Ord No 11-15-2218ORDINANCE NO.11-15-2218
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.
WHEREAS,theCity of South Miami,Florida (the "City")has previously financeda portion
of certaincapital improvements intheCitywiththeproceeds of(i)aloanfromtheFloridaMunicipal
Loan Council (the "FMLC")pursuant toaLoan Agreement dated as ofNovember 15,2001 between
theCityandFMLC,currently outstanding intheprincipal amount of $1,610,000 (the "2001 Loan"),
and(ii)aloanfromFMLC pursuant toaLoanAgreementdatedas ofMay 1,2002 betweentheCity
andFMLC,currently outstanding intheprincipalamount of $3,250,000 (the"2002Loan"and,
together with the 2001 Loan,the "Prior Loans");
WHEREAS,theCity desires toissueitsCapital Improvement Revenue Refunding Note,
Series 2015 (the "Note"),inthe principal amountnotto exceed $5,000,000,torefinanceallora
portion of the Prior LoansinordertoachievedebtservicesavingsfortheCity;and
WHEREAS,theCitydoesnotexpecttoissuemore 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 itisinthe best interest of theCityto authorize the negotiated sale of the Note;and
WHEREAS,theCityhas received aproposalfromBranchBankingandTrustCompany(the
"Bank")tomakea loan totheCitytobe evidenced bythe Note and,subject tothe provisions ofthis
Ordinance,theCity wishes to acceptsuch loanandawardthesale of the Note totheBank.
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 VIE,Section 2 ofthe Constitution ofthe State ofFlorida,
Chapter 166,Florida Statutes,theCharter of theCity of SouthMiami,andotherapplicable
provisions of law.
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Ord.No.11-15-2218
"Annual Budget"meanstheannualbudgetpreparedbytheCityforeachFiscalYearin
accordance with Section 12 below and in accordance with the laws of the State of Florida.
"Annual DebtService"means,as ofanyparticulardate ofcalculation,theannualdebtservice
requirementforallDebtineachsuchBondYearexceptthatwithrespecttoanyDebtforwhich
amortization installments havebeenestablished,theamount of principal comingdueonthefinal
maturitydatewithrespecttosuchDebtshallbereducedbytheaggregateprincipalamount of such
DebtthatistoberedeemedorpaidfromamortizationinstallmentstobemadeinpriorBondYears.
"Bank"means Branch Banking andTrustCompany,the purchaser of theNote.
"BondYear"meanstheannualperiodbeginningonthefirstday ofOctober of eachyearand
endingonthelastdayofSeptemberoftheimmediatelysucceedingyear;providedhowever,that
whensuchtermisusedtodescribetheperiodduringwhichdepositsaretobemadetoamortize
principalandinterestonDebtmaturingorbecomingsubjecttoredemption,includingwithout
limitation,interestandprincipalmaturingorbecomingsubjecttoredemptiononOctober1ofany
yearshallbedeemedtomatureorbecome subject toredemptiononthelastday of precedingBond
Year.
"BusinessDay"meansanydaywhichisnotaSaturday,Sundayordayonwhichbanking
institutions in Miami-Dade County,Florida,are authorized tobe closed.
"City"meanstheCity of SouthMiami,Florida,aFloridamunicipalcorporation.
"City Manager"means theCityManager of theCity,orhisorhersuccessor.
"Clerk"means theCity Clerk oranyDeputy Clerk of theCity.
"Code"means the Internal Revenue Code of 1986,as amended,including the applicable
regulations of the Department of theTreasury(includingapplicablefinalregulations,temporary
regulationsandproposedregulations),theapplicablerulings of theInternalRevenueService
(including published RevenueRulingsandprivateletterrulings)andapplicablecourtdecisions.
"Cost of Essential Services"meansthecost of services necessary forthe conducting ofthe
publicsafetyandgeneralgovernmentaloperationsoftheCity,asshownintherowstitled"General
Government"and "Public Safety"inthe City's audited financial statements.
"Dated Date"means the date of issuance of the Note.
"Debt"meansas of anydateand without duplication,all of thefollowingtotheextentthat
theyarepayableinwholeorinpartfromanyLegally Available Non-Ad Valorem Revenues:(i)all
obligations ofthe City for borrowed money or evidenced by bonds,debentures,notes or other similar
instruments;(ii)all obligations of theCityaslessee under capitalized leases;and(iii)all
indebtedness of other persons totheextentguaranteedby,or secured byLegally Available Non-Ad
Valorem Revenues of the City.
"Finance Director"means the Finance Director of the City,or his or her successor.
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Ord.No.11-15-2218
"Financial Advisor"means First Southwest Company,LLC.
"FiscalYear"meanstheperiodcommencingonOctober1 of eachyearandendingonthe
succeedingSeptember30,orsuchotherconsecutive 12-monthperiodasmaybehereafter designated
asthe fiscal year of the City.
"FMLC"means the Florida Municipal Loan Council.
"Governing Body"means theMayorandCity Commission of theCity,orits successor in
function.
"Holder"or "Noteholder"means theregisteredowner(orits authorized representative)ofthe
Note.
"Legally Available Non-Ad Valorem Revenues"meansall revenues oftheCity derived from
any source whatsoever other than ad valorem taxation onrealand personal property,including,
without limitation,investment income,which are legally available forthe payment bytheCity of
debtserviceonthe Note or other Non-Self-Supporting RevenueDebt,including,withoutlimitation,
legally available non-ad valorem revenues derivedfromsources subject toa prior pledge thereof for
the payment of other obligations of theCityand available after payment ofprincipal and interest on
such other obligations,but excluding revenues derived fromthe revenues of any enterprise fund of
theCity,except tothe extent that revenues derived from such sources have been deposited intothe
City's General Fund.
"Maximum Annual Debt Service"means,as ofany particular date of calculation,thelargest
Annual Debt Service inany Bond Year.
"Mayor"means the Mayor ofthe Cityor,in the Mayor's absence,theVice Mayor oftheCity,
and such other person as may beduly authorized toactonthe 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 bya covenant of
theCityto budget and appropriate Legally Available Non-Ad Valorem Revenues oftheCityforthe
payment ofdebtserviceonsuch obligations,or(ii)primarilysecuredorpayablefromanothersource
of funds,butwithrespecttowhichtheCityhasalsocovenantedtobudgetandappropriateLegally
Available Non-Ad Valorem Revenues of theCityforthepayment of debtserviceonsuch
obligations,provided that obligations describedinthisclause(ii)shallonlybeconsideredNon-Self-
Supporting Revenue Debttothe extent theCityhasincludedinits budget (by amendment or
otherwise)the payment of such LegallyAvailableNon-Ad Valorem Revenues pursuant tosuch
covenanttopaydebtserviceonsuchobligations."Non-Self-Supporting RevenueDebt"shall
expressly not include indebtedness payablefromtherevenues of a utility system,oranyother
enterprise fund of theCity,which are pledged tothepayment of such indebtedness.
"Note"meanstheCity of SouthMiami,FloridaCapitalImprovementRevenueRefunding
Note,Series 2015,authorizedtobeissuedbytheCityintheaggregateprincipalamountnotto
exceed $5,000,000,the form of which is attached as Exhibit "A"hereto.
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Ord.No.11-15-2218
"Ordinance"meansthis Ordinance,authorizing the issuance of the Note,asthesamemay
from time to time be amended,modified or supplemented.
"Permitted Lender"means anybank,trustcompany,savings institution or insurance company
thatis engaged asa regular part of its business inmakingloansand authorized todo business inthe
State.
"Prior Loans"means,collectively,(i)the loan fromthe FMLC to the City pursuant toaLoan
Agreement dated as ofNovember 15,2001 between theCityand FMLC,currently outstanding inthe
principal amount of $1,610,000,and(ii)theloanfromFMLCtotheCity pursuant toaLoan
Agreement dated as of May 1,2002 between the City and FMLC,currently outstanding inthe
principal amount of $3,250,000.
