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() ) To: From: Copy: . Date: SUBJECT: THE CITY OF PLEASANT LIVING OFFICE OF THE CITY MANAGER INTER-OFFICE MEMORANDUM The Honorable Mayor & Members of the City Commission Steven Alexander, City Manager Alfredo Riverol, CPA, COFM, COMA, Cr.FA, Chief Financial Officer November 3, 2015 Agenda Item NO.:~ An Ordinance relating to the City's 2015 fiscal year; amending the budget to take into account an increase in the Debt Service Fund Appropriated Amount. Florida Statue 166.241provides.that: (4) The governing body of each municipality at any time within a fiscal year or within 60 days following the end of the fiscal year may amend a budget for that year as follows: (a) Appropriations for expenditures within a fund may be decreased or increased by motion recorded in the minutes if the . total appropriations of the fund is not changed. (b) The governing body may establish procedures by which the designated budget officer may authorize budget amendments if the total appropriations of the fund is not changed. ( c) If a budget amendment is required for a purpose not specifically authorized in paragraph (a) or paragraph (b), the budget amendment must be adopted in the same manner as the original budget unless otherwise. specified in the municipality's charter. The City is working on closing fiscal year 2015. Per the adopted Ordinance, the City has refinanced certain outstanding bonds and in an effort to reflect the approved refinancing in the adopted FY 2015 budget, the Debt Service Filnd's FY 2015 approved appropriation must be amended to reflect the transaction that occurred as part of the refinancing. The proposed FY 2015 budget amendment to the Debt Service Fund appropriation will reflect revenue of the loan amount and an expenditure for the amounts paid as part of the refinancing. Below is a detail of the line items within the Debt Service Fund which must be increased to reflect the refinancing which was approved on May 19,2015: BB&T Bank Loan 2015 4,948,000 Bond Principle Bond Principle • Bond Interest i. \ liond Interest Closing Cost Breakdown 1,610,000 3,250,000 12,534 FMLC Expense Reimbursement City of South Miami BB&T Baok Credit Fee & Counsel FirstSouthwest Squire Sanders TOTAL BUDGET AMENDMENT INCREASES: DOCUMENTATION: 201-0000-384-1100 201-1410-519-7110 201-1410-519,7210 201-1410-519-7310 201-1500-514-7310 Ordinance 11-15-2218 Florida Statue 166.241 25,938 4,215 1,805 5,000 17,759 20,750 4,948,000 201-0000-384-1100 201-1410-519-7110 201-1410-519-7110 201-1410-519-7210 201-1410-519-7210 201-1410-519-7310 201-1410-519-7310 201-1410-519-7310 201-1410-519-7310 201-1500-514-7310 4,948,000 4,860,000 38,472 28,778 20,750 4,948,000 Debt Fund pages from Adopted Budget FY 2015 n ( ) \ j 1 ORDINANCE NO. _____ _ 2 3 An Ordinance relating to the City's 2015 fiscal year; amending the budget to take 4 into account an increase in the Debt Service Fund Appropriated Amount. 5 6 7 WHEREAS, Florida Statue 166.241 provides that: 8 (4) The governing body of each municipality at any time within a fiscal year or 9 within 60 days following the end of the fiscal year may amend a budget for that 10 year as follows: 11 (a) Appropriations for expenditures within a fund may be decreased or increased 12 by motion recorded in the minutes if the total appropriations of the fund is not 13 changed. 14 (b) The governing body may establish procedures by which the desigtl.ated 15 budget officer may authorize budget amendments if the total appropriationsQf the 16 fund is not changed. .. . 17 (c) If a budget amendment is required for a purpose not specifically authorized 18 in paragraph (a) or paragraph (b), the budget amendment must be adopted in the 19 same manner as the original budget unless otherwise specified in the 20 muuicipality's charter. 21 22 WHEREAS, per the adopted Ordinance, the City has refinanced certain outstanding 23 bonds and in an effort to reflect the approved refinancing in the adopted FY 2015 budget, the 24 Debt Service Fund's FY 2015 approved appropriation must be amended to reflect the 25 transaction that occurred as part of the refinancing, and; 26 WHEREAS, the proposed FY 2015 budget amendment to the Debt Service Fund 27 appropriation will reflect a revenue of the loan amount and an expenditure for the amounts 28 paid as part of the refinancing. Below is a detail of the line items within the Debt Service 29 Fund which must be increased to reflect the refinancing which was approved on May 19, 30 2015 31 BB&T Bank Loan 2015 Bond Principle Bond Principle Bond Interest Bond Interest 4,948,000 Closing Cost Breakdown 1,610,000 3,250,000 12,534 FMLC Expense Reimbursement City of South Miami 25,938 4,215 1,805 5,000 BB&T Bank Credit Fee & Counsel FirstSouthwest Squire Sanders TOTAL 17,759 20,750 4,948,000 Page 1 of2 201-0000-384-1100 201-1410-519-711 0 201-1410-519-711 0 201-1410-519-7210 201-1410-519-7210 201-1410-519-7310 201-1410-519-7310 201-1410-519-7310 201-1410-519-7310 201-1500-514-7310 32 NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY 33 COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA: 34 35 Section 1. Section 1. The City Manager is hereby authorized to cause an increase in the 36 City's fiscal year 2015 budget Debt Service Fund Appropriated Amount, as provided below: 37 38 201-0000-384-1100 4,948,000 201-1410-519-7110 201-1410-519-7210 201-1410-519-7310 201-1500-514-7310 4,860,000 38,472 28,778 20,750 4,948,000 39 Section 3. Severability. If any section, clause, sentence, or phrase of this ordinance is 40 for any reason held invalid or unconstitutional by a court of competent jurisdiction, this holding 41 shall not affect the validity of the remaining portions of this ordinance. 42 43 Section 4. Ordinances in Conflict. All ordinances or parts of ordinances and all 44 sections and parts of sections of ordinances in direct conflict herewith are hereby repealed. 45 46 Section 5. Effective Date. This ordinance shall become effective upon enactment. 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 PASSED AND ENACTED this __ day of ____ -', 2015. ATTEST: CITY CLERK 1st Reading 2nd Reading READ AND APPROVED AS TO FORM: LANGUAGE, LEGALITY AND EXECUTION THEREOF CITY ATTORNEY Page 2 of2 APPROVED: MAYOR COMMISSION VOTE: Mayor Stoddard: Vice Mayor Harris: Commissioner Edmond: Commissioner Liebman: Commissioner Welsh: n C) ) ORDINANCE 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 ofthe 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 capita1 improvements in the City with the proceeds of 0) 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 outstandipg in the principal amount 0[$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 ofthe 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 Constitution of the State of Florida, Chapter 166, Florida Statutes, the Charter of the City of South Miami, and other applicable provisions oflaw. 