7C)
To:
From:
Date:
Subject:
CITY OF SOUTH MIAMI
OFFICE OF THE CITY MANAGER
INTER-OFFICE MEMORANDUM
The Honorable Mayor & Members of the City Commission
May 5,2015 Agenda Item: 7 ,
Steven Alexander, City Manager
2001
An Ordinance authorizing the issuance of Capital Improvement Revenue
Refunding Note, Series 2015, in the principal amount not to exceed
. $5,000,000, for the purpose of refinancing certain of the City's outstanding
indebtedness and paying the costs of issuance of the Note and of refinancing
such indebtedness; covenanting to annually budget and appropriate funds
from Legally Available Non-Ad Valorem Revenues to repay such Note;
providing the form, terms and details of the Note; awarding the Note to
Branch Banking and Trust Company by negotiated sale; making certain
covenants and agreements in connection therewith; authorizing and
directing officers and employees of the city to take all necessary actions and
execute all necessary documents.
BACKGROUND & ANALYSIS
In 2012 the City of South Miami in conjunction with the City's Financial Advisor requested bank
loan proposals on a 15 year and 20 year basis to refund all or a portion ofthe City's outstanding
2001A and 2002A loans. Based upon the three qualified proposals received, Ordinance 18-12-
2134 was adopted authorizing the issuance of the Series 2012 Note to BB& T on a bank qualified
basis.
The approval was based upon an attractive 20-year loan at an interest rate of 3.50%, which
provided greater present value savings compared to the alternative 15-year proposals.
Additionally, the loan provided flexibility to prepay on any interest payment date with a 1%
premium. At that time and based upon the interest rate of 3.50% from BB&T, the refunding
was estimated to produce present value savings of approximately $640,000 or 12% of the
principal amount refunded. Unfortunately, due to the Metro South lawsuit which was filed a
few days prior to the closing of the Series 2012 Note, BB& T decided not to move forward with
the loan and the City was unable to close on the refinancing.
The City has since settled the Metro South lawsuit, at no financial consequence, and interest
rates currently appear favorable. It is for this reason that the City is moving forward with
pursuing the refunding again and seeking approval of the Commission.
Page I of 2
The City, along with its Financial Advisor (FirstSouthwest), contacted BB& T to discuss the
possibility of renegotiating the previous loan which had already been approved by the Bank and (. ) ..
City Commission. After completing its credit review ofthe City, BB& T provided the City a
revised loan proposal on April 15, 2015. The proposal included beneficial concessions to the
City with respect to the interest rate and prepayment provisions ..
The current recommendation is an attractive 17-year loan at a fixed interest rate of 2.80% that
is held for 45-days from April 15, 2015. Additionally, the loan provides the City flexibility to
prepay on any p~yment date with NO prepayment penalty. Based upon the interest rate of
2.80% from BB& T, the refunding is estimated to produce present value savings of
approximately $828,000 or 17% of the principal amount refunded.
ATTACHMENTS
-Ordinance Capital!mprovement Revenue Refunding Note, Series 2015
-BB& T Term Sheet Proposal
-Preliminary Financing Summary Analysis
-FinancingSchedule
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ORDINANCE NO. ___ _
An Ordinance authorizing the issuance of Capital Improvement Revenne
Refunding Note, Series 2015, in the principal amount not to exceed
$5,000,000, for the purpose of refinancing certain of the City's outstanding
indebtedness and paying the costs of issuance of the Note and of refinancing
such indebtedness; covenanting to annually budget and appropriate funds
from Legally Available Non-Ad Valorem Revenues to repay such Note;
providing the form, terms and details of the Note; awarding the Note to
Branch Banking and Trust Company by negotiated sale; making certain
covenants and agreements in connection therewith; authorizing and directing
officers and employees of the City to take all necessary actions and execute
all necessary documents.
WHEREAS, the City of South Miami, Florida (the "City") has previously financed a
portion of certain capital improvements in the City with the proceeds of (i) a loan from the
Florida Municipal Loan Council (the "FMLC") pursuant to a Loan Agreement dated as of
November 15,2001 between the City and FMLC, currently outstanding in the principal amount
of $1,610,000 (the "2001 Loan"), and (ii) a loan from FMLC pursuant to a Loan Agreement
dated as of May 1, 2002 between the City and FMLC, currently outstanding in the principal
amount of $3',250,000 (the "2002 Loan" and, together with the 2001 Loan, the "Prior Loans");
WHEREAS, the City desires to issue its Capital Improvement Revenue Refunding Note,
Series 2015 (the "Note"), in the principal amount not to exceed $5,000,000, to refinance all or a
portion of the Prior Loans in order to achieve debt service savings for the City; and
WHEREAS, the City does not expect to issue more than $10 million in tax-exempt
obligations during calendar year 2015; and
WHEREAS, for the reasons set forth in Section 14 of this Ordinance, the City has
determined that it is in the best interest of the City to authorize the negotiated sale of the Note;
and
WHEREAS, the City has received a proposal from Branch Banking and Trust Company
(the "Bank") to make a loan to the City to be evidenced by the Note and, subject to the
provisions of this Ordinance, the City wishes to accept such loan and award the sale of the Note
to the Bank.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND THE CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA THAT:
Section 1. Recitals. The above recitals are incorporated herein as findings.
Section 2. Definitions. As used herein, unless the context otherwise requires:
"Act" means, as applicable, Article VIII, Section 2 of the Constitntion of the State of
Florida, Chapter 166, Florida Statutes, the Charter of the City of South Miami, and other
applicable provisions of law.
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Ord. No. ___ _
"Annual Budget" means the annual budget prepared by the City for each Fiscal Year in
accordance with Section 12 below and in accordance with the laws of the State of Florida.
41 "Annual Debt Service" means, as of any particular date of calculation, the annual debt
42 service requirement for all Debt in each such Bond Year except that with respect to any Debt for
43 which amortization installments have been established, the amount of principal coming due on
44 the final maturity date with respect to such Debt shall be reduced by the aggregate principal
45 amount of such Debt that is to be redeemed or paid from amortization installments to be made in
46 prior Bond Years.
47 "Bank" means Branch Banking and Trust Company, the purchaser of the Note.
48 "Bond Year" means the annual period beginning on the first day of October of each year
49 and ending on the last day of September of the immediately succeeding year; provided however,
50 that when such term is used to describe the period during which deposits are to be made to
51 amortize principal and interest on Debt maturing or becoming subject to redemption, including
52 without limitation, interest and principal maturing or becoming subject to redemption on October
53 1 of any year shall be deemed to mature or become subject to redemption on the last day of
54 preceding Bond Year.
55 "Business Day" means any day which is not a Saturday, Sunday or day on which banking
56 institutions in Miami-Dade County, Florida, are authorized to be closed. .
57 "City" means the City of South Miami, Florida, a Florida municipal corporation.
58 "City Manager" means the City Manager of the City, or his or her successor.
59 "Clerk" means the City Clerk or any Deputy Clerk of the City.
60 "Code" means the Internal Revenue Code of 1986, as amended, including the applicable
61 regulations of the Department of the Treasury (including applicable final regulations, temporary
62 regulations and proposed regulations), the applicable rulings of the Internal Revenue Service
63 (including published Revenue Rulings and private letter rulings) and applicable court decisions.
64 "Cost of Essential Services" means the cost of services necessary for the condUcting of
65 the public safety and general governmental operations of the City, as shown in the rows titled
66 "General Government" and "Public Safety" in the City's audited financial statements.
67 "Dated Date" means the date of issuance of the Note.
68 "Debt" means as of any date and without duplication, all of the following to the extent
69 that they are payable in whole or in part from any Legally Available Non-Ad Valorem Revenues:
70 (i) all obligations of the City for borrowed money or evidenced by bonds, debentures, notes or
71 other. similar instruments; (ii) all obligations of the City as lessee under capitalized leases; and
72 (iii) all indebtedness of other persons to the extent guaranteed by, or secured by Legally
73 Available Non-Ad Valorem Revenues of the City.
74 "Finance Director" means the Finance Director of the City, or his or her successor.
