sale on Thursday. April 14, 1977 its General Obligation Bonds in the total principal amount of $28.000.000, heine part of certain series of general obligation bonds of the City authorized b) the Commission of the City, approved by the electors and remaining unissued in the aggregate principal aniouut of S67,915.000. The Material in this Official Statement is presented in advance of the sale of the $28.000,000 Bonds (the "Bonds") in order that those interested in the purchase of the Bonds may have available information with which to make investment judements respecting the Bonds. PURPOSE, SECURITY, AUTHORITY and VALIDATION The purpose of this Official Statement. which includes the cover page and appendices hereto. is to set forth information concerning The City of M iami. Florida and the Bonds offered for sale. The Bonds w ill be general obligations of the City for which its lull faith and credit is pledged. and are payable from unlimited ad %alurem taxes on all taxable property in the City (excluding homestead exemptions of up to $5.000 of assessed value and up to $10.000 of assessed value in case of certain aged and disabled persons). The Bonds shall he 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 .Section 5t: of the City Charter and certain ordinances adopted on May 13. 1970 and other ordinances on July 22. 1976 by the Commission of the City. The Bonds have been approved by the electors at two of the bond elections. one held on June 30. 1970 for part of the bonds and another election held on September 28. 1976 fur the icmainder. $3,000,000 of the Sanitary Sewer Bonds, the Police Headquarters and Crime Prevention Facilities Bonds and certain other ponds were validated by judgment of the Circuit Court of Dade County on September 8. 1970 and no appeal was taken therefrom. The Street and Highway improvement Bonds and the Storm Sewer Improvement Bonds were validated by judgment of the Circuit Court of Dade County. Florida on July 26, 1971 and said judgment was affirmed by the Supreme Court of Florida on March 29, 1972. The Fire Fighting. Fire Prevention and Rescue Facilities Bonds and $10.000.000 of the Sanitary Sewer Bonds were validated h) judgment of the Circuit Court of Dade County on February 2.2, 1977, and too appeal was taken. 4 st .P.t. #3314 Jt1 t,'JI w'—MJ:a%11 forst)ttist!t. 1'1.44)O.F01' 3, 7/77 APPLICATION OP MM0tttfs OP DODDS The S28,000.000 Bonds above described are part of the issues of hoods hereunder described. The proceeds or such $28,000.000 Bonds shall be applied to pay the cost or the improvements and facilities, respectiteIy, herein Mentioned. $11,000,000 Sanitary Sewe o Bonds Ordinance No. 7857 adopted May 13. 1970 by the Commission or the City, authorizes the issuance of $8,000,000 Sanitary Sewer Bonds of which principal amount $3,000.000 remains unissued and is included in the $13,000,000 Bonds to he sold. Ordinance No. 8573 adopted July 22, 1976 authorized the issuance of $5,000,000 Sanitary Sever Bonds or which 510.000,000 is included in the SI3.000.000 Bonds to be sold. The issuance of S 13,000.000 Sanitary Sot et Bonds or the City is for the purpose of paying the cost of improvements and extensions to the sanitary setter system of the City. including the construction, reconstruction and extension of sanitary sewers and other sanitary sewer improvement;, intercepting sewers, Force mains, trunk sewers, pumping stations, outlets and connections to the sewage disposal system of the City. the relaying of any damaged street or sidewalks. and the acquisition of any necessary land, The proceeds of said $13.000,000 instalment of Sanitary Setter Bonds will be applied in payment of the cost of such improvements and extensions to the City's sanitary sewer system. Said Ordinance No. 7857 and Ordinance No. 8573 provide that a part of the cost of the sanitary sewer improvements for ►►hich the sanitary sewer bonds authorized thereunder are to be issued may. it the Commission of the City hull se determine, he specially assessed and if any such special assessments shall be levied therefor, the annual tax levy for the payment of such bonds may be reduces in any seat by such amount as is held for such purpose in a special fund in which the proceeds of such special assessment shall have been deposited. The Commission has not made any such determination with respect to the 513.000,000 Sanitary Sewer Bonds offered hereunder. $5,000,000 Street and Highway Improvement Bonds Ordinance No. 7861. adopted by the Commission of the City on May 13, 1970. authorizes the issuance of S17,375,000 Street and 11 igh►+ay Improvement Bonds of the City. Such Bonds in the principal amount of $5,000,000 shall he issued for the purpose of pay ing the cost or street and highway improvements in the City including the constructing. reconstructing. extending. widening, grading. paving. repaving. macadamizing and remacadamiiing of highm:rys. streets and other public ways. with necessary drainage, sewer inlets, manholes, catch basins. sidewalks. curbs. gutters and appurtenances and the acquisition of lands and rights of ways and the landscaping. clearing and leveling thereof. $5,000,000 Fire Fighting. Fire Prevention and Rescue Facilities Bonds tinder Ordinance No. 8571, adopted by the Commission of the City on July 22, 1976. $10,000.000Fire Fighting. Fire Prevention and Rescue Facilities Bonds were authorized to he issued. Of such amount $5,000,000 Bonds shall he issued for the purpose of paying the cost of Fire Fighting. Fire Prevention and Rescue Facilities. including the construction and reconstruction and improving of fire stations, adminis- tration building. equipment. and communisation system related to the Fire Department. anti tne acquisition of any necessary land and equipment. $3,000.000 Police lileadquarters and Crime Prevention Facilities Bonds Under Ordinance No. 7866. adopted by the Commission of the City on May 13, 1970. S20000,000 Police headquarters and Crime Prevention Facilities Bonds were authorized to he issued for the purpose of paying the rust of a police headquarters and crime prevention Facilities, including the construction of a Iti.t':tl:t+; — i►tl.zsxl.l slit»R 1,;s1';1. #'K3101' (s3 'J r77 police headquarters building and the acquisition and installation therein of modern electronic crime -fighting equipment and facilities and the acquisition of any necessary land and equipment. the proceeds of said 00 0 000 instalritent of Police Headquarters and Crime Prevention racilities Bonds will be applied in payttient of the cost of such facilities. S240004000 Stott Sector Improvement Bands Ordinance No. 1858. adopted by the Commission of the City on May I 1970, authorites the issuance or $104000.00o storm Stet Improvement Bonds of the City for the purpose of paying the cost of the construction or permanent drainage Facilities .ithin the City. A portion or the proceeds will be used to construct drainage facilities in conjunction with street improvement projects in certain portions of the City. The Proceeds or said $000.000 instalment of such bonds will be applied in payment of the cost or such improvements. ICE,P4,0114 3 El VILW — MIAMI ..iioi sUIPROOF OF 1111117 GENERAL 1wIt MAfitON to tITV AND ITS ENVIRONS The City The City of Miami in the Count) or Fade, being the largest city in the State of Florida, was first settled to 1816 and was incorporated in i896. It is located on the lower rasa coast of Florida along the western shore of Biscayne flay and is the southernmost large city in the United States. It comprises 34.3 square miles of land and 19.5 square miles of water. The tlitttate The temperature of Miami is essential!) subtropical marine, featured by long, warm summers. with abundant rainfall, followed by mild. dry wvinters. The average temperature in the summer is 81.4° and 69.1° in the winter, with a yearly average of 75.3°. Cot' rnt,,ent of Miami The -City of Miami has operated under the Cotimiission-City Manager form of government since 1921. The City Commission consists of tine elected citizens. who are qualified voters in the City, one of whom serves as Mayor. The Commission acts as the governing body of the City with powers to pass ordinances, adopt regulations. and appoint a chief administration officer, known as the City Manager. City elections are held in November every two years on a nonpartisan basis. At each of these elections, a mayor is elected t'or a two year term. Candidates for Mayor must run as such, and not for the Commission in veneral. At each election two frontiers of the Commission are elected ti)r roar year terms. Thus the City Commissioners' terms are staggered so that there are always two experienced members on the Commission. The City- Commission appoints the City Clerk. Cit. Attorney and the members of the 01f-Street Parking Board, and the Plannintt and Zoning Board. The City Manager acts as the administrative head of the municipal government and is responsible for the proper admini•.tration +if all affairs of the City The Charter of the City of ;tliami place: considerable responsibility upon the City Manager. Ile is authorized to appoint and remove all departmental directors, prepare the annual budget. 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 common). Background of Certain Cite Officials Maurice A. Terre was elected Moor in November 1973, and again in November 1975, for a two-year tetra. Mayor Eerie is 41 )ears old and is a graduate of Lawrenceville School in New Jersey. and holds a Bachelor of Science degree in :Architectural Engineering from the t iniyersity of Miami. He is President and a Director of Maule Industries, Inc.. and other affiliated corporations, both in the United States and Caribbean area. Theodore R. Gibson was appointed Miami Couiniissioner April 1972 and elected in November 1973 for a four-year term. Father Gibson is +•1 years old and was graduated from St. augustine's College in Raleigh. North Carolina and from Bishop Payne Divinity School, now a part of the Virginia Theological Seminary. The Rev. Cannon Gibson has been the Rector of the Christ Episcopal Church, Miami, fur thirty years. Rose Gordon has served as Miami Commissioner since November 1971. Mrs. Gordon was educated in New Jersey and Florida Schools, and is a registered real estate broker, appraiser and consultant. She has been the owner of Rose Gordon Realty, Inc., Miami, for twenty years. Mrs. Ciordon is Treasurer of the South Florida Planning Council and is on the Steering Committee of the National League of Cities, Employment and income Security. ',1:,p l.•331# 4 tik t,'11:1t' 111.'VA1 130NDIs.. l ,, P real: E3 TM J. I.. Minima, inimet. it. was appointed City Corninissioner in October 1910. and elected Cvhtmissioner in Novehibct 1971 and Novembet 1975, for a four year term. Comtnissioner Plummer is 40 years old and a gtaduate of Miami .Senior I f igh School and the Cincinnati College of Mottuaty Science. lie is Chaitttian of the Board ofAhetn-NNlut-tinier Funeral lime, Miami. Matto lo Reboso was appointed Cite Commissioner in 1972 and elected in Not -chiller 19/3 for a Pout, year tom. Commissioner Reboso is 43 years old and is a graduate of 13aldor Academy. l lavana, Cuba and Georgia institute of Technology, :`Atlanta, Georgia. Ile is self employed as a General Contractor since 1966 and as a Land Planning Consultant in Miami since 1972, Ile is also ILxecutive Vice President of itadiei Station WOCN. J. R. r rassie was appointed ht the Miami Commission as City Manager on July 30, 1916. Ile served as Cit) Manager of Grand itapids. Michigan from 1970 to 1976 and as Deputy City Manager of Grand Rapids from l968 to 1970. Cite Manager Grassie is -43 years old and a graduate of the University of Chicago with a Bachelor of Arts degree and a Master's degree in Political Sciencejkconomies. He is an active member ol'the International City lanagement Association. James li. Gunderson: the Director of Finance for the City of Miami. was graduated from the University of Illinois in Law and Accounting. Ile has extensive experience in both the private and governmental sectors of the econoniy. Prior employ ment includes the University of Washington, Boeing Airplane Company, Pierce Count. Washington and the City of Grand Rapids. He has been associated with Kiwanis; Llks, Lions and tip: t3ov Scouts. Ile was a former School Board Director and also served as a Commissioner on the Go►allot 's Crime Comtttission lor the State of Michigan. George l:. Knox, Jr.. the City Attorney for the City nl' Miami, was graduated from the Michigan State University and University of Mianii, Florida School of Law. Prior to becoming City Attorney, Mr. Knox was Assistant Professor of i.alw at the University of Arkansas. Ile is a member of the Association of American Law Schools. Employee Relations The City cnrptoys 4.321 people. Under the State of Florida law, employees of the City of Miami have certain rights, including the right to organiie to bargain collectively by representatives of their choosing on questions of wages. hours and ether terms :Ind conditions of eniployment. The state law prohibits strikes b) municipal employees. 72.37';; of the City's emplosecs are organised in 5 collective bargaining units and are represented hs various unions. There are currently two labor agreements with the policemen and the firemen, both -of which expire October 1. 1978.13oth contracts have a cause which may be exercised in May 1977 for the reconsideration of only pension benefits. For the civilian employees. questions have arisen as to the appropriateness ol'the bargaining unit. The Public l mplosee Relation Commission will decide the appropriate bargaining unit for the civilian employees and negotiations w ill commence shortly thereafter. en 5 MI VA :itt.i!i)SSI't P'ROOFO# 3,'9f77 fCIfi4' PI;NSlf;ll;vi ITNOS PINANttAL DATA Mit P NSI()'l PLANS Okuda fear l:ndin '• December 31, 1975 I1liami Employees' Retirement System Miami Employees' Retirement Plan Total December 31. 1974 Miami Employees' Retirement System Miami Employees' Retirement Plan Total L)ecemhcr 31. 1973 Nllami Employees' Retirement System [Miami Employees' Retirement Plan Total t`itt'k t ettcfit 14t04. t'bdttibutian t'trtturtded including (Accrued Accrued l•:rnrintee 1:tndlnyee lntetrtt Ilaslst Ilability Nithdraaals cnnttihtrtinnt E:nrnings� $5,184.668 $ 89,276.761 $4,468.664 S2.I92,304 $2,555,907 $2,936 9 t3 S 56,203.346 S3.862.404 $2,463,447 52.018.482. $8.121,651 $145.480,107 $8.331.068 S4.655.751 S4.574.389 54,271.823 $ 99,000,000 $4.483.326 $2,187,0:,1 S4,571.531 SI,786.752 $2,667.295 $2.027.594 $6,058,575 S 99,000,000 S7,I50,621 $4,214.645 S3,571,S.+I $2.800.408 S 65.000.000 S3.914.596 $1,842.092 $2.749,837 54.642.500 S 65.000.000 56.664.433 $1.789.515 S 1,705.526 $3.495,041 $3, 212.809 S3, 212,809 d) The turnover e .perienced by the active lives was less than that anticipated by the actuarial assumptions, resulting in an actuarial loss. With respect to the System and the flan. the principle actuarial assumptions are: (l) As to funding method: SYSTEM — Entry Age Normal Cost Method with Frozen Initial Liability modification. PLAN — Entry Age Norn aI Cost Method. modified to result in level funding by City as a percentage of pa) roll taking into account loacr City costs for nee% employees alter October 1. i97.1. (2) As to interest rate: 4 `.1`r (3) As to assets: Amortised Cost Value for both (4) As to retirement age: SYSTE5.1 — 53 PLAN — 63 Membership in the System and Plan is compulsory for classified service, optional for unclassified employees and not open to temporary employees. The City's contribution is determined annually by the Actuaries. The two Actuaries determine pension benefits to reflect cost of living adjustments for all retirees. Also, they calculate separate Cost Studies when new benefits are being considered. 7 tit.%ail •MIAAiI t$OA,tsuit. PROOF Of $, 7/77 • tier rtN: lti I: tN[3S I'INANtIAL IiATA FOR PENSION ILA iS thlettht Vent F:hdihg" Iyccenihcr 31, 1975 l�lianii l:niplo}ecs' Retiretiient System 4iatiii Etbployees' Retirement Plan Total December 31, 1974 Miami Employees' Retirement System Miami Employees' Retirement Plan Total 1)cccnihcr 31, 1973 Miami Employees' Retirement System Miami Employees' Retirement Plan Total t; it `s C'bnitibutlnn (Accrued oasis) t!htunded Accrued I lahiiity Iktnelit tints. incie!dir 1•:tnpin}ee t:tnlilnyee ii ithdrntiinls t t,nttihbtinna ihtetest i:arhingsa S5,184,668 $ 89.276.761 S4,468,664 $2,192.304 S2,555,907 S2.936.983 S 56.203,346 53.862,4(14 S2,461.447 S2,018.482 $8,121,651 $145,480, I07 S8,33 i .068 $4,655,75 I S4.574, 389 $4,271.823 $ 99.000,000 S4,483.326 $2, l87.0:, I 54,571,531 51,786,752 $2,667,295 S2.027,594 $6.058,575 S 99,000,000 $7,1550.621 S4.214.645 S4,571.5 +1 $2,800.408 S 65,000,000 S3,914,596 S1.789,515 53,212,809 51.842.092 S2.749.837 S1.705.526 $4.642.500 $ 65,000.000 S6.664.433 S3.495.04 1 53,212,809 the City has two separate pension funds, tiamely: The Retirement Svstt rh (Police and itetttcn) effective Pehruaty 14 1940 and the Retirement Plan (General Employees) effective July 1, 1956. •5 ��� x, ,� ,Y�t The combined unfunded iiahiiitt fiat the System and the Plan increased from in 197i to .in 19 . The Citt, in order to reduce the past service liability. is an orti/itg said amount over a 35 year period upon the bask of the actuaries' computation of 10.58.