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Res No 156-12-13713RESOLUTION NO. 156 -12 -13713 A Resolution authorizing the City Manager to enter into an agreement with FirstSouthwest as the City's Financial Advisor to analyze the City's financial position with respect to bond refinancing. WHEREAS, The City continually evaluates its outstanding debt for opportunities to save money through refinancing. Given the interest rates available in today's market, certain outstanding debt obligations may be able to be refinanced for annual debt service savings, and; WHEREAS, FirstSouthwest, as financial advisor to the City, provided a preliminary refunding analysis of two of the City's outstanding loans with the Florida Municipal Loan Council (the 2001A and 2002A loans). The 2001A loan is currently outstanding in the amount of $1,780,000, has interest rates from 4.75% to 5.25 %, and matures in 2031. The 2002A loan is currently outstanding in the amount of $3,585,000, has interest rates from 5.00% to 5.50 %, and matures in 2032, and; WHEREAS, these loans currently allow for prepayment at 101% of the principal amount prepaid, and based upon current market conditions the City may be able to achieve substantial debt service savings by refunding a portion of these loans with a traditional bank loan, and; WHEREAS, In the current market, the City may be able to save approximately $580,000 in total debt service or an average of just over $38,000 per year during the next fifteen years by refunding a portion of these loans. Please note that current market conditions can change, which will impact these preliminary savings projections. In order to take advantage of today's favorable market conditions, it is recommended to move forward with a request for proposals from banks to provide a refinancing of all or a portion of these loans, and; WHEREAS, the city believes that time is of the essence and that it is in the best interest of the City to retain a Financial Advisor and has recommended the services of FirstSouthwest to analyze the City's financial position with respect to bond refinancing. NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA THAT; Section 1. That the City Commission hereby authorizes the City Manager to engage in an agreement with FirstSouthwest as the City's Financial Advisor to analyze the City's financial position with respect to bond refinancing. Section 2. That the City Commission hereby approves the attached engagement from FirstSouthwest dated July 20, 2012, and annexed to this Resolution as Exhibit A, pending review and approval of the engagement letter by the City Attorney. Page 1 of 2 Additions shown by underlining and deletions shown by ever-stfikin g. Res. No. 156 -12 -13713 Section 3. This resolution shall take effect immediately upon adoption. PASSEL? AND ADOPTED this 31 day of July .1 2012, ATTEST: APPROVED: COMMISSION VOTE: 5 -0 READ PROVED AS TO FORM, L UAPE, LEGA ITY N Mayor Stoddard: Yea EX UT N THE Vice Mayor Liebman: Yea Commissioner Harris: Yea Commissioner Newman: Yea CITY XTT'604EY Commissioner Welsh: Yea Page 2 of 2 South Miami AII•AmedcaCity CITY OF SOUTH MIAMI ' I I I OFFICE OF THE CITY MANAGER INTER - OFFICE MEMORANDUM 2001 To: The Honorable Mayor & Members of the City Commission From: Hector Mirabile, PhD, City Manager Date: J ul Y , 31 2012 Agenda Item No.: Subject: A Resolution authorizing the City Manager to enter into an agreement with FirstSouthwest as the City's Financial Advisor to analyze the City's financial position with respect to bond refinancing. Note: THIS REFINANCING WILL CREATE NO NEW DEBT FOR THE CITY, Background: The City continually evaluates its outstanding debt for opportunities to save money through refinancing. Given the interest rates available in today's market, certain outstanding debt obligations may be able to be refinanced for annual debt service savings. FirstSouthwest, as