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Ord. No. ___ _
"Financial Advisor" means First Southwest Company, LLC.
"Fiscal Year" means the period commencing on October I of each year and ending on the
succeeding September 30, or such other consecutive 12-month period as may be hereafter
designated as the fiscal year of the City.
"FMLC" means the Florida Municipal Loan Council.
"Governing Body" means the Mayor and City Commission of the City, or its successor in
fimction.
"Holder" or "N oteholder" means the registered owner (or its authorized representative) of
the Note.
"Legally Available Non-Ad Valorem Revenues" means all revenues of the City derived
from any source whatsoever other than ad valorem taxation on real and personal property,
including, without limitation, investment income, which are legally available for the payment by
the City of debt service on the Note or other Non-Self-Supporting Revenue Debt, including,
without limitation, legally available non-ad valorem revenues derived from sources subject to a
prior pledge thereof for the payment of other obligations of the City and available after payment
of principal and interest on such other obligations, but excluding revenues derived from the
revenues of any enterprise fund of the City, except to the extent that revenues derived from such
sources have been deposited into the City's General Fund.
"Maximum Annual Debt Service" means, as of any particular date of calculation, the
largest Annual Debt Service in any Bond Year.
"Mayor" means the Mayor of the City or, in the Mayor's absence, the Vice Mayor· of the
City, and such other person as may be duly authorized to act on the Mayor's behalf.
"Non-Self-Supporting Revenue Debt" means obligations evidencing indebtedness for
borrowed money, including the Note, (i) the primary security for which is provided by a
covenant ofthe City to budget and. appropriate Legally Available Non-Ad Valorem Revenues of
the City for the payment of debt service on such obligations, or (ii) primarily secured or payable
from another source of funds, but with respect to which the City has also covenanted to budget
and appropriate Legally Available Non-Ad Valorem Revenues of the City for the payment of
debt service on such obligations, provided that obligations described in this clause (ii) shall only
be considered Non-Self-Supporting Revenue Debt to the extent the City has included in its
budget (by amendment or otherwise) the payment of such Legally Available Non-Ad Valorem
Revenues pursuant to such covenant to pay debt service on such obligations. "Non-Self-
Supporting Revenue Debt" shall expressly not include indebtedness payable from the revenues
of a utility system, or any other enterprise fund of the City, which are pledged to the payment of
such indebtedness.
"Note" means the City of South Miami, Florida Capital Improvement Revenue
Refunding Note, Series 2015, authorized to be issued by the City in the aggregate principal
amount not to exceed $5,000,000, the form of which is attached as Exhibit "A" hereto.
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Ord. No. ___ _
"Ordinance" means this Ordinance, authorizing the issuance of the Note, as the same may
from time to time be amended, modified or supplemented.
115 "Permitted Lender" means any bank, trust company, savings institution or insurance
116 company that is engaged as a regular part of its business in making loans and authorized to do
117 business in. the State.
118 "Prior Loans" means, collectively, (i) the. loan from the FMLC to the City pursuant to a
119 Loan Agreement dated as of November IS, 2001 between the City and FMLC, currently
120 outstanding in the principal amount of $1,610,000, and (ii) the loan from FMLC to the City
121 pursuant to a Loan Agreement dated as of May 1, 2002 between the City and FMLC, currently
122 outstanding in the principal amount of $3,250,000.
123 "Refinanced Loans" means all or a portion of the Prior Loans being prepaid with the
124 proceeds of the Note, as determined by the City Manager to be in the best interest of the City in
125 order to achieve debt service savings.
126 "State" means the State of Florida.
127 Section 3. Authority for Ordinance. This Ordinance is enacted pursuant to the Act.
128 The City has ascertained and hereby determined that enactment of this Ordinance is necessary to
129 carry out the powers, purposes and duties expressly provided in the Act, that each and every
130 matter and thing as to which provision is made herein is necessary in order to carry out and
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131 effectuate the purposes of the City in accordance with the Act and to carry out and effectuate the
132 plan and purpose of the Act, and that the powers of the City herein exercised are in each case C)
133 exercised in accordance with the provisions of the Act and in furtherance of the purposes of the .
134 City.
13 5 Section 4. Ordinance to Constitute Contract. In consideration of the purchase and
136 acceptance of the Note by those who shall hold the same from time to time, the provisions of this
137 Ordinance shall be a part of the contract of the City with the Holder, and shall be deemed to be
138 and shall constitute a contract between the City and the Holder. The provisions, covenants and
139 agreements herein set forth to be performed by or on behalf of the City shall be for the benefit,
140 protection and security of the Holder in accordance with the terms hereof.
141 Section 5. Authority for Issuance of Note; Designation Under Code; Prepayment of
142 Refinanced Loans. Subject and pursuant to the provisions hereof, a note to be known as "City
143 of South Miami, Florida Capital Improvement Revenue Refunding Note, Series 2015" is hereby
144 authorized to be issued in an aggregate principal amount not to exceed Five Million Dollars
145 ($5,000,000) for the purpose of refinancing the Refinanced Loans and paying the costs of
146 issuance of the Note and ofrefinancing the Refinanced Loans.
147 The Note is hereby designated as a "qualified tax-exempt obligation" under Section
148 265(b)(3)(B) of the Code.
149 The prepayment of the Refinanced Loans is hereby authorized.
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Ord. No. ___ _
Section 6. Description of Note; Assignment and Transfer of Note. The Note shall be
issued in one (1) typewritten certificate, shall be dated the Dated Date and shall mature on May
1, 2032. The Note shall bear interest from the Dated Date at a fixed interest rate, subject to
adjustment as provided in the Note, of 2.80% per annum. Interest on the Note shall be calculated
on the basis of a 360 day year consisting of twelve thirty day months. Accrued interest on the
Note will be payable semiannually on May 1 and November 1 of each year, beginning on
November 1,2015. Principal of the Note will be payable in semiannual installments on May 1
and November 1 of each year, beginning November 1,2015, as shall be set forth in the fonn of
Note attached as Exhibit "A" hereto. Additional details of the Note shall be as provided in
Exhibit "A" attached hereto.
The Note shall be in registered form, contain substantially the same terms and conditions
as set forth in Exhibit "A" hereto, shall be payable in lawful money of the United States of
America, and the principal thereof, interest thereon and any other payments thereunder shall be
payable by check, wire, draft or bank transfer to the Holder at such address as may be provided
in writing by such Holder to the Finance Director. So long as the Note shall remain outstanding,
the City shall maintain and keep books for the registration and transfer of the Note.
The Note may not be assigned or transferred except in whole and in a denomination of
not less than $100,000 to a Permitted Lender, with the prior written consent of the City. In no
event will the Note be assigned or transferred to any kind of trust.
Section 7. Execution of Note. The Note shall be executed in the name of the City by
the manual signature of the City Manager, the seal of the City shall be imprinted, reproduced or
lithographed on the Note, and the Note shall be attested to by the manual signature of the Clerk.
If any officer whose signature appears on the Note ceases to hold office before the delivery of
the Note, such signature shall nevertheless be valid and sufficient for all purposes. In addition,
the Note may bear the signature of, or may be signed by, such persons as at the actual time of
execution of the Note shall be the proper officers to sign the Note although at the date of the
Note or the date of delivery thereof such persons may not have been such officers.
Section 8. Note Mutilated, Destroyed, Stolen or Lost. If the Note is mutilated,
destroyed, stolen or lost, the City may, in its discretion (i) deliver a duplicate replacement Note,
or (ii) pay a Note that has matured or is about to mature. A mutilated Note shall be surrendered
to and canceled by the Clerk or its duly authorized agent. The Holder must furnish the City or its
agent proof of ownership of any destroyed, stolen or lost Note, post satisfactory indemnity,
comply with any reasonable conditions the City or its agent may prescribe, and pay the City's or
its agent's reasonable expenses.