% of pay toll wages in each year for the Plan, and 31,8% thereof in each year for the System. The Most recent actuarial valuation for the Retirement flan was performed by Rrusc, O'Connor Ling+ inc„ Actuaries, 1 t.1_auderdale. Florida as of December 31, 1975. This valuation disclosed there was an unfunded ':?' accrued '(past service) liability of . Such study indicated that the increase in the required City contributions over the previous year had )icon due primarily to: a) 'Granting of cost of living increases for retirees (effective October 1, 1975): h) Salary increases during 1975 for active employees of8.1'1; c) The continuing recognition of the realised losses incurred on the sale of assets in 1974 and early 1975; d) Adoption of a pre -retirement death benefit for those eligible for retircn+cnt but still actively employed by the City; e) The phasing in of the longevity benefit over a period to be offset against lower costs for future new employees, fof the Retirement Sy stern. tine most current valuation was prepared by Alexander & Alexander, Actuaries, Atlanta, Georgia. The remaining unfunded past service liability as of December 31, 1975 was determined to be $90,554,826. The study indicated that the City's required contribution increased over the previous year due primarily to: a) Making provision for a portion of the realised losses on the sale of assets in 1974 and early. 1975; h) Changing the assumption used to determine the City's deposit by reducing the assumed retirement age from 5410 53: c) The salary increases £ranted to the System's members greatly exceeded those assumed in drterminine deposits: d) The turnover experienced by the active lives was Tess than that anticipated by the actuarial assumptions, resulting in an actuarial loss. With respect to the System and tic Ilan. the principle actuarial assumptions are: (1) As to funding method: SYSTEM — Entry Are Normal Cost Method +with Frozen Initial Liability modification. 1'LAN — Entry Age Normal Cost Method. modified to E.tf .lt,1..N3a14 7 result in level funding by City as a percentage .1; All VV—A11AMl ttetN1,1sAit.'y. rillOttritr the Retirement sten1 ttnd Plan are reported on a calendar year halls. the CitY'S required contribution is Made on a fiscal tear basis, commencing October 1st. The unfunded liability reflected is determined upon the basis or data as ofiam,ar 1st or each tear. the table hefeit'i above designated I inanciai Data for pension plans sets forth in sumniary form certain essential data respecting both the Retirement Plan and the Retirement System for the calendar years or 1913 through 1975 inclusive. Iludgeting4 Accounting and Auditing the City Charter requires the City Manager to submit a budget estimate not later than September 10 of each fiscal year. I a►ch department prepares its own budget request for review by the Citj Manager. the City Commission holds public hearings on the budget plan and must adopt the budget not later than October 1. The City's accounting system is maintained on a muddied accrual basis. The accounts. hooks. records and financial transactions of the City are audited annually by a firm of independent certified public accountants. The opinions or the outside certified public accountants are included in the Annual Reports of the Director ul' finance. 8 '.F.P.I.#3344 RI VI i1 - MI \1I.110XI) i` SI 1 ESTIMATED REVENUES AND EXPENDITURES BUDGET FOR OCTOBER1,'I976 TO SEPTEIVMBER 30,1977 cORTRIBuTIOMs FROM ST.502.000 1.462 .42 [G�b ;tO.tOON.l STATE REVENUE SNARING $t2.25S.2,S 77.45Z MUTT SERVICE TA5 S12.500.000 12.142 PERMITS 71,040,3P0 I.OT% FEDEPAL REVENUE SNARING ;P,E00,000 P.1PS FJ11) BALANCE METRO -NMI il!9LTC1T1 CONTRACT 550^,0T0 .492 REAL 1 PERSONAL TAXES s42,P47.012 41,762 REVENUES GENERAL GOVERNMENT Ingimpr SANLTATIOm S1T,008,631 1O'.735 POLICE f20.S49.4:0 20.035 FIRE f i 3.757`020 11.4'1: 51.390,909 t.31t MISCELLANEOUS 59-.182,29I' 4.7 M PENSION SI.1.585.887 11.292 PARNS, M RECREATIO?N EXPENDITURES DEBT SERVICE 513.611.695 1• .26t ESTTPATID REVENUES A40 ExPEa^iT3RES - EVERPRISE ANl OFF STREET ,A4rING:FUND DEPARTMEIT Or PUBLIC EACTLTTIEs: MARINE STRDTUR PIAN: STADIOM. 6^Aa:E BOWL STAOtuM MARINAS 0:14E2 REY Exr0.B.DG, ClALLOCATED DINNER NET BUILDINGS I :ROM S UPFRONT AEDI70PIUM GOLF SPLCTAL PROPERTIES OFF-STPEE7 rAr91Nu RECEIPTS S 217,726 175.972 1.152,795 P11, NT ST.EZO 3,596 4,432 21t,546 635.392 239.823 I.rt,10.a90 7)7A1 $5.7T7.S” Ex1EN01IL'RES SURPLUS S 237.776 175.472 T.TSZ.7^5 910,..41 51.622 3.596 4.932 214,546 615,392' 214.873 T.RT7.710 $5,44e,893 S -0- -0- -0- -0-. -0- -0- -0- -0- -0- -O- 272.781 272.780 V4',1'.1. Witt REVENUE AND EXPENDITURES 'GENERAL ELM) SPECIAL TAX LEVI' ELNits tind 13 AM) INTEREST RETIREMENT E NDS Pima %'tflt Ended September 3t1 Revenue: Ad Valorem Taxes ( Net) General Operating Special fax Levies Debt Service Other Income Operating Debt Service i:xpcnditures: General Operations Special 7'ax Levy Fund Debt Service Principal and Interest Other Surplus of (Deficiency ) of ltevetn e over l spenditures Actual 513,737.132 9,025,803 8,901,022 38,106,681 5,742.388 $75,513.026 Adult $14.919,487 10,860,929 6.95 2.800 42, 293.102 8.661,697 $83.688.0I 5 551.469.998 $60.178,437 9,054,676 12,938.038 10,598.595 10,749.215 60,851 62.1.976 $71,184.120 $84,487,666 $ 4,328,906 1916 Attu: I $18,313.454 10,111,508 7,621,525 47,242,576 4,591.337 $8 7.880.400 567,072.614 11,42,1,713 12,007.329 515,924 $91,020.580 Witt Budget 5 20,457,556 14,070,583 8,318,163 59.755.701 5 1(t_'.(,02.7(13 $ 74,012.073 14,9 7 8,935 13,516,195 95.500 S 102,602,703 S (799.651Y $ (3.140.180)* $ *The deficiencies of revenue over expenditures in 1975 and 1976 %%erc offset by fund balance appropriations. All 1975 and 1976 debt service pa� ments ►+ere met as scheduled. No deficit is anticipated for the current fiscal year because of reductions in budgeted expenditures. 10 KI:#'I11%--•'wt1AA11 1,01.1) isst.' VR ovF b '3,- 77 4.A..r,1.#3314 ItATIO OP Mt mitt to ASSP.S.StO CiftcludiNg the issue d these ponds) 1975 Actual 'Valuation S3,739,711,741 1975 Assessed Valuation Real Estate Residential 1,612,304.168 Commercial and Industrial 1,409.450,195 Personal liropert 431,181,016 Public Utilities Privatel (..)%l tied 284477(062 total S3,739,711.741 total Debt (including this issue of Ronds) General Obligation ilonds $I 32,180.000 Incinerator Revenue 844,000 Electrical Eranchise — Capita! Impro‘ einem 2,928,000 Lit ility Service Ta‘ 1,800,000 Orange llo.%1 leventies 910,000 Orange 11.ml Warehouse Rental 285,000 OITStiect Parking Revenue 6,445.000 $ 145.392.000 Less: Sdli ppi yrt int! Bonds $ 13,212,000 Applicible Interest & SinLing Fond 690.9;7 13.902.917 NET DEBT $ 131,489.083 Ratio Net Dept to Assessed Valuation 3.04C;-, 1975 Estimated Population — 400.00(1 Per Capita Assessed Valuation -- S9.349.28 Per Capita Net Debt — S 328.72 During the last (jollier centur, the has not defaulted on its bonds. 11 K•.1 A" -- MIAMI WWI) ISMA 1%00E OE 3,"7//7 RATIO ttt Nt:t GENERAL t. tiOMA!) tWllt TO NET Ass jssI:t) VALUE AND NET UOM )U) Malt PLR CAtPITA fetiu n1 Set Set Hamlett t)eht Set fiscal Assessed Itotnestetid Assessed dirt to arted i3l el t:'tnnded I3�ht 1'rt)r? Irnpuiatini• Value 1:. tfnptiun Vaiue hooded Debt A%cecs1'altir ipitA 1967 320.000 1,63 (.177.177 205,676.1(00 1.432.501.077 27.666.934 1.93 79.05 1968 325.0(10 1.711.327.596 204.653.075 1,506,674.521 30.790,295 2.04 87.73 1969 328.000 1.742.403.180 203,903,065 1,538,500.115 35.681.842 2.32 100.31 1970 331.000 2.107,741,4St 20.1,S25,:;57 1,903.9n5.624 33.154.654 1.14 100.16 1971 334.859 2.282.551,I(69 202.91)(1.9R5 2.079.650.084 48.341.208 2.32 144.30 1972 340.000 2.42.4.464,847 201,750.942. 2.222.718.905 51.164.790 2.31 150A8 1973 346.000 2..701.654.390 198.186.762 2,503,467,625 S6.844.273.* 3.4b 250.99 (974 355.0110 2,341,205.760 196.797.718 3. U4.40\,042 83.933,263 2.51 236.41 1975 356.0(x) 3.796.551.240 199,947.752 3,596.933,4S8 94.523 990 2.63 265.51 1976 400,000 3,93s.270,3,3 198.558.652 3.739.711,741 103.826.694'4'• 2.7s 259.57 'I:slimmed on basis of added electric .and water connections and new dwelling units constructed. escept in those )eats which a 1 edera! census w as available. "The 535.b79,4S3 increase in the (it's net bonded debt between the fiscal Years 1971 and 1974. was priinatily caused h} the sale of the follow int General Obligation Bonds. Public fart, and 12cereatinn haciiiiles $28,350,000 Storm Sewer Impro,einems Police I leadquarters 4,000,000 f *1 hiscai )ear ending .September 30, 1976. Not including this issue of Bonds. STATEMENT OF LEGAL uurr MARGIN September MI, 1976 1976 VALUATIONS TOTAL ASSESSiJ) VALUA1 ION IIOMLSTI AU LXI 57PTVALUATION ASSESSED VALUATION M 1 ER I10M ESTE,:D EXEMPTION 12 KJ'J''J! 11'.—!sii4'•!J,titTJ)1SSt $3,938,270.393 198.5511,652 $3,739,711,741 j'.kour4.a4: 3/7/77 L ;riAL tiLitt MARGIN Milt LIMITATION 1:(11 13Ost)S (15`4, 010,119.7I 1.j4 W S 56049564161 Present Debt Applicahle to L)eht Limitation: thcneral Bonded Debt $104,180,000 Less: Sinking Fund Cash and Investments $351306 Assessment Liens 997.034 1,350.340 10,,...S29. i60 $ 458,127,101 *Section 58 oldie Charter limits (ieneral Obligation Bonds of the City to I5q of the assessed valuation of all real and personal propertithin the pity limits as shown by the last preceding assessment roll of the Cit. Bonds For street. sea cr. sicic%alk. and other public improvements %%bleb are paid from special assessments to the amount for hich the ('its shall Laici liens for uncollected special assessments. shall trot be subject to such limitations of amount, nor he considered c{ hen computing the amount of general obligation bonds that may be h sued. 13 MINI! MIAMI t$ONI);1S ("t 1' OOF OF 317;7 tAriATA septeritho :mi. 1976 A Mecca Value 19'346 Real Lstate Personal Propert) Railroad Property Total Less Homestead LAemptions total Non-Lxempt Assessed Value Tat Rates 197M6 (Dollars per Thousand or Assessed Value) hinds 'General Operations Special Tax Lev) Funds Pension Publicity & Tourism Lighting (it) Total Spccial Tit k l.e kinds Debt Service Total NI illage & Ad Vitlorem Tax Levy Tax Collections: Ta8 Adjoted Year Tax 1.t.” 1971 30.685.236 1972 28.168.81fi 1973 33.636,591 1974 36.387.159 19753014,483 tnenIIt'ctd at 1:nd 1 ncollected lisce.1 Wet September 311. 1975 Amount Percentage Amount Percentage 730.75fi 556.912 872.890 2.553.4(15 1.98 2.59 7.02 57.773 .19 219.695 .78 1(19.134 .50 2.457.3.1(1 6.75 2.901.942 Added t Cancelled This Year To ()ate 2.097,101 1.101.19.111ag! 5.683 3.129 .239 .541 9 09 2.311 1 1.903 Colketed '1 11181 ciir o Date 537 687 104.953 451.95'2 711,S72 629,00 1 0425016.8Y, 6814454,979 5,018,577 1,938.270,393 198,558,652 $3,739,711,741 Ad k'slocm Tot 1,0y S21,252,782 11,701,558 893,791 2,021,184 S14,618,513 8,642,474 1 'neon ected September 31;. I Clo Amount Percentuge 57.'236 219.008 66.892 2,066.156 4,372.242 .19 .78 .20 5.68" 4.944`• *Uncollected current taxes transferred at Jul) 31. 1976. "*Dade Count) administers the lax roll and all collections are made by them and distributed to the City. Due to adverse economic conditions in both 1975 and 1976, uncollected delinquent taxes have increased as a percentage of the tax roll at car end. 0314 • ,1,1",.1,11. , • 14 MI.'IS( .1 1'Ri.)01: OF 3,1,177 "ME AV1 RAO .1.10Mli, ($24,000 assessed value) hays Cit Cates as folloccs: Average total flax Specific Purposes Administration Public Works Sanitation Barks and Recreation Police and Fire Protection Miscellaneous Pensions Street Lighting Publicity and tourism Debt Retirement ,FJ 1.M0.1i 15 U1Vifcc'--- MI.1MI!3 ? I)1 '•+i1. t24 flan ith 55.O(10 ilimirttrnd F.trtnktiont $226i.1 ti 1 2.30 12.19 24.65 9.05 81.55 27.14 21.`78 4.55 2,96 29.99 S14.tiitts (t Ilium( 1tome-, timid t•:trttiptintti $285.67 15.54 15.40 31.14 11.43 103.01 34.28 27.51 5.74 3,74 37.88 PROOF OF 3/7; 7 ASSESS113 OP AL1. TANA111.1: 1'1totsi~:lt1•S' fiscal Veins 196546 to 197(i F'iteltl ttr t hretotutl Ceps* lt()nteak'ad ion-I:tempt Pelee I'ttipert F'tntietty Totsl F:trtnptlOnt fetal 1965-66 51.013.96s.630 S173,492.930 $1.192.461.560 $205.953.11(1 19((,.67 1.311.031.334 2_23,412.40(1 1.534.4(3.914 207.611.675 1967-(,)t 1.303.7(,5.317 312.411.".60 1.618,177,177 205,676,1(10 1968-69 1,18X.024.141 129130.791 1,717,375,132 2.04,653.075 1969-7)) 1,417.823.9-15 424.57'9,215 1,742.403,1s0 201'(11065 1970.71 1.727.31 1.39ti 3'0),27`: Il': ) 2 I07.191.4S 1 2.03.1425.s57 1971-72 1.866.1 s 2. 202 4 I n. ((,s.s07 1.282.55 1,18,9 202.9)111,985 1972-73 1,93) 72t .71 ; 4(4,749,081 2.424,169,847 201, 30.942 1973-74 1.168.158.819 5 3 3,495.571 2,71)1.654.19)) 198.186.763 1974-75 2.851.31)').996 t.8 ' ;,"64 3,541.203.-(,t) 195.797, 18 1975.76 3.123.637.1115 672,697.054 3,796.154,019 199.420.601 197b- 77 3,236.813.414 681.454 979 3.938,210.393 198.558,052 TAX RATES AND TAX Ltvi:S SPECIAL IAL TAX LEVIES Tax Rate Per S 1,000 of Assessed Valuations `5 966.508.440 1.326.822.259 1.412.501,077 1.512.122.05 r 1.53s.500.115 1.903.965.824 1079.65051144 2,222,71 8.9115 2501.467,628 3,344.408.04 2 3,596 933,4fi8 3.739,711,741 11.ent i.ightina hydrant t)eht Vent (lpetati); ('11, Seri Libra -ties Ser►ice I oral 196 5-66 10.500 .703 .293 .347 3.214 1.170 1.913 18.24 1966-67 9.439 .717 .257 .437 2.258 .944 1.738 15.7s 1967.68 9.507 .526 .242 .390 2.263 .980 1.882 15.79 1968.69 9.380 .456 .223 .405 24(0 956 1.832 15.762 1969-70 9.418 .511 .174 .405 2.4(10 .972 1.882 15.762 1970-71 9.180 .523 .114 .342 2.482 .865 1.319 14.825 1971-72 8.658 .480 •0-' .420 2.661 .304*' 2.232 14.755 1972-73 6.152 .665 -0- .404 2.779 -0- 2.673 12.673 1973-74 5.921 .503 -0- .419 2.892 -0- 3.781 13.436 1974.75 4.959 .242 -0- .304 3.004 -0- 2.311 10.880 1975.76 5.553 .374 -0- .171 2.521 -0- 2.311 10.830 1976.77 5.6s3 .541 -0- .239 3.129 -0- 2.311 II.903 TAX LEVIES i•k.cal Gcneral lighting 11 drant 'hi►t Year Operating ('ity Sc•rtic•e 1'ubtialq l'u,+inn5 Libraries Setlice Total 1965-66 S1(1.456,989 $ 893.515 S289.1146 $ 342.318 $ 3.170.63s $1.15J.214 S1.S57,190 517,993.911 1966.67 12.324.873 951.331 340,993 579.821 2.995 964 1.262.520 2.306.017 20,950.523 1967-68 11.61)4.7s7-53.495 14(085 558.675 3.241,749 1,403.851 2.05.467 21.,b19.192 19(18•69 14.132,07 657,1143 335.988 610,203 3.706,419 1.140,380 2.835.561 2.3,74k.203 1969.70 14,489,594 786.173 267.699 623,092 3.692.41x) 1.493.422 2.895.457 24,249.838 1970-71 17.478.404 995.774 217.052 651.150 4.725.042 1.646,930 2.511.331) ?1,226.290 1971.72 18.1103,510 99 ,232 •0-' 871,453 5.533,948 032,213"' 4.641.778 30.683.236 1972-73 13.674.166 1.478, ins -0- 897.978 6,176.933 -0. 5,941.327 214.168.516 1973-74 14,572.683 1._'59.244 -0- 1.099,022 7,240.029 -0- 9.465,611 11.63(1,591 1974-75 In.584 9r9 819,347 -0- 1.016,700 10.247.266 -0- 7.728.927 36.387.139 1975-76 19 973,772 1.343.253 -0- b15.1176 9.067,869 -0- 8,312.313 39.314.403 1976-77 21,252.782 2.0223.184 -0- 893,791 11,701.558 -0- 8,642,474 44,513,789 *Hydrant Service function 11c:ca e operative through the 11'ater Division of the Department of Water and Sewers effective October 1, I9 ' 1. **Operation of the t_ihrars S)stenl a;l. tran.icrred to Metropolitan Dade County effective November 1. 1971. 16 ►tl't'l.t 11' - Sll yMl WOO '}"3/s;77 Notedutt tor tat Loy altd ttlt tftftsctloh Real and Personal tiropertS valuations are determined each ye:.tt as of January 1 by the heraritnent of Property Appraisal of Dade Counts. A notice is mailed to each property ossner indicating the property valuation. the property owner has the right to file an appeal with the fade Counts Clerk of the Board of Tax Adjustment if such property valuation as determined ht the property appraiser is inconsistent with that as determined by the property owner. All appeals of such %nluation determinations are heard by the Board of Tax Adjustment. the Board certifies the assessment ruff ulion completion of the hearing of all appeals so filed. All taxes are due and pas able on November 1 of each }tar or as soon thereafter its the assessntent roll is certified and deli'.cred to the Bade Counts 1 a x C'ofle,:tor, The Dade County Tax Collector mails to each taxpayet on the assessment roll a t?oticc o1' the taxes Icsied. Taxes may be raid upon receipt of such notice, with discounts at the rate of lour percent if paid in the month of November. three percent if amid in the month of t)ecemhcr, two percent if paid in the month ol'.larurars and one percent if paid in the month of February. taxes paid during the month of Mauch are without discount. All unpaid taxes on real and personal property become delinquent on April ! ol'the calendar sear following the year in which the taxes % etelevied. All tax collections for t►re (Tit) aie delisered to the (its of Nliattti by Dade Counts. The delinquent real property taxes hear interest at the rate of eighteen percent per sear from April 1 until a tax sale certificate is sold at auction from which time the interest rate shall he as bid bs the buyer of the certificate, TEN LARGEST 1'AXI'A1'i RS IN '1'L E (TIN OF MIAM1 1976 Assessed Same of Taspayrr Nature el Property Value Southern Bell Telephone & Feleeraph Co. Telephone Utility $217,175,710 Florida 1'owet and Light Co. Electrical Utility 67,600,652 First Federal Savings and Loan Co. Bank 36.838.200 Miami 1 lcrald Newspaper 34,984.595 One Iiisca'.ne Assoc. Office Building. 