"Refinanced Loans"meansalloraportion ofthePriorLoansbeingprepaidwiththeproceeds
of the Note,as determined bytheCity Manager tobeinthe best interest of theCityin order to
achieve debt service savings.
"State"means the State of Florida.
Section 3.Authority for Ordinance.This Ordinance is enacted pursuant totheAct.The
Cityhas ascertained and hereby determined that enactment ofthis Ordinance is necessary tocarryout
the powers,purposes and duties expressly provided intheAct,that each andevery matter andthing
astowhich provision ismadehereinisnecessaryinordertocarryoutandeffectuatethepurposes of
theCityinaccordancewiththeActandtocarryoutandeffectuatetheplanandpurpose oftheAct,
and that the powers of the City herein exercised arein each case exercised in accordance with the
provisions of the Act andin furtherance of the purposes of theCity.
Section 4.Ordinance to Constitute Contract.Inconsideration of thepurchaseand
acceptance of theNotebythosewhoshallholdthesamefromtimetotime,theprovisionsofthis
Ordinance shallbea part of the contract of theCitywiththe Holder,andshallbe deemed tobeand
shallconstituteacontractbetweentheCityandtheHolder.Theprovisions,covenantsand
agreementshereinsetforthtobe performed byoron behalf of theCityshallbeforthebenefit,
protection and security of the Holder in accordance with the terms hereof.
Section 5.Authority for Issuance of Note;Designation Under Code;Prepayment of
Refinanced Loans.Subject andpursuanttotheprovisionshereof,anotetobeknownas"Cityof
SouthMiami,FloridaCapitalImprovementRevenueRefundingNote,Series2015"ishereby
authorizedtobeissuedinanaggregateprincipalamountnottoexceedFiveMillionDollars
($5,000,000)forthepurposeof refinancing the Refinanced Loans and paying thecostsof issuance of
the Note and of refinancing the Refinanced Loans.
TheNoteisherebydesignatedasa"qualifiedtax-exemptobligation"underSection
265(b)(3)(B)of the Code.
Theprepayment of the RefinancedLoansisherebyauthorized.
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Ord.No.11-15-2218
Section 6.Description of Note;Assignment and Transfer of Note.TheNoteshallbe
issuedinone(1)typewritten certificate,shallbedatedtheDatedDateandshallmatureonMay1,
2032.The Note shall bear interest fromthe Dated Date ata fixed interest rate,subject to adjustment
asprovidedintheNote,of 2.80%perannum.InterestontheNoteshallbecalculatedonthebasis of
a360dayyear consisting oftwelve thirtydaymonths.Accrued interest onthe Note willbepayable
semiannuallyonMay1and November 1 of eachyear,beginningon November 1,2015.Principal of
theNotewillbe payable in semiannual installments onMay1and November 1 of eachyear,
beginning November 1,2015,asshallbesetforthintheform of Note attached as Exhibit "A"
hereto.Additional details of the Note shallbeas provided in Exhibit "A"attached hereto.
The Note shall bein registered form,contain substantially the same terms and conditions as
setforthin Exhibit "A"hereto,shallbe payable inlawful money of the United States of America,
andthe principal thereof,interest thereon andany other payments thereunder shallbe payable by
check,wire,draft or bank transfer tothe Holder atsuch address asmaybe provided in writing by
such Holder to the Finance Director.So long as the Note shall remain outstanding,the City shall
maintain andkeep books forthe registration and transfer of the Note.
The Note may not be assigned or transferred except in whole andina denomination of not
less than $100,000 toa Permitted Lender,with the prior written consent oftheCity.Innoeventwill
the Note be assigned or transferred toany kind of trust.
Section 7.Execution of Note.The Note shall be executed inthe name of the City bythe
manualsignature of theCityManager,theseal of theCityshallbeimprinted,reproducedor
lithographed onthe Note,and theNoteshallbe attested tobythe manual signature of theClerk.If
any officer whose signature appears onthe Note ceasestohold office beforethedelivery oftheNote,
such signature shall nevertheless bevalidand sufficient forall purposes.In addition,the Note may
bearthe signature of,ormaybe signed by,such persons asatthe actual time ofexecution oftheNote
shallbethe proper officerstosigntheNotealthoughatthedate of theNoteorthedate of delivery
thereof such persons may not have been such officers.
Section 8.Note Mutilated,Destroyed,Stolen or Lost.Ifthe Note ismutilated,destroyed,
stolenorlost,theCitymay,initsdiscretion(i)deliveraduplicatereplacementNote,or(ii)paya
Note that has matured or is about to mature.A mutilated Note shall be surrendered to and canceled
bytheClerkoritsdulyauthorizedagent.TheHoldermustfurnishtheCityoritsagent proof of
ownership of anydestroyed,stolenorlostNote,postsatisfactoryindemnity,complywithany
reasonableconditionstheCityoritsagentmayprescribe,andpaytheCity'soritsagent'sreasonable
expenses.
AnysuchduplicateNoteshallconstituteanoriginalcontractualobligation of theCity
whetherornotthe destroyed,stolen,orlostNotebeatanytimefoundby anyone,andsuch duplicate
Noteshallbe entitled to equal and proportionate benefits and rights astolienon,andsource of and
securityforpaymentfrom,thefundspledgedtothepayment of theNotesomutilated,destroyed,
stolen or lost.
Section9.Provisions for Prepayment.TheNotemaybeprepaidpriortoitsmaturity,in
whole,but notinpart,as provided intheform of Note attached as Exhibit "A"hereto.
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Ord.No.11-15-2218
Section 10.Note Not to be General Indebtedness of the City.The Note shall not beor
constituteageneral obligation or indebtedness oftheCitywithinthe meaning ofthe Constitution of
theState,butshallbe payable fromandsecuredsolelybythe covenant of theCityto budget and
appropriateLegally Available Non-Ad Valorem Revenues,inthe manner andtothe extent herein
andintheNote provided.No Holder shalleverhavetherighttocompeltheexercise of thead
valoremtaxing power oftheCityor taxation inanyformonanyrealor personal property topaythe
Note,the interest thereon orany otheramounts due thereunder,norshallany Holder be entitled to
payment of such principal,interest orany other amounts due thereunder fromanyfunds oftheCity
other than the Legally Available Non-Ad Valorem Revenues,allinthe manner andtothe extent
herein andinthe Note provided.The Holders shallhavenolien upon anyrealor tangible personal
property of theCity.
Section 11.Covenant to Budget and Appropriate.TheCity hereby covenants to budget
and appropriate inits Annual Budget,by amendment if necessary,from Legally Available Non-Ad
Valorem Revenues in each Fiscal Year,sufficient moneys topaythe principal of and interest onthe
Note andany other amounts due thereunder in such FiscalYear,untilthe Note is paid infull.Such
covenant and agreement onthepart of theCityshallbe cumulative tothe extent notpaid,andshall
continue until Legally Available Non-Ad Valorem Revenues or other available fundsin amounts
sufficient tomakeall required payments shallhavebeen budgeted,appropriated and actually paid.
Notwithstanding the foregoing covenant of theCity,the City does not covenant to maintain any
services or programs now provided or maintained bytheCity which generate Legally Available Non-
Ad Valorem Revenues.
Such covenant to budget and appropriate doesnotcreateanylien upon or pledge of such
Legally Available Non-Ad Valorem Revenues nordoesit preclude theCityfrom pledging inthe
futurea particular source or sources of non-ad valorem revenues.Such covenant to budget and
appropriate Legally Available Non-Ad Valorem Revenuesis subject inallrespectstothepayment of
obligations heretofore or hereafter enteredinto,includingbutnot limited tothepayment of debt
serviceonbondsandotherdebtinstruments.However,thecovenantto budget andappropriateinits
Annual Budget forthe purposes andinthe manner stated herein shallhavethe effect of making
availableinthe manner describedhereinLegallyAvailableNon-AdValoremRevenuesandplacing
ontheCitya positive dutyto budget and appropriate,by amendment ifnecessary,amountssufficient
tomeetitsobligationshereunder;subject,however,inallrespectstotherestrictions of Section
166.241(3),Florida Statutes,whichprovides,inpart,thatthegoverningbody of each municipality
make appropriations foreachfiscalyearwhich,inanyoneyear,shallnot exceed the amount tobe
receivedfrom taxation orotherrevenuesources;andsubjectfurther,tothepayment of servicesand
programswhichareforessentialpublicservicesaffectingthehealth,welfareandsafety of the
inhabitants of theCityorwhicharelegallymandatedbyapplicablelaw.