Any such duplicate Note shall constitute an original contractual obligation of the City
whether or not the destroyed, stolen, or lost Note be at any time found by anyone, and such
duplicate Note shall be entitled to equal and proportionate benefits and rights as to lien on, and
source of and security for payment from, the funds pledged to the payment of the Note so
mutilated, destroyed, stolen or lost.
Section 9. Provisions for Prepayment. The Note may be prepaid prior to its maturity,
in whole, but not in part, as provided in the form of Note attached as Exhibit "A" hereto.
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Ord. No. ___ _
191 Section 10. Note Not to be General Indebtedness of the City. The Note shall not be or
192 constitute a general obligation or indebtedness ofthe City within the meaning of the Constitution 'n ...
193 of the State, but shall be payable from and secured solely by the covenant of the City to budget
194 and appropriate Legally Available Non-Ad Valorem Revenues, in the mimner and to the extent
195 herein and in the Note provided. No Holder shall ever have the right to compel the exercise of
196 the ad valorem taxing power of the City or taxation in any fonn on any real or personal property
197 to pay the Note, the interest thereon or any other amounts due thereunder, nor shall any Holder
198 be entitled to payment of such principal, interest or any other amounts due thereunder from any
199 funds of the City other than the Legally Available Non-Ad Valorem Revenues, all in the manner
200 and to the extent herein and in the Note provided. The Holders shall have no lien upon any real
201 or tangible personal property of the City.
202 Section 11. Covenant to Budget and Appropriate. The City hereby covenants to
203 budget and appropriate in its Annual Budget, by amendment if necessary, from Legally
204 Available Non-Ad Valorem Revenues in each Fiscal Year, sufficient moneys to pay the principal
205 of and interest on the Note and any other amounts due thereunder in such Fiscal Year, until the
206 Note is paid in full. Such covenant and agreement on the part of the City shall be cumulative to
207 the extent not paid, and shall continue until Legally Available Non-Ad Valorem Revenues or
208 other available funds in amounts sufficient to make all required payments shall have been
209 budgeted, appropriated and actually paid. Notwithstanding the foregoing covenant of the City,
210 the City does not covenant to maintain any services or programs now provided or maintained by
211 the City which generate Legally Available Non-Ad Valorem Revenues.
212 Such covenant to budget and appropriate does not create any lien upon or pledge of such -
213 Legally Available Non-Ad Valorem Revenues nor does it preclude the City from pledging in the ()
214 future a particular source or sources of non-ad valorem revenues. Such covenant to budget and
215 appropriate Legally Available Non-Ad Valorem Revenues is subject in all respects to the
216 payment of obligations heretofore or hereafter entered into, including but not limited to the
217 payment of debt service on bonds and other debt instruments. However, the covenant to budget
218 and appropriate in its Annual Budget for the purposes and in the manner stated herein shall have
219 the effect of making available in the manner described herein Legally Available Non-Ad
220 Valorem Revenues and placing on the City a positive duty to budget and appropriate, by
221 amendment if necessary, amounts sufficient to meet its obligations hereunder; subject, however,
222 in all respects to the restrictions of Section 166.241(3), Florida Statutes, which provides, in part,
223 that the governing body of each municipality make appropriations for each fiscal year which, in
224 anyone year, shall not exceed the amount to be received from taxation or other revenue sources;
225 and subject further, to the payment of services and programs which are for essential public
226 services affecting the health, welfare and safety of the inhabitants of the City or which are legally
227 mandated by applicable law.
228 Section 12. Operating Budget; Financial Statements. Before the first day of each
229 Fiscal Year, the Governing Body shall prepare, approve and adopt in the manner prescribed by
230 law, a detailed Annual Budget. Such Annual Budget shall, subject to Section 11 hereof, provide
231 for revenues sufficient to comply with the City'S obligations hereunder, including any unsatisfied
232 obligations from prior Fiscal Years. The City shall annually provide to the Bank a copy of the
233 Annual Budget and the City's audited financial statements prepared in accordance with law, each
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Ord. No. ___ _
within thirty (30) days of its completion and, in the case of the audited financial statements,
within 180 days of the end of each Fiscal Year.
Section 13. Issuance of Additional Non-Self Supporting Revenue Debt. Except with
respect to Non-Self-Supporting Revenue Debt issued to refund existing Non-Self-Supporting
Revenue Debt where the aggregate debt service of the refunding Non-Self-Supporting Revenue
Debt will not be greater than that for the Non-Self-Supporting Revenue Debt being refunded, the
City may incur additional Non-Self-Supporting Revenue Debt only if, as set forth in a certificate
of the Mayor or the City Manager executed prior to the issuance thereof, a copy of which shall
be provided to the Bank, the amount of Legally Available Non-Ad Valorem Revenues, after
deducting the Cost of Essential Services that are not supported by ad-valorem tax revenues,
equals or exceeds 1.25 times the Maximum Annual Debt Service in all future Bond Years on all
outstanding Debt and the Debt proposed to be issued. These calculations required above shall be
determined using the average of actual receipts for the prior two Fiscal Years based on the City's
audited financial statements.
For purposes of calculating the foregoing, if any Debt bears a rate of interest that is not
fixed for the entire term of the Debt (excluding any provisions that adjust the interest rate upon a
change in tax law or in the tax treatment of interest on the debt or upon a default), then the
interest rate on such Debt shall be assumed to be the higher of (a) the average rate of actual
interest borne by such Debt during the most recent complete month prior to the date of
calculation, and (b) (i) for Debt the interest on which is excluded from gross income of the
holders thereof for federal tax purposes, The Bond Buyer Revenue Bond Index last published in
the month preceding the date of calculation plus one percent, or (ii) for Debt the interest on
which is not excluded from the gross income of the holders thereof for federal tax purposes, the
yield on a U.S. Treasury obligation with a constant maturity closest to but not before the maturity
date of such Debt, as reported in Statistical Release H.15 of the Federal Reserve oli the last day
of the month preceding the date of issuance of such proposed Debt, plus three percent (3%);
provided, however, that if the City shall have entered into an interest rate swap or interest rate
cap or shall have taken any other action which has the effect of fixing or capping the interest rate
on such Debt for the entire term thereof, then such fixed or capped rate shall be used as the
applicable rate for the period of such.swap or cap, and provided further that if The Bond Buyer
Revenue Bond Index or Statistical Release H.15 of the Federal Reserve is no longer available or
no longer contains the necessary data, such other comparable source of comparable data as
selected by the Bank shall be utiliied in the foregoing calculations. For the purpose of
calculating the foregoing, "balloon indebtedness" (as defined in the immediately succeeding
sentence) shall be assumed to amortize over a period not to exceed 20 years in substantially
equal annual payments at the interest rate set forth in the instrument evidencing such Debt if the
interest rate is fixed and, if the interest rate is not fixed, at the rate calculated pursuant to the
immediately preceding sentence and any put or tender rights of a lender with respect to any Debt
shall be ignored and such Debt shall be assumed to mature as otherwise provided in the
instrument evidencing such Debt. "Balloon indebtedness" is any Debt twenty percent (20%) or
more of the principal amount of which comes due in any single Fiscal Year.
Section 14. Award of Note by Negotiated Sale. Because of the nature of the Note, the
maturity of the Note and the prevailing market conditions, and the recommendations of the
Financial Advisor, the negotiated sale of the Note to the Bank in substantial accordance with the
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Ord. No. ___ _
Bank's proposal delivered to the City and dated April 15, 2015 (the "Bank's Proposal"), is
hereby found to be in the best interests of the City and, upon compliance with the requirements
of Section 218.385, Florida Statutes, authorized; provided, however, that the provisions of this
Ordinance and the Note shall control to the extent of any conflict with the Bank's Proposal.