010-8052-482 7/4/AMERI CAS Ord. No. 11-15-2218 "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. \ ) "Annual Debt Service" means, as of any particular date of calculation, the annual debt service requirement for all Debt in each such Bond Year except that with respect to any Debt for which amortization installments have been established, the amount of principal coming due on the final maturity date with respect to such Debt shall be reduced by the aggregate principal amount of such Debt that is to be redeemed or paid from amortization installments to be made in prior Bond Years. "Bank" means Branch Banking and Trust Company, the purchaser of the Note. "Bond Year" means the annual period beginning on the flIst day of October of each year and ending on the last day of September of the immediately succeeding year; provided however, that when such term is used to describe the period during which deposits are to be made to amortize principal and interest on Debt maturing or becoming subject to redemption, including without limitation, interest and principal maturing or becoming subject to redemption on October 1 of any year shall be deemed to mature or become subject to redemption on the last day of preceding Bond Year. "Business Day" means any day which is not a Saturday, Sunday or day on which banking institutions in Miami-Dade County, Florida, are authorized to be closed. "City" means the City of South Miami, Florida, a Florida municipal corporation. "City Manager" means the City Manager of the City, or his or her successor. C) "Clerk" means the City Clerk or any Deputy Clerk of the City. "Code" means the Internal Revenue Code of 1986, as amended, including the applicable regulations of the Department of the Treasury (including applicable final regulations, temporary regulations and proposed regulations), the applicable rulings of the Internal Revenue Service (including published Revenue Rulings and private letter rulings) and applicable court decisions. "Cost of Essential Services" means the cost o( services necessary for the conducting of the public safety and general governmental operations of the City, as shown in the rows titled "General Government" and "Public Safety" in the City's audited financial statements. "Dated Date" means the date ofissuance of the Note. "Debt" means as of any date and without duplication, all of the following to the extent that they are payable in whole or in part from any Legally Available Non-Ad Valorem Revenues: (i) all obligations of the City for borrowed money or evidenced by bonds, debentures, notes or other similar instruments; (ii) all obligations of the City as lessee under capitalized leases; and (iii) all indebtedness of other persons to the extent guaranteed by, or secured by Legally Available Non-Ad Valorem Revenues of the City. "Finance Director" means the Finance Director of the City, or his or her successor. 2 OlO-B062-4827j4jAMERICAS ) (j () Ord. No. 11-15-2218 "Financial Advisor" means First Southwest Company, LLC. "Fiscal Year" means the period commencing on October 1 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 function. "Holder" or "Noteholder" means the registered owner (or its authorized representative) of the Notc. "Legally Available Non-Ad Valorem Revenues" means all revenues ofthe 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, il'\ 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 of the City to budget and appropriate Legally Available Non-Ad Valorem Revenues ofthe 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. 3 OlO-8062.4B27/4/AMERICAS Ord. No. 11-15-2218 "Ordinance" means this Ordinance, authorizing the issuance of the Note, as the same may (j from time to time be amended, modified or supplemented. "Permitted Lender" means any bank, trust company, savings institution or insurance company that is engaged as a regular part of its business in making loans and authorized to do business in the State. "Prior Loans" means, collectively, (i) the loan from the FMLC to the City 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, and (ii) the loan from FMLC to the City 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. "Refinanced Loans" means all or a portion of the Prior Loans being prepaid with the proceeds of the Note, as determined by the City Manager to be in the best interest of the City in order to achieve debt service savings. "State" means the State of Florida. Section 3. Authority for Ordinance. This Ordinance is enacted pursuant to the Act. The City has ascertained and hereby determined that enactment of this Ordinance is necessary to carry out the powers, purposes and duties expressly provided in the Act, that each and every matter and thing as to which provision is made herein is necessary in order to carry out and effectuate the purposes of I,' ) the City in accordance with the Act and to carry out and effectuate the plan and purpose of the Act, • and that the powers of the City herein exercised are in each case exercised in accordance with the provisions of the Act and in furtherance ofthe purposes of the City. Section 4. Ordinance to Constitute Contract. In consideration of the purchase and acceptance of the Note by those who shall hold the same from time to time, the provisions of this Ordinance shall be a part of the contract of the City with the Holder, and shall be deemed to be and shall constitute a contract between the City and the Holder. The provisions, covenants and agreements herein set forth to be performed by or on behalf of the City shall be for the benefit, 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 and pursuant to the provisions hereof, a note to be known as "City of South Miami, Florida Capital Improvement Revenue Refunding Note, Series 2015" is hereby authorized to be issued in an aggregate principal amount not to exceed Five Million Dollars ($5,000,000) for the purpose of refinancing the Refinanced Loans and paying the costs of issuance of the Note and ofrefinancing the Refinanced Loans. The Note is hereby designated as a "qualified tax-exempt obligation" under Section 265(b )(3)(13) ofthe Code. The prepayment of the Refinanced Loans is hereby authorized. 4 010-8062-4827/4/AMERICAS . .. J Ord. No. 11-15-2218 c) Section 6. Description of Note; Assignment and Transfer of Note. The Note shall be C) issued in one (1) typewritten certificate, shall be dated the Dated Date and shall mature on May I, 2032. The Note shall bear interest from the Dated Date at a fixed interest rate, subject to adjustment as provided in the Note, of2.80% per annum. Interest on the Note shall be calculated on the basis of a 360 day year consisting oftwelve thirty day months. Accrued interest on the Note will be payable semiannually on May 1 and November I 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 form of Note attached as Exhibit "A" hereto. Additional details ofthe 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 shan 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 win the Note be assigned or transferred to any kind oftrus!. Section 7. Execution of Note. The Note shall be executed in the name ofthe 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 ofthe Clerk. If any officer whose signature appears on the Note ceases to hold office before the delivery oftheNote, 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 orNate attached as Exhibit "A" hereto. 