financial advisor to the City, provided a preliminary refunding analysis of two of the City's outstanding loans with the Florida Municipal Loan Council (the 2001A and 2002A loans). The 2001A loan is currently outstanding in the amount of $1,780,000, has interest rates from 4.75% to 5.25 %, and matures in 2031. The 2002A loan is currently outstanding in the amount of $3,585,000, has interest rates from 5.00% to 5.50 %, and matures in 2032. These loans currently allow for prepayment at 101% of the principal amount prepaid, and based upon current market conditions the City may be able to achieve substantial debt service savings by refunding a portion of these loans with a traditional bank loan. In the current market, the City may be able to save approximately $580,000 in total debt service or an average of just over $38,000 per year during the next fifteen years by refunding a portion of these loans. Please note that current market conditions can change, which will impact these preliminary savings projections. In order to take advantage of today's favorable market conditions, it is recommended to move forward with a request for proposals from banks to provide a refinancing of all or a portion of these loans. The City believes that time is of the essence and that it is in the best interest of the City to retain a Financial Advisor and has recommended the services of FirstSouthwest to analyze the City's financial position with respect to fond refinancing of the City's existing 2001 A and 2002A bonds. Below please find a breakdown of the estimated cost related to the potential refinancing of a portion of the 2001 A and 2002A bonds, which will be financed as part of the new loan: Financial Advisor $17,500 Bond Counsel $20,000 FMLC Bond Council $30,000 Misc Expenses $2.500 TOTAL $60,000 Assuming FirstSouthwest provides a suitable, beneficial bank to service the loan at a beneficial interest rate, the city administration will be bringing forward the refinancing as an Ordinance for your review and approval. Attached — FirstSouthwest July 20, 2012 proposed engagement Documentation: letter — FirstSouthwest September 13, 2010 executed engagement letter Preliminary Refunding Note Summary South Miami Revenue Refunding Note Series 2012 DRAFT Timetable 18851 N.E. 29th Avenue, Suite 520 Aventura, Florida 33180 (305) 819 -8886 Direct (305) 819 -9992 Fax 450 South Orange Avenue, Suite 460 Orlando, Florida 32801 (407) 426 -9611 Direct (407) 426 -7835 Fax July 25, 2012 Mr. Alfredo Riverol, CPA, Cr.FA: CFO City of South Miami Finance Department, 1st Floor 6130 Sunset Drive South Miami, FL 33143 Dear Mr. Riverol, Lakshmi McGrath Vice President lakshmi.mcgrath@firstsw.com Joel Tindal Vice President joel. tindal @firstsw.com As per our recent conversation, First Southwest Company ( "FirstSouthwest ") has been monitoring the market and analyzing potential refunding opportunities for the City. The City has existing Series 2001A and Series 2002A loans (the "FMLC Loans ") with the Florida Municipal Loan Council that are currently callable. A refunding of all or a portion of these FMLC Loans may provide debt service savings to the City in today's current market environment. We believe that it would be beneficial for the City to begin preparations to refund all or a portion of these FMLC Loans in order to attain refunding savings that may be available in the current market. Please note however that market conditions can rapidly change, which may materially impact potential refunding savings. The City of South Miami and First Southwest Company previously entered into a certain engagement for financial advisory services (the "Engagement ") effective as of October 15, 2010. The terms of the Engagement provided for two renewal periods of one -year each to be exercised at the option of the City. The City desires to exercise the option to renew the Engagement