282 Section 15. Modification, Amendment or Supplement. This Ordinance may be
283 modified, amended or supplemented by the City from time to time prior to the issuance of the
284 Note hereunder. Thereafter, no modification, amendment or supplement of this Ordinance, or of
285 any ordinance amendatory hereof or supplemental hereto, may be made without the consent in
286-writing of the Holder.
287 Section 16. Tax Compliance. Neither the City, nor any third party over whom the City
288 has control, will make any use of the proceeds of the Note or of the refinanced capital
289 improvements at any time during the term of the Note which would cause the Note (i) to be (a) a
290 "private activity bond" within the meaning of Section 103(b)(I) of the Code, or (b) an "arbitrage
.291 bond" within the meaning of Section 103(b)(2) of the Code, or (ii) not to be a "qualified tax~
292 exempt obligation" within the meaning of Section, 265(b )(3)(B) of the Code. The City covenants
293 throughout the term of the Note to comply with the requirements of the Code and to take all
294 actions necessary to maintain the exclusion from gross income for purposes of the Code of
295 interest on the Note and the status of the Note as a "qualified tax-exempt obligation" to the same
296 extent as on the date of issuance of the Note.
297 Section 17. Events of Default; Remedies.
298 A. Events of Default. Anyone or more of the following events shall be an C_)
299 "Event of Default";
300 (i) the City shall fail to pay the principal of or interest on the Note
301 when due;
302 (ii) the City shall (a) admit in writing its inability to pay its debts
303 generally as they become due, (b) file (or have filed against it and not dismissed within 90 days)
304 a petition in bankruptcy or take advantage of any insolvency act, ( c) make an assignment for the
305 general benefit of creditors, (d) consent to the appointment of a receiver for itself or for the
306 whole or any substantial part of its property, or (e) be adjudicated a bankrupt; or
307 (iii) the City shall default in the due and punctual performance of any
308 of its covenants, conditions, agreements and provisions contained herein or in the Note, and such
309 default shall continue for thirty (30) days after written notice specifying such default and
310 requiring the same to be remedied shall have been given to the City by the Holder of the Note;
311 provided that such default shall not be an Event of Default if the City within such 30 day period
312 commences and carries out with due diligence to completion (although not necessarily within
313 such thirty (30) day period) such action as is necessary to cure the same.
314 B. Remedies on Default. If an Event of Default shall have occurred and be
315 continuing, the Holder may proceed to protect and enforce its rights hereunder by a suit, action
316 or special proceeding in equity or at law, by mandamus or otherwise, either for the specific (,.J
317 performance of any covenant or agreement contained herein or for enforcement of any proper
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Ord. No. ___ _
legal or equitable remedy as such Holder shall deem most effectual to protect and emorce the
rights aforesaid.
No remedy herein conferred upon or reserved to the Holder is intended to be exclusive of
any other remedy or remedies, and each and every such remedy shall be cumulative, and shall be
in addition to every other remedy given hereunder or now or hereafter existing at law or in
equity.
No delay or omission of a Holder to exercise any right or power accruing upon any Event
of Default shall impair any such right or power or shall be construed to be a waiver of any such
Event of Default, or an acquiescence therein; and every power and remedy given by this article
may be exercised from time to time, and as often as may be deemed expeditious by a Holder.
Notwithstanding the foregoing, under no circumstances will the remedies for an Event of
Default include acceleration of the payment of the Note.
Section 18. General Anthority. The officers and employees of the City are hereby
authorized and directed to take all other necessary actions and execute all necessary documents
to carry out the provisions of this Ordinance.
Section 19. Severability. If anyone or more of the covenants, agreements or provisions
of this Ordinance should be held contrary to any express provision of law or contrary to the
policy of express law, though not expressly prohibited, or against public policy, or shall for any
reason whatsoever be held invalid, then such covenants shall be null and void and shall be
deemed separate from the remaining covenants, agreements or provisions of this Ordinance or of
the Note issued hereunder, which remaining covenants, agreements and provisions shall remain
in full force and effect.
Section 20. No Third-Party Beneficiaries. Except as herein otherwise expressly
provided, nothing in this Ordinance expressed or implied is intended or shall be construed to
confer upon any person, firm or corporation other than the City and the Holder from time to time
of the Note issued hereunder, any right, remedy or claim, legal or equitable, under or by reason
of this Ordinance or any provision hereof, this Ordinance and all its provisions being intended to
be and being for the sole and exclusive benefit of the City and the Holder from time to time of
the Note issued hereunder>
Section 21. Controlling Law; Officials of City Not Liable. All covenants, stipulations,
obligations and agreements of the City contained in this Ordinance and the Note shall be
covenants, stipulations, obligations and agreements of the City to the full extent authorized by
the Act and provided by the Constitution and laws of the State. No covenant, stipulation,
obligation or agreement contained in this Ordinance or the Note shall be a covenant, stipulation,
obligation or agreement of any present or future member, agent, officer or employee of the City
or the Governing Body in his or her individual capacity, and neither the members or officers of
the Governing Body nor any official executing the Note shall be liable personally on the Note or
shall be subject to any personal liability or accountability by reason of the issuance or the
execution of the Note by the City or such members thereof.
9
010·8062·4827/4/ AM ERICAS
Ord. No. ___ _
. 1 Section 22. Repeal of Inconsistent Ordinances. Ordinance No. 18-12-2134 enacted
2 September 24,2012 is hereby superseded and repealed. In addition, all other ordinances or parts c-: .. )
3 thereof in conflict herewith are, to the extent of such conflict, superseded and repealed.
4 Section 23. Effective Date. This Ordinance shall become effect immediately upon its
5 enactment.
6
7 PASSED AND ENACTED this __ day of ____ , 2015.
8
9 ATTEST: APPROVED:
10
11
12
13
14 CITY CLERK MAYOR
15
16
17 READ AND APPROVED AS TO FORM, COMMISSION VOTE:
18 LANGUAGE, LEGALITY AND Mayor Stoddard:
19 EXECUTION THEREOF: Vice Mayor Harris:
20 Commissioner Welsh:
21 Commissioner Liebman:
22 Commissioner Edmond:
23
24 CITY ATTORNEY
25
10
010-8062-4827/4/ AM ERI CAS
(J
382
083
EXHIBIT" A"
FORM OF NOTE
384 REGISTERED REGISTERED
$_---385 No. R-
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()12
UNITED STATES OF AMERICA
STATE OF FLORIDA
CITY OF SOUTH MIAMI, FLORIDA
CAPITAL IMPROVEMENT REVENUE REFUNDING NOTE, SERIES 2015
Interest Rate
2.80%
REGISTERED OWNER:
PRINCIPAL AMOUNT:
Maturity Date
May 1, 2032
Date of
Original Issuance
____ ,2015
__ -'-________ MILLION DOLLARS
KNOW ALL MEN BY THESE PRESENTS, that the City of South Miami, Florida, a
municipal corporation of the State of Florida (hereinafter called the "City") for value received,
hereby promises to pay to the Registered Owner identified above, or to registered assigns or legal
representatives, but solely from the revenues hereinafter mentioned, on the dates hereinafter
provided, the Principal Amount identified above, and to pay, solely from such revenues, interest
on the Principal Amount remaining unpaid from time to time, at the interest rate per annum set
forth herein (the "Note Rate"), until the entire Principal Amount has been repaid. Principal of
and interest on this Note will be paid by bank wire, check, draft or bank transfer delivered to the
Registered Owner hereof at such address as may be provided in writing by the Registered Owner
to the City no later than the close of business on the fifth Business Day (as defined in the
hereinafter described Ordinance), next preceding each interest payment date (the "Record
Date"). Interest on this Note shall beca1culated on the basis of a 360 day year consisting of
twelve thirty day months.