Section 12.Operating Budget;Financial Statements.Beforethefirstday of eachFiscal
Year,theGoverningBodyshallprepare,approveandadoptinthemannerprescribedbylaw,a
detailedAnnualBudget.SuchAnnualBudgetshall,subjecttoSection 11 hereof,providefor
revenuessufficienttocomplywiththe City's obligationshereunder,includinganyunsatisfied
obligations frompriorFiscal Years.TheCityshall annually providetotheBankacopyofthe
AnnualBudgetandthe City's auditedfinancialstatementspreparedinaccordancewithlaw,each
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Ord.No.11-15-2218
withinthirty(30)days of itscompletionand,inthecase of theauditedfinancialstatements,within
180 days of the end of each Fiscal Year.
Section 13.Issuance of Additional Non-Self Supporting Revenue Debt.Except with
respectto Non-Self-Supporting RevenueDebtissuedtorefundexisting Non-Self-Supporting
RevenueDebtwheretheaggregatedebtservice oftherefunding Non-Self-Supporting RevenueDebt
willnotbe greater than that forthe Non-Self-Supporting RevenueDebtbeingrefunded,theCitymay
incur additional Non-Self-Supporting RevenueDebtonlyif,assetforthina certificate oftheMayor
ortheCity Manager executed prior tothe issuance thereof,acopy of which shallbe provided tothe
Bank,the amount of Legally Available Non-Ad Valorem Revenues,after deducting the Cost of
Essential Services that arenot supported by ad-valorem tax revenues,equalsor exceeds 1.25 times
the Maximum Annual Debt Service inall future Bond Years onall outstanding Debt and the Debt
proposed tobe issued.These calculations required above shallbe determined using the average of
actual receipts for the prior two Fiscal Years based onthe City's audited financial statements.
For purposes of calculating the foregoing,if any Debt bears arate ofinterest that is not fixed
fortheentire term oftheDebt (excluding any provisions thatadjusttheinterestrateuponachangein
taxlaworinthetax treatment of interestonthedebtoruponadefault),thenthe interest rateonsuch
Debtshallbe assumed tobethehigher of (a)theaveragerate of actual interest bornebysuchDebt
duringthemostrecent complete monthpriortothedate of calculation,and(b)(i)forDebtthe
interestonwhichisexcluded from grossincome oftheholders thereof forfederaltaxpurposes,The
BondBuyerRevenueBondIndexlastpublishedinthemonthprecedingthedate of calculationplus
onepercent,or(ii)forDebttheinterestonwhichisnot excluded fromthegrossincome of the
holders thereof forfederaltaxpurposes,theyieldonaU.S.Treasuryobligationwithaconstant
maturityclosesttobutnotbeforethematuritydate of suchDebt,asreportedinStatisticalRelease
H.15 of theFederalReserveonthelastday of themonthprecedingthedate of issuance of such
proposedDebt,plusthreepercent(3%);provided,however,that iftheCityshallhaveenteredintoan
interestrateswaporinterestratecaporshallhavetakenanyotheractionwhichhastheeffectof
fixing orcappingtheinterestrateonsuchDebtfortheentireterm thereof,thensuchfixedor capped
rateshallbeusedastheapplicableratefortheperiodofsuchswaporcap,andprovidedfurtherthat
if The Bond Buyer Revenue Bond Index or Statistical Release H.15 of the Federal Reserve isno
longer available ornolonger contains the necessary data,suchother comparable source of
comparable dataasselectedbytheBankshallbeutilizedinthe foregoing calculations.Forthe
purposeof calculating the foregoing,"balloon indebtedness"(asdefinedinthe immediately
succeeding sentence)shallbe assumed to amortize overaperiodnottoexceed20yearsin
substantially equalannual payments atthe interest ratesetforthinthe instrument evidencing such
Debtifthe interest rateis fixed and,ifthe interest rateisnot fixed,attherate calculated pursuant to
the immediately preceding sentence and any putor tender rights ofa lender with respect toanyDebt
shall be ignored andsuchDebt shall be assumed to mature as otherwise provided inthe instrument
evidencing suchDebt."Balloon indebtedness"isanyDebttwentypercent (20%)ormoreofthe
principalamount of whichcomesdueinanysingleFiscalYear.
Section14.Award of NotebyNegotiatedSale.Because of thenature of theNote,the
maturity oftheNoteandthe prevailing marketconditions,andtherecommendations oftheFinancial
Advisor,the negotiated sale of the Note tothe Bank in substantial accordance with the Bank's
proposal delivered totheCityand dated April 15,2015 (the"Bank's Proposal"),is hereby found to
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Ord.No.11-15-2218
beinthe best interests oftheCityand,upon compliance withthe requirements of Section 218.385,
Florida Statutes,authorized;provided,however,that the provisions ofthis Ordinance andtheNote
shall control to the extent of any conflict with the Bank's Proposal.
Section 15.Modification,Amendment or Supplement.ThisOrdinancemaybemodified,
amendedor supplemented bytheCityfromtimetotimepriortotheissuance oftheNotehereunder.
Thereafter,no modification,amendment or supplement of this Ordinance,or of anyordinance
amendatory hereof or supplemental hereto,maybemade without the consent inwriting of the
Holder.
Section 16.Tax Compliance.Neither theCity,norany third partyoverwhomtheCityhas
control,willmakeanyuse ofthe proceeds of theNoteor ofthe refinanced capital improvements at
anytime during the term of the Note which would causethe Note (i)tobe(a)a "private activity
bond"within the meaning of Section 103(b)(1)of theCode,or(b)an "arbitrage bond"within the
meaning of Section 103(b)(2)of theCode,or(ii)nottobea "qualified tax-exempt obligation"
withinthe meaning of Section 265(b)(3)(B)oftheCode.TheCity covenants throughout theterm of
the Note to comply with the requirements of theCodeandtotakeall actions necessary to maintain
the exclusion fromgross income forpurposes of theCode of interest onthe Note andthestatus of
theNoteasa "qualified tax-exempt obligation"tothesameextentasonthedate of issuance of the
Note.
Section 17.Events of Default;Remedies.
A.Events of Default.Any oneor more ofthe following events shallbean "Event
of Default5
due;
(i)theCityshallfailtopaythe principal of or interest onthe Note when
(ii)theCityshall(a)admitinwritingitsinabilitytopayitsdebtsgenerally
asthey become due,(b)file(orhavefiledagainstitandnot dismissed within 90days)a petition in
bankruptcy ortake advantage of any insolvency act,(c)makean assignment forthegeneralbenefit of
creditors,(d)consent tothe appointment of areceiverfor itself orforthewholeorany substantial
part of itsproperty,or(e)be adjudicated abankrupt;or
(iii)theCityshalldefaultinthedueandpunctualperformance ofany ofits
covenants,conditions,agreements and provisions contained herein orinthe Note,and such default
shallcontinueforthirty (30)daysafterwrittennoticespecifyingsuchdefaultandrequiringthesame
toberemediedshallhavebeengiventotheCitybytheHolder of theNote;providedthatsuch
defaultshallnotbeanEvent ofDefault iftheCitywithinsuch 30 dayperiodcommencesandcarries
outwithduediligenceto completion (althoughnotnecessarilywithinsuchthirty (30)dayperiod)
such action asis necessary to cure thesame.