through October 14, 2012. All other terms remain in effect in all other respects as outlined in the Engagement - Exhibit I Compensation for Services Rendered: i. Payment of charges for financial advisory services related to a loan or debt transaction shall be contingent upon closing of the loan or debt transaction and shall be due at that time; ii. Additional agreed upon services as requested by the City will be charged hourly fees at the "City of South Miami Discounted Rate "; and, iii. Payment of reimbursable expenses that FirstSouthwest has assumed on behalf of the City ,shall NOT be contingent upon closing of a debt transaction, and shall be due at the time that services are rendered and payable upon receipt of an invoice therefor submitted by FirstSouthwest. Also, please find attached a copy of the Certificate of Liability that the City had requested. Kindly let us know if you need any additional information. On behalf of FirstSouthwest, we would like to thank you for the opportunity to provide financial advisory services to the City. Sincerely, aks in cGrath Vice President Accepted: By: Date: oel Tindal Vice President 2 . .: 18851 NE 29th Avenue Suite 520 Aventum FL, 33180 (305) 8194886 Direot (305) 8199995 Fax September 13V 2010 Mr. Alfredo Itiverol Finance Director City of South Miami 6130 Sunset Drive South Miami, FL 33143 Dear Mr. Riverol: Edward Marquez Senior Vice 1'iesident edward.marque2Qiistsw,com On behalf of First Southwest Company (FirstSouthwest), I thank you for the opportunity to serve the City of South Miami as its 'Financial Advisor. Please let this letter confirm the terms of our engagement. Scope ofServices AS Financial Advisor, we agree to perform the following services: (1) For the planned refunding of the City's Series 2002A and Series 2006 Bonds Issued through the Florida League of Cities and the 2009 SunTmst Bank Loan. a. We will conduct a review of the financial resources of the Issuer to determine the extent of the borrowing capacity of the Issuer. This review will include an analysis of (i) the existing debt structure in relation to sources of income projected by the Issuer which may be pledged to secure payment of the Bank Loan, and (ii) where appropriate, the trends (as estimated by representatives of the issuer) of pledge -able revenues and future financing needs. In the event revenues of existing or potential projected facilities operated by the Issuer are to be pledged to repayment of the Bank Loan then under oonsideration, our review will take into account any outstmding indebtedness payable from the revenues thereof and any additional revenues to be' available from any proposed rate increases, as projected by consulting engineers employed by the Issuer. We will also take into account future financing needs, obligations and operations as projected by the issuer's staff. b. On the basis of the' information and estimates developed through our review described above and other information that we consider appropriate, we will submit written recommendations with respect to a plan of finance for arranging the terms of the. Bank Loan that will include (i) the date of issue, (ii) interest structure (fixed or variable), (iii) interest payment dates, (iv) a schedule of maturities, (v) early redemption options, (vi) security provisions, and (vii) other matters that we consider appropriate to the Bank. Loan. c. We will prepare, solicit and evaluate "request for proposals" on behalf of the Issuer from local and national banking institutions. d. We will provide assistance in negotiating terms of the loan documents in collaboration with the Issuer, he Issuer's solicitor and bond counsel. e. We will evaluate a commitment letter to be signed by the lender and the Issuer, and (2) Other financial services as requested by the City. Engagement Duration The engagement will be for a one -year period from the date of