Payments of accrued interest will be due on May 1 and November 1 of each year,
beginning November 1, 201,5. Payments of principal on this Note will be due on May 1 and
November) of each year, beginning November 1, 2015, in accordance with Schedule 1 attached
hereto.
Each date when principal and/or interest on this Note is due is a "Payment Date." If any
Payment Date is not a Business Day, the payment otherwise due on such Payment Date shall be
due on the next succeeding Business Day as if paid on such Payment Date.
Any payment of principal hereof or interest hereon not paid within ten (10) days of when
due Shall bear interest from the due date until paid at the lesser of (i) the Note Rate plus 2% per
annum or (ii) the maximum rate permitted by law.
A-I
OlO-8062-4827/4!AMERICAS
413 This Note is issued in the principal amount of $ to refinance the Refinanced
414 Loans (as defined in the Ordinance defined below), pursuant to the authority of and in full
415 compliance with the Constitution and laws of the State of Florida; including particularly Article n
416 VIII, Section 2 of the Constitution of the State of Florida, Chapter 166, Florida Statutes and the
417 Charter of the City (collectively, the "Act"), and Ordinance No. , enacted by the Mayor
418 and City Commission of the City on ,2015 (the "Ordinance").
419 This Note arid the interest hereon and any other amount due hereunder are secured by
420 City'S covenant to budget and appropriate in each Fiscal Year from its Legally Available Non-
421 Ad Valorem Revenues, sufficient moneys to pay the principal of and interest on this Note and
422 any other amounts due hereunder, until this Note has been paid in full, as more particularly set
423 .forth in the Ordinance. Reference is hereby made to the Ordinance for the provisions, among
424 others, relating to the terms and security for the Note, the rights and remedies of the Registered
425 Owner of the Note and the limitations thereon, and the extent of and limitations on the City's
426 rights, duties and obligations, to all of which provisions the Registered Owner hereof for himself
427 and his successors in interest assents by acceptance of this Note. All terms used herein in
428 capitalized form, unless otherwise defined herein, shall have the meanings ascribed thereto in the
429 Ordinance.
430 This Note has been designated by the City as a "qualified tax-exempt obligation" under
431 Section 265(b)(3)(B) of the Internal Revenue Code of 1986, as amended (the "Code").
432 If for any reason this Note loses its "qualified tax-exempt obligation" status under
433 Section 265(b)(3)(B) of the Code (an "Event ofBQ Loss"), this Note shall bear interest from the
434 earliest effective date of such Event ofBQ Loss at the Non-BQ Rate (hereinbelow defined).
435 C)
436 No Event of BQ Loss shall be deemed to occur unless the City has been given timely
437 written notice of such occurrence by the Registered Owner and, to the extent permitted by law,
438 an opportunity to participate in and seek, at the City's own expense, a final administrative
439 determination by the Internal Revenue Service or determination by a court of competent
440 jurisdiction (from which no further right of appeal exists) as to the occurrence of such Event of
441 BQ Loss; provided that the City, at its own expense, delivers to the Registered Owner an opinion
442 of bond counsel acceptable to such Registered Owner to the effect that such appeal or action for
443 judicial or administrative review is not without merit and there is a reasonable possibility that the
444 judgment, order, ruling or decision from which such appeal or action for judicial or
445 administrative review is taken will be reversed, vacated or otherwise set aside.
446 "Non-BQ Rate" shall mean, upon an Event of BQ Loss, the interest rate per annum that
447 shall provide the Registered Owner with the same after tax yield that the Registered Owner
448 would have otherwise received had the Event of BQ Loss not occurred, taking into account the
449 inability of the Registered Owner to deduct a portion of its carrying cost for this Note as a result
450 of such Event of BQ Loss. The Registered Owner shall provide the City with a written statement
451 explaining the calculation of the Non-BQ Rate, which statement shall, in the absence of manifest
452 error~ be conclusive and binding on the City.
453
454 If for any reason the interest on this Note becomes includable in the gross income of the
455 Registered Owner for Federal income tax purposes (an "Event of Taxability"), this Note shall ( )
'--~
A-2
010-8062-4827/4/ AM ERICAS
456 (j57
-.-458
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bear interest from the earliest effective date of such Event of Taxability at the Taxable Rate
(hereinbelow defined).
No Event of Taxability shall be deemed to occur unless the City has been given timely
written notice of such occurrence by the Registered Owner and, to the extent permitted by law,
an opportunity to participate in and seek, at the City's own expense, a final administrative
determination by the Internal Revenue Service or determination by a court of competent
jurisdiction (from which no further right of appeal exists) as to the occurrence of such Event of
Taxability; provided that the City, at its own expense, delivers to the Registered Owner an
opinion of bond counsel acceptable to such Registered Owner to the effect that such appeal or
action for judicial or administrative review is not without merit and there is a reasonable
possibility that _the judgment, order, ruling or decision from which such appeal or action for
jUdicial or administrative review is taken will be reversed, vacated or otherwise set aside.
"Taxable Rate" shall mean, upon an Event of Taxability, the interest rate per armum that
shall provide the Registered Owner with the same after tax yield that the Registered Owner
would have otherwise received had the Event of Taxability not occurred, taking into account the
increased taxable income of the Registered Owner as a result of such Event of Taxability. The
Registered Owner shall provide the City with a written statement explaining the calculation of
the Taxable Rate, which statement shall, in the absence of manifest error, be conclusive and
binding on the City.
THIS NOTE SHALL NOT BE DEEMED TO CONSTITUTE A GENERAL DEBT OR
A PLEDGE OF THE FAITH AND CREDIT OF THE CITY, OR A DEBT OR PLEDGE OF
THE FAITH AND CREDIT OF THE STATE OF FLORIDA OR ANY POLITICAL
SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL,
LEGISLATIVE OR CHARTER PROVISION OR LIMITATION, AND IT IS ExpRESSLY
AGREED BY THE REGISTERED OWNER OF THIS NOTE THAT SUCH REGISTERED
OWNER SHALL NEVER HAVE THE RIGHT, DIRECTLY OR INDIRECTLY, TO REQUIRE
OR COMPEL THE EXERCISE OF THE AD VALOREM TAXING POWER OF THE CITY
OR ANY OTHER POLITICAL SUBDIVISION OF THE STATE OF FLORIDA OR
TAXATION IN ANY FORM ON ANY REAL OR PERSONAL PROPERTY FOR THE
PAYMENT OF THE PRINCIPAL OF, AND INTEREST ON THIS NOTE OR FOR THE
PAYMENT OF ANY OTHER AMOUNTS PROVIDED FOR IN THE ORDINANCE.
This Note shall be and have all the qualities and incidents of negotiable instruments under
the law merchant and the Uniform Commercial Code of the State of Florida, subject to the
assigmnent provisions contained herein and in the Ordinance.
It is further agreed between the City and the Registered Owner of this Note that this Note
and the indebtedness evidenced hereby shall not constitute a lien upon any real or tangible
personal property of or in the City. Neither the members of the governing body of the City nor
any person executing the Note shall be liable personally on the Note by reason of its issuance.
This Note may be prepaid by the City prior to its maturity, in whole, but not in part, on
any scheduled principal payment date without premium. .
A-3
010-8062-4827/4/ AM ERICAS
496 This Note may not be assigned by the Registered Owner except as provided in Section 6
497 of the. Ordinance. Such assigmnent shall only be effective, and the City obligated to pay such
498 assignee, upon delivery to the Finance Director at the address set forth below of a written 0
499 instrument or instruments of assignment in the form provided herein, duly executed by the ..... .
500 Registered Owner or by his attorney-in-fact or legal representative, containing written
501 instructions as to the details of assignment of this Note, along with the social security number or
502 federal employer identification number of such assignee. In all cases of 'an assignment of this
503 Note the City shall at the earliest practical time enter the change of ownership in the registration
504 books; provided, however, the written notice of assignment must be received by the Finance
505 Director no later than the close of business on the fifth Business Day prior to a Payment Date in
506 order for the assignee to receive the interest and principal payment due on such Payment Date.