B.Remedies on Default.If an Event of Default shall have occurred and be
continuing,theHoldermay proceed toprotectandenforceitsrightshereunderbyasuit,actionor
specialproceedinginequityoratlaw,bymandamusorotherwise,eitherforthespecificperformance
8
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Ord.No.11-15-2218
of any covenant or agreement contained herein orfor enforcement of any proper legalor equitable
remedy as such Holder shall deem most effectual to protect and enforce the rights aforesaid.
No remedy herein conferred upon or reserved tothe Holder is intended tobe exclusive ofany
other remedy or remedies,and each and every such remedy shall be cumulative,and shall bein
addition to every other remedy given hereunder or now or hereafter existing at law orinequity.
Nodelayor omission of a Holder to exercise any right or power accruing upon any Event of
Default shall impair any such right or power orshallbe construed tobea waiver of any such Event
of Default,oran acquiescence therein;and every power and remedy given by this article may be
exercised from time to time,andas often asmaybe deemed expeditious bya Holder.
Notwithstanding the foregoing,under no circumstances willthe remedies foran Event of
Default include acceleration of the payment of theNote.
Section 18.General Authority.The officers and employees of theCityarehereby
authorized and directed to take all other necessary actions and execute all necessary documents to
carry outthe provisions of this Ordinance.
Section 19.Severability.If anyoneormore ofthe covenants,agreements or provisions of
this Ordinance should be held contrary toanyexpress provision of laworcontrarytothepolicy of
express law,though not expressly prohibited,or against public policy,orshallforany reason
whatsoever be held invalid,then such covenants shallbenulland void andshallbe deemed separate
fromthe remaining covenants,agreements or provisions of this Ordinance or of the Note issued
hereunder,which remaining covenants,agreements and provisions shall remain infullforceand
effect.
Section 20.No Third-Party Beneficiaries.Except as herein otherwise expressly provided,
nothinginthis Ordinance expressed or implied is intended orshallbe construed toconfer upon any
person,firmor corporation other than theCityandthe Holder fromtimetotime ofthe Note issued
hereunder,anyright,remedyorclaim,legalorequitable,underorbyreason ofthisOrdinanceorany
provision hereof,this Ordinance andallits provisions being intended tobeandbeingforthesoleand
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.Allcovenants,stipulations,
obligations and agreements ofthe City contained inthis Ordinance andthe Note shallbe covenants,
stipulations,obligationsandagreements of theCitytothefullextentauthorizedbytheActand
providedbythe Constitution andlaws oftheState.Nocovenant,stipulation,obligationoragreement
containedinthisOrdinanceortheNoteshallbeacovenant,stipulation,obligationoragreementof
anypresentorfuturemember,agent,officeroremployee oftheCityortheGoverningBodyinhisor
her individual capacity,and neither the members orofficers ofthe Governing Body noranyofficial
executingtheNoteshallbeliablepersonallyontheNoteorshallbe subject toanypersonalliability
oraccountabilitybyreason oftheissuanceortheexecution oftheNotebytheCityorsuchmembers
thereof.
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Ord.No.11-15-2218
Section 22.Repeal of Inconsistent Ordinances.Ordinance No.18-12-2134 enacted
September 24,2012 is hereby superseded andrepealed.In addition,all other ordinances orparts
thereof in conflict herewith are,to the extent of such conflict,superseded and repealed.
Section 23.Effective Date.This Ordinance shall become effect immediately upon its
enactment.
PASSED AND ENACTED this 191 day of May,2015.
ATTEST:
CITY CLERK
1st Reading:
2nd Reading:
5/5/15
5/19/15
READ AND
LANGU
EXE
'PROVED AS TO FORM,
&ALITY,
THEREOF/
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10
APPROVED:
7a&MAY'
COMMISSION VOTE:5-0
Mayor Stoddard:Yea
Vice Mayor Harris:Yea
Commissioner Welsh:Yea
Commissioner Liebman:Yea
Commissioner Edmond:Yea
EXHIBIT "A"
FORM OF NOTE
REGISTERED REGISTERED
No.R-$
UNITED STATES OF AMERICA
STATE OF FLORIDA
CITY OF SOUTH MIAMI,FLORIDA
CAPITAL IMPROVEMENT REVENUE REFUNDING NOTE,SERIES 2015
Date of
Interest Rate Maturity Date Original Issuance
2.80%May 1,2032 ,2015
REGISTERED OWNER:
PRINCIPAL AMOUNT:MILLION DOLLARS
KNOW ALL MEN BY THESE PRESENTS,thattheCity of South Miami,Florida,a
municipal corporation of theState of Florida(hereinaftercalledthe "City")forvaluereceived,
herebypromisestopaytothe Registered Owneridentifiedabove,orto registered assignsorlegal
representatives,but solely fromthe revenues hereinafter mentioned,onthe dates hereinafter
provided,the Principal Amount identified above,andtopay,solelyfromsuch revenues,interest on
thePrincipal Amount remaining unpaidfromtimetotime,attheinterestrateperannumsetforth
herein(the"NoteRate"),untiltheentirePrincipalAmounthasbeenrepaid.Principal of andinterest
onthisNotewillbepaidbybankwire,check,draftorbanktransferdeliveredtotheRegistered
Owner hereof atsuchaddressasmaybeprovidedinwritingbytheRegisteredOwnertotheCityno
laterthantheclose of businessonthefifthBusinessDay(asdefinedinthehereinafterdescribed
Ordinance),nextprecedingeachinterestpaymentdate(the"RecordDate").InterestonthisNote
shallbecalculatedonthebasis of a360dayyearconsisting of twelvethirtydaymonths.
Payments of accruedinterestwillbedueonMay1andNovember1 of eachyear,beginning
November1,2015.Payments of principalonthisNotewillbedueonMay1andNovember1 of
eachyear,beginning November 1,2015,in accordance with Schedule 1 attached hereto.
Eachdatewhenprincipaland/or interest onthisNoteisdueisa"PaymentDate."Ifany
PaymentDateisnotaBusinessDay,thepaymentotherwisedueonsuchPaymentDateshallbedue
onthenextsucceeding Business Dayas if paidonsuchPaymentDate.
Anypayment ofprincipal hereof orinteresthereonnotpaidwithinten (10)days ofwhendue
shall bear interest fromtheduedateuntilpaidatthe lesser of(i)theNoteRateplus2%per annum or
(ii)themaximumrate permitted bylaw.
A-l
010-8062-4827/4/AMERICAS
ThisNoteisissuedintheprincipalamount of $to refinance theRefinanced
Loans(asdefinedintheOrdinancedefinedbelow),pursuanttotheauthority of andinfull
compliancewiththeConstitutionandlaws oftheState ofFlorida,includingparticularlyArticle VIII,
Section2 ofthe Constitution oftheState ofFlorida,Chapter 166,FloridaStatutesandtheCharter of
theCity(collectively,the"Act"),andOrdinanceNo.,enactedbytheMayorandCity
Commission of theCityon ,2015 (the "Ordinance").
ThisNoteandtheinteresthereonandanyotheramountdue hereunder aresecuredby City's
covenantto budget and appropriate ineachFiscalYearfromitsLegally Available Non-AdValorem
Revenues,sufficientmoneystopaytheprincipal ofandinterestonthisNoteandanyotheramounts
duehereunder,untilthisNotehasbeenpaidinfull,asmore particularly setforthintheOrdinance.
ReferenceisherebymadetotheOrdinancefortheprovisions,amongothers,relatingtotheterms
andsecurityforthe Note,therightsandremedies of the Registered Owner of theNoteandthe
limitationsthereon,andthe extent of andlimitationsonthe City's rights,dutiesandobligations,to
all ofwhich provisions the Registered Owner hereof for himselfandhis successors ininterestassents
byacceptance of thisNote.Alltermsusedhereinin capitalized form,unless otherwise defined
herein,shallhavethe meanings ascribed theretointhe Ordinance.