acceptance below. The engagement may be renewed for two additional one -year periods at the option of the City. Compensation See Exhibit I attached for the terms of compensation, Please indicate your acceptance of these terms by your signature below. I and the entire First$outhwest team; look forward to'serving the City. Sincerely yours, �J Edward Marquez Senior Vice President 2 Accepted: 7 OR M iPL Z W-�o P�►• Date: 1. QCroh2r t 15'" a0 1V Exhibit I Compensation for ,services Rendered A. For each debt transaction, FirstSouthwest will charge a transactional fee (based on $1,000 of par amount) as shown below: Amount of Debt Issued Fee(') in ;Fax;tlie•fixsf.$x0,000,000. $1:7;500•;: z= ::; .::;.; For the next $10,000,000 $1.00 per $1,000 forthonext.$20 ;000,00A.::', :'I:$0..80,p r,:$1,Q0Q:; Greater than $40,000,000 ' $0.70 per $4000 (')Minimum $17,500 per transaction. In addition, FirstSouthwest will act as sole bidding agent for the structuring and investment of certain debt instrument proceeds. FirstSouthwest agrees to structure and conduct all bids for any of the funds authorized by the debt instrument documents and to comply with Treasury Regulation 1.1485 that applies to computing the yield and value of such investments and determine required documentation. The successful investment provider shall pay FirstSouthwest a fee equal to 0.05 percent of the weighted average dollar amount reasonably expected to be invested each year of the investment agreement. The fee paid by the winning provider will be the only compensation received by FirstSouthwest in connection with its engagement of a bidding agent. B. With respect to additional agreed upon services, FirstSouthwest will charge hourly fees as shown below. FirstSouthwest City of Standard Rate South Mini Position (per hour) Discounted Rate (peer hour) .... . in In In In 1 i ._: :Sei�iior.Vic EI?resident, aril Above .' ' `$35U .':: ` i`• i`.;` ' :'$210 : %i Vice President $275 $190 A.ssYst4nt Vice P' esident' ... ` ' ..tv % . '. t;,:' ..;.•;;$150; ;::', 1 In • Analyst /Associate $190 $125- .. CleracaUuppot't . .':$9?:: ,. .0 di I These rates include all expenses except for outside the travel as requested by the City at rates authorized by Florida Statute, mileage reimbursement, tolls, FedEx/UPS charges, conference calls with call -in numbers and any extraordinary copying of presentational material. 3 CERTIFICATE OF LIABILITY INSURANCE DATE (MM /DD/YYYY) 7/23/2012 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW, THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER, IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(sl. PRODUCER a VNIsicI Roach Howard Smith & Barton NAME: Helen Stuart 8750 North Central Expressway Ale, No Ext): (971) 231 -1300 (A/C,No): (972) 231 - Suite 500 E -MAIL Dallas TX 75231 ADDRESS: hstuart@rhsb.com THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSURER A: Great Northern Ins Co 20303 INSURED First First 325 N. Suite Dallas Southwest Southwest St. Paul 800 TX 75201 Company Asset Management, Inc. Street MM DDfYYYY INSURER B: Federal Ins Co 20281 INSURER C: Texas Mutual Ins Co 22945 INSURER D: Travelers Prop Cas America 36161 INSURER E:Firemans Fund Ins co 21873 _ INSURER F: Westchester Surplus Lines 10172 COVERAGES CERTIFICATE NUMBER: Cert ID 20615 RFVI.RInNI NIIMRFR* 12/15/201112/15 THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. IITR TYPE OF INSURANCE INSR WVD POLICY NUMBER POLICY I//YEYri MM DDfYYYY LIMITS GENERAL LIABILITY EACH OCCURRENCE $ 11000,000 A X COMMERCIAL GENERAL LIABILITY 35787714 12/15/201112/15 /2012 DAMAGE TO RENTED PREMISES_(Eapccurrence_ $ 11000,000 CLAIMS -MADE ❑X OCCUR MED EXP (Any one person) $ 10,000 _ PERSONAL B ADV INJURY $ 11000,000 GENERAL AGGREGATE $ 21000,000 GEML AGGREGATE LIMIT APPLIES PER: PRODUCTS - COMP /OP AGG $ Included POLICY DECO- X LOC ILocation Agg Limit $ 10,000,000 AUTOMOBILE LIABILITY COMBINED