24,346,200 international Business ,Machines Co. Retail Sales 24,135,649 St. Joe Paper Co. Paper Manufacturer 20,095,344 Massachu?.etts Mutual life Insurance Co. Insurance 19,819,889 New York Life 1nsuranceCo. Insurance 18,143,102 Xerox Co. Retail Sales 13,608.520 Total Assessed Valuation of Top 10 Taxpayers. which is 12.75',;. of total 1976 Assessed Valuation $476,747,861 COMPUTATION OF DEBT SERVICE TAX RATE Fiscal Year 1976-77 Total Principal & Interest Requirements 513.516.195 Less: Appropriation from Prior Year's Fund 13a1.* i.191 832 Amount of appropriation required $);,223.363 Plus costs and expenses of administration 95.500 1 oral Amount Restored ' S 8.3 I t;.863 $2.31 I lax Rate. per thousand dollars t<' 95';;• collection produce; $ 8.318.863 *Amount available for meeting such principal and interest requirements derived from special assessment::, investment earnings and miscellaneous sources. 1..I'.I'.l. #33l4 ft1:J'Il w s11 a`411 tt,Ps: 1)1Stit :1. I'13OOI'OI 317,77 ANAL 'SIS Or VALUE )I 1i it `t'AXAR1.t; t't wt t:ttfl 106 Assected Viiluatiotl . Mot Real Estate Residential $1,612,304,168 43 Commercial & industrial 14404,4114618 36 Railroad & Telegraph 5,038,577 1 Personal Property Commercial & 1ndu:,tria1 433,181,016 12 Public Utilities t Neal & Personal) Privately owned 284,776,36 8 S3339.711,7.11 100c;( Real Esitite and Personal Property are assessed by Dade County Assessor of Propert, at full value. All assessments may he appealed for re%rew of the Dade County Board of Lyualitation. REVENUE STRUCTURE•. The follov.injc is a description of the City's revenue structure. See Appendix A for a detailed statement of revenues for the two fiscal years ended Septeinbei 30. 1976. General and Special Ta : Levy Funds Ad Valorem Taxes — described elsewhere in this Official Statement. liiusines' License Permits — The City levies a license tax for business privilege license; a hich is collected by the ('ity 'f.tx Collector. License Taxes vary according to the hype of business. the exception to this are the contractors' licenses, which are Lollected only by the Dade County Tax Collector. There is a set contractor's fee for all contractors ecithin the County. After collection, Dade County returns to the Cities its pro rata share of revenue collected. '1 he pro rata share would depend on the number of contractors doing business within each City's limits. utilities Scr*,ice Tax — TheCity imposes a lt►'; tux on each purchase of electricity. metered gas. bottle gas, water and loc:] telephone and telegraph services. Revenue is pledged for debt service on Utilities; Service Tax Bonds. The excess: over the debt se:A Ice. r v,;rts to the General Fund. Federal Rerrnue S!►arinl; — The revenues derived from the federal Government are oppropriatcd by the Commission fora:+rious social service programs throughout the City as well as the City's improvements to the Fire Rescue Service. recreation programs and the continuation of the City's pay plan. t'.i•.I'.li. W;LUU Federal Revenue Sharing Receipts Reccicctt in Final 1'cir 1972-73 S10,360.577 1973.74 8,075,539 1974-75 8,935,551 1975-76 8,775,313 Total received Iodate S36.146,980 18 4t1 ji'wv -- Ati \At! IIO I) IsSi: t P 4 )t)t fll; I'7.77 Stale Revenue Shining ,r:. The revenues distributed to the municipalities h the State of l Iorida are derived Rom a percentage of its collection of the State Cigarette Tax, the State Motor Fuel Tax. and the State Road Ta+i, trines and 1 OPI'ettutec The Cit. receives its pro rata share of fine and forfeiture revenue from Cade Count), since the courts are under the jurisdiction of the County. Speeitil `1'ht l.c%% bonds — The ('its Charter requires that tax levies for certain purposes he made separate from the general Ieky. The Charter limits these special levies. per SI,000 of net valuation, as shown below. These funds are legally restricted to the purpose for \%hieh the taxes are levied. Pensions — $3.00 limit. The pension fund is used solely to account for the City's contribution of the Retirement Ssstenm and Plan. Publicity and Tourism — 52.O0 limit. The special levy is to promote the City of NIianti for tourism and conventions. Lighting City — tiu limit. Funds are used Ihr street lighting. lntergcterhnrentai — There are five intergovernmental funds that are self-supporting because of the revenues derited from charges for services to other Cite I)ep'rtments. They are: City Garage: Purchases and maintains all heavy equipment used by the City. Motor Pool: Purchases and maintains the automobile Feet. Maintenance Division: Pro% ides regular building maintenance. in addition to a limited amount of building alterations and additions. Print Shop: I'ro% ide:. all of the Cit�'s printing needs. Stationer Stock Fund: Purchases and :stores office supply items consumed in quantity in the City's operations. tnterprise Funds — Ate self-supporting activities hich render services on a user charge basis to the general public. ihe, are the Orange l4o 1 Stadium. the ylarine Stadium. the Miami l3asehall Stadium. Nt. iinas, Dinner Auditorium. gulf Ranges, and the Warehouse Property «hich is used to build and store floats for the annual Oraugc l4om1 parade. 1.4',1"4. 0314 19 IZ1:,t A--S11.NM1It.,) 1)1si L 1. 1'1t0.()1:01'37:7" tin O Nll MI; t: LtiltlbA PlNdPAL :AND tNtt.itLst Itt:t;tlttt:NILN'f's ON All t)tit'St.ANDIN(► ItO DS AND tin: $mnntl,nnn 13t)Ni)s • I'itcai Feat t;ttd►nt,+ 0:1t1 i'tlnclpal Interest Otit+tanding tiundt 1977 $ 9.439,0r10 $ 5,s 10.0"), 1978 9.447,000 5 297,86x 1979 9.336.000 4.786.682 1950 9,064,100 4,279.946 1981 8,821,1100 3,817.919 1982 7,610,000 3374.7311 1983 6,81,9.000 2.9s3.042 1984 6.426.00(1 2.61a,11)2 1985 6,417,0(l0 2.290. 154 1986 6,277,000 1.467.147_ 1987 5,283,000 I.(•7?,5"6 1958 5,075,(8))) 1,4 tu,147 1989 4,511,000 i.199.349 1990 4.342.000 1.11111 i.512 1991 3?10.000 820.242 1992 3,035.000 651.7775 1993 2,625.000 504.265 1993 2 31u.O(Il) 351,`: 1995 2,335.000 :97.475 1996 1.510,001) 1997 1.460,000 I o)1. 31 to 1995 370,000 102. 071 1999 3911.0110 81.950 2000 415.090 60.500 2001 445.000 37.675 2002 240,01u 13.7u0 $1 17.392, )11U S45.860.2.9 thik $21.1,01111.1100 l tie total Principal Intetest 5 15.219076 S S 77(),000 S, 14, 744,M6$ 1, 540.000 t 4,122,682 1.755,000 1,540.000 11,34 3,946 1,760,000 1,443,475 12.4.3s.9 19 1.760.0.0 1,346,675 16,9,-4.730 1,760,000 1, 249,8'5 9.,,57iO4' I, (4),(100 1,I53,015 9314) 9')2 1,760,1 -10 1,056.275 8.707.354 1,745,000 959,475 8,244.147. 1,750,000 863.500 6,956.576 1.750.0(0 1 7 67. 250 6.505,14 7 1.7 5)1,0 N 1 671,000 5.7441.349 i.I 71; 0+11) 574,750 5.342.542 1.1711,00,) 510,40(1 4, i 3 o.242 1.165,0110 446.050 3,6".9,775 1,165,100 381.975 .4.1 '9.265 1,165,1100 317,900 ..eyi. 62 ►,1..,11U,1 253,825 2.632.475 1,155.01)0 190,3(8) 1,729.650 1.155.000 126.775 1,6'0.300 1,150,0)8) 63,250 471.1,0 475,5)itl 4 S 2.675 25 1.200 fiotal t;rand total ltequirementty I.t:tt Self.. Supp )ttiNg 11cbt it(squirt mutt total ttequitements tot t;enetnl Obligatton !tooth. 770.000 S 16,019,076 S 1.732,881 S 14,286.195 1.540.010 16.2;4,56 : 1.703, 291 14,58 ► .577 3,195,000 17,4 17,68 2 1,714.090 15.703.592. 3.203.475 16.547.421 1.671,694 14,875.727 1.106.675 15,745,594 1,678,192 14.067,402. 3,009.875 13.994,605 519,527 13,145,078 2.913,075 12.765,117 612.327 12.092,791) 2.816.275 11,857,267 654.955 11.202.312 2.7041475 11.41 1.529 651.512 I n,760.317 2.613.500 10,857.642 (146,4 12 10,211,210 2.517,250 9,473,826 641.785 8,832,011 2.421.000 S 926,147 637,320 8,288,827 1,744,75() 7,485,094 4x3.837 7.001,262 1.680.400 7.022.942 482,310 6,540.572 1,611.051) 5.741.292 45x.i 15 5.283.1 77 1,546,975 5.23(1.75(1 4o1,105 4.775,6,15 1,482.900 4,612,165 458,325 4,153.s4) i,40b,e25 4.100,,s7 4('O.0 3,640.312 1.345,300 3.977,775 460.925 3,516,856 1.281.775 3.011,4 2S 464,150 2.547.175 1,213.250 2.s33.550 466.275 2,367.275 472.300 472,300 -0- 471.950 471.950 -n- 475,50))-175.50t1 -0- 482,675 4S 2,1,7 .0. 253.201 253.200 -0- c)64,2.-59 52b.0u00,(I110 516.225,8_25 S44.2'5.825 S207,478.0s4 SI9.604,s08 _I57.S73.2:6 1`ote: interest on the S2S.000.000 Bonds now bring offered for sale has been calculated at the rate of 5.507i for purposes of illustration. Dated April 1. 1977; (First interest coupon due October 1. 1977 and semi-annually thereafter %%ith principal due on April I. 1979 through .\ pril 1, 1 `197. 1 •#'•I'.i.0314 kl '►t t--Mi.401:10 !N1)ao!;L'1: PROOF t11' 31/7/77 OUTSTANDING t;tNIIAL OBLIGATION BON )S September 0419'f6 Phial �tatutit} Amount Amount tom' Obligation hole bated Prat issued butatptidinR Fire Fighting Facilities 3-1=58 1988 850,000 475,0(10 Coconut (iro%c 1neinerator 3.1-58 1988 1,100,000 615,000 Refunding Sew age. t)ishos,iI Bonds 1>1.62 1990 14,565,000 8,260.000 Dinner 1:e l'.larina 6-1-65 1985 2,370.000 1.120:000 Land Acquisition Bonds 6.1>65 1985 700,000 315,000 Hay front Recreational Facilities 8-1>67 1987 2,250.000 1,290,000 Recreational Facilities 8-1-67 1987 1.000.000 560,000 Sturnt Sew et Itttpro+cmc;tis 8>1.67 1987 1,000,000 560,000 Sanitary Se++er 8-1-67 1978 1,500,000 300,000 Recreational Facilities 7.1.68 1988 1,500,000 960,000 Storm Se er Improvement7.1-68 1988 1:500.000 9450()U Sanitary Sew 7>1>68 1988 5.000.000 2,235,000 Convention Center 5-1-69 1989 4,500,000 3.U6O,O(10 Sanitary Sever 5-1.69 198U 3.0011,000 1.200,000 Fire I ighting facilities 10-1>70 1990 1.000,000 725,000 Police lieadyuuHers 10-1-70 1990 1,500.000 1,100,000 Pollution 'Control I aeilities 1U-1-7t1 199U 3.000.000 2,200,000 Sanit ar+ Se++ers 10-1.70 1990 7,000,000 -t,150,000 1 l igh++;i. Imp' oreinent 2-1-71 1982 3,O(Itl,(IU) I.8(10,Ot)0 Storm Se erImprovement 2-1-71 1991 1,500.000 1,180.000 lligh++a) Ihilnovcmeiit 9-1-71 1991 2,000,000 1,'6U,Uiltl Sanitary Se er 9.1>71 1991 5,000,000 3.420,000 Fire 1 i. hting 6-1-72 1992 !.100.000 925.000 Sanit. iv Seer 6-1-72 1992 5,000,000 3.725.000 Police Ileadcluarters 6-1-72 1992 1,500.000 1,260.000 Storm Se er iinpro%ements 6-1-72 1992 3,000.000 2,520,000 Street & 11ighvas 1mpro+ements 6-1-72 1992 2.000.000 1,535,00(1 Public Pit & Recreation i Facilities 10>1-72 1997 28.350,000 24.8I5,000 Storm Sc++er 1mpro+einents 9-1.73 1993 2.000,000 1,790.000 Police headquarters 9-1-73 1993 4.000,000 3,580,000 Storm Se++er improvements 3-1-75 1995 3,000,000 3,000.000 .Sanitar) Sewer improvements 3-1-75 1986 5,000.000 �,000,000 Police lleadqu:�rters :3-1-75 1995 8.000.000 8.000,000 Street & 11iith++::y Improvements 3-1-75 1986 3,000.000 3.000.000 Sanitary Sewer Bond:, 10-1.75 1995 5,000,000 5,000.000 l'olice Headluarters 10.1-75 1995 2,000,000 2,000.0('0 104,180,060 F,t',1'4. ►Y'3J4 21 K1.t 111►' -- i+tl.aMi .HON ISSUE t RCUJi~ t)Fa!9,'99 btY StANi)tNt 1: 'I. Jt AND SPINAL OiiLifA 'ION t t M)S September AO, 1976 final Special Obligationlinndissue 13utebt atutitt Attlnunt Amount Het chile Bond Issue Issue Petit Issued Outstanding Incinerator Iterenue 7-1-51 1981 3,330,00C1 844,000 • Six:dal Obligation Capital Improvement Series A 9.1.54 1981 6.000,000 1,630,000 1nipro%email Series 11 9-1,55 1981 1,250,000 250,000 Improvement Series C 9-I.56 1981 1,000,000 215,000 Improvement Series I) 9-1=58 1981 1,800,000 478,000 Iniproc'ement Series I 3-1.66 1981 900,000 355,000 Utilities Service `1'a\Series .A 2-1-63 1988 3,125,000 1,800,000 Orange 13uccIOpccial Obligation 3-1-67 1982 1,900,000 910,000 Orange 13ucc1 Warehouse Re enuc 12-1-69 1982 105.000 69,000 Orange I3occ 1 Warehouse Rcc enuc 12-20-74 1989 225,000 216,000 O1•I'Sirect Parking Revenue Series A& 14 4-1-66 1994 4,800,000 3,315,000 Series C 4-1-73 2002 3,150,000 3, i30,000 13,212,000 0314 1t:3.�'it 1 — NMM is1;►' U3h51't :}'#t004' 0 1'179 1: iacpl4 Feat t97h-77 1977.78 197i-79 1979.8(1 1950.81 1981-s2 19S2-S 1 Ns 1-s4 1954-'5 I9S 5-st) 19s6-s7 1`)s7-xs 19Ss-S9 19s9.90 19'10.91 1991-1)2 1992-93 1993-94 1994.95 1995.96 f99b-91 Fiscal cars i976-77 11;77-78 197>;-79 1979.s(1 19S0-sI 19s1.82 19s2-s3 19s3-s4 19s4-s5 19s5-so 9st,-s7 19x7•ss (9S)i-s9 19s9-9() i 991).91 1991-92 :992 93 1993.94 1994.95 1995-',lt, 1996.97 tiLNE M. c)tlt.tGATION tIONIWtiIII Pf1 1fitt'At. AND IN-t•Etit:y-t' ttA`rt'Rrt 1VN September' M) 19'16 annual Itertuiremeht t'ntn t'rihciha) interest $ 13.516.195 $ M.2"5,00(1 1,(141,577 N.270.0'o 12,40x.592 \,I(15.hi)tl 11.672.252 7,s1111)00 0060.727 .535,00(1 10,135.203 7,105.0n0 9, 4'1).715 r,, 5 2u? ,u 8.3100137 ,.l117 055,s42 6.060.0130 7.597.710 5.919,0n1) (1.314,791 4.9tl`' 3R)I l 5 s6`,s27 4,6s5,0I0 5.2.56.512 4.S60.1 72 4,((``0,(1111) 3,h;.,127 3,IIid1(0,II) 3,225,670 _2.7'..u99 2.670.940 _2.35n,t410 2.231.45' 2.I1_'0,:I011 2.171.55(1 2.(I 2(I,I 11 1I 1 1,2(,5,S00 I,is51100 1,154,025 1.1 i5,I'tli) $143.3,47A i S ((.; i:11.0oo S 5.241.195 4, 71,5-' 4.30 .5,)2 3,100.201 2.659.`15 2, IU1.,(I 3 s12 i.t,'7.7it) I.401,791 1.15"N2 1,6(012 0, i 1,12,127 455,670 32(i9.U' _'I1.4s7 1.11 „1 ,12 5 Fond Recreation Acquisition Facilities S 35.000 $ 130.000 5 35.000 130,000 35.00;1 125.000 35.000 130.000 35,00(1 1.10.001) 35,(101 110.(4o 1 35.000 130.011 350)0 130.000 35,000 1311(1011 13(1,000 130,0(N 1 ((0,1)00 5(,29t1,(e'(1 S:etundiri; Stasat'e Sanituts St' i '. 59(l,n+ni 5 3.0')n,ul,1 591).1.1.4I 3,09(1,(too 591),(4)1) 2,94i1,11'nl 500.011!! 2,665.1 t(li l 5911,1((I(1 ,'. Hill..,,) 59ii?1(Il 1 94+i.f l `90,1(00 I '1(II,0 )'1 1.325.0'(0 590,0i 10 1,125.0(0 590,000 1.315 000 590,000 1 620.041 590.000 620.0011 590,000 495.000 590,000 445.000 350.0tX1 240.000 160,000 170,000 5 Coconut titnlc t'ton eittinn i)ittoct key 1•'irct)tthting incinerator Center Marina facilities S 40.000 S 240,000 5 125.0n0 $ 145,000 45,1100 215.(1(1(1 125,(100 145,01)0 45,000 235 000 125,0(10 145,000 A5.000 235,11(0 125,00') 145,000 50,0110 235.000 I 2.5.000 150,1100 51),01)0 235,0111) 125,000 145.001) 5u nno 215.000 125.000 145,000 55.000 235,000 125.000 150.0011 55,000 235,000 120.000 150.000 611.01!!) 235,1)111) 155,000 60,0(1(1 235.000 35,f1) i 55.000 (1(1.000 235,000 155,000 235.000 1((1(I(III 110.1110 60,0110 60.000 So,ISluul 54.1',l),' 111) 51,lal.111It) $2.125.109 Shorn Scncr' lnlprmeiticnt l,40 ('u) $ r,u5.nu0 (49.0L.) 1.65.01N0 639.00) 11G5 (1i19 1r25,11(19 1. h5.1)11(1 (,IS.III41 s(7(111J (,25,9I11 (•70, !)(ii 5;'s.();1:l 610,0E1 455,0(0 41.5,iI11) (.15.(100 450,000 0?5.000 15(4ti1MI 5',(I,l101) 150.1100 5(X).t l(10 150.000 5110,n(19 i 5(,000 500.000 (45 (1(111 420,000 45.000 260.000 155,000 Si(51Nln SW; (hill '.\=t•(1(NN1 52',0;0,(N10 S10.90.(+141 *October 1 to September 30. 23 }'olit•c i t(:jdgt/aricrs $ 91(000 9((S,t111() 11;i5.i 7(i) 91)5,i41(1 905,1i11 9115,(1(10 91)9.000 s9S(Nxl )0 5,001) ss5,()g0 875.000 717S,1N1(► 870.000 1120,000 1, 20.000 745,000 520.000 520.0(l) Pollution Coat; $ 160.000 1(0.000 160.001) 160.00) ) 160.0 155.000 N) 155.0(x0 155.04) (55,0(x 155.OUK)) 155.11(Kl 155.0110 155,000 $".!' 5016/:1_OVJ.I1111) • & Reett•iltion I atifiOcs 1,1s5,'IO0 I, i i `.n1:1t ) 1.1S5Ai111 I,Ih5,(I((t I,1 5P:10 1,1,s;,,Othl 1.11+5.0) N,) i,11i5. 00 1.165.()0 1,1N5,000 1,145.0U0 1.1115.11011 1,Is5.001) 1, i r15.000 1.1 15.1100 • IU'A1,; ,1 -- S1 .yMI ICAO O1h.'i,1'l; PRO(} 0.1`31/9r 197(:-7 7 1977.78 I975-79 1979.50 I9XO-S1 1981-tie 19).2.53 195 i. 84 1984.85 191(5.S6 1956.1: 19a7.55 1988-89 191s,4-9I) 19)0.9 ) 19')1-92 1992.93 1993.94 1994.95 149.`.-96 1996.9 7 I997-95 1999-2000 2003-111 2001-02 tt1Ni'ESiUL 'tttatvicAtt-::s A ti SPI:C'1At, t) H1.JGAT1O i nth 'DS 1 I't't tt I AND N t AtU tt t't`t S September *ti,1976 1976-77 1977.75 1978-79 1979.80 19S0.81 1981.82 Orange finalSpecial Ohiit!:Ilion Principal interest $ 135.000 $ 37,310 5 140.000 31,775 2(.,035 150,a(k) 155.0(0 19,885 1(15,000 13,530 165.00(1 6,76; $ 9I0.t)I) S 135, 1111) Parking 1'ttcilitics Refunding & Itctenuc her.. & 11 Principal Interest iota! $ 3 25,110O 13(1,000 135,000 14(1.000 150,0011 155.000 ) 160.000 170.000 175,0)10 185.000 190,000 200.0)10 210.000 2 20.1,0) i 230.011(1 240.00(1 25(I00l 25(1,Oi 10 s )53,(dlll ►47.975 1.12.125. 136,05O 124.750 123.(xxl 115.57O 3)'5,511) 1(10.690 92.640 84,130 75.2.00 63,1(k) 5.5.910 45.590 34.-8(1 21.500 11.7511 5 2 `.('UU 277,9 . 277.12_5 27(,,050 70. 7(1 278010 275.s "0 273.00 7ti,510 277.640 2.74.1 3U 275,2oo 775,tiU) l 275,'J 10 275.590 _74.7st) 273.500 2(.1. 50 Incinerator total Principal Interest 172310 5 166,010 5 31,650 171.77. 166000 23.425 176.1)35 166.000 19,200 174,555 173,000 12.975 175, 530 17.1,000 6,4 SS 171,765 SI,Oa5.3010 $ `.I4,0n1) Parting I n(•iiities Resenue Series Principal Interest 5 5000 11000 10,0O') 10.0/X1 10,(x)Il ►(1,0x) 10.000 10,0(xl )5,000 15.0(x) 20,010 20.000 20.000 20,0' 11; 20,000 25,000 2j (Jill) 40,000 305.000 325,(1;ill 34 5,0(10 370,018' 390.000 413,(l00 44 5,0(10 240.000 5 173,625 5 173.325 172.725 172.125 1-1.525 170.925 r(1,3_25 1(9,725 169.125 161,225 167,323 16('.) 