507 The City may conclusively rely on the authenticity of any Form of Assignment delivered to it in
508 accordance with this paragraph and accompanied by the original of the Note to which it relates.
509 The City may charge the Registered Owner for the registration of every such assignment of the
510 Note an amount sufficient to reimburse it for any tax, fee or any other governmental charge
511 required to be paid, except for any such governmental charge imposed by the City, with respect
512 to the registration of such assignment, and may require that such amounts be paid before any
513 such assignment of the Note shall be effective.
514 Any payment or notice required to be given to the Bank hereunder shall be given to
515 Branch Banking and Trust Company at 5130 Parkway Plaza Boulevard, Building #9, Charlotte,
516 North Carolina 28217, Attention: Account AdministrationlMunicipal, or such other address or
517 addresses as the Bank shall provide the City in writing. In the event of an assignment of this
518 Note, any payment or notice required to be given to the Registered Owner hereunder shall be
519 given to the Registered Owner at the address or addresses shown on the Form of Assignment C-)
520 hereto, or such other address or addresses as the Registered Owner shall provide the City in--
521 writing. Any notice required to be given to the City hereunder shall be given to the Finance
522 Director at 6130 Sunset Drive, South Miami, Florida 33143, or such other address or addresses
523 as the City shall provide the Bank or any future holder of this Note in writing
524 It is hereby certified and recited that all acts, conditions and things required to exist, to
525 happen, and to be performed precedent to and in the issuance of this Note exist, have happened
526 and, have been performed in regular and due form and time as required by the laws and
527 Constitution of the State of Florida applicable hereto, and that the issuance of the Note does not
528 violate any constitutional or statutory limitation or provision.
A-4
010·8062·4827/4/ AM ERICAS
(,)
529
~)30
. 531
532
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540
541
542
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547
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550
(']51
·~.)52
553
IN WITNESS WHEREOF, the City has caused this Note to be executed in its name as of
the date hereinafter set forth.
The date of this Note is ____ ,2015 .
(SEAL)
ATTEST:
By: ___________________ __
City Clerk
READ AND APPROVED AS TO FORM,
LANGUAGE, LEGALITY AND
EXECUTION THEREOF:
By: ~~-----------------
City Attorney
010-8062-4827/4/ AMERICAS
A-5
CITY OF SOUTH MIAMI, FLORIDA
By: _____________________ __
City Manager
554 FORM OF ASSIGNMENT
555 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
556 the within Note and all rights
557 thereunder, and hereby irrevocably constitutes and appoints
558 . attorney to transfer the within Note in the
559 books kept by the City for the registration thereof, with full power of substitution in the
560 premises.
561
562
563
564
Dated: __ --,-_______ _
SOCIAL SECURITY NUMBER OR
FEDERAL IDENTIFICATION NUMBER.
OF ASSIGNEE
NOTICE: The signature ofthis assignment
must correspond with the name as it appears
upon the within Note in every particular, or
any change whatever.
[Form of Abbreviations 1
The following abbreviations, when used in the inscription on the face of the within Note,
shall be construed as though they were written out in full according to the applicable laws or
regulations.
TEN COM -as tenants in common
TEN ENT -as tenants by the entireties
JT TEN -as joint tenants with the right of survivorship and not as tenants in common
UNIFORM TRANS MIN ACT -Custodian for
(Cust ) (Minor)
Under Uniform Transfers to Minors Act of __ -::::---:-__
(State)
Additional abbreviations may also be used though not in the above list.
565 Name and address of assignee for payment and notice purposes
Notice: ~ _____ :--____ _ Payment: _____________ _
Date: ___________ _ Assignee: _____________ _
By: ______________________ _
Title: _____________ _
566
A-6
010·8062·4827/4/ AM ERICAS
o
()
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579
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581
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583
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588
589
.~590
( )91
-592
593
594
595
596
597
598
599
600
601
602
603
604
605
606
Payment Date
November 1,2015
May 1, 2016
November 1,2016
May 1,2017
November 1,2017
May 1, 2018
November 1,2018
May 1,2019
November 1,2019
May 1,2020
November 1, 2020
May 1,2021
November 1, 2021
May 1,2022
November 1, 2022
May 1,2023
November 1,2023
May 1, 2024
November 1,2024
May 1,2025
November 1,2025
May 1,2026
November 1, 2026
May 1, 2027
November 1, 2027
May 1,2028
November 1, 2028
May 1,2029
November 1, 2029
May 1,2030
November 1,2030
May 1,2031 c
November 1, 2031
May 1,2032
OlO-B062-4827/4/AMERICAS
SCHEDULE 1
Principal Amount Due
$
A-7
()
C)
April 15, 2015
Mr. Alfredo Riverol
Chief Financial Officer
City of South Miami
613 0 Sunset Drive
South Miami, FL 33143
Dear Mr. Riverol:
Branch Banking and Trust Company
Governmental Finance
P.O. Box 714
Columbia, SC 29202
(803) 251-1328
Branch Banking and Trust Company ("BB&T") is pleased to offer this proposal for the :fmancing
requested by the City of South Miami, FL ("City").
(1)
(2)
Projects:
Amount to be financed:
Refunding Revenue Note, Series 2015 ("Note")
Not to exceed $5,000,000
(3) Interest Rates, Financing Terms and Corresponding Payments:
Final Maturity BORate
May I, 2032 2.80%
Unless otherwise requested, principal and interest payments shall be due semiannually each May
1 and November 1, commencing November 1,2015. Interest on the principal balance of the Note shall
accrue based on a 30/360 day count basis. BB&T must approve the :fmal amortization schedule.
The interest rate stated above is valid for a closing not later than 45 days after today. Closing of
the :fmancing is contingent upon completing documentation acceptable to BB&T and its counsel.
BB&T's legal review expenses and underwriting fees for this financing transaction shall be
$5,000.00. All applicable taxes, permits, costs of counsel for the City and any other costs shall be the
City's responsibility and separately payable by the City.
The transaction will be prepayable in whole on any regularly scheduled payment date without
penalty.
The financing documents shall include provisions that will outline appropriate changes to be
implemented in the event that this transaction is determined to be taxable or non bank qualified in
accordance with Florida State Statutes or the Internal Revenue Service code. These provisions must be
acceptable to BB& T. In addition, any amount due hereunder not paid when due shall bear interest at a
default rate equal to the interest rate on the Series 2015 Note plus 2% per annum from and after ten (10)
days after the date due.
The stated interest rate above assumes that the City expects to borrow $10,000,000 or less in the
calendar year 2015 and that the fmancing shall comply with the applicable IRS Code Sections 141, 148,
149(e), 265(b)(3). BB&T reserves the right to terminate its interest in this bid or to negotiate a mutually
acceptable rate if the financing is not a qualified tax-exempt fmancing.
(4) Financing Documents:
It shall be the responsibility of the City to retain and compensate counsel to appropriately
structure the fmancing documents according to Florida State statutes. BB&T shall also require the City to
provide an unqualified bond counsel opinion. BB&T and its counsel reserve the right to review and
approve all documentation before closing.
(5) Security:
The Note shall be secured by a covenant to budget and appropriate from legally available Non-Ad
Valorem Revenues of the City in amounts sufficient to repay the principal and interest of the loan when
due.
BB&T appreciates the opportunity to make this fmancing proposal and requests to be notified
within ten days oflhis proposal should BB&T be the successful proposer.
BB&T shall have the right to cancel this offer by notifying the City of its election to do so
(whether or not this offer has previously been accepted by the City) if at any time prior to the closing
there is a material adverse change in the City's fmancial condition, if we discover adverse circumstances
of which we are currently unaware, if we are unable to agree on acceptable documentation with the City
or if there is a change in law (or proposed change in law) that changes the economic effect of this
fmancing to BB&T.