SINGLE LIMIT Ea accident 11000,000 _ A X ANY AUTO 74968567 12/15/2011 12/15/2012 BODILY INJURY (Per person) $ ALL OWNED SCHEDULED AUTOS AUTOS BODILY INJURY (Per accident) $ I NO OWNED X X PROPERTY DAMAGE $ HIRED AUTOS AUTOS Per accident _ Hired Car Comp /Col $ Ded 500 /500 BE X UMBRELLA LIAB X OCCUR 79785393 12/15/2011 12/15/20121 EACH OCCURRENCE $ 10,000,000 AGGREGATE $ 101000,000 EXCESS LIAB CLAIMS -MADE SHX00024155558 12/15/2011 12/15/2012 DED I I RETENTION$ Excess Umbrella $ 101000,000 WORKERS COMPENSATION X I WC STATU- I OTH- CD AND EMPLOYERS' LIABILITY TSF0001199604 TX 4/1/2012 4/1/2013 TORY LIMITS ER YIN ANY PROPRIETORIPARTNER/EXECUTIVE HJUB3491N91612 - OS 4/1/2012 4/1/2013 E.L. EACH ACCIDENT $ 1,000_000 OFFICER /MEMBER EXCLUDED? � NIA - -- - - -- (Mandatory In NH) E.L. DISEASE- EA EMPLOYE $ 1,000,000 If yes, describe under DESCRIPTION OF OPERATIONS below E.L. DISEASE - POLICY LIMIT $ 1,000,000 F Broker /Dealer G23619295007 12/15/2011 12/15/2012 Claims Made $ 10,000,000 per Claim /Occurr. Errors & Omissions Aggregate $ 10,000,000 DESCRIPTION OF OPERATIONS / LOCATIONS /VEHICLES (Attach ACORD 101, Additional Remarks Schedule, if more space is required) General and auto liability policies include a blanket automatic additional insured endorsement /provision that provides additional insured status to the certificate holder only when there is a written contract between the named insured and the certificate holder that requires such status. General and auto liability policies contains a special endorsement /provision with "primary additional insured" wording. General and auto liability, and workers compensation policies include a blanket automatic waiver of subrogation endorsement /provision that provides this feature only when there is a written contract between the named insured and the certificate holder that requires it, CERTIFICATE HOLDER CANCFI I ATION ©1988 -2010 ACORD CORPORATION. All rights reserved. ACORD 25 (2010/05) The ACORD name and logo are registered marks of ACORD Page 1 of 1 SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN City of South Miami ACCORDANCE WITH THE POLICY PROVISIONS. Alfredo Riverol, Finance Director AUTHORIZED REPRESENTATIVE 6130 Sunset Drive South Miami FL 33143 L X =• { )�. ©1988 -2010 ACORD CORPORATION. All rights reserved. ACORD 25 (2010/05) The ACORD name and logo are registered marks of ACORD Page 1 of 1 _� ® DATE (MM /DDI` M) 'oRO' CERTIFICATE OF LIABILITY INSURANCE 7/23,2012 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW, THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER Roach Howard Smith & Barton 8750 North Central Expressway Suite 500 Dallas TX 75231 971) 231 -1300 .com Northern Ins Cc INSURED INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSURERS: Ins First Southwest Company MMILDDY/YYYY POLICY _Federal First Southwest Asset Management, Inc. INSURER C: Texas Mutual 325 N. St. Paul Street INSURER D: Travelers Pr Suite 800 EACH OCCURRENCE $ 1, 000, 000 A X COMMERCIAL GENERAL LIABILITY Dallas TX 75201 35787714 12/15/2011 INSURER E: Firemans Fun $ 110000000 MED EXP (Any one person) $ 101000 CLAIMS -MADE FX] OCCUR INSURER F: Westchester f"`n %1C0Ar2ce RFRTIFIrtATF N111VIRFRI rert TD 20615 Cas America REVISION NUMBER: 72) 231 -1368 NAIC # 20303 20281 22945 21873 10172 THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR LTR TYPE OF INSURANCE ADDL SUBR POLICY NUMBER MMILDDY/YYYY POLICY LIMITS GENERAL LIABILITY EACH OCCURRENCE $ 1, 000, 000 A X COMMERCIAL GENERAL LIABILITY 35787714 12/15/2011 12/15/2012 DAMAGE TO RENTED PREMISES Ea occurrence $ 110000000 MED EXP (Any one person) $ 101000 CLAIMS -MADE FX] OCCUR PERSONAL &ADV INJURY $ 11000,000 GENERAL AGGREGATE $ 21000,000 PRODUCTS - COMP /OP AGG $ Included GEN'L AGGREGATE LIMIT APPLIES PER: PRO POLICY JEC X LOG Location Agg Limit $ 100000,000 AUTOMOBILE LIABILITY A COMBINED SINGLE LIMIT Ea accident) 10 000, 