25 164.925 110,72_5 162.525 161.325 159.825 I5S.325 155.925 139,156 121,275 102?00 811,930 60,50)1 37,675 13.2(x) $3.115.0uU 54:646,i9(t $4,961.890 S1.1;l.1KY) 51.7r.7' t',F,P4, #3314 OK Special Obligation Series A, 11, t', 11 and V. total Principal $ 197,650 $ 565,0(10 191,425 563,000 115, 200 600,1110 185.975 585,0110 179.488 615,000 �. 95.738 ¶. 919,73t Tonii 178.625 iti3X.5 152.725 1152.125 181.525 1 ti0925 1 %0.3 25 179,725 184.125 183,225 157,325 ) 86,125 I54.925 183,725 152,525 186,325 184.s 25 19s.325 460.925 464.150 46(1.2_75 472.3(X) 471.95() 475.500 4S 2.675 251.2)h! S(,57.7_5 • 24 S2,928.00O I'tilities `er.i-e Blinds Interest Total Principal SU,11(11) 150.1100 150.000 3 5(l,010 150.0(1)1 150.000 10 150.n00 151) 00O 150,000 130.000 15(1.000 15(1.0(10 S1,,IU1,(kkl RI \IPA-1)11.0".11 -ttIi.i)1'.;tit'I. 5 56.8150 S 32.050 47.250 42.41 2 37,537 32.625 27.675 22.725 17.7/5 12.750 7.650 2,55(1 tntereSt $ 97,90(. 5 78971 60,220 40,075 20.590 Total 662,906 (141,971 660..7 20 625.075 635,590 $297,76'_ S3.225,762 2(I6,S 511 21)'_,0 (1 197.250 192,412 187.537 182.625 177,675 172.'725 167,775 162.75() 152.550 ()range final 11'archettr(' Rii cone fonds ._.. Principal interest Total 5 I ti.01(0 S I7,')40 S 35,000 16,770 34,7711 20,0)l0 15.535 15,535 21,a(k) 14.202 35.202 23.010 12.772 35,772 25.0011 11,212 316,212 29,11110 9,457 1'5,157. 16.000 7,995 23.995 17.000 0,922 21922 17,000 5,517 22.817 18.01ill 4.(.03 22,650 20.000 3,445 23.445 21,0(k) 2,112 23.112 22.0110 715 22.715 $359.850 52,159,S50 $ $129.577 51414.577 1'ROC71, ill 3<1/77 StAI A tST � lttt iL"t AND OVIIILAPPING 11t14t September %O,19'76 Peterhtage Applicable to Slime Net Beta° City" City of Miami Dade County Consolidated School District S 103.8 26,694 193,644,250 -0- $297,470,944 ritOt Share tit iiehi 100.00r'F. S i (► g L)6,694 1.i.39`c 43,156,948 -0- -0- S147,18.1,642 *Net Debt figures ate as of September 30, 1976: **Percentage applicable to City for Dade County and School Districts based on January I, 1976 assessed valuation. 110N1)S AL'T11O1 1ZF.D 1U'T NOT ISSUP.,0 Flit S81.475.000 bonds ❑uthot izcd and appru' ed hthe voters on June 30, 1970 herein listed have been issued in part and the amounts of such ponds unissued are as follows: Authorised Previously- Issued Proposed Issue Authorized hut Unissued.. Sanitary Storm ili�hN ay lnipro'.c- mcnt% $25,000.000 510,000.000 S I7.3 75.000 22.000,000 8,0(10.000 5.000.000 3,000.(100 2,000.000 5.000.000 -0- -0- 7,375 000 Police lined- quarter% S20.000.000 17.0' 10.000 3,000.000 -0- Fire Fight- Pollution inp Control S2.100.000 S7.000,000 2,100.000 3,000.000 -0- 4,000,000 The S35,000,000 bonds authurired and approved by the voters on .September 28, 1976 herein tilted and the amounts of such bonds unissued ore as I'uls: Sanitary Fire Soler% t'ithting Authorized S25,000,000 $10,000,000 Proposed 1 ssae 10,000,000 5,000.000 Authorized but Unissued 15,000,000 5,000,000 PUBLIC PARK ANI) RECREATIONAL FACILITIES BONDS At an election held on March 14, 1972, the qualified electors approved the issuance of S39,890,000 of Pttbin; Park and Recreational Facilities Bonds. 1 hose bonds were validated by judgment of the Circuit -Court of Dade County, Florida on M.t} 23, 1972. The was affirmed by the Supreme Court of the State of Florida on October 11, 1972.5;2S,350.000 of this authorisation have been issued and S11,540,000 remain unissued. 25 kl:a'If 4.1' ,1I.\MI I;crStr IS'i_'i 1011ou1: / /77 Iit)tiSItit; BONDS the voters of Miahii voted favorably (0.7.19 for: I8.26S against). in the March'9. 1976 election. for the authoritation of S25.00O,tf)O General Obligation !lousing Bonds. The bonds were validated on i`ebruar\. 17, 1977 and will be sold front time to time as funds are needed. It is expected that in the fiscal year ending September 30. 1977 some of these bonds will he sold. `i'he bond stoney is to he used as added collateral and security for i)ade County !lousing Authority to sell revenue public housing bonds. I:C'ONO\lit 1:A1CTOtls t'he following information and data concerning Dade County are significant in indicating factors which substantially affect, the City oI' Miami h, reason of its status as the largest municipality. in Dade County and its completely urban character. 'I'hc 1970 census population of Miami was 33-039, representing 26.4"i of the total population for Dade County. (►nterntncnt of t)ade County The Florida Legislature in 1955 approcetl and submitted to a genet:tl election. a Constitutional Amendment designed to ,site a new Lorin of o%ernment to the Gunnar of Dade. The Amendment as approved in a state-wide ,general election in No% ember of I9.56.:\ Dade County Charter Board was constituted and in April, 19.57 it completed a drai't of a charter fur tier County. The proposed Charter was adopted in a county election in May of 1957, and became eIIecthc on July 20. 1957. The erecters of Dade (.outtty are granted power to revise and amend the chatter from time to time by county -wide rote. Since its adoption the Charter has been amended in 1961. 1962, 1963. 1966. 1967. 1')69. and i 972. It now enjoys I ionic Rule suhieet only to the limitations ()I' the Florida Constitution and General State Laws. It is, in effect, a municipality with governmental powers effective upon the twenty-seven cities in the County and the unincorporated area. It has not displaced or replaced the cities but supplements them. The County can take o%er particular activities of city's operations (1) if the services fall below minimum stand,uds set by the County Commission. ur t 2) w ith the consent of the governing body of the city. Since its inception the Metropolitan County Government has assumed responsibility on a County -wide service basis I'm a number o! functions. includini' County -wide police services, complementing the municipal police sere ices within the municipalities. ith direct access to the National Crime Information Center in Washington. D.C.. and the I lorida Crime Information Center: uniform system of fire protection. complementing the municipal lire protection sere aces w ithin ten municipalities and providing full service fire protection for seventeen municipalities which tia%e consolidated their lire departments with the County's fire department: consolidated two-tier court sy stem conforming to the re%ision of Article V of the Florida Statutes which beeame effective on January. 1, 1973: La cation (tithe ,Miami -Dace \Prater and Sewer Authority with the responsibility for developing and operating a Count y-w ide water and sewer system under a single body composed of sec en members appointed b; the 13oard ol'C'uuntt Commissioners. coordination of the various surface transportation programs and extending into the planning and .development of a unified rapid transit system: installation of a central traffic control computer system which will computerize the traffic management: merging of all public transportation systems into the County system: regulation of all taxicabs within the County: effecting a combined public library system by the County and eighteen municipalities. which operates the stain library. seventeen branches and six mobile units -serving forty-four County -wide locations: centralization of the property appraiser and tit\ collector functions; furnishing data to municipalities. Board of Public Instruction and several state agencies for the purpose of budget preparation and for their respective governmental operations: collection by the Dade County Tax Collector of all taxes and distribution directly to the respective governmental entities according to their respective tax levies: and prescribing minimum acceptable standards adopted by the Board of County Commissioners and enforceable throughout the County in such areas as environmental resources management. building and zoning, consumer protection. health, housing and welfare. ^6 RI VII w — MI+tw11, SON!) 1 ;St'i O1'317;71 the U.S. Census figures for 1970 Show that the working group from ) years through age 64 makes up 54.1 of Metropolitan Dade County's population, compared to52.3`; for the entire United States. The percent of POPulation 65 and Deer exceeds the national average by 3,8'i. AGE GROUP AS A M:Rt1 Nt OP TOTAL POPULATION 1970 NIettnhnliten Age (tnup hilted !+tetra Prrrentag t)nde C'ot►rtt I'rtrrnt*ge f 0-5 17,154,337 8.4 86,172 6.8 5-9 19,956, 241 9.8 107,062 8.4 10-14 20,789,468 10.2 113,205 8.9 15-19 19.070,348 9.4 103,050 8.1 20.24 16,371,021 8.1 89,329 7.0 25-29 13,47(6,993 6.6 75,785 6.0 30-34 11,430,436 5.6 71,059 5.6 35-39 11, 106.851 5.5 73,200 5.8 40-44 11,980,954 5.9 83,372 6.6 45-49 12,1 15,93') 6.0 82,701 6.5 50-54 11,104,018 5.5 75,701 6.0 55-59 9,97 3,02 4 4.9 69.635 5.5 60-64 X,6I6.784 4.2 64,804 5.1 65-69 6,99 i .625 3.4 62,213 4,9 70-74 : ,443.831 2.7 50,155 4,0 75 and over 7,630,046 3.8 60,349 4.8 Total 203.2 I 1.926 100.0 1,267,792 100,0 Tourism -Tourism is, and will be for the neat future, an important economic force in ;Miami. The combination of favorable climate, together with esccllcni. recreational opportunities - theatres. ballet, s�ntphony orchestras, famous entertainers. parks. public beaches, yacht basins, fishing, golf. outstanding restaurants, racing, all spectator sports. historic site::. and other 'curd and seater recreational facilities too nunicrous to detail - have made ?\Naafi a tourist mecca. Miami is also one of the foremost convention centers in the United States. fleshless and Industry Dade County in recent )ears has begun to shift from a tourist -oriented economy to an economy eeith a widely diversified economic base. Industry and manufacturing are strong forces on the economic scene in Dade County. While the County's share of Florida's expanding tourist trade remains tine of the major econon i:: forces. its attractiveness as a residential area to skilled labor and its selection as the site for major and smaller light industrial activities have combined xe ith tourism to produce a diversified economic base. Dade County, in addition to being the tourist capital. is also the industrial capital of Florida, having more than twice as many employed in manufacturing as any other county in the State, The :following chart gives the September 30, 1976 estimated employment in non-agricultural establishments in Dade County. Florida. These figures are compared with the corresponding figures for September 30, 1975, 1974, 1973 and 1972. 27 10.111.` - Alt:1'1t1 it)%I) I!stit 1 MOM' 3/7/79 li Estt\t:Attti I NIPLlt1'Mtt; T SONAtittittlititAl. 1 sT..tt1.tsUUN1 SitS DAM:, t:'OUN1'%•. I~ 1,Ottl l):\ (t'tcliatcd bt the State of rintidii t)el'nttrncnt of Cunt tnette in i' 161) htti0h With the l .S, I#ttteatt of Lahnt Statistics) t:Stini ted'towl 1•:n1p►ot nteni n4 nt: Septetnhet Se'ptcit her September ficten�her �+etttcinber Major tnductricc r 11 1976 1975 1974 p1im 1973 •R)'I'A I 569,800 584.000 608.300 606.800 551.700 l\I:\NUI:AC`f Ulti\(i 82.600 _84,800 91.900 95,300 �t .40() Da rabic Goods ^32,500 34.600 39,300 40,700 34,700 Furniture & Fi\tures 3,600 4.000 — � 4,800 4,900 4.400 Stone, Cla'. & Glass Products 2,600 2,800 3.800 3,900 3,400 Fabricated Nletal Products 6,100 7.800 8,900 10.100 9,200 — Machinet (2) 7,900 8,000 K,800 7,300 5,900 Transportation kit, ipment 2,800 3,400 4,10(1 4,900 4.200 Other Durable (;uuds 9,500 8,600 8,900 (1,600 7,(600 Nondurable Goods 50,100 50,200 52,600 54.500 _ 48,700 Rood & Kindred Products 7,100 7.100 —7.100 7,600 7,000 Apparel & Other 1 e'.tile Products 18.00(1 21.400 22,000 22.70(1 19,500 Printing & Publishing 6.500 6,600 7.100 7,500 7,200 Other Nondurable (iuuds 18,500 15,100 16,400 16.700 15.000 CON 1.RAC' I CONS 1 ltl'('-I ION 21.000 37,400 42,900 44.800 36.900 IltANSP(MTA-1 ION. CO I MM UN IC.\.1 ION & PUBLIC (11-1 I.l 1-i LS 57.300 55.100 57,800 62.400 60.500 Lor•rl & InterurbanPassenger Transit 1.500 2.300 2,200 2,100 2.200 Truck & \\':;rchoasing 6.100 6.300 6,800 6.600 6.600 Air "1 r'unspurtatiuri 25,600 23,000 24,000 30.000 27.900 Other Transportation 7,300 6.400 6.900 6.500 7.000 Communications & Public ( tilities16,800 17.100 17.900 17.200 I6.800 1'R A I) l ., 145,000 148,900 154,400 151.700 141. )00 Wholesale Trade 42.700 41.800 44.500 41.900 39,701) Retail Trade 102,300 107,100 109,900 109.800 102.2O0 Bldg. Materials& [armV_._.... . _..__. —_._- I quipment 3.200 3,900 4.200 4.000 3,700 General Merchandise 20,900 25.100 24,100 23.300 20.500 Rood Stores 16,70(1 15,500 16,700 16,600 16.100 Autumutile Dealers & Surf ice :Stations 11,500 11.800 12.700 13,300 13,200 Apparel & Atclrssur\ Stores 7,100 8,100 7.800 8,300 8.300 Furniture, 11imie Furnishings Steres 5.800 5,400 5.800 5,200 4,900 rating & Drinking Places 25,600 25,500 26.600 27,9(10 24.400 Miscellaneous Itl•tail Stares, 11,50(1 11,800 12,000 11.200 11,100 FINANCE, INStilt:\NC!: & ItI:A1. I:STATI: 43,500 45,600 47,000 44,300 40,100 28 F,t ,1'.1. #3314 KI:VI I '1.V — SHAMI HON I) ISSUl: (Continued) V BUUF'()t'3/7/77 SERVICES & NI ISCLILANLOCS136.000 li141,000 125.000 --- - ---- ....._ otels & ()diet Lodging Plaees i37,800_ 2.1.3(K1 14 l „4OLL 12.80(1 E,906- 1 5,800 20,s00 9,300 9,500 Personal ServiceN 7,400 9, i 00 :!.1,900 9,100 Miscellitlickitis 130,,iness Sett ice'. 24,900 19.900 Niotion Pictures 2.1,200 2.4.400 1.400 1,400 ;:Xt)4(1(7,000 (: IA00 1.600 A MIlsentent & Recreation 7.800 (.200 Niedical & Other !k36,200 ali!' SeiA ices 7,700 34,000 33,800 Othei Ser. ices & NI keen:1110ms 32..10(1 27,200 i ndust ries 45,200 42,900 44.200 43.900 38,700 Govr.R.,‘;m1...,„,,, _8.4140.0 74,4',K) 72,300 67,000 3.9t)° (1) ;111 indu,trics are classified according to the Statittaid Industrial Class;fiLatioa "'datum!. 1967. Ali data iire adjw,ted to lint quarter 1975 benchmark loci,. ('.) I ih.ludes both elects teal and non -electrical machinery. The twenty largest private emplo)crs are: Eastern Air Lines 12,000 Southern Bell Telephone Co 9,573 Llorida Power & Lieht Co, 4.4365( )°3 National Air Lines Co. 4.200 Burdines Sears 3,700 Winn Di ie Stores 2,777 Southeast Banking Corp. 2,744 Food Lair Stores 2,671 Jefferson Stores 22:500( 5i 1 4 Delta Air Lino 2,064 iami Burger King 1,938 L,77()0 50 Pan Americi.n Air 1.itle, Grand Union Storcs Bolin PP"' el. Inc. i,n20 Cordis Corp 1.500 Publi‘ Stores 1.378 Sum c Shoe 1,330 Coulter Electronics 1300 Adding to the er,,itied economic base is its growth as the location for many national and international firms doing business in Latin America. Among them are such corporations as Dow Chemical, Gulf Oil Corp.. Owors-Corning 1 iberglass Corp.. American 1 lospital Supply. Coca-Cola lincramerican Corp., and Ocean C hemicals. Inc.. a subsidiary ol Rohm Ilaas Co. Other national firms which established international operations or office locations in Dade County are Alcoa International, I.td., Atlas Chemical Industries. Bemis 1 ntcrnatlonal, Pymo, Inc., International MI -voter, Johns - Manville Inlernatiomil, Minnesota (3-NI) Export, Inc., Pfizer Latin American, Royal Export and United Frail. tT.P.I.#3314 29 NMI B(NI) iSsit Ili0Of Of 3/1,11 lntttlie1h11t stitut€on% Where are 95 hunks located in bade Uuur0 t+ith a total of over 55,526;0;0 in deposits. t)ernnnd 1)epos€ts awl Bank 1)chite Nuniher of Pent ttnnkt t)rrndnd I)epncit% stank tYcbit% 196(1 36 $1,150,924.000 S 15.682.000 1965 63 1,744,453,000 21,869,000 1970 68 3.257,368,000 46,086,000 1971 71 3,614,491,000 55.129,000 1972 77 4,432,841,000 62.168,000 1973 83 5,193,728,000 80,030.401 1974 91 5,493.965,000 91,205.336 1975 93 5,296,569.000 90.037,666 1976 95 5.526,615,000 95,569,000 Dade Count \ is also increasing its international financial activities For the United States, resulting From the location of f:lior northern and '.eeste: t hanks in the Count, such as Bank of America, Dank of Roston, :Linkers 'l iust Co.. Cha'.c Manhattan Bank, ('itiit'ns and Southern Bank. First National C'itBank. Irving Trust Co., Noithein `I rust Co. and .1 he ‘1'ellc Largo Bank. The Federal Reserve System has located a branch office`, in Dade C oantto assist the Atlanta office y. ith financial transactions in the South Florida area. Such branch received full branch status on jui. 1, 1975. Building Permits City of ltiatni t)adc ('nunt� fear 1009's l t MIN 1971 156.239 760.228 1972 241,967 1,296,235 1973 190,026 1,119,141 1974 113,619 786,760 1975 60,750 4(14,585 1976 80,744 300,243 l:duentlnn tde C aunty pro‘ ides outstanding educational facilities on primary. secondary and college levels. Colleges and universities located rt it h in the area are: University of Miami Al iami-Dade Community College Florida International University Barry College 13iscat) ne College j'.t' I',3.IY3;I4 30 RI.%II:Ny--4t1:aNI1 HUJ)i:•,st .1 1'130QF0I'i?7/17 n gchttol ttiro11ttieut Public Schott! Systetti 1971 245,275 1972 242,190 1973 244,565 1974 246,548 1975 243:444 1976 239,S0(1 Metliicnl l ltcititicS There rite 42 hospitals located in Dade County. Agriculture A significant factor of the ecunl)tm of 1)ade County is its agricultural production. 