5 OlO-8062-4827/4/AMERICAS Ord. No. 11 15-2218 Section 10. Note Not to be General Indebtedness of the City. The Note shall not be or r) constitute a general obligation or indebtedness of the City within the meaning of the Constitution of the State, but shall be payable from and secured solely by the covenant of the City to budget and appropriate Legally Available Non-Ad Valorem Revenues, in the manner and to the extent herein and in the Note provided. No Holder shall ever have the right to compel the exercise of the ad valorem taxing power oftheCity or taxation in any form on any real or personal property to pay the Note, the interest thereon or any other amounts due thereunder, nor shall any Holder be entitled to payment of such principal, interest or any other amounts due thereunder from any funds of the City other than the Legally Available Non-Ad Valorem Revenues, all in the manner and to the extent herein and in the Note provided. The Holders shall have no lien upon any real or tangible personal property ofthe City. Section II. Covenant to Budget and Appropriate. The City hereby covenants to budget and appropriate in its Annual Budget, by amendment if necessary, from Legally Available Non-Ad Valorem Revenues in each Fiscal Year, sufficient moneys to pay the principal of and interest on the Note and any other amounts due thereunder in such Fiscal Year, until the Note is paid in full. Such covenant and agreement on the part of the City shall be cumulative to the extent not paid, and shall continue until Legally Available Non-Ad Valorem Revenues or other available funds in amounts sufficient to make all required payments shall have been budgeted, appropriated and actually paid. Notwithstanding the foregoing covenant of the City, the City does not covenant to maintain any services or programs now provided or maintained by the City which generate Legally Available Non- Ad Valorem Revenues. Such covenant to budget and appropriate does not create any lien upon or pledge of such Legally Available Non-Ad Valorem Revenues nor does it preclude the City from pledging in the future a particular source or sources of non-ad valorem revenues. Such covenant to budget and appropriate Legally Available Non-Ad Valorem Revenues is subject in all respects to the payment of obligations heretofore or hereafter entered into, including but not limited to the payment of debt service on bonds and other debt instruments. However, the covenant to budget and appropriate in its Annual Budget for the purposes and in the manner stated herein shall have the effect of making available in the manner described herein Legally Available Non-Ad Valorem Revenues and placing on the City a positive duty to budget and appropriate, by amendment ifnecessary, amounts sufficient to meet its obligations hereunder; subject, however, in all respects to the restrictions of Section 166.241 (3), Florida Statutes, which provides, in part, that the governing body of each municipality make appropriations for each fiscal year which, in anyone year, shall Dot exceed the amount to be received from taxation or other revenue sources; and subject further, to the payment of services and programs which are for essential public services affecting the health, welfare and safety of the inhabitants of the City or which are legally mandated by applicable law. Section 12. Operating Budget; Financial Statements. Before the first day of each Fiscal Year, the Governing Body shall prepare, approve and adopt in the manner prescribed by law, a detailed Annual Budget. Such Annual Budget shall, subject to Section 11 hereof, provide for revenues sufficient to comply with the City's obligations hereunder, including any unsatisfied obligations from prior Fiscal Years. The City shall annually provide to the Bank a copy of the Annual Budget and the City's audited financial statements prepared in accordance with law, each 6 OlO-8062-4827/4/AMERICAS C) Ord. No. 11-15-2218 (-j 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 Snpporting 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 on the last day of the month preceding the date of issuance of such proposed Debt, plus three percent (3%); provided, however, thatifthe 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.l5 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 utilized 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 Bank's proposal delivered to the City and dated April 15, 2015 (the "Bank's Proposal"), is hereby found to 7 010·a062-4827/4/AMERICAS Ord. No. 11-15-2218 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. Section 15. Modification, Amen~ment or Supplement. This Ordinance may be modified, amended or supplemented by the City from time to time prior to the issuance of the Note hereunder. Thereafter, no modification, amendment or supplement of this Ordinance, or of any ordinance amendatory hereof or supplemental hereto, may be made without the consent in writing of the Holder. Section 16. Tax Compliance. Neither the City, nor any third party over whom the City has control, will make any use of the proceeds ofthe Note or of the refinanced capital improvements at any time during the term of the Note which would cause the Note (i) to be (a) a "private activity bond" within the meaning of Section 103(b)(l) of the Code, or (b) an "arbitrage bond" within the meaning of Section 103(b)(2) of the Code, or (ii) not to be a "qualified tax-exempt obligation" witltin the meaning of Section 265(b)(3)(B) of the Code. The City covenants throughout the term of the Note to comply with the requirements of thc Code and to take all actions necessary to maintain the exclusion from gross income for purposes ofthe Code of interest on the Note and the status of the Note as a "qualified tax-exempt obligation" to the same extent as on the date ofissuance ofthe Note. Section 17. Events of Default; Remedies. A. Events of Default. Anyone or more of the following events shall be an "Event of Default": (i) the City shallfail to pay the principal of or interest on the Note when due; (ii) the City shall (a) admit in writing its inability to pay its debts generally as they become due, (b) file (or have filed against it and not dismissed within 90 days) a petition in bankruptcy or take advantage of any insolvency act, (c) make an assignment for the general benefit of creditors, (d) consent to the appointment of a receiver for itself or for the whole or any substantial part of its property, or (e) be adjudicated a bankrupt; or (iii) the City shall default in the due and punctual performance of any ofits covenants, conditions, agreements and provisions contained herein or in the Note, and such default shall continue for thirty (30) days after written notice specifying such default and requiring the same to be remedied shall have been given to the City by the Holder of the Note; provided that such default shall not be an Event of Default if the City within such 30 day period commences and carries out with due diligence to completion (although not necessarily within such thirty (30) day period) such action as is necessary to cure the same. B. Remedies on Default. If an Event of Default shall have occurred and be continuing, the Holder may proceed to protect and enforce its rights hereunder by a suit, action or special proceeding in equity or at law, by mandamus or otherwise, either for the specific performance 8 Ol0-8062-4827/4/AMERICAS (--) \. ) Ord. No, 11-15-2218 (j of any covenant or agreement contained herein or for enforcement of any proper legal or equitable remedy as such Holder shall deem most effectual to protect and enforce 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 Authority. 