Please call me at (803) 251-1328 with your questions and comments. We look forward to hearing
from you.
Sincerely,
.#HBANK1NG:tAl~'fitl:J'ST""cOMPANY
Andrew G. Smith
Sr. Vice President
I Av'e ",,,e Annual Savings
Present Value Savings
Present Value Savings as % of Refunded Principal
Estimated Issuance Costs
Interest Rate
All-In True Interest Cost
Principal Amount Outstanding (after 5/1/2015)
Principal Amount Refunded
Average Coupon Refunded
Final Maturity
Prepayment
-Analysis is preliminaryand subjectto change.
-Assumes closing of the refunding on May 28,2015.
-Present value savings calculated atthe all-in true interest cost.
-Savings figures netofestimated issuance costs.
City Commission Meetings are held every 1st and 3 rd Tuesday @ 7pm
4/15/15 Bank Loan Proposal Received by City BK/City
4/15-21/15 Completion of Ordinance / Loan Documents BC
4/22/15 Financing Documents provided to the City Clerk for the Agenda by Noon BC
4/23/15 2002A Loans
5/5/15 City Commission Meeting -1st Reading of Ordinance City
5/19/15 City Commission Meeting -2 nd Reading of Ordinance & Approval of loan City
TBD Pre-closing All
5/28/15 Closing & Transfer of Funds All
City City of South Miami, FL
BC Bond Counsel -Squire Patton Boggs
FA Financial Advisor -FirstSouthwest
BK Bank-BB&T
BKC Bank Counsel-Edwards Cohen
FMLC Florida Municipal Loan Council / FMLC Counsel
ALL Working Group
MIAMI HERALD I MiamiHerald.com
• CORAL GABLES
'CAPTURE GABLES'
PHOTO CONTEST
The Coral GablesMuseum
is now accepting photo sub-
missions for the fourth an-
nual "Capture Coral Gables"
contest. The photography
contest is open to all teens
and adults.
1he contest is free to enter.
Deadline to enter is May 4.
Photo categories include:
Portraiture, Street Photogra-
phy, Nature/Landscape. Ab-
,tract, Culinary Arts andDig-
ita! Photo Manipulation. Ju-
rors include Maggie Steber,
John B. Gynell and J. Brian
King. Grand prizes include
the Juror's Choice Award and
a chance to present a solo ex-
hibit along with a Leica D-
Lux 6.
To submit a photo entry.
visit www.capture
NEIGHBORHOOD NEWS
coralgables.org . schools.net. For more infor-
• MIAMI mation, contact Dennis Lind-
say at 305-237-0510.
ADVANCED STUDIES
COLLEGE FORUM
• SOUTH MIAMI
ANNUAL TWILIGHT SK
A college forum including RETURNS DOWNTOWN
the University of Pennsylva-
nia, Massachusetts Institute For the 27th consecutive
of Technology, Princeton, year, South Miami's down-
Dartmouth and Johns Hop-town area will host the Twi-
kins will be held from 10 a.m. light 5K Walk/Run event.
to noon May 9 at the Miami From 6 p.m. to 8 p.m., Stulday,
Dade College Wolfson Cam-May3L
pus, 245 NW Fourth St., The event starts on SW 74
Room32lO. Terrace and 58th Avenue and
High school students are flnishes near First National
invited to attend the forum Bank on57th Court. Food, fun
and learn about the complex and music will entrain those
admissions process at top-who attend and partake in the
tier universities. Representa-event, operated by Team
tives will be available to FootWorks Educational and
answer questions about ad-Fitness Corporation, a non-
mission, academics and fi-for-profit organization.
nancialaid. Each year, Team Foot-
Registrationis required. To Works Educational and Fit-
register, visit www.sas.dade ness Corporation award a
-:::J-'~'}~."
!:::" :::: «'"~: ~~
CITY OF SOUTH MIAMI
COURTESY NOTICE
charitable designation to re-
ceive a donation. 1he South
Miami Police Explorers will
be awarded this year. The city
commission passed a resolu-
tion to waive parking meter
fees in the area for the event
The event is supported by
Baptist South Miami Hospi-
tal and Town Kitchen and
BaL
• CUTLER BAY
WHAT'S AT NEXT
CITIZENS MEETING?
The Concerned Citizens
ofCutlerBaywillfeaturerep-
resentatives from the state of
Florida's Division of EIder M-
fairs at its May meeting.
The meeting is from 7 to 9
p.m. May 5 at the Cutler
Ridge United Methodist
Church, 20740 old Cutler
Road. Two seminars will be
presented at the meeting. one
NOTICE IS HEREBY given that the City Commission of the City of South Miami, Florida will conduct Public
Hearing(s) at its regular City Commission meeting scheduled for Tuesday May 19. 2015 beginning at 7:00 p.m., in the
City Commission Chambers, 6130 Sunset Drive, to consider the following item(s):
An Ordinance authorizing the issuance of Capital Improvement Revenue Refunding Note, Series 2015,
in the principal amount not to exceed $5,000,000, for the purpose of refinancing certain of the City's
outstanding indebtedness and paying the costs of issuance oftbe Note and of refinancing such indebtedness;
covenanting to annually budget and appropriate funds from Legally Available Non-Ad Valorem Re\'eDues
to repay such Note; providing the form, terms and details of the Note; awarding the Note to Branch
Banking and Trust Company by negotiated sale; making certain covenants and agreements in connection
therewith; authorizing and directing officers and employees of the City to take all necessary actions and
execute all necessary documents.
ALL interested parties are invited to attend and will be heard.
For further infonnation, please contact the City Clerk's Office at: 305-663M6340.
Maria M. Menendez, CMC
City Clerk
Pursuant to Florida Stah.rtes 286.0105, the City hereby advises the public that if a perstln decides to appeal any deci~ion made by this Board,Agency
or Conunission with respect to any matter considered at its meeting or hearing, he or she will need a record of the proceedings, and that for such
purpose, affected person may need to ensure that a verlr.ltim record of111e proceedings is made which record includes the testimony and evidence
upon wWch the appeal is to be based.
SE SUNDAY, MAY 3, 2015 I 39SE -,,--,------""-"-""
for falls prevention and one form. "
for safe homes. The Senllnars To donate a bicycle, call
are intended to reduce injury 305..(503-8067 or drop the bi-
risk and allow individuals to cycle off at the Museum from
stay comfortable and safe in 9 a.m. to 6 p.m. Monday
their homes as they age. through Friday, II a.m. to 5
• CORAL GABLES p.m. Saturday or noon to 5
p.rn. Stulday.
FAMILY DAY BIKE SALE
AT THE MUSEUM
• DEERING ESTATE
'SEAGRASSES AND
The Coral Gables Museum MANGROVES' SHOW
will host a Family Day Bike
Sale from 2 to 5 p.m. May 9 at Part of the "Speaking Sus-
285 Aragon Ave. Guests can tainably" fllm and lecture se-
buy all types of used bicycles ries, the Deering Estate will
at the event Admission to the host a free screening of Sea-
museum is free. grasses and Mangroves at 7
During Family Day, guests pm. May Z1 at 16701 SW72nd
ean visit the '~Tcycle: Cy-Ave.
clists Matter" and ''Under-The film explores the en-
line: Make it Yours" exhibits. dangered nature of seagrass-
Children can learn how to DJ es and mangroves, which are
from DJ Fielo of Scratch DJ in decline globally. Screening
Academyfrom2t04p.m.At3 is open to the public. For
p.m., the Miami Youth for more information, visit
Chamber Music will per-www.deeringestate.org.