17;Idc County leads I'1Otida in the production of limes. ocados. mangos. tomatoes and pole beans for fresh market. The mild climate crops to he gro«n and lianc,tcd during k‘inter months. and the tropical fruits gro 11 bete cannot be grkmn el.ek‘here in the countr. \lure than 100 million dollars of agriculture products are produced annually. and the total retail %aloe of these products is estimated at appro\imanell 300 million dollars. Millions of dollars arc refloated each \ear in the marketing and distribution of these products. It has been estimated that farmers purchase goods and ser5 ices in e\ce .s of 50 million dollars. Recreation The Ni i, ini ai ca is famous for its sailing. deep sea fishing and hunting in the h1 crglades National Park. Athletics fur the spectator sportsmen include Professional Football. Baseball and Basketball competition. tlnikersitcompetition in sports. Open Golf tournaments. ments. and professional e\Inbition games. There are t%%enty public and eight private golf courses in Dade Count. There are 297 public parks and playgrounds 5\ ith a total of-10S.710 acres. iscel lanvous (R0\\1'il FACTORS 12LLA11VF TO min: COu1'1'\', FI. )Ul1)A W4T1'12 11 1 CTItICI'rl II'I.CI'llO\1'ti Number (onwmptinn 10111 sruntbcr \1.n. ' I'u.l Sales l'as. of \1illinp.of Sold Commercial Itc.idculinl ii 1'ebicic Office Cnt,'cctions Vest \Icier. GO.. luau's! Customer ( tattooers Sol ice t iristialion Itcccipt tOtlll'sr 1950 59.613 Is,0si 780..'95 19.233 144,902 2110.687 222.839 S 5,677,073 S 12.761 1955 77.637 26.1170 1.714,338 23,919 22(1.003 325.s53 177,093 9.868.686 22.6„ 1957 83.291 29,29n 2,319.301 26.046 254.013 419.92S 448.716 12.101.825 32.63') 1960 86,918 32.440 3.344.041 28,993 258.987 516.715 492.999 17,396,609 41.666 1965 92.657 51.310 5.1'1.535 31,472 341,328 649,457 601.149 25,424.3.1 58.1)42 1966 94,516 45.9s7 5.(.76.151 31.937 354.3110 (689.9 i7 613.402 2.7.091.324 61,711 1967 96,IS5 48.(.01 6.294.814 32,35I 161.262 740.540 671.210 28,641.261 69,807 1968 97,1711 50,127 -'.153,631 35,296 383.455 73/2.654 730.922 14.553.865 99,703 1469 98.1St) 50,1014 5.I65')s9 37,746 401,922 859.684 796.455 37.322.879 124.241 1970 100.033 55,879 9.134.1S1 39.452 419.957 918.131 823.442 19,4114,5'0 14(1.227 1971 IO1.221 55.073 111.117,519 41.155 443,419 995.606 863,564 45.251.5'3 155.0a1 1972 I05.166 59.55 t 1 I.237 94S 43.2t.2 46(1,814 1.092.960 925,881 51.304.014 1 78.f65 1973 117.807 64.785 12.164,376 f,0.0111 488.642 1.181.573 995,000 51,679,418 193.845 1474 120.936 69,020 12.162,021 52.594 501.1140 1,216,761 1,009.855 59.884,081 233.4s7 1975 122.870 69.437 12.416,964 53.334 494.269 1.235.015 1.1)40.047 71,088,591 218.347 1976 126.500 70.7711 12.388,600 55.2011 511.900 1.251.390 1,200.212 78.807,66I 224.1S01 Source of Statistical Data: \1ianli-\1en.o I'uhlicitl &'Tourism I:conenaic Soviet) of South 1'1orida 31 #33111 1(1 V'IL%\ -- h1) till It(1NI1061:1 I'ROO tW A/7179 t(iN1I irI: t Lt:tI111.1t1F.S Pending Legal I'rtttetdittgs The ('its is the condemnor in certain eminent domain proceedings to acquire land for park purposes. (icneral obligation ponds were voted by the citi/ens of NI iami and issued by the tits in a '`Parks for People" Bontl issue to pro%ide funds to ;creluire these lands for park purposes and tor the construction of parks thereon. Ntonies used for such acquisition and construction come either from the "Parks for I'eohle" Bond Fund, state or federal grants. or sonic °diet source of that nature. With respect to certain tint actions for which the Litt' inns have liability tit:: City maintains a Judgment and Loss Fund. In the opinion of the Cits Attornes, there are no cases in litigation currently outstanding affecting such Bond issues and the .1udgment and I.ra Fund. Iteference is made to the Case of Butcher. et al., vs. the City of \1i;mti. This case involved a petition for declaratory judgment and an accounting filed on behalf oI' certain plaintiff. representing a class of City employees. •\ judrntent was rendered in fay or of the plaintiff, yyhich directed the City to file an accounting. this was done and in its accounting it was determined on behalf of the ()ts that the sum of S178,000 was owed by the tits to the plaintiffs ;and members of the class the represent..\ttorncss on behalfof the plaintiffs have disputed the amount which the (.'ity rendered in its accounting. The court has not as set rendered a final decision regarding the dispute mcr the amount invoked in the accounting. In the event the court rules in fat or of the plaintiffs another accounting will he necessary. Estimated li;+hilit� from suct: nett accounting. if court ordered. should not exceed a :.:Intl between S-1t.t(1,t)OO and 55U9,O(1t). The ('it} is a poi t\ defendant in numerous other proccedin+:s where ( )) ;tit adverse adjudication w ill not have a material athetse effect tin the l ttss tinanecti cuneiition tit t2) the C'its's liability. if deter mined to gist. will he covered h) adequate insurance. Risic itanngcntent It became appaient through Iasi espericnec that measures had to he taken to bait the spiraling costs of insurance picharter amendment was successfully ynted on hs the electorate in 1972 (7.96-, for, -t.647 against). allowing the tits to set up a Self -Insurance and Insurance 'Itut Fund. The Cite Commission created. by ordinance. a Board of Itustees. composed of the ('its N1anager. Director of 1 inance. anti the Insurance '‘tanager. to h:tn,ile the security iu\cstiucnts of the kind. Also created is a Sell•Insurnt.:e Committee. anointed 1,y the (.'its Nl;nhaper. to administer the plan. .1 he City is self insured tip to the first SI ).O O of all claims arising from C its vehicle accident,. The CO is also self insured on all et:unis. tip to Si`(t.tith). arising Iron) the actions ()I' policemen in the performance of their duties. The nest S850.tO0t. tit hoth the claims ins oh itlg vehicle accidents as well as policemen's performances, is pros idcd by a Spread-1 nss Inc -I s►trancc Greats with an insurance company. ,\11other liability exposures are presently co% ered by outside insurance companies. TAX EXEMPTION n the opinion of bond Counsel, interest an the S28.0OO.00tI Bonds is exempt front all present Federal income taxes. FINANCIAL s`hA"I'I•:'111;NTS The financial statements of the (.'its of NIiarni set forth in Appendix A to this Official Statement have been examined by Peat, NI :use ick. Mitchell & C'u., independent certified public accountants, for the periods and to the 32 Rt.1 If:W—'A11.44ts1I I40 S1) ISst. t• I'ROQP01 ;19/ 7 extent stated in their report. trhich \tits qualified as set firth therein. and arc included herein in reliance neon the authority of said first as crperts in accounting and auditing. elti tillN Certificate ofCity atiai;cr and Ding ttec 1)irecinr Cnnretning Ofticiat Statement Coneurrentlt rtith the deli% cry of the S2 .00JJll General Obligation Bands. the an:tuet and the I)irector of I in;utee trill furnish their certificate to the effect that: to the hest of their 1rur+ledge. the Olfi,:ial Statement: as oI its date and a, of the date of deliterl ut the Iionlls, did not and does not contain an untrue statement of a nrttcrial tact +:r omit to state a material tact tthidh should he included therein tar the purpose for trilled the ((Niece( Statement is to he used. or tthich is nec•e:,sarr to male the statements contained therein. in the light of the circumstances in k+Itie!1 they mere made, not misleading. A 'PR0V.\l. 01: I.t:(i:\I. PRO('f:t':I)l\( S Celt.tin legal matter. incident to the authuriiation gild issuance of the ti'S.()(tt►.Ot)(t Bonds are subject to the approtal cif Brink it. \\'uod. Iter. \(itched t4 Peter: Not burl. Nev. fork, liund Counsel, v,hose legal opinion r\ill he ittadahlc to the umiak%incr.. at do co+t to them(. at the tune of the dellkerr of the S28.000.000 Bonds and tt ill i,c pl intell oh the S'".net(t.titu► Ittinds. The propose.( form of such opinion is attached Iteteto as ,\ppendi\ 11iiSCt•:LLA :SOUS .\tie statements, in this ()Itirial Statement im olving matters of opinion or estimates, rt hethcr or no: e‘pressl', ski stated, are intended ;is such and not as representations of fact. No representation is made that and of the statements rr ill he rcalved. Relirenees t.etein to tite Constitution. the ( it,\ Charter. ordinances and Iesoluti nts are only brief outlines of certain pro% isions 'beret): anti li'o !nit purport ttt'tlllilltal'lie or describe all provisions thele'tf: he information contained in this Ofti. ial Statement has been compiled 1t\ the IFinanee Itepartment trade official and other sources deemed to he reliable. and %%bile not guaranteed as to completeness or accuracy, is believed to he col lest as Or this ti.tti. 1heet.ecuUunorLtd, OItici,dStatement has been dull authorisedh\ the Commission ofthe (:itt of Miami. Cite of %l ianti, Florida by s/s 1‘1:\URICI: A. 1- rid. Af u ► ur 33 Hi VII 1:'—'r11:V01 tt()"ai) ISSt. I PROOF OF l7/77 till' OP MIAMI, PLOR IDA Mhancl Statettieitts \'eut ended September AO, 1916 Table or Contents Part I — Einaticial Statements Page.1 Aceetintants• Report is Combined la lance Sheet — All Funds and Account Groups 36-17 Combined Statement of Re% elutes. l'Apenditures. Train&r:: and Operations — All Iund. 1 s eluding unds and Frost and :1getto 1u,id General l'uncl Stalcinent of I'eenues, Fspenditures. - Encumbrances and Itansfers — Budget and Actual 1940 Special It even tie 1. unds — Statement of It even ties. pend t tires. Fnetnithranees and Frair•leri — Budget and Actual 41 Federal Ite% entio Sliming Fund — Statement of Iteventies. Ipetiditures. Fneumbrariees diid 'I 'misters — !hidget and Actual 42 Trtrst and Agent:), 1.und :itatemoit of Re%enues. Expenditures and Transfers ... 43 Combined Statement of Changes in kind Balances Contrilluted C.apital Retained 1.1.atnings •A II Fonds \ eluding Trust and Agent:) Fund 44-45 Enter prise Funds — Statement of Changes in 1- inank:ial Position 46 Notes to Financial Statements 47.52 APPLNIAX A Part II Supplementar Schedules Special Revenue 1- natl.: Cornhining lialanc-e Sheet 52 Combining Statement ot Re % en ae:.. lApenditures, .Enctiniiiranccs and 1 ransiers — Budget and Actual 53 Combining Statement olChanges in l• and balances 54 1)cht Ser% ice Funds: Combining. Itt 1,%c Sheet 55 Combining Statement of Revenues. Espenditures. Transfers and Changes in Fund lialance 56 lntragovernmental CoinLining Balance Sheet 57 Combining Statement or Operation 58 Combining Statement of Changcs in Contributed Capital and Retained Earnings 59 Enterprise Funds: Combining Balance Sheet 60-61 62-63 Combining StatemOpera ent ot tions Combining Statement of C hanger in Contributed Capita! and Retained Earnings 64-65 (ieneral Obligation Capital Projects 1 ands: Combining Balance Sheet 66-67 (718-.7691 C7cnnbiiting Staten lent if Re % eacies, k pent; itures and Transfers Combining Statement of Changes in Fund lialtinees 0 Combined Statement of Long -Term Debt Pa) able 72-77 1..4'.1!.1.1/1114 34 - BONI) ISNk I Plif)(%. f)J: 3; 7, 77 1itiTottt ()1' i'ri}i m:N1 NT t :it'Iltit:ij Pt At'C'ot'NTANts the I ionotahle Members of the (it) Commission (`it) of NI i:nni,1' lorida: \\'e have esantined the financial statements of the \arious funds and account groups of the City of .Miami, Florida for the \ear ended September 30. 1'176 as listed under the e\hihits in the accoitipantitbit. ofcontents. Our c\aniittation \kits made in accordance \kith ►!ener;ltl\ accepted auditing standards. and accordingrlincluded such tests of the accountinv recotds anti stit.h other auditing procedures as tke considered necessary in the circumstances. 'the I)epartment of ()II -Street Parking and the Dim I)eyetopnierlt Authority are inn ontimous units of the ('its of NI hunt. Florida. 1 he financial statements of these entities for the year ended September 3(1, 1976 are not included in the accontpait nil! financial statement„, :\s described more fullk in note I to the titian••ial statements. the City does not provide depreciation on ptopert�, plant and etttupntcnt of the I:nterprise and lntr:tlr.ttternmentat Scryice Funds as requited h} gieneralt\ accepted :accounting principles. In our opinion. e\cept for the ctteet on the financial statements of the failure to provide depreciation on hrttpert, plant and ctftripntent of the I ntetprtse and 1ntr:t,'oter:tntenlal ierice 1-'unds as discussed in the preceding potart.iplt, the tfote tentii,ncd financial statements present falrlk the financial position of the various funds ,trail at'coiltit primps di Scpit:ittie! 30. I976 and the results of operations of such funds anti the ehatt!'Cs 111 financial position of the ei;terprt.e funds for the eat then ended, in ettiiittrillii\ \\till gcttetall)' ;tctiepl+Kd ae.t'ri':itiilr' pf i itiplc. applied on ,t ha..is consistent kk tttr that of the prect.i:iii12\oar altcl 4'Ik link relroI':Litt. effect. to the ,:native. tkith \\Itieh \kc concur from the modified accrual basis of ac'countinu to the lull accrual basis of aecollntin` Ioi tine I'titerprtse and intr:tgtl'•ernmental Ser\'tee funds as e\plltttted it; note 3 to the lltt,trici,ii staiement•,. Supplentent.tr:, data UR:hi ted in Schedules 1-1 thiou h VI have been subjected to the same auditing prt:c,.d:Irc., and, in oti'' opinion. e\c'ept lot the el feel of the l'adure to t'ecoviti/e depreciation to tine I'aterprise and Ilttrdpi! einmenfal Set : ands. are stated fairl\ in all material respect. \then considered in cortjnrl,:ruin \\it►t the financial statements taken as a kk lanual\ .9. 1977 W3M4 Pl.AI. 11Al2\\'ICK, Nil] ('l ll Ll. 35 MAIM —N11:sAll'tUO!%alSat' . 11114101(;)i 30177 tin CAP N11AM11t P EAMIl3A Combined it:dance !Thee ,,-- All hinds 'Ind Acetlunt stoups &chteftthet 30419'i6 Special Itelrnue 1'und< Special Ledetal tietietnt tot Ism Owe Msets and ()ihet Debits 1•und Loy Slotting 801 ! 5I,G96 Cash (note 11 t 119.894 713, Investments. at cost, tthieh approlanate, market (note 1) 2,500,000 5,239,690 Receivable.• 'Ta\cs re eit ahlc — dehntfue'II I less aIli w..,u'.e for estimated uncollrctibleamounts „ISi.,tut,s.tnt 1,243922 795,641 Interest anti penalties reiena)le.,n taws l!e.., iloaance (or estimated un.ollccUhle amounts of':-.. 41 t 789 (ieneral accounts recet,able ......... . 56,545 — _— Assessment (tens rceeo able.. — — — Accrued ulrt'nle 1,1(16,849 — 2.159.261 ()diet — — — !memories, at Cost (mote I) .,.. . !'ro!tert, plant ,Intl c.iul! mein Italie 11. Land Itiolti mgs hnprovenx•nt. other than pundit). Plachmer) .o.l e.luipnl.nt . ................. Amount mailable lot retire:m.1n of bonds. (iellital Special oblii. ItlOtl Amount to he pi o, fitted for rctlrintent id' bond,: (ienerel o!,li ',ttion Special ohhE,tlion Due I•nt 1) other funds (note I) ()tiler Liabilities 609.523 441,717 7,17.1 12,363 55,035.I 73 2.131. n_'h Accrued hahllttie.Iprincipa!!s ,.tl,olc•l 5 884,151i 12.524 10,815 .•\clo'ntth!Ll�ahir — — — A.counts It.t),rhle and t.11iu!nhtantes oan.t,ul.!. I utott: II 1,377,1 I 259.052 1,695,171 I),Iat..i income... 1.445,391 — — T::x anticipation ;Dies ; a.t',1e. ni.ludwp it0.nl,11.1,al "► — — Revenue boat. p,t}.dole ( note (.1. -- -- I)I:po.n. retutldahte . — — Dile II, tither tend, (note I )...... 1,714,983 592.861 General uhll),ltion pond. p,t..Ible (hole to) — Spectal oh11r,IUon bonds pa�.thlc Imde n) — — Totai li,thilitle. 5,42L645 864.437 1.705.986 t:nd Balance, ('ontributrd Capital and i(chti.tcd 1.urn!ugs and balances.— appropriated .. — — Fund bahnllca ldaicn l — unapprcpriat..i (386,472) 1,266,891 6,286,368 ('untrihuted capital aid retained l,lrninps — appropriated Contributed capital and retained earnings — unappropriated Investment in peneial hued assets See acCun1pal* ing notes to financial statements. F',t'.1%1.0314 $5.035,173 36 2.131.32g 7,992,254 K1:1'11..\1 — MIAN1111 1) ISSt'I PROOF OI'3/7/77 4 Inuit. Debt p. toctinnentni trust nntl Sersice Sett ictS A gr ;ley 1:10erpriso I suit& l'onds Fond hind% 34,1 20 1 19.S 2(1 19(1 5 12.0S5 1,100.531 55,1100 1 12.550 545.645 PAltiMt A Projectq l'orttit tioletal stn.cia I Obligation Obligation General Gettern1 ( apitn1 Capital Iltud Lot.:.-terni Projcuts Input ettlynt4 A sel% beht Net.572 2.0S 1 :-.. 42,559,572 5,S60.576 — — — — — — :ON — 43,517 _ 71.529 — _ — 32.4(.7 — 14.573 7.777 3.5 1 1.t.s9 150,1 in 442.291 12.776 20,S9s — — — _ 279,623 — -- — 1.1420,1(1s — _ 12.719/.50 723.552 2.1.102,427 — 14,905,7s 7 — -- _ — — 110.30,74 2 _ 7.t.37.(W 7 cS,9:,4 7,019:766 9.7(.2.5N9 1 .1 .vo.:,s 126.000 4)T;(,.-44 42!'4 2.4.4c,7.-N0 45.2!1.210 ',...s55.4 15 145.01,•,.145 ---- ----- .-:77...-z,.=_:_-_-_..... ::_-_.....z.:::::::•___... : _—_—_ ...: 77.: :7: _-.:_. - —%::::::::..."-- L920,711 1,2s5,2,S9 95.:59.2s9 5,196.1 1! 54.3!.0 — 3(050 2,bss — — — _ S1.1104 33.293 34,209 2.104,104 _ — — — 2h 2_0.4 1 — _ — — 41(1.)J9t — — — — — — — _ 174.553 — _ — — — — 290.311(i 3.220.1 ; 1 204.550 S.0.41.10' 2.962,7W1 — 25.000 — — — — — — 104.11,0X:10 _ — — — — _ 6.4S.7.0.10 , ... _..... ___ 41; 000 426,24,4 4 ': 1(.7 s 4 ' 54,1 10 14S99 -12LL: ill 110 tra' OM — 6 —:-.--t:-...--- 2 342.256 8,1172,629 34.859,311 3,892.735 — 500.1)00 9.723 _ — — _ _ 9,030.530 — 23,710,927 ,-- _ _ _ — _ — — — — 1451118,945 _ 1 1,749.s s5 9,9 Rt. 794 .t,,'4,4?5 24,:90.:01 45..nf).:10 s.s55.435 145.03s.945 1 10.02.000 -...r--:_-- -._:.....,.....