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. Severahility. 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 ofthis Ordinance or any provision hereof, this Ordinance and all its provisions being intended to be and being for the sale and exclusive benefit of the City and the Holder from time to time of the Note issued hereunder. Se~tion 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 personal1iability or accountability by reason ofthe issuance or the execution of the Note by the City or such members thereof. 9 010-B062-4827j4/AM£RICAS Ord. No. 11-15-2218 Section 22. Repeal of Inconsistent Ordinances. Ordinance No. 18-12-2134 enacted ~) September 24,2012 is hereby superseded and repealed. In addition, all other ordinances or parts 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 19 th day of May. 2015. ATTEST: ~ 1st Reading: 5/5/15 2nd Reading: 5/19/15 Olo·a062-4827/4/AMERICAS 10 APPROVED: COMMISSION VOTE: 5-0 Mayor Stoddard: Yea Vice Mayor Harris: Yea Commissioner Welsh: Yea ComrnissionerLiebman: Yea ComrnissionerEdmond: Yea ~ ) (j () i" ) REGISTERED No. R- EXHIBIT "A" FORM OF NOTE UNITED STATES OF AMERICA STATE OF FLORIDA CITY OF SOUTH MIAMI, FLORIDA REGISTERED $--------c CAPITAL IMPROVEMENT REVENUE REFUNDING NOTE, SERIES 2015 Interest Rate 2.80% REGISTERED OWNER: PRINCIPAL AMOUNT: Maturity Date May I, 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 alIDwn 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 be calculated on the basis of a 360 day year consisting of twelve thirty day months. Payments of accrued interest will be due on May I and November 1 of each year, beginning November 1, 2015. Payments of principal on this Note will be due on May I and November I of each year, beginning November 1,2015, in accordance with Schedule I attached hereto. Each date when principal andlor 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-B062-4827/4/AMERICA$ This Note is issued in the principal amount of $ to refinance the Refinanced (:J Loans (as defined in the Ordinance defined below), pursuant to the authority of and in full compliance with the Constitution and laws of the State of Florida, including particularly Article VIII, Section 2 of the Constitution of the State of Florida, Chapter 166, Florida Statutes and the Charter of the City (collectively, the "Act"), and Ordinance No. , enacted by the Mayor and City Commission of the City on , 2015 (the "Ordinance')' This Note and the interest hereon and any other amount due hereunder are secured by City's covenant to budget and appropriate in each Fiscal Year from its Legally Available Non-Ad Valorem Revenues, sufficient moneys to pay the principal of and interest on this Note and any other amounts due hereunder, until this Note has been paid in full, as more particularly set forth in the Ordinance. Reference is hereby made to the Ordinance for the provisions, among others, relating to the terms and security for the Note, the rights and remedies of the Registered Owner of the Note and the limitations thereon, and the extent of and limitations on the City's rights, duties and obligations, to all of which provisions the Registered Owner hereof for himself and his successors in interest assents by acceptance of this Note. All terms used herein in capitalized form, unless otherwise defined herein, shall have the meanings ascribed thereto in the Ordinance. This Note has been designated by the City as a "qualified tax-exempt obligation" under Section 265(b)(3)(B) of the Internal Revenue Code of 1986, as amended (the "Code'). If for any reason this Note loses its "qualified tax-exempt obligation" status under Section 265(b)(3)(B) of the Code (an "Event ofBQ Loss"), this Note shall bear interest from the earliest effective date of such Event of BQ Loss at the Non-BQ Rate (hereinbelow defined). C-) No Event ofBQ Loss 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 detennination 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 ofBQ Loss; 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. "Non-BQ Rate" shall mean, upon an Event ofBQ Loss, the interest rate per annum that shall provide the Registered Owner with the same after tax yield that the Registered Owner would have otherwise received had the Event of BQ Loss not occurred, taking into account the inability of the Registered Owner to deduct a portion of its carrying cost for this Note as a result of such Event of BQ Loss. The Registered Owner shall provide the City with a written statement explaining the calculation of the Non-BQ Rate, which statement shall, in the absence of rnanifest error, be conclusive and binding on the City. If for any reason the interest on this Note becomes includable in the gross income of the Registered Owner for Federal income tax purposes (an "Event of Taxability"), this Note shall bear A-2 OlO·8062·4821/4/AMERICAS ) (j () .• ) " -" interest from the earliest effective date of such Event ofTaxability 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 stich 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 administrati ve review is taken will be reversed, vacated or otherwise set aside. "Taxable Rate" shall mean, upon an Event of Taxability, the interest rate per annum 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 shaH provide the City vvith a written statement explaining the calculation ofthe Taxable Rate, which statement shaH, in the absence of manifest error, be conclusive and binding on the City. THIS NOTE SHALL NOT BE DEEMED TO CONSTITIJTE 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 OFTHE 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 assignment 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 shal1 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 lIor any person executing the Note shall be liable personal1y 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 OlO-B062·4827/4/AMERICAS This Note may not be assigned by the Registered Owner except as provided in Section 6 of the Ordinance. Such assignment shall only be effective, and the City obligated to pay such assignee, upon delivery to the Finance Director at the address set forth below of a v,Titten instrument or instruments of assignment in the fonn provided herein, duly executed by the Registered Owner or by his attorney-in-fact or legal representative, containing written instructions as to the details of assignment of this Note, along with the social security number or federal employer identification number of such assignee. In all cases of an assignment of this Note the City shall at the earliest practical time enter the change of ownership in the registration books; provided, however, the written notice of assignment must be received by the Finance Director no later than the close of business on the fifth Business Day prior to a Payment Date in order for the assignee to receive the interest and principal payment due on such Payment Date. The City may conclusively rely on the authenticity of any Fonn of Assignment delivered to it in accordance with this paragraph and accompanied by the original of the Note to which it