This Note has been designated bytheCityasa "qualified tax-exempt obligation"under
Section 265(b)(3)(B)of the Internal Revenue Code of 1986,as amended (the "Code").
If forany reason this Note losesits "qualified tax-exempt obligation"status under Section
265(b)(3)(B)of the Code (an "Event of BQ Loss"),this Note shall bear interest from the earliest
effective date of such Event of BQLossatthe Non-BQ Rate (hereinbelow defined).
No Event ofBQLossshallbe deemed tooccurunlesstheCityhas been given timely written
notice of such occurrence bytheRegisteredOwnerand,tothe extent permitted bylaw,an
opportunity to participate inandseek,atthe City's ownexpense,afinal administrative determination
bythe Internal Revenue Service or determination byacourt of competent jurisdiction (from which
nofurtherright of appeal exists)astotheoccurrence of such Event of BQLoss;provided thatthe
City,atitsown expense,delivers totheRegisteredOwneran opinion of bondcounselacceptableto
suchRegistered Owner totheeffectthatsuchappealoractionfor judicial oradministrativereviewis
notwithoutmeritandthereisa reasonable possibilitythatthe judgment,order,rulingordecision
from which such appeal or action for judicial or administrative review is taken willbereversed,
vacated or otherwise set aside.
"Non-BQ Rate"shallmean,uponanEvent of BQLoss,the interest rateperannumthatshall
providethe Registered Owner withthesameaftertaxyieldthatthe Registered Owner wouldhave
otherwisereceivedhadtheEvent of BQLossnotoccurred,takingintoaccounttheinability of the
RegisteredOwnertodeducta portion of itscarryingcostforthisNoteasaresult of suchEvent of
BQLoss.The Registered OwnershallprovidetheCitywithawritten statement explainingthe
calculation of the Non-BQ Rate,which statement shall,inthe absence of manifest error,be
conclusive and binding ontheCity.
If foranyreasontheinterestonthisNotebecomesincludableinthegrossincome of the
RegisteredOwnerforFederalincometaxpurposes(an"Event of Taxability"),thisNoteshallbear
A-2
010-8062-4827/4/AMERICAS
interest fromthe earliest effective date of such Event ofTaxability atthe Taxable Rate (hereinbelow
defined).
No Event of Taxability shallbedeemedtooccurunlesstheCityhasbeengiventimely
writtennotice of such occurrence bytheRegisteredOwnerand,tothe extent permitted bylaw,an
opportunityto participate inandseek,attheCity'sownexpense,afinaladministrativedetermination
bytheInternal Revenue Service or determination byacourt of competent jurisdiction (from which
nofurther right of appeal exists)astothe occurrence of such Event of Taxability;provided that the
City,atits own expense,delivers tothe Registered Owner an opinion of bond counsel acceptable to
such Registered Owner tothe effect thatsuchappealor action for judicial or administrative reviewis
not without merit and there isa reasonable possibility thatthe judgment,order,ruling or decision
from which such appeal or action for judicial or administrative review is taken willbereversed,
vacated or otherwise set aside.
"Taxable Rate"shallmean,uponanEvent ofTaxability,theinterestrateperannumthatshall
providethe Registered Owner with thesameaftertaxyield that the Registered Owner would have
otherwise received hadthe Event of Taxability notoccurred,taking into account the increased
taxableincome of the Registered Ownerasaresult of suchEvent of Taxability.TheRegistered
Ownershall provide theCity with a written statementexplainingthecalculation oftheTaxableRate,
whichstatementshall,intheabsence of manifesterror,beconclusiveandbindingontheCity.
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 ITIS EXPRESSLY AGREED BY THE
REGISTERED OWNER OF THIS NOTE THAT SUCH REGISTERED OWNER SHALL NEVER
HAVETHERIGHT,DIRECTLY ORINDIRECTLY,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 FORTHE PAYMENT OF THE PRINCIPAL OF,AND
INTEREST ON THIS NOTE OR FOR THE PAYMENT OF ANY OTHER AMOUNTS
PROVIDED FOR IN THE ORDINANCE.
ThisNoteshallbeandhaveallthequalitiesand incidents ofnegotiable instruments underthe
law merchant andtheUniform Commercial Code oftheStateof Florida,subjecttothe assignment
provisions contained herein and inthe Ordinance.
ItisfurtheragreedbetweentheCityandtheRegisteredOwner ofthisNotethatthisNoteand
the indebtedness evidenced hereby shall not constitute alienuponanyrealor tangible personal
property oforinthe City.Neitherthe members ofthe governing bodyoftheCitynorany person
executingtheNoteshallbeliablepersonallyontheNotebyreason of itsissuance.
This Notemaybe prepaid bythe City prior toits maturity,in whole,butnotin part,on any
scheduledprincipalpaymentdatewithoutpremium.
A-3
010-8062-4827/4/AMERICAS
ThisNotemaynotbeassignedbytheRegisteredOwnerexceptas provided inSection6 of
theOrdinance.Such assignment shallonlybeeffective,andtheCity obligated topaysuchassignee,
upon delivery to the Finance Director atthe address setforth below of a written instrument or
instruments ofassignment intheformprovidedherein,dulyexecutedbytheRegisteredOwnerorby
hisattorney-in-factorlegalrepresentative,containingwritten instructions astothedetails of
assignment of thisNote,alongwiththesocialsecuritynumberorfederalemployeridentification
number of suchassignee.Inallcases of anassignment of thisNotetheCityshallattheearliest
practicaltimeenterthechange ofownershipintheregistrationbooks;provided,however,thewritten
notice of assignment must be received bytheFinance Director nolater than theclose ofbusiness on
thefifthBusinessDaypriortoaPaymentDateinorderfortheassigneetoreceivetheinterestand
principalpaymentdueonsuchPaymentDate.TheCitymayconclusivelyrelyontheauthenticity of
anyForm of Assignment delivered toitinaccordancewiththis paragraph andaccompaniedbythe
original of theNoteto which itrelates.TheCitymaychargethe Registered Ownerforthe
registration ofeverysuch assignment oftheNoteanamountsufficienttoreimburseitforanytax,fee
oranyother governmental charge required tobepaid,except foranysuch governmental charge
imposedbytheCity,withrespecttotheregistration of suchassignment,andmayrequirethatsuch
amountsbe paid before any such assignment of theNoteshallbe effective.
Any payment or notice required tobe given tothe Bank hereunder shall be given to Branch
Bankingand Trust Company at 5130 ParkwayPlaza Boulevard,Building #9,Charlotte,North
Carolina 28217,Attention:Account Administration/Municipal,orsuchotheraddressoraddressesas
theBankshall provide theCityinwriting.Intheevent of an assignment of thisNote,anypayment
ornotice required tobe given tothe Registered Owner hereunder shallbe given tothe Registered
Owner atthe address or addresses shown onthe Form ofAssignment hereto,orsuchotheraddressor
addressesasthe Registered Owner shallprovidetheCityinwriting.Anynoticerequiredtobegiven
totheCity hereunder shall be given tothe Finance Director at 6130 Sunset Drive,South Miami,
Florida 33143,or such other address or addresses astheCityshall provide the Bank oranyfuture
holder of this Note in writing
Itishereby certified andrecitedthatallacts,conditions andthings required toexist,to
happen,andtobe performed precedent toandintheissuance of thisNoteexist,have happened and
havebeen performed in regular anddueformandtimeas required bythelawsand Constitution of
theState of Florida applicable hereto,andthattheissuance of theNotedoesnotviolateany
constitutional or statutory limitation orprovision.
A-4
010-8062-4827/4/AMERICAS
IN WITNESS WHEREOF,theCityhascausedthis Note tobe executed inits name as ofthe
date hereinafter set forth.
The date of this Note is _,2015.