- F.F.1'3, 0314 37 — N11 AS11 110%1) !SW! PROOF 01: 3/, /77 CITY t 1: N11A N11, 171..MIMA t hittjt 1# C'otnhinetl Statement of 12eret11104 l' tiendilures,'1•tuiiifers and OI'ratir►ns — All taint►st.xclut1i11t;1tud);etaty F'urtlis and '1 rust and Agency i'und rot the Year ended September 30, 1976 t•►'pltal I'rr,jrcte Funds lotto- Cenci -lit____ Special 11ebt ) (b%1 trimentnl ULCktdion (1blimatitin Service Sett ire 1'nterp►ikc ('itpitstl (':tpital Funds hinds hand. t'rujects 1n►prutetnents Revenues: Saks ofbonds S. — (ieneral property taxes 8,061.787 1:taneitise and utilities serf ire taxes 1 3,'55.775 — —• Ito critic from t,l.erati'ns 77,493 (1.157,976 3,0-14,462 Assessment liens collections 427.6ti9 Interest _ ZOS.'111 -Total revenues 22.4_'(.675 6.157.')76 3.04.1.46! `I-r n'fers from other funds 3.139.231 11(081 •1 otal revenues and transfers 25.565.906 6,274.257 1•.,pett>.es and expenditures: 13ond Principal 7,397,000 I3und interest 5.850.183 -fax anticipation notes, including interest 420.000 Operating expenses — 6.152.327 2.805.961 AdrniutstraUte eharres 105.000 Capital proit:cts expenditures — iseal anents fees 9.400 Total expenses and 7,000.000 2.954.930 9,954.930 3,044.46' 9.954.9311 expenditures 13.781.5‘;3 Transfers to other funds ! 2,401,465 1 ot;tl expenses expenditure, and transfers 26.IS3.048 ''et income 1:xress (defieiene) ui re%mues and transfers o>,er expenditures and transfers S (617.1,121 (14.919.813) 3.326,182. 3.352,084 237,198 — — — 55.000 — — 21.937.175 190,600 6,152.327 2,805,961 21.93 7.1 75 245,600 2.937.568 slit, 0.152.317 2 Xa15.'ml 24.874,743 231.100 121.93() 23S.5t11 See acconfpan ing :totes 10 financial statements. 38 Kt )'11 W- kllVs1J ,Host.) )i'Ki)01•4i1'3,1/77 CtTy OP |& I tL0k11»3 Gentled FtInd Statement #fad m#eslpendure Encumbrancesand Tm«&h ttidgetand A G ua Year ended September m& 1976 Revenues: Taxes (iencm|Rmpe Rlmws Penalties and interest m,delinquent taxes h gaa„ndewiw taxes Licenses and permits: Business licenses andpermits Construction permIs . . . Intergovernmental rnn : [e ralgram* . . State graph . . Other . . . |mngmim m£mg aelute ( note 1) Li,%aHnakhices Legal. Imam:MI and other Charges for kDices: Public safety ltecreat ion Other Hike B ne u rc ua: Interest Rents Other. Total r tnue Transfers frommher lands 'l w+mnaand transfers V4' $ 03)4 3 $ 19,031,184 60J*0 S93,500 19,684,68 2,993.100 83.500 \k(; 13,1 3$0 1,717.4 55 14,907.455 1,077,000 75.503 1A52.503 7.500 197,720 1373$! 71(2.7)! 1,200.000[ 225.296 464,0(1(1 1.889,296 42.3&!58 210.8 (4: 44.1 tQaQl( Actual SR&y±43 183,941 674.248 %27.032 3prJ6© 879.587 3,879.956 871,304 11.919.764 2.023,740 !«»«m8 1,156.720 32\ge Ka>mw 410.834 w%32) 56,4 552s9! 965 � %aQ 7 6.52 .J§%752 43. 80,7%19 22.697.400 §§27 j 99 (Continued) MAIM— «1iM1B D] pl rR0mtil m q CITY OPtArH, 11.011.1DA General Vutid t Continued) State -Men! of Itelettnes4 ontlitures, Lnetimbratters and Trtitnfers ittidget and Actual pend iturt:s and encumhrances: tieneral government: M ay or antlCommission City Nianager City Clerk anagement ScrViCCs 1:inance Legal Finployee service. Ci% set-iee City hall operat tow, City physician Idt.ctions Public improvements: Puhli‘vorks building Plano ing and coming Public 1/4;0.0): 1. ire C:ommunicat ions Sanitation Parks zind rut .00ml O(her: Special proi7rams Alto ations and impro,.einl Special conittionit pi •!gi ants Salary adjustments NtisccIlaneous Total e‘pend i tit cs and encumbrances Transfers .to other funds Total expenditures, encumbrances and transfers 1)elieienc of re % cam!. and transfers over e‘penditures. encumbrances and transfers 1.1%1'4.0314 Sce accompanying notes to financial statements. 40 Ethihit C tt'ontinnech !NUM Artuttl 04,3 I 6 198,067 546A 13 566,102 1 12,093 12.7,985 387,748 310,279 1,102.252 1,032,874 613.471 596,332 1,471,675 ,00 1 .7 0 1 3211,893 329,026 146,799 173.327 146.994 132,731 S5.895 67,93N 5.174.549 5.536,357 3.955.834 4,089.950 1,260,462 I .1 !,2,292 439,127 435,401 5.655.423 5.677.643 20,001.410 13,246,849 1.6'8,996 10.4777104 4.001.752 817.000 267,599 160.011 2,361300 3.931.808 7.538.718 67,724,801_ 184.1 62 67.908.963 18,759,930 13.132.421 1.699.808 10.212,631 4.117.51(1 631.674 90.755 151.912 2 549.709 4.376.981 7.800.531 18.1.162 67,120.999 S 1,3 42.800 RI It 11 AM lit1M)Pitit I PROOF OF 31/77 tin, C)t' `114i11, 1 1.O1l11).\ Special ltocnuc funds Statement t►1` lfie+ennes, l pendittttes411.neutnbrnhces and transfers ltudget nod ,Aetna) 'Year ended September in. 1976 Revenues: General hrohetty )axes {Metro I)adc C ount> hublieit) contribution (Mier Total rt. cnues >t•:kltibit 1) Midget Actual S 10,47(.7S9 S1 O,702,793 4.10.000 440,400 32.000 37.73 10.9-1', 789 11,180,926 1:vpendittit ec and enLuntbr;utee,: Pension expense i note 5) 8.383.798 8.383,798 Puhlicit) and tourism 1,228.005 1,288,725 St Net liriitior 1.S32.(+59 1,380.1 78 Other 415.201 357,269 Total e%.I,enditures and encumbrances 11.859.663 11,409,970 Transfer!: t:1 ether fund. 693 693 1 utal exr rtclitute,. encumbrance., a ad transfers 11.$60_356 .__1 1,4104i63 I)rficiene, :tl re, er nes tr. er c\henl i! ores. encunthranceand transfers S 911.567 S 229.737 t :F,P.1. 03314 See aiColllpall notes to Iivancial statement,. 41 K1.V1'1:QO1'01' 3/7/77 t¥ OP NiiANtfi PLORMA Pedetai net owe Matinghund %wenent k@m#H! binenditures,Enmmhnnce and Transfers iludgetadAdua Revenues: Revenue sharientitlements Interest and other . .. . Total revenues . .. . ... Transfers from other funds total revenues and transfers . . . 1:p lmm w*andencum Gana Public w Qb . ±673,4 9) Special programs . 1,750» Recreation . . . . . . 743,271 Sanitation . . 15(771 1.inmkE|mam¢Cm2% A guy . .. . . '9,435 Comprehensive master plan . . 33 070 Total twend Rtires and w2m@,rdne .. 5.9 $w& lag (A) ansfersto other funds 5,663.4 30 'total DpekRtires. c »ikon,esandlmykb 11.590,315 [\wss(dIie,@)w w.cues and imm.»Bover e newRK encumbrances and Rmr»e . y H»'mj15) .\IThe Cll.) xannual hm%Qdoes not mdedirevenues mrthis fund. wear m$am b@mRa to financial g mimcmw 42 K1'.1q.AI14 w.q1$— NJ BOND Kit : PROOF .119 9 Actual $. 0,( 54,939 9,252,685 7, 6.64§ 16.299.330 2,660,869 1,738.988 760,374 156,910 280,511 '430.0 5,927.72,7. 6.563.430 })g91.152 5,(\/5; Lit titbit I: MY OP 1:1,011IDA tthst and Agency t'und statement nritetenties4 Kt pehditutes gild Itanstets Revenues: Comprehensive emplo ment and training act grants S 5,904.687 ,2 ComMuol. nit dlmt oent block grant 86616 Other i'etieral. state and miscellaneous grants 1.357,32(1 Totid revenues 8.128,n3 Expenditures: - , Comprchensit e Mph i ment and training act grants 5903,910 Communit) do elopment block grant 863,475 Other Federal. state and miscellaneous grants 1.398,1(17 Total expenditures 8,165,492 Traiisfers to other funds 10,187,926 Total e\ pcnditures and transfers Excess of expenditures and transfers over revenues $11(81.,12:23.45,15 f.1:4'4;1.111,14 See acC0111!)atl, nig notes to 11:1 a Weal State Wen I.S. 43 IIONDIsSt I PROOF (WA,1177 th t`t tithihttI Statetheht t)tIC'ltatiges in I:und I3alauces, C'nntribt)ted ('apical and Retained i:ahnings Ail I. ands Fear entkd 1 c)itetnbeI O(t, 1976 Nl eria) ltetetur Funds Sitccial hedetnl tienrtni 1 at Routine Fund t.t'r} !hating 1-uttd balances. Otoper 1. 1975. as pre%iousl\ reported 5 956.328 1,496,628 2.478,190 (ontiihuted capital and retained earnings. October 1. I975. as lire%iousl\ reported Restatements of heL'In11ing hind balances and contributed capital anti retained earning,: C'hanrc to lull acerual basis of ak'countin4g (nttte 4► Transfer ofeon.ttl:etion in l*rttt'res. a1 :Selttemilet U. I) r S it) !rt'iicral It\ed asp is (note I) Adjustment to II\ed as•,ets ai Septt.'n1ht'r +i), 1975 (hole-1) Conlrihution liolu general fund at September 30, 1975 (note•O l iahilitles rnis.l:rs'.ified as fund halaoce(note .1)— — .1)- Fund h:llauces.()lather 1. 1975. as rt.:,tatetl ') •1i,32)1 1.dt)6 62` 2,47S,19t1 ('onti ihuted capital .ind retained iarnin;'s. O,:toper 1. 1975, a re t.II.d — — -.- 1-.\cess Idel-r ient:) of re'.enues and transfer, over e\i;:ndittir;s. enct,nthranees and transfers (1,3-12.SOO) (229.737) 3,81) .17S Net ineontt: -Transfers of Raid balance to self. instil mice fund Contributions( to) ti t,In other lands Fund pal.Incestdel it:it►.:Ser•tt nlh.i 10. I976 S (3S6,172) Contributed capital and retained ear+iiiTs. September 31), 1976 li •f .1'.i, ti'336$ See at:compan) ink note:, to financial statements. 44 1,266,t;91 (.286.36tt fti iI11 tt — 11>'+II130Ni)f`isi:l 111001'0f 3/ 77 ttbibit (; tapital I'tojett% funds Intta- fiettetal Spocial t)thi gotettottental Obligation Obiittation Sett ice Sertice tut ohd Pritetptise Capital rattan! 1:oorls 1:utlt Ageor) Food 1-ttndg Prilect4 litiprtivertietth i 1,932.028 11.079,988 84.655,735 5,016,729 1 1,932,02S ((17,142) 8,145.174 27,10,321 343,725 134,442 (04-1,534) (47.285) (30.032.077) (2,402,891) 158.52(1 10.921.462 (3,208,0 1) 49.003 8.488,899 24,138.732 719- . 77T)712:f (10.225,1)5) (14,919.813) 121.930 238.501 (500,000) 919.701 (65(.583) 11.31-1.6 19(1.267 34.59311 9.630.5:4) n:120.650 45 • t I•Airibil II tIt OP MIAMI. 11.0101)A thterptite Ponds Statettteht otthtnges In rinatteint Position 'tar ended September .104 1976 kinds provided: Sole of investments S 750,000 increase in minims due to other funds 83,350 Contributions From other funds 50,229 1)eerease in cash 109.109 S1,192.888 Funds used: Net loss S 468,:11 I Item not using funds — disposition of inachmer ;tild equipment (19,155) Funds used in operations 448,556 R et irentent ol, rek cnue 16,000 increasc in reccit ahlcs 58,636 Decrease in acci lad liabilities 47,653 Additions to propert, plant and equipment 616,214 Decrease in accounts able and other 1iahit,ities 5,829 si,i 0,888 See aCCO111 patty int,. notes tI 1.anciaI sta lenient S. 46 #3A14KlVUV -- MIAMI RO% ISSI PROOrOF 3/707 tit%' t) ' M AMt► rt.ttttttIA Notes to financial St:tternehis St)itcmhet 30, 1976 (1) S134NiN1,11t1' ()p filt,+�11ll�`.1 fi AC'C'OUNTIS i 1'()1.1(`It5 The accounting policies of the City of Miatlhi. l'lttridat conform to !'encrallb accepted accounting principles as aplptlicable-10 units r\eeptt for tilt! nttn-rt:co:tnitiotl ''1 'dt''reeilitil`'1 on the Fixed assets of the ett.terpsrii a and ititrarttl'Crtimental service funds. The fellulting is .1 i•tlatihta!;j of the more signiticaflt of such pullicie;: 1'uncJ ift'c'attntin, like accounts of the (it) arc tlrr'ani/td on the basis of iuiills or groups of accounts. each ot Miich is considered to he al separate accounting e;1 tt\, i he operations of each Lund are act matted for by ptrovitlintt swat ate set of sell -balancing accounts ttllich C't" tprr:e its a c.set`:. liabilities. tu;nct balance, revenues and ogl,:nuittiics. The vat -ions ;nods ale grouped I)1 t1 re in tine t;l)i lteia! statements. (SeL note 2.i The tiepin -intent of Off -Streit Parking and the 1)ov.ntt)ttn 1)o e!tthlia:nt •1utilorit`. are autonomous units of the City. The financial statements of these entities are not in:lallled herein. Jla.si ; of r: ceoun'irtg The modified act'rual 11,i.is t1!'account in.e. nntier ttiiieh e\ptenditutes, other than interest on long-term debt, ere rt:,:t)r cd Nhen the Ilill.,tit\ 1 Ill,.nlled a.ltd ret:ttrdt'U ,tht';1 rl'llltt't1 tie (.a•it INC tl1 al':Itl:!!. I.t...at.1'1:11It1.e and ..•i!{1.a}/i'_ !t! finlinct' l!aa it1 operations. or of a ili.lterial a,t:lc)l;t'It and not It:•:t'iv d the 1`":'r!`a1 time of rrcitrt. , !t`trt`'. :lt !.1!' ;!1'_ lair!:Crab: ii..:c15 ttt:al i'L!. Yti%iciaii i:. ,it.ill'. and 1)cilt :il{ i tr,l l undsi. The aeLraal basis i• utiti,eti («ith minor c ceiltlons) h1' all ink.; funds. I:IIe'i,iat?!tt;'ii-.'e .:-:c'tat'iting. uiidoi v. rurt:h:: e orders, cigar: -acts and whet commitllic;a',s for the t(leiittitu e i:i ti.i;d, ate tt-'e'nfcied i;i older to ;e'.lire that ttaition of the applicable appropriation, is iiiltlloyed in theGkneral and Sro.ial het•'!ir,l; FL'nth. 1tr Vestment s Investments :are stated at t:t1}.t, \tltlti: 'i+tp,ro\ilil.ttes market as indicated on the ie'slti:eta'.t` ;1a.ltlat'.'.11c:Cts, I rtit.:Hn1►1,ts l .ns'ist tit 1'.�i. (ittt Crniits:iil olllit,tions and tittle deposits N itit commercial banks. 1nr.v:torfes 1111'i•.ntl.'i'i'.s aie priced at cost, on a first -in first -out basis. The inventories recorded in the tntragot'ernr ent.tl Service I-und consist prin:ipt:!lly or c\pt: i dable supplies held for interim: c .r.:.►'nj tion. 1'rclpcl ty. Haiti and liytripntrn' 1'rrp:rty•. plant and equipment in the enterprise and in:ragovcrnmcatal service funds is recorded at cost or. for donated asset,. at fair mat pa.t 1aiIu .it lI nC tti tIt tI.t Intl. The City dues not provide depreciation on property, plant and equipment in the above mentioned funds as required by i cneratllt la..xe ted aicet.n:iting p'i iaicil)lc\. The amount of aecilillaiated dep)reelation at SeptemberU. 1976 aired the depreciation a\pense for the year then ended for these finds cannot lie reasonably estimated at this time. 1.l'.I',l.0331 47 kt:1'tt 11' -- Ate &. S11 VON() IS*! is 1't'-'<ttll' 1F3 7/77 &lift! /tiled Attg r.ieneftll 'fried assets have been ztequired for ;'eneral t?o\'ernme'nt;ti purposes. ,Assets purchased are recorded as estiendittiPes in the General Fund. Capital Projects 1 unds, etc„ and capitaiiied at cost in the General Fixed AsSets Ciroup of Account,. lhtse assets include horn) eitients tether than hinnldin .s. such as roads. curbs and guttets. streets and sidc\\afks. and drainage and lighting s\ stems. Donated assets ate recorded at fair market value at time of receipt. e\eept for the N1a►trice: (tism;tn Cultural Center for the Performing..Arts and the (ll\mina tiuittlin«. 1 liese properties \\ere to ei\ed 1\\ the C it\ as a gift in Jul) of 1975. ,\s of September 30. f 76. the fair market value of these properties had not been determined, and thus had not been recorded, No depreciation is provided on General I iced Assets. Pooled Citiir and Inter und.lecountr t o obtain in rash iniina;.cement, a pooled cash s),.tcm is ernplo ed by all funds including some; with restricted assets. Cash is pro\ ided to user Rinds as neeticd through due to and due ftotn accounts. r411dcation of; tdtirinistrntire Expense's The General Fund incurs certain adtmnistrali\e e\hen'.es fOr other funds. includin}c accounting. IeL,ll and engineering star\ ICe:,.:All;Animist r;iti e ch;irl:e is le\ ie.' , e.tin:a these funds to dett'a\ a portion of the,.;', e\poise`;. The GCilet;ll 1 and also incurs crl'luin Lusts of the rote:;1,.,o 'Crnnletltal Service I'tGltt. including pension c.c.s:. social si :urit\ and itroop insurance contributions. These costs. al`prt:\II11.ttitli! S400.t)(. O. are absorbed h\ the (ient.r,il Fund. (2) » +r'itil''i'1ON Ft"NUS General Fund The General Fund is the gent ral operating fund of the C'it;. General tag, revenues and other rec,:it\ts that are not allocated h\ Ia\\ or c nitracival avi cement to some other und are accounted for in this fund. 1'rtinr the read are paid the general operating c\1\\.nses. the tied charges and the capital improvement costs that are anti paid thrtlugh other fond.. Special Revenue Funds The Special Re\cnue 1 mid. are utiiiied to account for revenues deri\ed from specific tapes or other eat marked revenue sources \\ Inch .ere required tit la\\ or regulation to finance particular functions or activities of government. Debt Service holds The 1)cht Service Funds are utilised to account for the payment of interest and principal on the 'City's general Ling -tam debt. Capitol Projects Funds The Capital Projects Funds are utiliicd to account for all resources used in the acquisition and cunstru:tion of capital facilities and other fixed assets, :\ith the exception of dose that are financed by enterprise, or intrago\erninental ser%ice funds and special assessments. -- MI ANI1 ISa)'+I) t' 't'#. #'let tlr Or 3,'7/97 L''tttapt he hurts The I:iter)trisr_ Funds are utilized to finance and account for the acquisition, operation and mainttttance of goyertln1cntal facilities and sort ices that are suilportcd niainlby user charges to the general public. :Ntpttg►rwrrrf►te fi'al ,' et•rice funds The Intragoyernntetital Service Funds are used to finance and account for certain services and commodities furnished to other Bonds within tht: Trait anti Apenrt' hind the Trust and Avenc\ Funds are used to account for monies and properties received and held by the City in u trustee. custodial or a!ericy calve* for other entities, such as employees, other go% t.`rntllt.`flts Or t►o,1public organi ations. This fund is used to account for re% enues and ewenditures relating to tllost Federal and State grants. Genera! Fixed Asses Group of el euunts This group of account, is established to mount for all filed Assets of the City. tither than those accounted for in the Enterprise and I nag ei t!n!t:r;t.11 Serf ice I=1nld. rirn..ral tong -Term Debt Group of.1crna:;ts This group ofac'ut,mt, is established to account for long-term debt not accounted for in Enterprise Funds. (31 AC'i'Ot tNT1N'G CHANGES Effective (cipher I. 19; '. the C'its c':111h21'd Its ha,;, of ac ountint in the 1',nterprist• ;t'?d intrarovernment:!l Scrtice Funds frt11i1 the ,llttllilitd to the loll aeerllal basis, to conform tt1111 generally accepted accounting rri;1. iplcs. 