relates. The Cit~ may charge the Registered Owner for the registration of every such assigiunent of the Note an amount sufficient to reimburse it for any tax, fee or any other governmental charge required to be paid, except for any such governmental charge imposed by the City, with respect to the registration of such assignment, and may require that such amounts be paid before any such assignment of the Note shall be effective. Any payment or notice required to be given to the Bank hereunder shall be given to Branch Banking and Trust Company at 5130 Parkway Plaza Boulevard, Building #9, Charlotte, North Carolina 28217, Attention: Account AdministrationlMunicipal, or such other address or addresses as the Bank shall provide the City in writing. In the event of an assignment of this Note, any payment or notice required to be given to the Registered Owner hereunder shall be given to the Registered Owner at the address or addresses shown on the Form of Assignment hereto, or such other address or addresses as the Registered Owner shall provide the City in writing. Any notice required to be given to the City hereunder shall be given to the Finance Director at 6130 Sunset Drive, South Miami, Florida 33143, or such other address or addresses as the City shall provide the Bank or any future holder of this Note in writing It is hereby certified and recited that all acts, conditions and things required to exist, to happen, and to be perfonned precedent to and in the issuance of this Note exist, have happened and have been performed in regular and due fonn and time as required by the laws and Constitution of the State of Florida applicable hereto, and that the issuance of the Note does not violate any constitutional or statutory limitation or provision. A-4 OlO-8062-4827/4/AMEII;ICAS () C) ~-\ (/ date her~l:~~~;tSicJl:~EREOF, the City has caused this Note to be executed in its name as ofthe C) The date ofthis Note is ____ , 2015. (SEAL) ATTEST: READ AND APPROVED AS TO FORM, LANGUAGE, LEGALITY AND EXECUTION THEREOF: By: _______________ ___ City Attorney OIO-S062-4827/4/AMERICAS A·5 CITY OF SOUTH MIAMI, FLORIDA By: City Manager FORM OF ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto __________________ ~the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ________________ _ ,attorney to transfer the within Note in the books kept by the City for the registration thereof, with full power of substitution in the premises. Dated: SOCIAL SECURITY NUMBER OR FEDERAL IDENTIFICATION NUMBER OF ASSIGNEE NOTICE: The signature of this assignment must correspond with the name as it appears upon the within Note in every particular, or any change whatever. [Form of Abbreviations 1 I~. ) \ 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 -asjoint tenants with the right of survivorship and not as tenants in common UNIFORM TRANS MIN ACT -Custodian for (Cust) (Minor) Under Unifonn Transfers to Minors Act of ______ _ (State) Additional abbreviations may also be used though not in the above list. Name and address of assignee for payment and notice purposes Notice: ___________ _ Payment: ___ -'-______ ~_ Date: __ ----------Assignee: ___________ _ By: _____________ _ Title: ____________ _ A-6 OlQ-8062-4827/4/AMER1CAS () "-- (j c) " ) ",---" Payment Date November I, 2015 May 1,2016 November I, 2016 May 1,2017 November 1,2017 . May 1,2018 November 1, 2018 May 1,2019 November I, 2019 May 1,2020 November I, 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 I, 2025 May 1,2026 November I, 2026 May 1,2027 November 1, 2027 May 1,2028 November I, 2028 May 1,2029 November 1, 2029 May I, 2030 November 1,2030 May 1,2031 November I, 203 I May 1,2032 OlO·8052·4827/4/AMERICAS SCHEDULE I Principal Amount Due $ A-7 Branch Banking and Trust Company n Governmental Finance April 15, 2015 Mr. Alfredo Riverol Chief Financial Officer City of South Miami 613 0 Sunset Drive South Miami, FL 33143 Dear Mr. Riverol: p.o. Box 714 Columbia. se 29202 (803) 251-1328 Branch Banking and Trust Company ("BB&T") is pleased to offer this proposal for the financing requested by the City of South Miami, FL ("City"). (1) (2) (3) Projects: Refunding Revenue Note, Series 2015 ("Note") Amount to be financed: Not to exceed $5,000,000 Interest Rates, Financing Terms and Corresponding Payments: Final Maturity BORate May 1,2032 2.800/0 Unless otherwise requested, principal and interest payments shall be due semiannually each May 1 and November I, 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 final 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 icterest rate on the Series 2015 Note plus 2% per annum from and after ten (10) days after the date due. C) ~) The stated interest rate ahove assumes that the City expects to borrow $10,000,000 or less in the ( ) ( ) calendar year 2015 and that the financing shall comply with the applicable IRS Code Sections 141, 148, 149(e), 265(b)(3). BB&T reserves the right to tenninate its interest in this bid or to negotiate a mutually acceptable rate if the financing is not a qualified tax-exempt financing. (4) Financing Documents: It sball be the responsibility of the City to retain and compensate counsel to appropriately structure the fmancing documents according to Florida State statules. 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 hefore closing. (5) Security: The Note shall he secured by a covenant to budget and appropriate from legally available Non-Ad Valorem Revenues of the City in amounts sufficient to repay tbe principal and interest of the loan wben due. BB&T appreciates the opportunity to make this financing proposal and requests to be notified witbin ten days of this 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 financial 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 financing to BB&T. Please call me at (803) 251-1328 with your questions and comments. We look forward to hearing from you. Sincerely, Andrew G. Smith Sr. Vice President 9..h]t>IQ-'fltt1STCOMP ANY ,q'JJY OF 50lJTH MIAM!, FLORIDA " ", c::apitallmprovement Revenue Refunding Note, Series 2015 Prehmlnary FlI1ancing Summary AnalY~ls '~ ~~APriI23,20~ t, ~~ ,~-, + ,---•• ~"' --,., ~ -,-• ---,-~-,-~ ---..." ..... , -. -~ -. ' '-'-, V;t1In;IYrl~'1 ~'t,"~)Jf(r/f. 1.'j11/f/ltr;'Q? ! Total Debt Service Savings Average Annual Savings Present Value Savings Present Value Savings as % of Refunded Principal , ' ' )'~";;I"H'!'i'fJ',IiWitJl'li(il!ir'li~!4JHI~j~)/f"!; " , , Final Maturity Principal Amount Total Debt Service Total Interest Cost 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 preliminary and subject to change . • Assumes closing of the refunding on May 28,2015, ~ Present value savings calculated at the alHn true interestcost. -Savings figures net of estimated issuance costs. $1,068,672 , $62,863 $828,748 17.05% 5/1/2032 $4,958,000 $6,251,184 $1,293,184 $58,154 2.80% 2.95% $4,860,000 $4,860, 5.06% 5/1/2032 Currently @ 100'10 () , / ",) , \ ) c) (J \) City Commission Meetings are held every 1" and 3,d Tuesday @ 7pm ~~:~~~~~~~1~itt:~~L,~T;E:i~i~~!