(SEAL)
ATTEST:
READ AND APPROVED AS TO FORM,
LANGUAGlEJUgGALFTY AND
EXECUTItfSmiEftEOF:
010-8062-4827/4/AMERICAS
A-5
CITY OF SOUTH MIAMI,FLORIDA
^£ity Manager
FORM OF ASSIGNMENT
FORVALUERECEIVED,theundersignedherebysells,assignsandtransfersunto
thewithinNoteandallrightsthereunder,
and hereby irrevocably constitutes and appoints
attorneyto transfer the within Note inthebookskeptbytheCityfortheregistrationthereof,withfull
power of substitution inthe premises.
Dated:
NOTICE:The signature of this assignment
must correspond with the name asit appears
uponthe within Note inevery particular,orany
SOCIAL SECURITY NUMBER OR change whatever.
FEDERAL IDENTIFICATION NUMBER
OF ASSIGNEE
[Form of Abbreviations]
The following abbreviations,whenusedinthe inscription ontheface of the within Note,
shallbe construed as though theywerewrittenoutinfull according totheapplicablelawsor
regulations.
TEN COM -as tenants in common
TEN ENT -as tenants by the entireties
JTTEN-as joint tenants with theright of survivorship andnotas tenants in common
UNIFORM TRANS MIN ACT-Custodian for
(Cust)(Minor)
Under Uniform Transfers toMinorsActof
(State)
Additional abbreviations mayalsobeusedthoughnotintheabovelist.
Nameandaddress of assigneeforpaymentandnoticepurposes
Notice:Payment:
Date:Assignee:
By:
Title:
A-6
010-8062-4827/4/AMERICAS
SCHEDULE 1
Payment Date Principal Amount Due
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
November 1,2031
May 1,2032
A-7
010-8062-4827/4/AMERICAS
BMT
Branch Banking and Trust Company
Governmental Finance
P.O.Box 714
Columbia,SC 29202
(803)251-1328
April 15,2015
Mr.Alfredo Riverol
Chief Financial Officer
City of South Miami
6130 Sunset Drive
South Miami,FL 33143
Dear Mr.Riverol:
BranchBankingandTrust Company ("BB&T")is pleased toofferthisproposalforthe financing
requestedbytheCity of SouthMiami,FL("City").
(1)Projects:RefundingRevenueNote,Series2015 ("Note")
(2)Amount to be financed:Not toexceed $5,000,000
(3)Interest Rates,Financing Terms and Corresponding Payments:
Final Maturity BO Rate
May 1,2032 2.80%
Unless otherwise requested,principal and interest payments shall bedue semiannually eachMay
1and November 1,commencing November 1,2015.Interestontheprincipalbalance of theNoteshall
accruebasedona30/360daycountbasis.BB&Tmustapprovethefinalamortizationschedule.
The interest rate stated above is valid for a closing not later than 45 days after today.Closing of
the financing iscontingentupon completing documentation acceptable toBB&Tanditscounsel.
BB&T'slegalreview expenses and underwriting fees forthis financing transaction shallbe
$5,000.00.All applicable taxes,permits,costs of counsel forthe City andanyother costs shall bethe
City's responsibility andseparatelypayablebythe City.
The transaction willbe prepayable in whole onany regularly scheduled payment date without
penalty.
Thefinancing documents shall include provisions thatwilloutline appropriate changestobe
implemented intheeventthatthis transaction is determined tobe taxable ornonbank qualified in
accordance withFlorida State Statutes orthe Internal Revenue Service code.These provisions mustbe
acceptable to BB&T.In addition,any amount due hereunder notpaidwhendueshallbear interest ata
default rate equal tothe interest rate onthe Series 2015 Note plus 2%per annum from and after ten (10)
days after the date due.
ThestatedinterestrateaboveassumesthattheCityexpectstoborrow $10,000,000 orlessinthe
calendaryear2015andthatthefinancingshallcomplywiththeapplicableIRSCodeSections141,148,
149(e),265(b)(3).BB&T reserves therighttoterminateitsinterestinthisbidorto negotiate a mutually
acceptablerate ifthe financing isnotaqualified tax-exempt financing.
(4)Financing Documents:
Itshallbetheresponsibility of theCitytoretainandcompensatecounseltoappropriately
structurethefinancingdocumentsaccordingtoFloridaStatestatutes.BB&TshallalsorequiretheCityto
provideanunqualifiedbondcounselopinion.BB&Tanditscounselreservetherighttoreviewand
approveall documentation before closing.
(5)Security:
TheNoteshallbesecuredbyacovenanttobudgetandappropriatefromlegallyavailableNon-Ad
Valorem Revenues of theCityinamounts sufficient torepaytheprincipalandinterest of theloanwhen
due.
BB&T appreciates the opportunity to make this financing proposalandrequeststobe notified
withintendays of thisproposalshouldBB&Tbethe successful proposer.
BB&Tshallhavetherightto cancel thisofferby notifying theCityofitselectiontodoso
(whether ornotthisofferhas previously been accepted bythe City)ifatanytimepriortothe closing
thereisamaterialadversechangeintheCity's financial condition,ifwediscoveradverse circumstances
of which we are currently unaware,if we are unable to agree on acceptable documentation with the City
orifthereisachangeinlaw(or proposed change inlaw)that changes theeconomiceffectofthis
financing to BB&T.
Please call meat (803)251-1328 with your questions and comments.We look forward to hearing
from you.
Sincerely,
BRANCH BANKING ANB^ROSrCOMPANY
Andrew G.Smith
Sr.Vice President
iil$SwmmssmSSshB f'fe#i!§IB
isOO f§nHg rs[j5[VBBKKKKm &^djy^p *H&ll^M?sj&
59gyQfflE9 so flte ;l|lSllllip:
KlVS?H!!^*B«S*tfelfil 'A
Total Debt Service Savings $1,068,672
Average Annual Savings $62,863
PresentValue Savings $828,748
PresentValue Savings as %of Refunded Principal 17.05%
fi*iV>^f>^^r^^^'^^^^'^
Final Maturity 5/1/2032
Principal Amount $4,958,000
Total Debt Service $6,251,184
Total Interest Cost $1,293,184
Estimated Issuance Costs $58,154
Interest Rate 2.80%
All-in True Interest Cost 2.95%
Principal Amount Outstanding (after 5/1/2015)$4,860,000
Principal Amount Refunded $4,860,000
Average Coupon Refunded 5.06%
Final Maturity 5/1/2032
Prepayment Currently @100%
-Analysis is preliminary and subject to change.
-Assumes closing of the refunding onMay 28,2015.
-Presentvalue savings calculated atthe all-in true interest cost.
-Savings figures net of estimated issuance costs.
4/15/15
4/15-21/15
4/22/15
4/23/15
5/5/15
5/19/15
TBD
5/28/15
ipiil i(eJ»iii;^i^rw^ate^M^-E^lKj
s M T w T F S s M IT wT F S
1 2 3 4 1 2
56 K 8910 11 3 4 be 6 7 8 9
12 13 14 15 16 17 18 10 11 12 13 14 15 16
19 20 ft 22 23 2425 17 18 IB 20 21 22 23
26 27 28 29 30 24 25I26 27 28 29 30
31 |
City Commission Meetings areheld every 1st and 3rd Tuesday @7pm
i^;liL^^I:.I^SiiCiMB
BankLoan Proposal Received byCity
Completion of Ordinance/Loan Documents
Financing Documents provided to the CityClerkfor the Agenda byNoon
-Provide FMLC Notice of Intent to Refund 2001A &2002A Loans
-FMLC begins preparation ofEscrowAgreement
City Commission Meeting -1st Reading of Ordinance
City Commission Meeting -2nd Reading of Ordinance &Approval of Loan
Pre-closing
Closing&Transfer of Funds
CityCity of South Miami,FL
BCBond Counsel -SquirePattonBoggs
FA Financial Advisor -FirstSouthwest
BK Bank-BB&T
BKC Bank Counsel -Edwards Cohen
FMLC FloridaMunicipalLoanCouncil/FMLCCounsel
ALL Working Group
BK/City
BC
BC
City
FMLC
City
City
All
All
MIAMI HERALD |MiamiHerald.com
•CORAL GABLES
'CAPTURE GABLES1
PHOTO CONTEST
TheCoral Gables Museum
isnowacceptingphotosub
missions for the fourth an
nual "Capture Coral Gables"
contest.The photography
contest is open toall teens
and adults.