1±'e i ffe,:t of this el am:e lti; tt'laint'tI e,tr:11C .s as of October I. 1975 1' rctleeted in the statements of the r ltlnd`.. I i1': LIfect on the t.l)cl,lilo,l.s of the prior 5ea1 cannot be reasonably determined. (41 R E STAT E.'11 I NTS (a) ,Material unrecorded liabilities e\i,tcd .it September 30, 1975 due to a misu,e of facts relating to cons; ueum] contracts accounted for is ule capital project funds. 1 he amount of these liabilities has been reflected as an adjustment to fund balance at October 1, 1975. I3egtnnine fund balance has alai been adjusted to reflect the transfer of construction in progre's as of that date to the general lied asst:t group of accounts. (h) The cost of certain pror:rtknown as the Teinherg Tract was recorded tv. ice in the 1975 financial statements( see note 7).1 he correction has been reflected in the Special Properties Enterprise fund as an adjustment to beginning fund balance. Other adjustments to fired assets at S.•, iemhcr 30. 1975 have ben reflected in the Inancial stattnn n;tr. in tl!e same manner. (e) Al transfer of funds made on Septemhei 30, 1975 from the General Fund to the Marinas Enterprise Funrl was only ret ected at that date in the financial statements of the General Fund. The correction has been reflected as an adjustment to beginning retained erirni►tgs of the Enterprise Fund. (d) Certain liabilities e\i>.ting at September 30, 1975 were tnisclassified as fund h.tlance. The correction has been reflected in the "i t-List and Agency Fund as an :.djustinent to fund balance. ,1 4 49 Jtt:VIt_w HONI) PROOF OF 3/7/77 () REIRIENttSit PLASS The City has contributor) pension plans covering s.;hstatitiall, all e i p!oyet .. Total pension expense for the current fiscal )car. including atnortir;ttiun of prior service cw.t,, over 5 years, was apprc,sinnttelx SS )(1,OOO. Of this amount S8,383.79 ttas funded hr the Special Itevenue I and, and the remainder by various other funds principally linter -prise. '1'hc acloariallcomputed value of t•csted benefits under the plans exceeded the pension funds' assets by tpprosintattelx S86.542.(Jll0 at January I, 1976. the date or the last valuation. The pension expense for the )eat ended September 30. 1976 and the excess of vested benefits over ;anti assets increased from the amounts (;tpprtixtti; tell S5.t)(10.0 lt) !or pension expense and S(3.2 ),(1Ott for the excess of vestal benefits ot.:r fund asset.) reflected at September 3(1, 1976. 1 hese ;ncrcases were priocipall: due to increased retirees' benefits. einplic)te salarx increases in excess of those anticipated, and tecugnitior or realized losses incurred on the sale of securities. (6) 130`+PS (a) Gcnern.t Lang -Tenet t )d n General obligation Mends. i'' to 7, , maturing in various \ears through 199 i, ltll!-eM principal tit;!turi(re.- of appio` iniatel\ S.8, 75.000 backed h\ the full faith aid credit of the (.'its and its taxing putter SI(i4.i 'tL000 Special OHirai ion bonds 3- !(I'. too-1, 10';, maturing in ariou;_xears through 1988. current principal maturities of approximately S1.016,000. 6.482,000 (b) Enterprises I ands Itet'elttic biInds. 6.5': , maturing ru rarirws (cars through 1989,;Littertt prtu.ipal malt: ties ofapprox;in:tclt S)ti,m)(1 7'85.O00 (c) Service Refit:irer►rrnts tfcitetel ()bligatinn Bonds I)elot Bert ice is provided h an unlimited tax levy on non-exempt property value and collections on assessment lien. from lu ojects financed h) the proceeds of such bonds. Special Obligation Bonds (I) Incinerator ro.ethic bonds — !teve nues from the operation of the incinerator arc pledged to ser\ice. these bonds.:\ reser.e cat S2: t1.Ul)il trust lie maiatained. (2) Capital inthruteinen bonds -- Debt service is provided by electric franchise revenues under the terms of the Franehi'.e agreement between the and Florida Power and Lig1;t Company.:'. serve equal to the maximum aggregate annual debt service requirement must be maintained. Franchise revenues exceeding debt service and reserve requirements are further restricted to provide for debt service on the Orange Bowl Special Obligation Bonds, for bond redemption and for capital improvements. (3) Utilities sert;ce ter \ bonds -- Debt service is provided h) utilities service taxes inipcised by the City un each pur.hase of electricitx. gas. stater and local telephone and telegraph service. A r eser ve must be maintained equal to the maximum annual debt service requirement. Utilities service tax. revenues exceeding debt sect ice and reserve requirements can be used for any lawful purpose. (4) Orange Ih) 1 special obligation ponds — Debt service is provid.d by electric franchise revenues. A reserve equal to the maximum annual debt service requirement must be maintained. 47,1' P.1. #344 50 1(0I1.4-BONO iS81 E i'ROOFOI:3/7j77 I ntelpirtse Ito enue 11)ntic�s Rental ineotuc for the lease of the warehouse facilities is pledged to provide debt service on these ponds. (17) LANiII) 'I'P2ANSAf .`.TltONS At September .10. 1974 the inter -American Center Authority was indebted to the City in the amount of S8.5f10,000 for the original land sale of the (waves Tract. The Audio; ity had agreed to pay the amount of the inkbledness. together with 5`; annual interest. in equal semiannual installments of S A00.000 beginning January 1, 1977. 1n 1975 the Authority was dissolved. :1t September 30. I')"'!, Dade ( ounty teas indebted to the (.'ity for approximately SI. 330.t1nt) relatini to the sale of the I)t,d,!c island site. Pursuant to terms of the a:rrcentcnt• payments trill commence alter panunt and cancellation ut the ( aunty's Seaport Revenue lioneln w. hich w ill currently stature in 2002. 'rite receivables relating. to the aho%e transactions hu!e not been recorded due to the uncertainty of their collection. In August 1975. the City purchased the I)all;ts i';rrk )lord and surrounding land (known as the Feinberg tract) for the purpose o1 constructing a eon+eirtion crater. In the interim period. portions of the building are bein:: used for City nlIices and the remainder is being operated as a hotel. 1 he operations of the hotel are accounted for in the Special Properties 1.nterprise 1'ut d. 1 he cost of the plop city is recorded in cietteraf l ised :assets. (Ft) 1.F(;A1, C'ui11'I.iA`:("I; irati.,ctinns not in Coup/lance with Lec'al /'rvrisir,± During the current fiscal sear the city issued S10'),(rit) of tax anticipation notes scheduled to mature October 1. 197r, 'the city charier. howc,•er. requires these notes to mature within the year of issuance. These notes were fully paid on October 1, 1976. During the dear ended Scptetnbei 30. 1975 $3.025.000 ykas transferred from the Capital Projects Fund, yshere this ;amount was appro;,n,ited for the coneenlion colter. to the 1 rust and Agenty 1 and .ithout approval by the City Commission. 1 Isis amount was transferred to the (ieneral 1 and in the current fiscal year. At September 30. N7('. certain expenditures for the (ieneral and Special Revenue funds exceeded the amounts budgeted as show in the respectite financial statements. these overexpendittires. aggregating 51.60,s.5-t5 for the (icnei,ti Duna and S(h0.72O for the Special (revenue. Funds yyere not approved by the City. Commission. (9) C'O N1VIIT t1FNTS AND CONTINGENCIES At 1)cceiiiber 31. 1976. the City had certain contingent liabilities for payment of employee benefits. The amount of benefits earned and accumulated is governed by Civil Service regulations and administrative policy. These liabilities are summ:rtre:d n :Ioyt: 1:1.1'.1. 03314 Type Description Vawation Normal vacation earned Earned time Additional time -off earned by hourly employees for over -tine hours worked Siek leave Normal silk leave accumulated 51 It ►'101'-- h11A.MI liQ":I)1SS1.'1: Amount $1,387,890 1,743,295 9,552,051 l'1t0D): m 3/7/77 'hie full amount of !i-ation and earned time, if not used by the employee, is payable upon separation ( I SCt`t tee. Sick leave pa. able upon separation is limited to a maximum of 960 hours and is paid only if the employee has ten or more years of sell ice. Due to uncertainties feinting to the tilting and amount of payments to he made, the above liabilities are not recorded. Nestfitt.turanee Prmd Itt October of 1975 the (its crcated a 5ef Insuraulee hind to pi uc iue insurance ;Tanis( certain risks. All revenue generating depattrrienis of the laity ale levied or charted 1,,r insurance, tttlich becomes revenue to the Self Insurance Fund. 1 lice cliiiiTes ,ire not computed on ;in actuarial basis and t+.o proctrion is made for the possible haute lasses. 1.xpentlittires ill the Si!If Insurance fund t.tst;Skt Of It;s>tslci?t` Or Settic!Iletlt.. claims and premiums on itINtlr;tt!lc ptsIi ie.. At present. the City does not cam umbrella excess liability coverage to limit the ('ity'S exposure in possible claims. Litigation Pending (1(1) TRANSACTIONS \V1'1'i1 I:ELATE1) Revenues deri\ed trout the operations of the Maurice (iusm ail Cultural (.'enter for the Performing :\rts, the Olympia 13uiidittg and cei tam ogler properties omned by the City have been assigned to tnc Department of Off - Street Parking. C:1"1'1' ()F NIIA;~a11, FLORIDA Specia! Tax Loy y hunt Combining Balance Sheet September 30. 1976 t'ublit ite uiid Sircct Asso, 'I'otnt t'cn'ion 'Iburi,tn 1 ightinv Cash 5 713.801 5ti7.996 10.95ti 114,847 Taxes reecic ahle — delinquent Hess alloitt :we fi_ir estimated uneullcetible amounts ol'S542.635I 795,641 666.205 57.031 72.405 Due from other fund. 609.5'3 _ -- 609. 23 Other _ 12.363 — — 12,363 — $2,131.328 1.254.201 80,352 796.773 Liabilities, F:neuntbrilnces Outstanding aid Fund Balances Accrued liabilities 5 12,524 765 10,624 1,135 Due to other funds 592,861 534.588 58,273 — Accounts payable and emlimbrances outstanding 259,052 1,188 53,539 204,325 Fund balances 1,266,891 _717.660 (42.084) 591.315 $2,131.32t; I._'5.1.2i) i 8t1,3 +2 79t6,775 52 l SOOT QE 3/7/99 Schedule 1= C'1T% U1 111AM1, 1•i,oRii)A Special Tux Loy Puhd C'ufnhining Statement of fl enues, l?tpettdiitures, Encumbrances and Transfers Budget and Actual lhrblicin and Sttret I oral 1`cniinn -t nntimnt Lighting Itudl;ct Actual lindgct actual linker :Actual Studget Acttta) 12(3enuc.: (icnc-al rr•glertt.o.e. S10,47(089 10.702.793 8,(114.47(i N.Sflil,VIS .9/4,1:2 597.519 1.277.991 1.3 )4.3S( Metro bade Cuunt:i. puhli.n) — contribution...... ..... 44011111) •4i'Atli l — — 440.0)0 440.11u0 Other t'(100 i" i1 — ) z4(1 32.00(i 13.13' 1.0f1i) l Owl rctt nuc• 111,44\,7S4 11.lKt1,9'l fi,(,Id.4 (1 S.tiU 1.4('4 !,056,3-'2 1,0'1; 17.. 1.277.99I I,31'S.3. (1 I:krentlittvre. nt!encunl'1ram.c.. I'L;..r,e cal .nu \,tr1,"4S F„Is 3. O: N.383,798 _183.79: -- -- _.. 11 obliot.. anti lout 1.m 1.228,005 1.2'S.':5 — — 1.228.005 1.285,7:3 -. ..... !+t(:ct l:t h;ir. 1.8 1:,r1`') I.3;as.l"s — — — I.832.6517 1.3i U.I78 (Wier 415.201 w 357.2co) 415.201 357,.')b`_ i oil) l'\tti'1tli1' Ito :11h1 cnwnlhrin.c,........ 11."5'),rio1 11,409.9-0 �k,79'. • S.741.0(.7 1.22S.005 I.'-'..h.°:; 1.83:.054 I.:,8I;I" I ; an,t; t, to',i ',ill, r no„,... .... ('')3 .t_'"� i_ -- _-_ Y �' )3 u__ u�)! _�—._— ___ _ 1 usal i ,p:I1 tub' e tII I`(,tI1.e• :Ind tt.rn>Icr, Elk:I:.;tlt I:11,t 111 rllCnt:e•, t.'t c,..h.ndl;n;t'+. 01.-0;11111.11,,r, mitt 11:111.4C!. S 011-567) (::4.' 3") t it..1,5'j1 (0.347 (172.1711) (218.1421 ic54.('1 l 1'4. `:,, 1.228.r.ex 1.280.41.. 1.832.65'' 1. 111.1' E'-.1,1'.1, W3314 II.?.(11.1:6 Ii.till.(( 53 .Itt-4'It.W—!11AM) I3()N1)1SSl.'1- 1'RQn1 UF3/7/R7 CM' i1 rt_01111M Special Itir Let} 1 ttnd Combining Statement or Changes in t:und ttalanee :'ear ended September :#04 1916 kind balances. O& tubLr I. 1975 tacess (driicicrtc�') ui're\enucs over e\penditures. encumbrances and transfers rand balances, September 30, 197( Total Schedule 1,1 I'uhtic1t . and tttrt•et i'emiah '1ouriktn I.ightinl 654.263 176,158 666.10 7 (2?�),7 37) r�3,3�)7 (11 342) (74.792) .S1.2(;(�.K�)l 717.C�r,U r I't1 1) 5�11, 15 54 1.% ,.!'3.p 314 ItINI) w--. A1ImoI BOND ISSl.:i. 144001 ' OE 3/7/97 t IN 01: Nt1Altt, t l.tifitttl�� Debt Settee hind t::t tnt)itting tIntattec Sheet Septefi)bet .ICI, 1976 Ascet% Cash Investment.. atcu.ttihi h;ihhr.1\aa;itc,m;trl.it totel 5 34.120 I.1111)•531 Iteeeit alae., 14.161 lu:nl t:+kV, Ie.t•i%OW, t1c .rit t,+nee tuft estinr.ited uni„ Nc.!INV.lm,+urt'. 1 �3.5221545,645 545.645 \sst:e.ulc'l hen. te.ett,,i,le .. _... 71,529 71.52t) :�_ilual nu`otlte 14.573 --- Other 20,`;9s 1)11C Ir(itt Other loud. ....... ... . .. 9,7(, Sk9 ti,{ 54,9S9 S11.7.,),\CC 9.771.0_R Liahilitic• and Fund Balances anUeil,alu,n note.l'.t\ahle, m tutltne :nn•Ic.t .. I t;,,tt 1, l6tr. \1,11r ls; t.,tr.1 ........ .... l'11,i1,1 ttil ii.urd........... ........ . total tend h•ilame.. c 4IU,111N) Capital (runt c Iriiprmt•neat t1n0I I1eni1s lii,ttds IR.s2� 8.X12 72I1.S55 ?41'49 5.721 69119)1S 363,4s2 5!!11x 161a. _ 36l; i\ 2 Sebedtile IIL1 t'tilitics tncittrttttot 'iipr+ice iit►nda Tak Bonds 199 5.766 230.727 2729.6p1‘... 2ti5(),67 25(.1.69-i "SO 697 Schedule 114 Clef' O1 1I1A N11: 1:1.t It l li.a Debt Settler Vtit d Combining Statement of lteienues, t'Apenditures, Transfers and Changes in Fund I aiance Vent ended September:%0, 14/6 (;enet•r1I C'npitai Ornnye t'tilitiec tlhligatinn Impruuv9ent IG.111 incinernlot Sets tee I oral Ronde lirmdc lttnlds Ilt,ndc 'I'n% Bonds Re%cnues: (it.•nerIl prt rt rllases ....... ... $ 8.064,787 S.ut,4,-87 — — — — intcre•a 305.431 211.15t) 4",324 ?..SOS — 23,592 A„c„n,cnt lien, cr,ltcction, 42.7,t.s•) 4.7.OS9 _- — — Revenuc from urcrouon,.... 72,992 — __ 72.991 — I ranchke. and oolitic„cr1 tee t;n I t ;a`. "s — !a/4,N,, 166.110 — 12.7411.391 t,tul re%enuc, •, 1_'r,.r•'c ,; '10•s'r, ('J .Sst, Isr•y,,l ',99 i I.'..j 14.2‘' Iran,fcn from other iun.1,..,...... 3,1 1').231 ..'11^•St•') I llti -- 154,I0 ---_ trtal relrnue ,tnd transfers ',,,h`•.'hln 11,611.14; t,,,t (lsn ls~<,9,-t 2:4 ,155 12 si•L:..s(, h.\rctld.ulr.;,. Itund pi in.tp.t1 .... 7.397.(1(10 6•415,t$t p) 555.000 1?(1t)t)t) 147(11)0 I51.t ) Iit,ndinterc,t....... 5,''U),Is4 s.r4!).'..3.4) II6.551 42,h4(I 37,It13 61.500 1-1,ca) ar•cnt-' Ice, . 9.4tu) 5.423 2.347 s'_ :95 751 :\dnnnt,tI eP t ch,trec, .............. 1115,01U 91),t?I t 15.11110 — — 1 a\ :,ntt•:t;',ttl,' I1.ltc,. n1,6«IiPt Inlcrc,f-22,tl•tkrl 4'n I»! _ — -- --- -- feta! eii'.ri+.;rtutu-... 1:7I1 1'' +:1,. t,,•.�'+>' 1_. 2 IS-1.4� 212.'53 l'ranstcrst,+,dhet fund,.........._ ............. 1 e p r;dlune, :Ind tr.itl,tt t, I.uc„(dett,lc9L ) • 4 ?3:11'ellte%Mid u.nl,lcr,.,cCr e Pendltutr, and tr.ln,lcl, . .. 1 andhal.ulces.(1,:. bet 1. 1•t7` and hahtttec,. `chtcnlhet 3,1, I'i-t, .. F.F':1',1, N3314 I '.•111,4r t,\,,.'*s (ht7,142) OAI.`5'"1 (24.S1:1 I1:)3..(t.s I11.21'0v0; 56 72.0t11,) 1..;_ ),46' 2.-r,,45" l2.4I. 1` hH' 4uS l,tlli'1 347.221 Itt:1'I!N'—f1JANIlUO'il)i.St'i: PROOF ()F3/7;77 (1111'41, Schedule 111,1 ttt'V OP 111.AN1i; w`1,01411f:1 1nttnpt►cernitiental Semite 1:ittl Combining Ilitltince Sheet Scptenthtt :30, 1970 Public (j \lntnr Prtipertr Print Stationery ReIt* Aescti, total I'rnpTrties Garage 1'nnl \itrirrtcn:urce 5hrrp Stock Insurance Cash $ 119,K26 2,316 3q.361 5,3.4�7 15,522 7.559 161 650 investments 55.000 -.- — — — — — 55.000 kectil ((hies: (ieneral accounts receltable 3.329 -- — 077 '.1016 76 Accrued income 7,777 465 1.317 I.428 4,260 3(17 70 Inventories 279,6'3 105.551 70.373 '9,5.11) 7.505 — — 1'ropert5, plant and equipment: 16,654 lluilding8 723.552 3t1(1,545 24.4,934 86.4t4 1.6(19 i'lachlner\ anti c'tiutl'tnctlt 7.637311)2 55./0 3 8,218.663 22:9.7 1 6'.155 65,s0I -- — l)uc front other lands 1.1 411 f,7.4' I yt,nrn t If I:l.nnn __ — —S51,685 5104:6.7V1 5,.19l ..91 .41 ..-01.. tV _„.ti.t-' '1.157 16.\.' 91i,,i35 I.it!hiliti,t and Retained I:::rniags Accrued liabilities (p:1ncip,110.al,llle;) S 5.1.36+1 :.:91 21.311 11.370 15.404 1.383 — 60! Accounts pa.,init . ........ .........:..... . l.6(1.1 — 36,83.'. 1N.33o 19.547 , 'S5 4.631 — Oue it) other tu+tti................................. :9(1.10o 1(1.) — 2S2.70() — 7,5ta) -- Corn rihutcd t„ptt.tlmid rtl,tincti ta;nin;'t (drlit'ient)-- un.tt+pt.,r;Lot:0...... .. '?.()jU,5341 563003 5,5'4,,,14 _6-1..09 (62,61,41 70.519 4.754 .1()5,734 ..'onlrthuttd t;'it . 1 c.unuli;s ai11ht1trYtltll .._.. `tN111lIQ _.. _______ __.= .._ 'lY,t,lu'i;l ‘,9 9-4, 79 F ?‘1.4 .tit' ' (11 c It47 • 1 IZ., ib),>,5 tict'. 57 .10•V1 F.W — \S1.tMti IJONIUSSIej. VROOr )F 3/7/77 ttt f' or NilANit, MAMMA 1thtt'igmetiltttentill SCI%Ice Fund Combining Stltcbtent or Re+canes. I:i jrr. nscs PIA '1'r,l. t'crs P tlr the Feat ended September AO, 19'tti i'uQtie ('its '1 uttti i'rnperC^v ti r.:::e Ito caul: from t,pertfti Ms . sit 1 c .v'(, l trailers from other fund. 11(,.-'\I I mid retenut* and Itin sfers,. 6.27.1:2i7 ()ik•r;ftimr 1'7 Net income (l i sl S I21.'1 311 I",1',1'.1, #33I4 qI 1_f. 41 5‘1 58 Schedule 111=4 `tintnt I'rnpertit Print Statinntr. Self - Pool \1 jrtttrtnee Ship —St9ti Insurance if, z..1,t,f,f1 SIIti W;(, I' .59() S7,7S(, ',MIAMI AMI I.(s l f,(,', ,1151 l +!,:.)h (,c 1,Tf5 1.13t1.5rh 1^I _'t141 i ; r 'I I.'!