~~i~!R~~£tt~~~~~1~~~~~~ 4/15/15 Bank Loan Proposal Received by City 4/15-21/15 Completion of Ordinance / Loan Documents 4/22/15 Financing Documents provided to the City Clerk for the Agenda by Noon 4/23/15 -Provide FM LC Notice of Intent to Refund 2001A & 2002A Loans -FMlC begins preparation of Escrow Agreement Cily Be FA BK BKC 5/5/15 City CommlssiDn Meeting -1" Reading Df Ordinance 5/19/15 City Commission Meeting -2" Reading of Ordinance & Approvaf of loan TBD Pre-dosing 5/28/15 Closing & Transfer of Funds City of South Miami, FL Bond counsel-Squire Patton Boggs Financial Advisor-FirstSouttlwest Bank-BB&T Bank Counsel-Edwards Cohen FMLC Florida Municipal loan Council I FMLC Counsel All Working Group BK/City BC BC City FMLC City City All All '/-- ---... -----_. ~ MIAMI_HERAlD I Mia,!,!!:!.~~d.com ______ ._. ___ • ___ .. ____ _ SE _.S~~Y, MAY 3, 2015 I~~~~ NEIGHBORHOOD NEWS • CORAL GABLES . coraJgables.org. sthools.net. For more mr-cl18dtable desigoatiOD to re-for tills prevention and one form.. 'CAPTURE GABLES' • MIAMI mation, amtact DemUs Lind-ceive iii donation. nre. South fur safe homes. The seminars To donate iii bicycle, call say at30S-237..()SlO. Miami Police Explorers will aremten<it!d toteduoe injury 305-603-8067 or drop the 00- PHOTO CONTEST ADVANCED STUDIES • SOUTH MIAMI beawardedthisye:ar.Thccity risk and a1Iaw i:ndivlduals to cycleoffattheMuseumfrom 'I'beCoralGablesM~ COLLEGE FORUM commission passed a resolu-stay comfbrtable and saCe in. 9 a.m. to G 'P.m. Monday is now accepting: photo ~ ANNUAL TWILIGHT SK tien to waive puking meter their homes as they age. through Friday, n a.m., to s missions for the fourth an-A college forum iocl.uding RETURNS DOWNTOWN fees in the.;u'tla far the c:vent. c!:lAL GABLES p_rn.. Saturday or noon to 5 nual "Capture Com!. Gables" the University of Pennsylva-The event is supported by • 0 p.m. Sunday. contest .• The photography nil. Massachusetts ~nstitute ror the 27th co!'secutive Baptist Scuth Mlami HOSpi--FAMILY DAY BIKE SALE • DE ING ESTATE CObtest IS open to all teens of Tecllnolos:y, Pt'lftC8tOn., year. South Miam1's down-tal and Town Kitchen and AT THE MUSEUM ER and adults. Da.moouth Uld Johns,HOp-toWn area VIiD. host the 'IWi~ B;u: 'SEAGRASSes AND Thecontestisfreetoentec kins wiD be heM from lQ am. light SK Walk/Run event. "ClfTl ... ER BAY TheCoIll GablesMmeum MANGROVES'SHOW DeadIiae to enteris May 4. to noon May 9 at the Miami F1'ODl6p.m.to8p.m.Sunday, will host a Family Day Bike Pho:o categories include:: Dade Co1kge wolfson cam... May 3L. WHAT'S AT NEXT Sale from 2 to 5 pm. May 9 at. . Pan of the "SpeakiDg Sus- Portla1ture, Street PbotogIa~ pus, 245 NW Fourth St., The event. stuts on SW 74 CITIZENS MEETING? 285 Aragon Aye. (iQesu can Wnably" film and lecture 5e" phy, Nature,lLands<::ape. Ab-Room 32lO. 'Itmlc:e and 58th Avenue and buy all types of used. bicycles ries. the Deering Estate will str3c:t,. Culinary Arts and Dig-High school students are finishes oear First National The Concerned Citizens attbee,rent Admission to the host a &ee. screening of Sea- ita! Photo ManipWation.lu-invited to.t:l:end the forum BankonS'lthCou.rt.Pood,fun o£cu.tlerEs:rwillteatu:e~ museumi5free. grass~ and Man,grtnle5 at 1 rots include Maggie Steber, and learn about the complex and music will eobain those resentatives from. the slate of' I>uring Family Day. guest! pm. May 'J:7 atl670l SW 7.and John B. GyneU and J. Brian admlssions process at tap-wboatteDdand partakein the FloJida'sDivisionofEldet Af-can visit the ".AR'I'c::ycle! Cy-An!. King. Grand prizes include tier universities. Representa-event. operated. by Team fairs at its May meeting. clists Matter" and ·"Under-The 6l.m explores the en- the]uror',CboiceAwardand. tives will be available to FootWorks Educational and TbemeetiJtgiSfrom7to9 line.:MakeitYours"'exblbUs. dangered. Datureofseagmss- achance to present a soloex-mswer questions about ad. Fitn.ess corporation,. a non-p.m.. May 5 at the Cutler Chikhen.can learn how to DJ P.5 and mangroves, which are bibit Rloog with. a Leica D-mission, academics a.nd. fl-fOr-profit orpzUzation. Ridge United Methodist from DJ Eielo of saatch DJ lndedineglobally. Screening LUl: 6. nancia1 aid Each year, Team Foot-Church, 20740 Old Cutler Acadmny from2 to4p.m.At.3 1$ open to the public. For To submit a photo entry. ~t.mtionisrequired. 'Ib Works Edllc:ati.onal and ,Fit-RoatL Two seminals will be p.m., the Miami Youth for more information. visit visit www.eapture zegis~ visit www.sas.dade ness Corporation award a presenteda.tthemeeting.one Chamber Music will per-www.decringdtlte.org. CITY OF SOUTH MIAMI COURl"ESY NOTICE NonCE IS HEREBY given. that 1he City Commission of the City of Solllh Mimni •. Florida will COtIduct Public Hearing(s) at [lR regular City Commi'Sion meetius scheduled for 'l'urJdn May 19. 21US begiDlling at 7:00 p.m., in the City CommissiDo ChlUDbers, 6130 Sunset Drive, to consider die following ilcm(s}: An OsdiDallte authorizing the iSsuance ofCapitallmprowment Revenue Refunding Nate. Series 201.5. In the principal uaount not 10 exceed $5,000,000, fur the ~ of refinancing &ertain of the City's outsbmdingindebMdnlmand.payiJ:lglbeoo!>tSofifRmanccoftheNoteandofrefinaJ:zcing.suchindcbtedoe~s; covemmring to artDuaUy budget and appNpriate funds IromLegaUy Available Non-Ad Valorem RevcDUe'ii to epBY such Nole; pruviding ~ form. teml. .. and details of the N o!e; awardillg fbe Note to Branca. Banking and Trust ConIpaD)' by negotiated salc; making certain covenants mKl Dgreements in conm:ction therewith; authorizing :md. oirming officers and eIllpWyees of the City to take aD necessary actioDund cxeCille all necessary docUlllcnts. ALL iDtcre&ted parties are invited 10 attend and Will be beard. f<n' furtberInfonnation. plcal5c contat:t the City Clerlt'! Office at: 305-663~O. MariD M. Menencl~ CMC City Clerk PortIlW to FlvOO_ SblIutcs 186.01 !t5, the ('..i" hfll'llby 1Id~ the p1lblic IhDt if a ptWOo ckcides!o IIPP'="l ;my ~ci~iOn made b)' Ihi~ SOlId, Aaency Of COmmluion with J8IIpeet III ""y ,"ilia" Ctlnsldered at its ml1dint or hwias, be or JM trill ~ I record ortbe l'"'C~p. IIld 1haI for nch purpt>J':, aJfGlcd ~ mlly need to ~ !hal II ~tim ra:mI or Ihe :P~. i, mlHk which ~~ iacludbl the wlimnny mil <:videnu lIpoli which !be IPPRI is lobI: baed. /"" __ ~i'-../. LEARN ~ pREPARE ~ PROTECT ~ DTOP:GUN'~ FIREARMS TRAINING CLASSES PROTECT YOURSap' NOW ClItT YOUR CCW PERMrr c:o:::w ... CONCEALED CARRY W~A"ON • DON'T lSI!! A VICTIM ~ BE PREPARED • DON'T BE ANOTHER CRI~E NtJMB~R • LIFE IS PR£CIOUS -SAVE YOURS • DON'T BE HELPLESS -STAND.3AU. 'I\' CCW (;;'L.A.SS SPP;C.ljIIolL.. 1& ONL..Y $49 >:i> I"'STRtJC:TOftS ARE ",RA CERTIFIEC "liP IT T"IC~' LESS THAN 2 HOURS .. C.ONVO;;:NIENTL,Y LOC:J\.TED * YOU WILL. REC:ItIVE, • NRAOtPt...OMA ~ AGA. DIPLOMA LIMITED TIME sag OFfER po NOT MISS IT CAll.. NOW: 30& &00 &«90 1-88S-St 3-031 2 TOP-GUIII nIllCARMS;It-,I"ING &EIIVING THE: PUDUC 51No;;IIl; 1 .. 7'1 INf!I'TRLJCT'QRB ~ARUB.COM , ... u ..... " .. nu;o: .. .. .... ".'.n.a.;",.,. l.1"'. Noo. I. __ '7U>'70~ /\ I ~i- /--~ , ,,~ ,/'\ MiamlHerald.com 1 MIAMI HERALD Public Works and Waste Management Department CDmmunlty Meeting Drainage Improvement Project # 20130263 Main Highway from Royal Road to McFarlane Road Notice is hereby given Ihal tI'Ill-Miami-DM Collnty PubllG WorkS and Wasta Management DepartlT1Crlt (PWWMJ Will conCluct a Com~unity Meelfng regarding !he subject llrojetf on Tuesday'. Ma~ 19,2015, from 6:30 pm to 8:00 pm at the ell .. 