000 BODILY INJURY (Per person) $ A X ANY AUTO 74968567 12/15/2011 12/15/2012 ALL OWNED SCHEDULED AUTOS AUTOS NON -OWNED X X AUTOS HIRED AUTOS BODILY INJURY (Per accident) $ PROPERTY DAMAGE Per accident $ Hired Car Comp /Col $ Ded 500 /500 BE X UMBRELLA LIAB X OCCUR 79785393 12/15/2011 12/15/2012 EACH OCCURRENCE $ 10,000,000 EXCESS LIAB CLAIMS -MADE SHX00024155558 12/15/2011 12/15/2012 AGGREGATE $ 10,000,000 OED RETENTION$ Excess Umbrella $ 10,0000000 CD WORKERS COMPENSATION AND EMPLOYERS' LIABILITY YIN ANY PROPRIETOR/PARTNER/EXECUTIVE OFFICER /MEMBER EXCLUDED? ❑ (Mandatory In NH) NIA TSF0001199604 - TX HJUB3491N91612 - OS 4/1/2012 4/1/2012 4/1/2013 4/1/2013 X WC STATU- OTH- ER E.L. EACH ACCIDENT $ 11000,000 E.L. DISEASE - EA EMPLOYE $ 11000,000 If yes, describe under DESCRIPTION OF OPERATIONS below E.L. DISEASE - POLICY LIMIT $ 110001000 F Broker /Dealer G23619295007 12/15/201112/15 /2012 Claims Made $ 10,000,000 per Claim /Occurr. Errors & Omissions Aggregate $ 10,000,000 DESCRIPTION OF OPERATIONS I LOCATIONS /VEHICLES (Attach ACORD 101, Additional Remarks Schedule, if more space is required) General and auto liability policies include a blanket automatic additional insured endorsement /provision that provides additional insured status to the certificate holder only when there is a written contract between the named insured and the certificate holder that requires such status. General and auto liability policies contains a special endorsement /provision with "primary additional insured" wording. General and auto liability, and workers compensation policies include a blanket automatic waiver of subrogation endorsement /provision that provides this feature only when there is a written contract between the named insured and the certificate holder that requires it. CERTIFICATE HOLDER CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. City of South Miami Alfredo Riverol, Finance Director --- 6130 Sunset Drive AUTHORIZED REPRESENTATIVE South Miami FL 33143 ©1988 -2010 ACORD CORPORATION. All rights reserved. ACORD 25 (2010/05) The ACORD name and logo are registered marks of ACORD Page 1 of 1 a ;t1 0 LL ra C 'IJ h N °a N a a )^i 0 0 N a 0 v CV C 4, a a M.+ Q) 0 C O t a a O a al tz C oj a C i n. bjO c m u O 0 v Q1 7 h C N T m c E ci a` N H 0 N d c f0 0 c m .a tut C c w v c N t 3 N c O J LL Ll.. 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LD O O N N V) ct H O m O m H H m W O m m O H O M Ln h [F tD m N V' t0 O LO O O O O N V' ' ' ' ' ' ' ' 00 LO C W at 00 01 n 0) 0) CD 0) W' 00' a0 m dl W r-I' Oy) M M M M m M M M M M m M M M M 00 > O O H O M V' to 00 O Ln O P in 0) H V• M 0) O H V• O) 0 0 Ln Ln h Ln M to h N Ln M V m h LO H N M m N H to 00 4 H Ln Ln N h O O LO t0 N O to Ln N 00 M V• M 00 N H 0) V) O V H 00 n H m N V• y O N LD ti Oj CO V r-1 00 0) r-) r-f LA 0) h ct m V� N ul LO M n 00 m LD p M m 00 0) 00 00 00 m 00 00 0) m 00 00 00 00 N M N N (N (n m 0) m 0) f Ln V v v d v v v v V• V• �i V a� Ln Ln Ln Ln Ln 0 0 H M M Ln LO 0) O M 00 m H O H M' O V• M (m N o0 00 H O O in W V' LO V• H Ln Ln H m V M O d' h m 00 LO M h m Ln •C H LT d` rW LO h L6 m 00 V1' c to m V' V' VF N a) O m m O m 0) m m (n 0) (n O) O) 0) m m Ln N N N N !'n N N N N N N N N N N N N V• q O N m m m m m m m m m M o oo m o Ln o o Ln Ln Ln o 0 o Ln Ln oo H H H t0 H H H H H LD O M LD O N V) Ln N h N Ln Ln Ln N h o0 N LO O 00 V; LO (n O) m m H N N H 00 LO H LO m 0 00 1� M h H M N m •>_ V' h LD V h Ln M LO Ln 00 to 0) LD m' h V• LD 0) V) h m V)' r% 00 m M m m m m m m m m m m m m m m m m m m m m m m m m m N O V) N d N N N O Ln to V) o o Vl 0 0 0 0 0 0 0 O V -Cali Ln V) h N N Ln O h 0 O to to V) O Ln O Ln M H Q ' W O O V' V) ct m O N N h O h O h L/) n a C N Ln Ln m n V) % m Ln 00 Vf h M Ln Ln LD V) 0) Q N N N N N N N N N N N N N N N 00 o r) N N •� N i N M N C) o .N.