The contest is free to enter.
Deadlineto enter isMay4.
Photo categories include:
Portraiture,StreetPhotogra
phy,Nature/landscape,Ab
stract,CulinaryArtsandDig
italPhotoManipulation-Ju
rorsincludeMaggieSteber,
John B.Gynell andJ.Brian
King.Grandprizes include
theJuror's Choice Award and
achanceto present asoloex
hibit along with aLeicaD-
Lux6.
To submit a photo entry,
visit www.capture
coralgables.org.
•MIAMI
ADVANCED STUDIES
COLLEGE FORUM
Acollegeforumincluding
theUniversityofPennsylva
nia,Massachusetts Institute
of Technology,Princeton,
Dartmouth andJohnsHop
kins will be held from 10 ajn.
to noon May9attheMiami
DadeCollege Wolfeon Cam
pus,245 NW Fourth St.,
Room 3210.
High school students are
invited to attend the forum
andlearnaboutthecomplex
admissions processattop-
tieruniversities.Representa
tives will be available to
answer questions about ad
mission,academics and fi
nancial aid.
Registrationis required,lb
register,visit www.sas.dade
SE SUNDAY,MAY 3,2015 I 39SE
NEIGHBORHOOD NEWS
schools.net For more infor
mation,contact Dennis Lind
sayat 305-237-0S10.
•SOUTH MIAMI
ANNUAL TWILIGHT SK
RETURNS DOWNTOWN
For the 27th consecutive
year,South Miami's down
town area will host the Twi
light 5K Walk/Run event
From6 pm to8p.m.,Sunday,
May3L
The event starts on SW 74
Terrace and 58th Avenue and
finishes near First National
Bank on57th CourtFood,fun
and music will entrain those
whoattendandpartakeinthe
event,operated by Team
FootWorks Educational and
Fitness Corporation,anon-
for-profit organization.
Each year,Team Foot
Works Educational and Fit
ness Corporation award a
forfells prevention andone
for safe homes.The seminars
are intended toreduceinjury
risk and allow individuals to
staycomfortableandsafein
their homes astheyage.
•CORAL GABLES
FAMILY DAY BIKE SALE
ATTHE MUSEUM
The Coral Gables Museum
will host aFamilyDayBike
Sale from 2to5 pin.May9at
285AragonAve.Guests can
buyalltypesofusedbicycles
at the eventAdmission to the
museum is free.
DuringFamilyDay,guests
canvisitthe"ARTcycle:Cy
clists Matter"and "Under
line:Make it Yours"exhibits.
Children can leam how to DJ
from DJ Fielo of Scratch DJ
Academyfrom2to4 pjn.At3
p.m.,the Miami Youth for
Chamber Music will per
charitabledesignationtore
ceive a donation.The South
MiamiPoliceExplorerswill
beawardedthisyear.The city
commissionpassedaresolu
tiontowaiveparkingmeter
fees in the area for the event
The event is supported by
BaptistSouthMiamiHospi
tal and Town Kitchen and
Bar.
•CUTLER BAY
WHAT'S AT NEXT
CITIZENS MEETING?
The Concerned Citizens
of Cuder Baywillfeaturerep
resentatives from the state of
Honda's DivisionofElderAf
fairs atitsMay meeting.
The meeting is from 7to9
p.m.May 5at the Cutler
Ridge United Methodist
Church,20740 Old Cutler
Road.Two seminars will be
presentedatthe meeting,one
form.
To donate a bicycle,call
305-603-8067 ordropthebi
cycle ofFatthe Museum from
9a.m.to 6 p.m.Monday
throughFriday,11 a.m.to5
p.m.Saturday or noon to5
p.m.Sunday.
•DEERING ESTATE
'SEAGRASSES AND
MANGROVES'SHOW
Part of the"Speaking Sus-
tainably"filmandlecturese
ries,theDeeringEstatewill
hostafreescreeningof Sea-
grassesandMangroves at7
pjn.May27at 16701 SW72nd
Ave.
The film explores theen
dangerednatureof seagrass-
esandmangroves,whichare
indeclineglobally.Screening
isopentothepublic.For
more information,visit
www.deeringestate.org.
LEARN -PREPARE -PROTECT
DEFEND WHAT YOU LOVE
TOP-GUN
FIREARMS TRAINING CLASSES
PROTECT YOURSELF NOW
GET YOUR CCW PERMIT
CCW =CONCEALED CARRY WEAPON
CITY OF SOUTH MIAMI
COURTESY NOTICE
NOTICE IS HEREBY giventhattheCityCommissionoftheCityofSouth Miami,Floridawill conduct Public
Hearing(s)atitsregularCityCommissionmeetingscheduledforTuesday.Mav 19.2015 beginningat7:00 p.mM inthe
CityCommission Chambers,6130SunsetDrive,toconsiderthefollowing item(s):
AnOrdinanceauthorizingtheissuance of CapitalimprovementRevenueRefundingNote.Series 2015,
intheprincipalamountnottoexceed$5,000,000,forthepurposeofrefinancingcertainoftheCity's
outstandingindebtednessandpayingthecostsofissuanceoftheNoteandofrefinancingsuchindebtedness;
covenantingtoannuallybudgetandappropriatefundsfromLegally Available Non-AdValoremRevenues
torepaysuchNote;providingthe form,termsanddetailsoftheNote;awardingtheNotetoBranch
Banking andTrustCompanybynegotiatedsale;making certain covenantsandagreements in connection
therewith;authorizinganddirectingofficersandemployeesoftheCitytotakeallnecessaryactionsand
executeall necessary documents.
ALLinterestedpartiesareinvitedtoattendandwillbeheard.
Forfurther information,please contact theCity Clerk's Officeat:305-663-6340.
Maria M.Menendez,CMC
City Clerk
Pursuant to Florida Statutes 286.0105,the Cityherebyadvisesthepublicthat ifapersondecidestoappealanydecisionmade bythis Board,Agency
or Commission withrespecttoanymatter considered atits meeting or hearing,heorshe will needa record ofthe proceedings,andthat tor such
purpose,aflfeoted personmayneedtoensurethataverbatimrecord oftheproceedingsis made whichrecordincludesthetestimonyandevidence
uponwhichtheappealistobebased.
•DON'T BE A VICTIM -BE PREPARED
•DON'T BE ANOTHER CRIME NUMBER
•LIFE IS PRECIOUS -SAVE YOURS
•DON'T BE HELPLESS -STAND-TALL
*CCW CLASS SPECIAL IS ONLY $49
*INSTRUCTORS ARE NRA CERTIFIED
&IT TAKES LESS THAN 2 HOURS
*CONVENIENTLY LOCATED
$YOU WILL RECEIVE:
*NRA DIPLOMA
*AGA DIPLOMA
LIMITED TIME $49 OFFER
DO NOT MISS IT
Call now:
305 60CM9490
1-808-513-0312
TOP-GUN FIREARMS TRAINING
SERVING THE PUBLIC SINCE 1977
ihlBTRUCTORfi OTOPGUNFlREARMSJgQM
tooes sw tso sracer
MIAMI,FL 33197 UC.NO.1BSO250I7L31709
MIAMI DAILY BUSINESS REVIEW
Published Daily exceptSaturday,Sundayand
LegalHolidays
Miami,Miami-DadeCounty,Florida
STATE OF FLORIDA
COUNTY OF MIAMI-BADE:
Beforetheundersignedauthoritypersonallyappeared
O.V.FERBEYRE,whoonoath says thatheor she isthe
VICE PRESIDENT,Legal Notices ofthe Miami Daily Business
Review f/k/a Miami Review,adaily (except Saturday,Sunday
andLegal Holidays)newspaper,publishedat Miami in Miami-Dade
County,Florida;thattheattachedcopyofadvertisement,
being a Legal Advertisement of Notice in the matter of
CITY OF SOUTH MIAMI
NOTICE OF PUBLICHEARING -MAY 19,2015
intheXXXX Court,
.was published in said newspaper inthe issues of
05/08/2015
Affiant further says thatthesaid Miami Daily Business
Reviewisa newspaper published at Miami insaidMiami-Dade
County,Florida and that the said newspaper has .