01 Miami City Hal~ localed at 35011 Pan American Drive. Coconut Gme, 331 33. This Ccmmunity MeeUng will be conducted to provide area blJ!Jinesses and residents with inhlrmailon related to the construction phase of this project. TIle scope at WCrk for this preJect conttisbl of ItMI retrofitll~g allhe exiSting drainage system, whk:h has extee<fea its lIle expeclam:y alld has IJsen compramisac' by tree root Inlrllslcm. fundln~ fot this projellt wlfJ be providod by ttte General Obligation Bond (GOB) 1lfUiJr.un. The project is lisrecr in the-County'S :ro14-201S Capllal Bu«!et ElOOk. The con$lruCllDn plans, maps, drawings and otner pertinent lrIfarmation developed by PWWM will be avallabfe lor public ffiView atthe meeting-$lte-from 5:30 pm unUI 7:30 11m on the !fay of Hie meeting. The lim jl8.n of t~e Community Meeting provides an opportunity for aHertdces W view the construction pl!lns and to discuss lhe project with PWWM staff, OU(lng the second part. whiCh Is IIKpe!:l8dm begin at 7:00 pm, Illere will be II brie' presenUlIion of the proJecl, follower:: by a question and anSWlIr period fOf ltJe remainC1er 01 the meeting, It is tile polICy of Mlami-DaGe COOOiy tD CampiI' with all Df the requ]remerrtsof the AmeriGall$ willi DisabillUes Acl {ADA} of 1990. The meetinll facility isMJAacce!sible. For sign language interprewrs, assistlve lilrte"ing davlees or materials in accessible format, please call 305-375-4662 at leas! five (5J business days in advanCE!. CITY OF SOUTHMlAMI COURTESY NOTICE SOAPBOX ~ ........ ---,.. . ..,.--.-. Site of fire. station 'about politics' This letter follows the brations" ba acceptable es- council meeting ofPalmetkl peeially when council mem- Bay on May 4, 2DlS:: bers know about it AND As I presented at the participate (a celebxation IDeating. the escalating. tar-where just one inv;tation geted ha:ras9-ment of my was given.). This persenl neighbor. I too feel the fear people are causing fear and and insecurity !)faetions by jU5tasimportantamis\lseof a few, specifically one resi-public funds and resources dent AND the actions and as the police bave need.ed to .inactions of our mayor and intervene. The children of council members. I will re-this village don't behave like peat that leaving unmarked this. boxes DIl a doorstep is not Havingsaidallofthls.itIs 1iumy nor should be accept-apparent to many and now ed by this mayor or council to all that the location of the or anybody 1n the Village. fire station was NEVER Unmarked boxes at a school about ooverage or NSJIonse would calise a.lockdcwn or time.!L It was about politics, ataniUrport would dose the harassment,. secret meet- airport. Nor should "cele-ings and sticking it to a t! neighbor who disagreed II witb your politics or sup- ported another Candidate or issue. So when the first alann bell rings om: mom~ ing around 8 a.m, and the trUck can't access Old Cut- ler Road and tbe cars can't meve because of the new extended street curb. and the truck can't go east or west (except by acce!lsing Fanner Road to EGth) and the response time is not fas- ter than 18 minutes.l do sin- cerely hope none of these people made the call. •. _ And. am thankful they can walk to my house! -Usa GNenbsrg" Pa!ml!tto Bay NOTICE IS HEREBY given daat tbe City Commission of the City of South Miami, florida will conduct Public Hearing(s} at its regular City Commissionmeering scheduled for To!sda.y. Ma\·1? 2015 b~inniDg at 7;00 p.m.. in 1he City Commission Chambers, 6130 Sunset Drive. to consider the following item{s); NEIGHBORS CALENDAR An Ordinance authorizing the issuance of Capitallmprowment Revenue Refunding Note. Series 2015, in the principal amount not to exceed 55.00D,OOO, for tf1e 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 Btanch Bank.ing and Trust Company by negotiated sale; making certain covenants and agreements in connection therewith; authDrizing and directing officers and omployees of the City to take arl necessary actions and execute all necessary documents. AU. interested parties are invited 10 altCnd aDd will be heard.. For further information., pleaie contact the City Clerk's Office at: 305-663-6340. Maria M. Merumdc:z, CMC City Clerk Plmuant tl) florida SIiItIm Z86.flJ os, Ills Cil:r b<rreby advi3es 1110: public: IbPl: if a peorson clecidll$ Ie appeiil any liKision made by Ihls ~rd.Alf\'tI<Y or C'ommjuioD wilhrelJled:to lIllY mal!a COIIIIitkled aI it, mcetmll or htarillll-he (If silo: wilt need a Tecord oflbJ: 'p~iIIgs, III.d Illat for Reb ptorJIOJe. affeeted pa!IOIIlII3Y JICIW 10 t:n!IUlt dqt II '"Cd>Iitim. ~ Q( Uac:: proc-eedinp j, 11lIIJe .... !P"b lft"Qro i.och"ks rb~ ttl~limQtW 1IJUI ."jdorare upoo "Which the appeal is 1'0 be baRd. • CALENDAR" FRO!'! 27SE ChiIdNI!t Call! 101 Kids um~h~n benefiting the ~hildl"t'n in ttl! d"1111f wett.Jre system in Browanl CDunt,. Presented ~ Boies, S<hiner and F~er ltp, th!! !tll\dleCn wi" honor LOftaine Thoma!!, lOOidow Of Dave TlIornas loundllt 01 Wl!~d~ It!stau· r.nls.. Dave was adopted lS a baby and rommit'loo hiS pnUanthmpk: ~'e to ad¥cr:ating and supporting adapticn~. May 15 D:JO am .• J ~.m. S7S PiAl Thp lllunga 23O!S.E. 17th 5[., Fort tau~. Annual Summer S"IIO AuctiOn The ArC ufSQulh I'"loridil"s 20th Annlml Summllr Spree AuctiOn, wi~ t'C!atWQ /13YOfful cuisine Plt!PilrIPd bt the. M¥riott's Oter, hotS d'OOUVrV:S Q;lmptimcnl~ form EI Gr.In InIIa Rl!stallrar¢ 1bct Old L.islJon Rc!stau- rarrt, Jovbl.ll1 Baldn!l P'KIcucts. Mirnmo's ttolQiITI Mirko!:, Aldil)( Monnier, ~ Delights and Marna's GuiI'HI Bar!.. Tiiilste willllS complirntu"It 01 EI Car$. play Dn the CMlne !iahl!!" Win oo;it!ng raffle prl~. MId p .. ltllcip~m ina ttdl.ng live lll1cltOl' featln1g ""rklwide trips with iIlICboneer Mr, Michael GU)'IlI". among 1"IunChds. of silent iludlDn 'tmm;. . MIly 15 5:.'15 p.m. -10 p.rn. $75 ad· '/ante; S8S day of event _.sum· ITII!rspreeaudl!ln.!lIm Marrlatt Mi;,mj AIrPCIrt Hotel 12m NW LlJ.Ieuroe Rd~ Miami. ArlIstJ In Acflonr "nil Chrlstinll ,...11tfUOII ~P.af Dni5jjna Pe:II!~n spellk aboUt IK!r work, m;!liv2 inspltat!ons, iiilnd tUcent pn:lje("!~, Christinil Pettflrsson'!. work tlXp/Orl!S l1!SufRIdilln and !avage demise gn a grand salle OMe tUsenrl!d for history J)ainti!lg. Her large graphitn I'IOfk5 an PiPIt' It!ferellCC! clas51c mythOlo- gy a~d 1~l!fiIlur~ and include Il«SeJf as t~e rewiring fema!{' ligur .. SUm:Jundod ay ~nu'N!s. most partic- ularly bird5. fiiild1 Mists in AttiO~ presvnter is ab;o commiSSIoned by -TURN TO CALENDAR. liSE ) '---J 10/26/2015 The 2015 Florida Statutes Title XII MUNICIPALITIES Statutes & Constitution :View Statutes: Online Sunshine Select Year: 12015 'f 1 ~ Chapter 166 MUNICIPALITIES View Entire Chapter 166.241 Fiscal years, budgets, and budget amendments.