+I ItINUAV — MIAMI BOND Nil:1i PROOF O1'3/7/77 i Schedule tii 1 tin' OP 1it,ltitl. t1.01tt1t:l tiitrttgtrtcrntnentut Sevier Fund C'orribining Statentent ofiC'tutirge! in Contributed t"•ttilital (tfiRetained t?nrnings September 0419fit► Public Stationcty s r- •6tttl i'rttpctties (;strove 1'104 liahlcttance Shop Stock tovu;nnc•e Conti 'holed capital and rcl,iint•tl ..trnineN. t)cltther 1,I45..1;1'rctt,0•1', rei''rtctl . , S%1.1+5.174 13,J70 5,G(0Njt . i(tr,'J^ ilii,br).1 (0,9(3 (',(1191 ('hangetolull .i::1raihasi•i't,.cri.ururg 3•1-1•725 -- !iO.J?G 'f)',. :?,titi;i 6.421 ('•nttiholed caril,ii iir.k1 tci.utird cotntngs, Octuhct 1. 1'05. AN tca•acti S•4;,N,1,09 14,4n 5.,71,2S9 :?(0.214 I(t'.ttic( (4+,9(4 4.402 I.\cc..(dcficicn')t)( tarn t ..w,i (riitislt't.met ('t1+Cit.e_•'•.... .... ... 121.93(1 41......1 (111h.(tZ5) 9(11 I2.32.5It!) 12,555 352 405,714 (onlrthtitt n.!,.01,,HirtItriill.. ............. . 419.-111 :_: IIli,t•1U (il.'?_ r.idh 5(1),(1(M! Crinttihutctl i,irit.11 .u!i1 rci.rd,ct.,itii;ng. :__ ItIC(iCit). Scl':.,tt GC t ?0, Iil-h \) mil)..'0 5(,.1`,),t ,,t'"•;,''9.1 .' ti', ) u,;ri tf'(411 ".!:it1 G t 'iJ I J.''..J lii` V•I'.l.a. #3114 59 -KJ•!'AJ %v !JA?'11 I.ONt) ISSU.i. PROOF Or 3/7/77 (In ()V MIAMI. 1A,Oltii),‘ Entunrike hind t)inhining 'ii.itance tilted Stptvinhet 304 1976 hitt..mor*4 %tine Ni land A Cul% 1 mat Office Stadiutri St0diritti Citsli $ 512,0,::, 1,511S I .S.4 2 4.4.40X It ;Nei% able.: ( iencrol itteotint le‘ei‘ zolle 93_517 .‘,141 25,S08 I t), 1 I t1 __ 8,s,S5 268 Propert. plant and etitilf.111C111 Iid........ . ......... and ttonne. Doe Irmo o; her itoet,„ Llubilitiek, Contributed ( ft tut itefitined I innings Acil;titits Ace; nett •.11.3! Di:kited iii. . . tio;.• to li(liel . I:0(.1111C bona, I ot,ii . Utwhttillutol t.optiol and letali1Cti . . . . . . .... ibuted t:Acutoi ,nd c.irnow, a; pioprbited. .1 .113.113,114 I .S2t1.10‘; :1,102.-42" 7,4s4 s(0.2111 1.5t1S 37$,000 2,25 ;.403 674,1st., tripi7 41,41S 2_170.985 tri,k71i S 34..)) — __ _ 36.654 1.4i)2 i .($.%; 1.03: :S2.04,1 — 4,442 4.3tS 2114:2 50 2.85!) Y.200 — 2tic.{1081 — — K.12:ss I _ __ :1.710.9:7 ..20 60 ; 2.74A) 1;10.705 1.211.33N _ _. “... -- __ ____ -- ----- I '•( IN 2,174,9S5 1.216 C:s R1_All — !MAW liOND iSSIT PROOF OF &Of Pf7 Schedule ttr-t flrnn};t.11tml Itinner l{e1 11n%401 ti rt'twu'.r Sprri:i1 Stadium Siorinnt Audilotium thditurium Go11 I'rnprrt} t'rnpettirc IS4.'I 7 6,ti44 247 14,:t,: '),252 .1.3\5 122,010 21,121 'L,k ;6 \ .)4b .2..N4x -- 4.2Mi 1211,515 1t.lI 1 781 2.27') -- 704,4s 1=0.241) -- 501000 15,090 __ 45.000 8,006,1 N 2„t tq•4-_ A.NO2.42N 1. 1 sh, i11A 44.1,19,1 1.420.000 2-16,64i 'a,.174, 112.1.'5 222.442 — .._ .". _ _ 1?t,f1It1 — --- — 4,2.;`,,S7n 1.>!:‘,.-,:1 10,0'i 4,:...1.1a1 1.445.429 4454.., l,t-11,71IG 12,7111 N,4"`, _ ?.0,•;.'. SS't.t 4.I'r 1: i, 1N t. < tc 2.1 ll°.S 6.0'N7 I.(l54 :1.1.6 1 2:.‘•-(1 1,_'f•' 4.54() lo.t111l .71t,r1(1(1 - - 1.19.311i1 !.'U'1 .12,1111 -. 4,111 N.,41.1 u Is•N'•••"0 i'.1',pA. 031 d t,ii,tr., 0,N47 4,Y74,161 lU,n:11 61 • 1(1 \11.'\"— 1l10.11 HON!):isit 1 :il'. (101-'O'3;7,77 tit.1* 01: MRMI, 11.O1211)A Entetrtite i'tll►ti tnt`nhil`1cd Statement of Operations PO the Year ended Septerthet 30, 307( total kr%enore.hum orer„titans 5 1,044.4'.2 I tanster.Iront other funds 47,3,;s 7 o!a1 re%enncs and transfers . 3.091,S50 Oilerftirig ckrerr,t: 2,t+05,11C11 1 t,tnsletsto o1l1t.r hoick ............... 754,21r0 7 _. Mal eNr uses .,: d transfer. 3,5r.0,1(1 Net inrtinte floss) S 14(K,31 1) ';t: r:t.031a s5,713 103.257 103,'57 'siatiste %tiami Stadium Slad:unt 141 313 1S2,7 4(1 141.513 211:,703 145.7s4 ;Al 4x7 126.256 117.5441 1211.474) 56,474 Jt(.VIt:W—A1JAMIWADI +;bUr. j'it(:)ts)t' l'3J7;7T F,t'1';I,1Y331d Orange Itnµl Itinnt.r lit, i front St odium \1nrinac Audiinriutn iota 952,s7 i 677,42s 57,441 34.1)44 95.3,N_1 '.1 ylf, 57,.41 54.11 7(I.(,),9 555,1110 51,5 i' 'f1N,4h4 Sfl,flliii ;,r1lh 811,6s9 1,113.420 1 31.S t: .u�),4n4 141,Iti4 I?s.r,int 5.40,1 (1,5.2m1) 63 Schedule I'S'=# ii arehoose 5peeiltl Calf Pt-tq'rrlproperties ()12.4vi) 3w,525 241.5(15 (1?O.IU? 19,045 141,902 00.11)3 19,044 141.02 1r.611) 19,434) 99,6f,i ltf 1'11:11' -- MI AMI POND 11aS1'I PROOF OP./9/77 CITVu i1AN1t, 11,01tI1)A tnietprise Fund tonthining Statetnent or Changes in Contributed nnd ttetained Ett tnings Selikanhet 10, 1976 t Rutted capital and retained eat:imp, tit:tidier 1. 1975. as pre iii,k ret,irted estatenwnts betrantlinv tinitt itniti•tli..;tpital and retained eiltfl Cliinre to 6111 oaf basis i‘i occ, 'fir 1ilitistment 1 tisci1 assets at seniciiiim ;1). 1975 Contribution Ition !Nilo tun'tithet 30. ....... (tl1t!IhttIk:apita! and tetaincd tit.toricr '975. te•tattsti Net t.mitt Ii 4.10 oicrci ContriliuteJ copilot orki it t.tinet; c,a1;:rws..it St:r(Ctilbei 311, 197( l'4'.N.WAA '4 hinetnt's \Witte Ntiorni Total Office Stotlium Stadietit — — ......_ 527.163.3?1 14,S11() 1546.496 1.144,952 1?4.44' 31.183 (3.2its.1)31) 41.tino 24.1:18.7.12 14.SOn 2.577.679 11461.1.3111 t,17.s44) 1211.974) S.73.7'11.650 (17441 2..165.705 64 1.144.952 56A 74 9.91:s 1,211.1;s 1(I %II -- I;ONI) .0+4 V800E0E3;7177 Schedule IVO Ornfige ttntMonet frqnt mtme atelSpecial , . Stadium N1 admit, A tiditoi imn Auditorium Coif 1 t(IItt t4. Pt opet tie% 8.6(11.946 3.66:`,270 gss 4.729.4.4 1 171.499 4.S72.25S loo,t)tv.' 2..297 I 27.s2t, .19.000 8.8110.7s4 14 Lisa 9.045.0[Ll VT.P.1.1M14 .1.71 :1,c(v7 Zs'‘,61111 4,729.441 1155.:'%al) (0,r! ! 65 (3.3.15.ti57) :V If ‘‘' iivii 'HON ISSI 1114111: OF 3,71, 01: MIAN11, 11.01ZWA t;etterai (11, Cnpital Projects hoof r'ombittig Sheet September 3fll 1976 5'.torni 'nilifil 1•111111thon A sm)li loth! So% erg Selterc Control t'as11 $ 19(072 1 .3)1S 134 1,335 1 rt% em ment%. it( co,,t c%11;,11 ,ii:proA oodles owls!!! 4 :',559.512 2,1475.'197 12,69:011 I Iteco% able.: A...0%foot! l;ets re....et t able 32.467 — — ...,_ Accrued tocttnie 44 2.2.91 4.345 121.734 2(1,221 1)(11: front t Alto funds I .1)N5,3;1% 4c:`..clo1 — NI63)(k) _ labililles and hind littlailve4 0.0101,, 1),(,(1.)1e. 4............ Accructi Itattlittio 1 !tic tt,odicr hinds . . I 1;01 11.11 #3314 66 $ 2.3(14.1))4 8.050. ltI 59.311 S45.21().210 21.1. 23 ; 50.512. 77.951 4.3%4. 1v1 3, 221). 260 3.4 3.4.411 12.15.6 '1) VI 11.1V 1111NNIf Bird) ISSUI Pi(g)1 01 .:///77 2.713.4." 1 l'Ark4 and Police Recreation rneilitle4 ,q40 1,639 3.722.229 11.1)76.13N7 1 1,s75 3,736.(1.1.1 11,309.411 ij4.4,43344 Convonion improtennnts tint+, r 1,Ns.) 7,670 2.336.t:03 7,1%.1,777 5 1.22.3 33:.96.1 Schedule ‘1 Hoc& Int; 5iidvn fund 126 69,21Si 10s.s3h 32,467 26,34s '76.5- 75 2- fil 17 3,230 716.6N-1 IN:. 3 1 7 I ka _ . 67 itt1,11 -- A'n Pos.01s•NI • 33 97,633 _ .___• _ •_ 3S-1..is 1 344,91:s 01'1.7,7 1 tin ol: NiiA‘11, 11.014111.‘ thrttlat ()611,4atioo (pitat Project% Fund Combining Statement of Pei enues and rlitendittires Veat ended Septetibet. 30, 19/6 storm sonitatl Putiotion total Sows Setiers Ctititrot I? ek eritto: Sal!: oil hung!. 5 7,9.11.0i,111 .5,k)(0.1.(1110 — I tiletot 2.95.1.'/11 2:'.17(1 S(17.2-8 1 i I tau, rot:nut:N. 9 gs4 '1,1 170 l'itijo..t t: \ pendthitc, :1.07.175 1,I74.4S4 :•.1,9k.:. I IsZPOS i 1,1110 Cr.. tit 11111:1 111, . . ,,,.!..74) Nf,7,1'8 I 15.6()S 1 itliti cycmillwc, 1 iht,olirs ... .. .... .... ............ :4.`, 74.741 1.1.v).‘,.,4 (,.',f,", W 2•)",f,"(1 ---__ . L \L-c,,,((icli,ient. j 4.1 relvtl,R, ii1C! t.'11,, tid:Ilitl, it7,1 tr,up.ler.. .... .$1 !4.(11).S1.11 11.17-4,.1,.4) 1(0)S.'(+ I ) (1S2.11k1S1 J44'4,03,14 68 RI VILA\ —MI \MIIIUND1SS1 1 rit001.01' i"7"7 litirkk nfld Police r ti 3tic,tr ticilitie% Itttproemetlis 2.090,(101) -- __ 2.1:1,(IS' I S"..",Y)hll I •"9.--1, - -- .--- ____ ._._ - ------- `. ' t' ro. 1 .. _ 4.3Y.;.N57 ,), ..1 ----- - I, :.1,...5.N•,',.) (N.-4,1.. ,Z+),, 1 i I. tt1-1,,'54/1 ==-= ( vntion ('ritit i)9 f3j14 — Ni; BONI) NS1 Scitedoki. tire Ilonbifig Sitlev.o14% 1,/.957 t).-?..il 11...kfl:' 10,u:,-7 275,4.t3 I :'..(,.,1 14,1/57 6.-,:fi- tz.„;•ll tr, I ) 17. Mt1)01OF 3,7/179 CIt1' Ni IA It, FLOItIDA (ieiiertti Obligation Capital Projects l t nd Combining Statement of Changes itt I t►nd Balances 1'ear ended Sclttc•rttiber 3t+ 1976 and balance, at U.t,rhei I, Iir'.'s a. Inv,t,nt.l) !cro t:d „r I(e•tatementl I' uuunrt Fund b,tl,tnLe, r.tn.lcr „l ..+mUu.u,ur to i,; .;c,,,,; s, 1 icr;bcr O, I')75 trr (.ltart)'c• t, lull :r, trr.tl h.t,r ,•t .r.•.,•untut,' .. Fund h,tlanci.;,t ( ! ,r I. I') >,r+ rc•t.rtr,! . .. \re..(dilt.'Icu. )10 IL l U:.c.u\i; rrcrolu.uc, uml balance, ,tt Septe rlier ..................... t ` ui iti 5unilut\ Pollution Src+cr� !+ewers ('ontrnl S\d,655.7tj 7.1Oi,}•tb 16.�r(,':)la 2.N9 Lr)K? il),Ir?2,t)7, ?,aSS,tiC (,,'(?,Ih•t i3.?`;? d.tidd.>?d i5''C'7 l.(,12.'tl') c ` yc a�).�7�),I $ a.?')-t.(,.a s.�s,.5.t1 2s17.a7') (ld,r)i(013) (1,174.iWl t(•')s,bI) IIS?t)tr') 5 34,S54,311 ?,'_`II„`rlti 7,Sti'rirrr 2,(13t:171 70 F.F,1'.1.#3314 -- MIAMI 1;QNI) ISSUr l'I1OQF0F3/7/77 Schedule t'n Ptak rind 1'o11ce 1?Vet c:uion 11is;itl+a> CmLfiliuu fin' I?oubin); liaifrunt 1'acifiti(s 1a, ilities 1nlltrns tmtnts Cotter � F'nciiitics tiido% alks _ I• and Rcttcatiun I3.; 7.U22 25,02(061 1.1s(1 9.02(,.a07 915,031 17(,,3"6 327.553 12,302 8.412.407 5.55^..17 3.U_'`,,1139 2.S4h.1117 :SO .2ti7 h(.(itl(, 1.1k.s.s9; _ r'''„1•'f1. _..'1: sl 644a0t '2:15__ ;__ 4.05(,.02.: 19.:1)-.40.4 4.'21.7nr, 5.4 •toci, 562.279 1I5.3'0 327,553 (?.i\K.s,c'-) 1s,..los_hp. 1 11, 01.2„9I ((I ' •I1.hl I.'.'5.4131 112.(,Xt1) 17,1G2 �i_n70.1(_, (1I:t1�l,uur. 41.r •n7 , oxt!. .it1 '`(0.1r. 2 �' I 4.1 )I S 71 'A314 K1 V1l:11 — MI \ M1 H1) I) I ISI j: 1'KOUF(11:3/7/77 12,302 titV OF 1.1.01tItiA Combined Statement of lmte!-Ternt hebt hiyoble Septetttlact .19, 1976 !Anal Itttert,t Niaturity It ate% Ihtte 1)ate Cotteral ottligittiori boadk: Ire liphltng. Ilitses . ... ; 3•1•58 3•14Sti .• Cucortit ( !rot e frirotor • ......... . ..... 14111111.111Ir SC,ip: ki;,..1,1‘,11,,t,..11, . . .4 . .. 4 lilt)': 1',:.1.1 'Itr,; I-1-62 7-1M0 . 3 , Dintict kt.. %la: tra . 3'. ; 3-1, 10 . ; 6-1.65 6-1-11.5 3-2/.11r: ; 1-1 .4': I ark: .1t.itilsilio') .. 3-:: 3 1,10% 6•1•65 6.1-S5 3-2/10'.; 3-1,4; i.1010,11n.,..1,...in•,,,i Li, ii,tics. . 3-9; io' , ; 4. 8-1417 S-14+7 Ito. rcat ionol faciht.e.. 3-9, 10' ; .1'; 81.67 14-1-S7 tini):0“:;),,:ni . . .... ....... 3-9/1()'; ; 4' ; N-1-67 Sanitary..-cti.e; 3•9 /10'; Zi-1-6.7 8-1-71C Storm 1/4t:k‘ct mii.1,1.‘tilent 4.1,110''. 4-1/4', l• I -(0i 7-1.1:S Itt.cre.i;ton.111.:Lillt ie. 4-1/10-•; 4.1.4. 7-1•6!. 7-1•88 4-4/10';; 4-1 '.'.'• Saml.0 ...t.'v er 4-1/10'.; 4-1/4'' 7-1•6S 7-1-8S t 4-4110'. ; 4-1/2', Sandal) •tn% 4.')/ 10. • : 5-1.64 5-1-80 ()Ho, cid 4', ; itr• 5.1-69 tr., llitmr ;Intl 3-2/11r, 5-4,1 5-6 0' ; 10-1-70 10-1-90 5-8/10',; 6'; 6-2; 111-; ; 6-3/ Hr.,: 7'; Police tivatititidricts arni crane pro cm tti1 . 3-1/2";. 10.1.70 10- I •t;0 5-8/ Uri; ; 6-2/ l(r; 7`:; Pollution iitititil and i8onerilt.4 faL•ilitues ..... 3-)/2"; ; / ; ; I II- 1.70 10-1-90 54/10''i; 6'; ; 10'; ; SAntt.tr) seqer 3-1/2"; ; 5-4/1(r; ; 5-6; 10'; ; 10-1-70 10- I -90 5-8;10'4 6-2f I tr. , 6-3/ 10'7:7'; 411% a) Impro%cmcnt 4C; ; 4-1/4'7 2- .7) 2-1-82 Shlrfti smcr impit)“.:11)4.0 .. 2-1/2;; 4.-;; 4-1/4`:;„ 2-1-71 2-1-91 4-1/2'; ; 4-3/4.;.; 5":; Saiiitar) scull' 3"i; 4'...;; 4-1/4', ; 9-1-71 9-1-91 4-1/2':;; 4-4/11r; 4-7/ 10' . 4.7/ 10'..i ; 4•8/10',;-; 72 1/.1 \'II %.1 — NI1 Vs11 BUM) ISSUI PROOF -OF A:7/77 F;rxj, #iila {intros! �cFistl I'nlmmnts Schedule VI Rom!. R(-tired f)ntstsm(tiPt; ("stllable i�,lltNll''-\t)) — — -- no 4(1,0t g l(1- s 5)- 45,f100i)i,.cs) tiq),(+il(1 375 t1(I 47s.nutl 40.00ot ""! — — no 451111`I(7;.-s) 56.11014,.i.\i) 55,noolN•1-A`)- 60,00H1(1,Ino.1)ot 4s5,(Irn, (+l`.(1if1 5i)o.00 1(' i-4t1) 1-1. 6t11t141 (,, 2Pi5tltlil x,2(4.), Iio tit+ 125.1ui( 77-'41 ;5.0ti(it _...\°., _, 'ItlalO!i 1.2s11.000 700,000 i�i,urHl 110 1,1't1.OnO 315,000 tl,+ 1al1HKt( i.i) — — — MI 115.0!)0 0s, ``1 2..750.000 11611,t10(1 1 '90.1; Hl ---- Si,11tY,ii ';.7h.) — — — no 50.0ihh'b.A-1 i3Oin .011.1 .14U,UI0 5n1i,u Hl — 50.11141i 74-s7) 1 1)i12(gli) 4411,0i)0 Sb(I,UOfl — 15. i.nooi " ; .•) 1.'010A)o0 1 „uJ,t)i1(1 30(I,(I00 110 );11,111HIt 7-t.\) 1,51111,111111 5a11,(Pio ()/dl,t)UU no 75.001477-791 I,S011.ono 555,000 4.45.000 -- fi!).00( (till i1) — — no 3`i5.(Nisil77.79) -_ — — — 1:11,tH10(Nli-s51 5,t)llll,rll+") 2,765,00II 2,235,U(HI — II(Illll(Iit.L-sSI 2,1111t1,t1(HI I.sUiwon 1„201,0Hl0 no 3 )Ull,eIt"; 74,01 __ -v no ':"ati,U;k117-) 4,50l.u10 1.4.10.(H1U ?,(4,0,tis)ti ...- 1ii,(H)i)i 7.1.N•1) - 5,11i101"-SII _ --- — no 5(111004s7 `io) llliln,illlll 275 onn 7'5,(Inn S11.111H)t 75,1HKItr;-41.) I6II,n00(77-\,'1 51Ilix)t1 i.+:I1) 1.500.1I I ) 400.000 I , I111).(h ll .0(1(1.' ) 1 (l),t)(1O ' 2(h .(k l na no 570,(I(yi( 7'..(1) — — -- no 565.110x1+11 — 145.000%N22-4111 7.(I(I,000 2.h50.I01 4.150.01)t) — 1'.!!):111H!1'7-.:,') .(r.itl,tlli(1 I.2Ut),Ut1U I,K(;t),(Hli; tits so,i)oot 7 7 - ;', A: -- — — nu x i.911 75.O(K0i79.S2) I,5001I10 320.01H) 1,1IU,000 .- 3N5,lllxl; 77-s2) -- — — no 1.(1,(IUO 1 U-1,) ..... — — 1I11,IIIK1ix9-9I) 5.0ilo.n1U l.Sx(,.ols) 3,42t.1,!KMJ -- 73 (Continued) #td 1';l:11 !LAND BON )ISM. I. i'11LJUt'OF ij% 747 111f 11%4 a) impro‘01,011 ire Orhttnr. and te,ette taLdities • Samtat e'er . trry 01: NlIAN11, 11.01110A totithirteil Sintentent tit Long -Term hemliruartet ;old eine rot:110,qt IA Storm se' er itnrroe:aent Street a id 110114 intetect 144tre %Notify itatvs Date [Litt 9-1.71 9-1.91 4-1/2.:;;4-4,10';.4-1,1tr;: 4.7 i(r . 4-s 10'.; 3". :4-1, kV.. 4-2 it)'; 6-1-92 4-3/10',, 4-4, lir,: 4-1 4.6/0E: , 3•••;; Itr.-.4-2, lU. 61-72 6-1-92 4-1110;; 4-4,11r.,4•1 : 4-7/11r,; , , 4.1,10 ,.4-2 1(1 4-3110•;•.4 4 10'•.4-1 4-6;10. •4 10 , 3'7; 4-1; Itr, 4-2/111';; 4-3/104;4-4,105 ; 4-6/10-,; 4-7;10'; : 3'.7;4-1/10-;:4-2.1tr; 4-3/10.3; 4-4/10'; : 4-6/10.7; 4-7 I(' . 6`1 6-1-72 6-1-72 6-142 6-1-92 6-1-92 6-1-92 re..-wattotial Ia,os 3-1/2"; . ; 5-1 / 1 0". 1-1-72 10-1-97 5-2/ 10": ; 7r; Storm !4:•,,ter 3r;.; 4. i ; 4-6/1G-, ; 9-1-73 9-1-93 4-7/103;4-8/10%; 4-91107: 5-4/10', Point. litadtp.wrI4r• pte%entnIn 3",: 4-1/ ; 4-6/10-,; 9.1.73 9-1-93 4-7/10r; : • 4-9/10n: 5', 5-4 i 10-; , 6'; Slot m vei starrot ement 3-1/4"i; 6-i. 6-1;4'.; 3•1-75 3-1-95 6-1, 2'3; 6. 1/10`; ; 6-2/ 10'; , 6-3/ 10 6-4/1U Street and 1411.•. improvement 6-1/2'; 3-1-75 3-1-86 6•1(2.7 3-1-75 3-1.N6 3-1-75 3-1-95 6-1,(10-;. 6-2,10'3; (1-3.10':;; 6.4. to ". Salon:tr) .r.74er 3-3/4'.; 6-1; 10':: 6-1/4 ; 1(1.1-75 10-1-95 6.4/10-,; 6-6:1 ; 6:7 101 (1-8/ Ur, ; ; licadquattet• and crime pro ent Ion la. 11,1 ...... 7-1/10';; 7-1, 2."; 10-1-75 10-1-95 6-4i ; 6-5/163; 6-6! 10"; 6-7/10'; 6 ID"; ; 7'; ; 7.1 / : 1 otal irct;:tal Special mina loonck: lticater-trot le% owe thind-,.. 3-3/4'; 7-1-51 7-1-81 Capita' ritlyrkti.elnent Net ies 3-1/10"; 9-1-54 9-1-81 n,tpro•-ement series -13" 3-1/10"i 9-1.55 9-1-81 • 4-1 13114 — MIAMI BOND 15511 islif)()f OF 3/7/97 Santtar:k s.ov et Pollee he;:thicarrers and :tune pre: tii iile J.F.J.'i'#331 d SdieduIe % I nitwit i;nnd5 So jai i'ornerit. I'.Rncd ketired OuV. andinl; Callable I in,nlNN `:') — nu 111t1,11lhI ' i-411 : (I(1I,10(1 4411,00f) Ito (41.004S-t-i) ) I.1t1(it Hilt I 5.000 Q3.000 — -i.S.tli)It(".\.) — ._ — Ito 47111i1hh\31 — _- ScjitNIt:i.I-1\1 _-. — — — Slttlo tM.4.) 5,11(ti),Ilt(t) i,:75d000 3;723,000 — slt,()Iltli7-.l .__ — — nt1 7511f101A`)-V�) 1.51111,001) 240.000 1,2i1(l,(1110 — S 1(11i.uitui"7 ( -- —. •— nu 155.11000,5-1/; 1 1.01111.01111 4fi11,110t) 2,52.(1,(10t) — 155.00ot7^-ti?) — — — no 5t).(1) 1i\(,.9t)) ..... — .__ -_ .1\1100,111.t171 :•(11)(111ih1 4(15-000 1,515 1(111 1,I85.9111177•ib) — — _..` no 1,115,00(44") 2a,350.0:111 3 15,IFl(; 24.t<I5;;09 ..... 1(15.011t1(_..•_$I) — _— ._ no i0ti.tlih11wti-\) — — I t1)11t)(II;-b-')21 - — — IIIS,Itliih'lll :.11:1;1111N1 2IOlhilt I.7`)11111to — :111110ot--,s4) -- — — flo .11I.OiN110•.\t)t -- — -" 22 .It lll( )tl-'t tl 4,IIIIII IIINi 4211,(10:' i.S ,11:1111() INI,lhltl; 7"-\-) -- — n11 IS5,IK,NritiA•yS1 3,0(10,00(1 — 21011t.t,lNtl1 -- 300,0011t7--rt•1 i tiottpiiil iljtil'i,INtl) no 5tl:t.11lhl( --toil 5 i),hi•n;iii Sstiit MAI no •1.$0.(itNn "..-\: 1 — -- — 141 4:?.0,1UI*.i1 — — .— — d: 011(II r N.i - ",) _— ._. — 41‘.11(eqo.."-sIS1 \111$11,110U -- 8,Ihlt1,l11Ni — i551);111("-‘,1,) -- — no ih1111(tUt\--'14) — — — 17(1.11t111i`l') •-,.(111.t.INito --- `.(h10,(1(10 — I IO,I II of -71 i(1�,11(N11�\ `l`1 _.'.011111N111 — 2,INI(I,IItal 17,'h51101) ZZh05,11;1(1 104,Irt11111I1 S 1(4000177 -0, — — — )es 171,(I000,MA I ► 3,300.000 '.456.000 844,0(10 — 305,(IIN117".) — — -- )es 3:11.0 N I('t)) — — — — 340.000( (K)(t:'-s II 6.000.0(10 4.370.000 1.630.000 — 50,000( 7'-S I) I.25I),000 1.000.1)0(1 2>0,(HK) ye,. 7a (Continued) kO111!'__hil•\MIBON I)I S 1 PROM.411'i,'7177 Capita: ..er •• Cif tfl Nt N1i4 VLORIDA toitibitted Statement ot toniVI ern, Debt Pa) able iffirritement %cm's "I)" Capital inirriii•eillent 1 \.,,efiCs..A— (Jiaitge lliva 1 Nriial lOtal Speelal obligation Orange liovi 1 al ellott1/2e tot:title bond, ()range Jim% t at et en tie bond, 1tits! enterpii-a. bold it.,.ettite Total loitg-tet iittlubt . 17,1'414.E3314 76 Vitiai initireqt kgue Ntonaq nine% Ibite Hate 3-6/ lir; 9-1-56 9-1-81 3-7110' , 9-1-58 9-1-81 4'; 3- 1-bb 9-1-X1 10'": .1-4, ID': 4-1/10'; 3-1-67 9-1-K2 12-1-69 12 2.11-74 I 2-20,S9 1:1:110‘ MIAMJ BUM) JIZOOFOF 3/7/77