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MIAMI DAILY BUSINESS REVIEW
Published Daily except Saturday, Sunday and
Legal Holidays
Miami, Miami-Dade County, Florida
STATE OF FLORIDA
COUNTY OF MIAMI·DADE:
Before the undersigned authority personally appeared
O.V. FERBEYRE, who on oath says that he or she is the
VICE PRESIDENT, Legal Notices of the Miami Daily Business
Review·f/k/a Miami Review, a daily (excElpt Saturday, Sunday
and Legal Holidays) newspaper, published at Miami in Miami-Dade
County, Florida; tl:1at the attached copy of advertisement,
being a. Legal Advertisement of Notice in the matter of
CITY OF SOUTH MIAMI
NOTICE OF PUBLIC HEARING· MAY 19, 2015
in the' XXXX Court,
was published in said newspaper in the issues 6f
05/08/2015
Affiant further says that the said Miami Daily Business
Review is a newspaper published at Miami in said Miami·Dade
County J Florida and that the said newspaper nas
heretofore been continuously published in said Miami-Dade County,
Florida, each day (except Saturday, Sunday and Legal Holidays)
and has been entered as second class mail matter at the post
office in Miami in said Miami-Dade County, Floriqa, for a
period of one year next preceding the first.publication of the
attached copy of advertisement; and affiant further says that he or
she has neither paid nor promised any person, firm or corporation
any discount, rebate, commission or refund for the purpose
of securing th' dvertise r publication in the said
newspaper
Sworn to a:nd subscribed before me this
,A.D. 2015
(SEAL)
O.V. FERBEY
MiamiHerald.com I MIAMI HERALD
SOAPBOX
Public Works and
Waste Management Department
Community Meeting
Drainage Improvement Project # 20130263
Main Highway from Royal Road to McFarlane Road
Site of fire station
'about politics'
Notice is hereby given that the Miami-Dade County Public Works and Waste Management Department
(PWWM) will conduct a Community Meeting regarding the subject project on Tuesday, May 19, 2015,
from 6:30 pm to 8:00 pm at the City of Miami City Hall, located at 3500 Pan American Drive, Coconut
Grove, 33133.
This Community Meeting will be conducted to provide area businesses and residents with information
related to the construction phase of this project. The scope of work for this project consists of the retrofitting
of the existing drainage system, which has exceeded its life expectancy and has been compromised by tree
root intrusion. Funding for this project will be provided by the General Obligation Bond (GOB) program. The
project is listed in the County's 2014-2015 Capital Budget Book.
The construction plans, maps, drawings and other pertinent information developed by PWWM will be
available for public review at the meeting site from 6:30 pm until 7:30 pm on the day of the meeting. The
first part of the Community Meeting provides an opportunity for attendees to view the construction plans
and to discuss the project with PWWM staff. During the second part, which is expected to begin at 7:00 pm,
there will be a brief presentation of the project, followed by a question and answer period for the remainder
of the meeting.
It is the policy of Miami-Dade County to comply with all of the requirements of the Americans with Disabilities
Act (ADA) of 1990. The meeting facility is ADA accessible. For sign language interpreters, assistive listening
devices or materials in accessible format, please call 305-375-4662 at least five (5) business days in
advance.
This letter follows the
council meeting of Palmetto
Bay on May 4, 2D15:
As I presented at the
meeting, the escalating, tar-
geted harassment of my
neighbor, I too feel the fear
and insecurity 9f actions by
a few, specifically one resi-
dent AND the actions and
inactions of our mayor and
cOlUlcil members. I will re-
peat that leaving unmarked
boxes on a doorstep is not
fi.umy nor should be accept-
ed by this mayor or council
or anybody in the Village.
Unmarked boxes at a school
would cause a lockdown or
atanairport would close the
airport. Nor should "cele-
brations" be acceptable es-
peciallywhen council mem-
bers know about it AND
participate (a celebration
where just one invitation
was given.). This person!
people are causing fear and
just as important a misuse of
public funds and resources
as the police have needed to
intervene. The children of . ···.follr:;,;;~
this village don't behave like
this.
Having said all of this, it is
apparent to many and now
to all that the location of the
fire station was NEVER
about coverage or response
times. It was about politics,
harassment, secret meet-
ings and sticking it to a
I I neighbor who disagreed
I I with your politics or sup-
extended street curb, and
the truck can't go east or
west (except by accessing
Farmer Road to 136th) and
the response time is not fas-
ter than 18 minutes, I do sin-
cerely hope none of these
people made the call ....
And am thankful they can
walk to my house! CITY OF SOUTH MIAMI
COURTESY NOTICE
NOTICE IS HEREBY given that the City Commission of the City of South Miami, Florida will conduct Public
Hearing(s) at its regular City Commission meeting scheduled for Tuesday. Ma\' 19.2015 begiruring at 7:00 p.m., in the
City Commission Chambers, 6130 Sunset Drive, to consider the following item(s):
An Ordinance authorizing the issuance of Capital Improvement Revenue Refunding
Note, Series 2015, in the principal amount not to exceed $5,000,000, for the purpose
of refinancing certain of the City's outstanding indebtedness and paying the costs of
issuance of the Note and of refinancing such indebtedness; covenanting to annually
budget and appropriate funds from Legally Available Non-Ad Valorem Revenues to
repay such Note; providing the form, terms and details of the Note; awarding the
Note to Branch Bank.ing and Trust Company by negotiated sale; making certain
covenants and agreements in connection therewith; authorizing and directing officers
and employees of the City to take all necessary actions and execute all necessary
documents.
ALL interested parties are invited to attend and will be heard.
For further information, please contact the City Clerk's Office at: 305-663-6340.
Maria M. Menendez, CMC
City Clerk
Pursuant to Florida Statutes 286.0105, the City hereby advises the public that if a person decides 10 appeal any decision made by this Board,Agency
or Commission with respect to any matter considered at its meeting or hearing, he or she .",ill need a record of the proceedings, and that for sllch
purpose. affected per.ron may need to ensure that a verbatim record o[the proceedings is made whieh record inciudes the testimony and evidence
upon whieh the appeal is to be based.
ported another candidate or
issue. So when the first
alarm bell rings one morn-
ing around 8 a.m. and the
truck can't access Old Cut-
ler Road and the cars can't
move because of the new -lisa Greenberg, Palmetto Bay
NEIGHBORS CALENDAR
_ CALENDAR, FROM 27SE
ChildNet Care for Kids Luncheon
benefiting the children in the child
welfare system in Broward County.
Presented by Boies, Schiller and
Flexner LLP, the luncheon will honor
Lorraine Thomas, widow of Dave
Thomas founder of Wendy's restau-
rants. Dave was adopted as a baby
and committed his philanthropic life
to advocating and supporting
adoption issues. May 15 TI:30 a.m.·1
p.m. $75 Pier Top Lounge 2301 S.E.
17th St.. Fort Lauderdale.
Annual Summer Spree Auction The
Arc of South Florida's 20th Annual
Summer Spree Auction, will feature
flavorful cuisine prepared by the
Marriott's Chef, hOrs d'oeuvres
compliments form EI Gran Inka
Restaurant, The Old Lisbon Restau-
rant, Joybon Baking Products,
Mimmo's Italian Market Atelier
Monnier, Gables Delights and Mama's
Guava Bars. Taste wines compliment
of EI Carajo, play on the casino
tables. win exciting raffle prizes, and
participate in a thrilling live auction
featUring worldwide trips with
auctioneer Mr. Michael Guyer, among
hundreds of silent auction items.
May 15 5:45 p.m.-l0 p.m. $75 ad·
vance; $85 day of event www.sum'
merspreeauction.com Marriott Miami
Airport Hotel 1201 NW Lejeune Rd.,
Miami.
Artists in Action! with Christina
Peitersson Hear Christina Pettersson
speak about her work, creative
inspirations, and recent projects.
Christina Pettersson's work explores
resurrection and savage demise on a
grand scale once reserved for history
painting. Her large graphite works
on paper reference classic mytholo·
gy and literature, and Include herself
as the recurring female figure
surrounded by animals, most partic-
ularly birds. Each Artists in Action!
presenter is also commiSSioned by
-TURN TO CALENDAR, 33SE