+ .N.. .N.. m fi CN v r�C m H m LO V m V• y V' V' m w m H d m m H m LO m LD Cl) to m H m LO m H m LO m H H m H M m H v 0) LL H Q 3 H M M h o0 h N m Ln Ln O M O M o M Ln N d' O ' ' ' ' 00 Cw 01 N Lr 6 0) M' r-1 0) r�% O N' O) r1 o0 Q) O O c 4: N O N 6 N m m 00 m m 00 00 m m 00 m 00 00 m m m m m m 00 00 O C N N N N N N N N N N N N N N N N N N N N N N H Ln `v a oomoominrn000a) 00 LO Ln O H h LO H M H ooLnno Ln Ln N Ln Ln N m H H 0 H LO m O to r r i r r i r ' i N M h N LO n ,.-1 N % m r-) 00 0) ri N 00 Ol r l ti n h h 1\ Ln c '� Q rH-1' O H O O H H O O H H O O O C) V' 4- N v v v H H v H H H H l0 O/ O o .H� .H.� ti N M o0 m O O m Ln m m W m O O Ln O Ln O O Ln O Ln w H 00 LO Ln O H h LO H M H Ln V) N Ln N Ln O h O h Ln y, Q LO m H H O h H M tD m O h N LD h LO N Ln M O M O N p N 6 O N M 0' O N N 00 00 06 06 00 N r4 6 00 � O VV d' d M V' V V• M a' V' m M M M M d' V' V' M Ln N O H H H H H H H H H H H H H H H r-i H H H H H m N O Ln H M M t0 M H w m W O W a' d' V m LO H V' m O O Ln Ln m V) h 00 tD O O H as V1 tO o0 Ln M m m d' H Ln 00 V' H Ln to N h 00 _ O in m H to Ln o0 Ln O h h m V• N H m m O V' H 00 h H M N 0 O O Lf) O 00 LD M O t` 06 (T) (T)' V' 00' LO' cn (n cP r Lf) Lfl Vj n 00 cn 00 p M M N M N N N CO N N N N N N N N N M N (N (N m 0) m m h )•„ Ln L ) Ln Ln Ln V) Ln Ln Ln Ln Ln Ln Ln Ln Ln Ln V) Ln Ln V) Ln V' U H d h m m m m m m m m m M o oo m O V) O O Ln Ln Ln O O O Ln Ln o0 H H t0 H H H H H LO O m t0 O N Ln Ln N h N m Ln Ln N h 00 O 00 dT LO m m Cl) m H N N H 00 LO H LO m O 00 h M h H M N m O ';P h LO V' h V) M tO V) 00 LO m O 0) h d' LO 0) V) h C) Ln h 00 m Q O m m m m Cl) m m m m m m m m m m m m m m m m m m m m M N N V) N 7 C N O m m 0) d' C m m V m m m m m m m m m H H m d' V H w m Rzr v to H m H LD Ln H LO H O H M m H 0) m d• Ln H 6 M m m M M h H 00 0)' h n N L7 M N' Lf) 0) V) r-i 0 O 00 M 0) O O M C O t7 M �t N N' N O 'V' h O 0) ' ' ' ' 0 W N C W N O m m 00 m m 00 00 m m 00 m 00 00 m m m m m m 00 00 O rj N N N N N N N N N N N N N N N N N N N N N H i m m m o o m m m m w m o o Ln o Ln o o Lf) o Ln LO H o0 O Ln O H h tD H M H V) Ln N Ln N V) O h O h Ln N LD m H H O h H M LO m 0 1� N w h t0 N in M O M ' ' ' ' N O N O N al O N M Ol O' N N N 00 00 00 00 N r-I C' 00' H O N V n H H H H r -1 H H H H H H H H H H H H H H H m N >_ N M 14 Ln O h 00 m O H N m V' Ln W h W m O H N M V' Lf) tD u N H H H H H H H H N N N N N N N N N N M M M M M M M ti Lll 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0 o o o o 0 iy 1' N N N N N N N N N N N N N N N N N N N N N N N N N p bjO c m u O 0 v Q1 7 h C N T m c E ci a` N H 0 N d c f0 0 c m .a tut C c w v c N t 3 N c O J LL Ll.. N O O N c O ra-I O O N v Ln v t 0 O v O m E c d u O to c C w 07 Y C v Z) u N E 3 h N O N ti Ln O 7 m E (0 c f0 .3 N H 0 N m c 0 0) 3 N c 0 0 a co N m Cf c O tb (Ii E 7 N a c O N H O 00 00 H h O bb c m u u 0 U N f6 c E Q) CL c 0 O co Y C Lo O m m E Q v N tw c c 01 m T U tr- O .0 o. 01 L Y c a Q O1 Q O `O N E O N m m N a s U m 0) O N H L v 0 O U O c 0 c 0C1 G T f6 LZ. LD O O N N V) S M T W T F S S M T W T F S 1 2 3 4 1 5 6 Q 8 9 10 11 2 3 Q 5 6 7 8 12 13 14 15 16 17 18 9 10 11 12 13 14 15 19 20 ® 22 23 24 25 16 17 0 19 20 21 22 26 27 28 29 30 31 23 24 25 26 27 28 29 30 City Commission Meetings are held the 1St & 3rd Tuesday of each month @ 7:30 pm Eastern Date Event Responsible Party 8/1/12 Issue Request for Proposal ( "RFP ") to prospective banks 8/21/12 Bank Loan RFP Response due; Written Notification to FMLC of Intent to Refund Loans 8/23/12 Tentative Award of Loan; Start document negotiation with Bank Wk of Completion of Ordinance and loan negotiation 8/27/12 9/4/12 1" Reading of Loan Ordinance 9/18/12 2nd Reading of Loan Ordinance and Award of Loan to Bank 9/19/12 Pre - Closing of Loan 9/20/12 Closing of Loan City City of South Miami FA Financial Advisor - FirstSouthwest BC Bond Counsel - Squires Sanders (US) LLP SK Bank - TBD BKC Bank's Counsel - TBD FMLC Florida Municipal Loan Council and its Bond Counsel City /FA City /FA /BC /FMLC City /FA /BC /BK /BKC BC /BKC City City All All