heretoforebeencontinuouslypublishedinsaid Miami-Dade County,
Florida,eachday(exceptSaturday,SundayandLegal Holidays)
and has been entered as second classmailmatteratthepost
officein Miami insaidMiami-DadeCounty,Florida,fora
period ofoneyear next preceding the firstpublidition ofthe
attached copyof advertisement;andaffiantfurther says thatheor
she hasneitherpaidnorpromisedanyperson,firmor.corporation
any discount,rebate,commission orrefundforthe purpose
ofsecuringtrjjrtdvertisjwenHor publication inthesaid
newspaper/
Sworn to and subscribed before me this
08dayof MAY^-—N ,A.D.2015
28SE |SUNDAY,MAY 10,2015 SE MiamiHeraid.com|MIAMI HERALD
Community Meeting SOAPBOX
Public Works and
WasteManagementDepartment
Community Meeting
Drainage Improvement Project#20130263
Main HighwayfromRoyalRoadto McFarlane Road
Notice is hereby given thatthe Miami-Dade County PublicWorksandWasteManagementDepartment
(PWWM)will conducta CommunityMeeting regarding thesubjectprojecton Tuesday,May 19,2015,
from 6:30 pm to8:00 pm atthe 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
relatedtothe construction phaseofthisproject.Thescopeofworkforthisprojectconsistsofthe retrofitting
ofthe existing drainage system,which hasexceededits life expectancy andhasbeen compromised bytree
rootintrusion.Funding forthis project will be provided bythe General Obligation Bond (GOB)program.The
project is listed inthe County's 2014-2015 Capital BudgetBook.
The construction plans,maps,drawingsandotherpertinent information developedby PWWM willbe
available forpublicreviewatthemeetingsitefrom6:30pmuntil7:30pmonthedayofthemeeting.The
first partofthe Community Meeting provides an opportunity forattendeestoviewthe construction plans
andtodiscusstheprojectwithPWWM staff.During thesecondpart,whichisexpectedtobeginat7:00pm.
therewill beabriefpresentation ofthe project,followed bya question andanswer period forthe remainder
ofthemeeting.
Itisthe policy of Miami-Dade County tocomplywithalloftherequirementsoftheAmericanswithDisabilities
Act(ADA)of 1990.Themeeting facility is ADA accessible.Forsignlanguageinterpreters,assistive listening
devicesor materials inaccessibleformat,pleasecall305-375-4662atleastfive(5)businessdaysin
advance.
Site of fire station
'about politics'
This letter follows the
council meeting ofPalmetto
BayonMay 4,2015:
As I presented at the
meeting,theescalating,tar
geted harassment of my
neighbor,Itoofeelthefear
and insecurity of actionsby
afew,specificallyoneresi
dent AND the actions and
inactions of our mayor and
council members.I will re
peat that leaving unmarked
boxes ona doorstep isnot
funny nor should beaccept
edbythis mayor or council
oranybody in theVillage.
Unmarked boxes ata school
would cause a lockdown or
atan airport would closethe
airport.Nor should "cele-
CITY OF SOUTH MIAMI
COURTESY NOTICE
NOTICE IS HEREBY giventhattheCityCommission of theCity of SouthMiami,Florida willconduct Public
Hearing(s)atitsregularCityCommissionmeetingscheduledforTuesday.May19.2015beginningat7:00p.m.,inthe
City Commission Chambers,6130 SunsetDrive,toconsiderthefollowingitem(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 fromLegally Available Non-Ad Valorem Revenues to
repaysuchNote;providing the form,terms anddetailsoftheNote;awardingthe
NotetoBranch Banking and Trust Company by negotiated sale;making certain
covenants and agreements fn connection therewith;authorizing and directing officers
and employees of the Cityto take alt necessary actions and execute all necessary
documents.
ALL interestedpartiesareinvitedtoattendandwillbeheard.
Forfurther information,pleasecontacttheCityClerk's Office at:305-663-6340.
MariaM.Menendez,CMC
City Clerk
PursuanttoFloridaStatutes286.0105,theCityherebyadvisesthepublicthat ifapersondecidestoappealanydecision made bythis Board,Agency
orCommissionwithrespecttoanymatterconsideredatitsincerineor bearing,he orshewill need arecord of theproceedings,andthatforsuch
purpose,affectedpersonmayneedtoensurethataverbatimrecord of theproceedings in made whichrecord includes-thetestimonyandevidence
uponwhich the appealistobebased.
brations"be acceptable es
pecially when council mem
bers know about it AND
participate (a celebration
where just one invitation
was given.).This person/
peoplearecausingfearand
just as important a misuse of
publicfundsandresources
asthepolicehave needed to
intervene.The children of
thisvillagedon't behave like
this.
Havingsaidall ofthis,itis
apparentto many andnow
to all that the location ofthe
fire station was NEVER
about coverage or response
times.Itwas about politics,
harassment,secret meet
ings and sticking it toa
neighbor who disagreed
with your politics or sup
portedanothercandidateor
issue.So when the first
alarmbell rings one morn
ingaround8a.m.andthe
truck can't access Old Cut
ler Road and the cars can't
move because of the new
extended street curb,and
the truck can't go east or
west (except by accessing
Farmer Road to 136th)and
theresponsetimeisnotfas
terthan18minutes,Idosin
cerely hope none of these
people made the call....
And am thankful they can
walk to my house!
—Lisa Greenberg,PalmettoBay
NEIGHBORS CALENDAR
•CALENDAR,FROM 27SE
ChildNet CareforKids Luncheon
benefitingthechildreninthechild
welfaresysteminBrowardCounty.
PresentedbyBoies,Schillerand
Flexner LLP,theluncheonwillhonor
LorraineThomas,widowofDave
ThomasfounderofWendy'srestau
rants.Davewas adopted asababy
and committed his philanthropic life
toadvocatingandsupporting
adoptionissues.May1511:30 a.m.-l
p.m.$75PierTopLounge2301SE.
17thSt..Fort Lauderdale.
Annual Summer Spree AuctionThe
Arcof South Florida's 20th Annual
SummerSpreeAuction,willfeature
flavorfulcuisine prepared bythe
Marriott'sChef,hors d'oeuvres
complimentsform ElGran Inka
Restaurant,TheOldLisbonRestau
rant,JoybonBakingProducts,
Mimmo's Italian Market.Atelier
Monnier,GablesDelightsandMama's
GuavaBars.Taste wines compliment
of ElCarajo,playonthecasino
tables,winexcitingraffleprizes,and
participateina thrilling liveauction
featuringworldwide trips with
auctioneer Mr.MichaelGuyer,among
hundreds of silent auction items.
May 155:45p.nv10p.m.$75ad
vance;$85dayofeventwww.sum-
merspreeauction.com Marriott Miami
AirportHotel 1201NW LeJeune Rd..
Miami.
ArtistsinAction!with Christina
Pettersson Hear Christina Pettersson
speak about herwork,creative
inspirations,andrecentprojects.
Christina Pettersson's work explores
resurrection and savage demise ona
grandscaleoncereservedforhistory
painting.Herlargegraphiteworks
onpaperreferenceclassicmytholo
gyandliterature,andincludeherself
astherecurringfemalefigure
surrounded by animals,mostpartic
ularlybirds.EachArtistsin Action!
presenter isalsocommissionedby
•TURN TO CALENDAR,335E