- (1) Each municipality shall establish a fiscal year beginning October 1 of each year and ending September 30 of the follciwing year. (2) The governing body of each municipaiity shall adopt a budget each fiscal year. The budget must be adopted by ordinance or resolution unless otherwise specified in the respective municipality's charter. The amount available from taxation and other sources, including balances brought forward from prior fiscal years, must equal the total appropriations for expenditures and reserves. At a minimum, the adopted budget must show for each fund, as required by law and sound financial practices, budgeted revenues and expenditures by organiz;ltional unit which are at least at the level of detail required for the annual financial report under s. 218.32(1). The adopted budget must regulate expenditures of the municipality, and an officer of a municipal government may not expend or contract for expenditures in any fiscal year except pursuant to the adopted budget. (3) The tentative budget must be posted on the municipality's official website at least 2 days before the budget hearing, held pursuant to s. 200.065 or other law, to consider such budget. The final adopted budget must be posted on the municipality's official website within 30 days after adoption. If the municipality does not operate an official webSite, the municipality must, within a reasonable period of time as established by. the county or counties in which the municipality is located, transmit the tentative budget and final budget to the manager or administrator of such county or counties who shall post the budgets on the county's website .. (4) The governing body of each municipality at any time within a fiscal year or within 60 days foilowing the end of the fiscal year may amend a budget for that year as follows: (a) Appropriations for expenditures within a fund may be decreased or increased by motion recorded in the minutes if the total appropriations of the fund is not changed. (b) The governing body may establish procedures by which the deSignated budget officer may authorize budget amendments if the total appropriations of the fund is not changed. (c), If a budget amendment is required for a purpose not specifically authorized in paragraph (a) or paragraph (b), the budget amendment must be adopted in the same manner as the original budget unless otherwise specified in the municipality's charter. (5) If the governing bOdy of a municipality amends the budget pursuant to paragraph (4)(c), the adopted amendment must be posted on the official website of the municipality within 5 days after adoption. If the municipality does not operate an official website, the municipality must, within a reasonable period of time as established by the county or counties in which the municipality is located, transmit the adopted amendment to the manager or administrator of such county or counties who shall post the adopted amendment on the county's website. History.-s. 1, ch. 73-129; s. 4, ch_ 83-106; s. 6, ch_ 96-324; s. 14, ch_ 2004-305; s.11, ch. 2011-144. http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=DisptaLStatute&Search_String=&URL=0100-0199/0166/Sections/0166.241.html () C) i) 1/2 • 10/26/2015 Statutes & Constitution :View Statutes; Online Sunshine c-~~ ________ ~ ____ ~c:o:p~y~ri:gh~t~©~19~9:5~'2:0~1~5~T~h:e~F~1o:r:id:a~L:eg:i:.SI:a~tu~r:e~,~p:ri:y~ac~v:s:t:at:e:m:e:o:t~.~C~o:ot:a:c:t:u:s ______________ -J () ) http:/ twww.leg.state.f1.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0100-019910166/Sections/0166.241.html 2/2 rl~E CITY Of PLEASANT LIVING DEBT SERVICE FUND CITY OF SOUTH MIAMI FUND 20 I The Debt Service Fund has been established in an effort to make clearly the City's current Long Term Liability. The City has several loans outstanding with the Florida Municipal Loan Council (FMLC). The council, as asubsidiary of Florida League of Cities administers the Florida Municipal Loan Program. Small and medium sized cities in the state obtain loans from the FMLC, through bonds and backed by MBIA Insurance Corporation. In this current Fiscal Year, the City of South Miami has no intention of issuing any additional debt to help fund any recurring or nonrecurring capital improvement projects. Gibson-Bethel Community Center (previously known as South Miami Multi-Purpose Center) c) On April 10, 200 I The City of South Miami Commission adopted Ordinance 11-01-1742 authorizing the City Manager to enter into agreement with the Florida Municipal Loan Council for the borrowing of $2.5 million and using South Miami Hospital's annual contribution of $150,000. This Commission administers a loan program with a variable rate revolving loan pool uniquely designed for Florida local governments. Funding for the program was through an AAA rated tax-exempt bond issue administered by the Florida League of Cities on behalf of local governments in order to achieve better economies of scale. The (-) program was created pursuant to Chapter 163, part I, of Florida State statutes, for the purpose of issuing the bonds. In 1998. the City was awarded a grant by the Safe Neighborhood Park Agency to construct a multi- purpose center at Murray Park. The SNP Grant required a dollar for dollar match, and contingent upon the City utilizing its own match before the Agency released its own. The purpose of the mUltipurpose community center is to provide social and recreational activities for all residents of South Miami. CITY OF SOUTH MIAMI BUDGET FY 2014-2015 223 ) () tHE CITY OF PLEASANT l1VING 9/30/20 17 f--'-'':':':;::':'':';'-I-----===-=---+---=-=-~-+---'-'':'='-+--'-'''':':':'':=-=---+-----1 9/30/2021 f--'-'-'-'--'-I-----=-'-"-'-'--+----=--'-'-"-'-'--t---=-=-=---+--"-=-"-----f-----1 9/30/2022 f--'-'-'----j----=-'-'-'-'---+--=--'-'--t---=-=-=---+--:-'---f-----I C) 9/30/2023 f--',;-'-----j----=-=-'-'--+---=:.:...:::.-=-=---t--=-=-=---+----=-=-"-----t---,.--I 9/30/2024 f--'----j---"-'---+---=:.:...:::.-=-=---t--=-=----j-----'-''-'--t-----I 9/30/203 1 f--'-'-'-~--j---'-:..c..:.:--+-==-=---t--=-=-=---+----=-'-'--=-=---t-----I C) ~C~ITY~O~F~S~O~U~T~H~M~I~A~M~I------~B~U~D~G~E~T~~~20~1~4-~20~1~5----------------------~224 Tt-IE CITY OF PLEASANT LIVING CITY OF SOUTH MIAMI MUNICIPAL PARKING GARAGE The City secured financing for the design and construction of the Municipal Parking Garage on SW 73" Street. The City of South Miami entered into a lease agreement with Mark Richman Properties Inc. (MRP) to manage the municipal garage. The Parking Garage exists of ground floor retail space and restaurants with 4-floors of public parking. MRP compensates the city a minimum rent guaranteed payment in addition to the payment of all debt service on the Florida League of Cities Bonds Issued. Payment of the debt service shall commence as to the amount drawn on the Florida League of Cities Bond Issue and any other debt on .the date the funds were drawn and are payable in accordance with the principal and interest payment schedule established by the Florida Municipal Loan Council (FMLC) for the City of South Miami pursuant to the issuance of FMLC Revenue Bonds, series 2002A and 2006. Interest is paid at the same rate as the city's rate of interest on the bonds together with a pro-rata share of all the total amount of the borrowing so as to include amortized expenses of the bond, and all costs associated with the bonds. Furthermore, in March of 2008, the City Commission authorized the City Manager to execute an n additional loan with Sun Trust Bank for One Million Dollars. The purpose of the SunTrust loan was to /' .) repay $300,000 to the City's reserve account, which funds were utilized for improvements made to the \. street immediately adjacent to the parking garage. Seven hundred thousand dollars from the Sun Trust Loan was earmarked for the completion of the construction of the parking garage. MRP is not subsidized by the City and pays its full share of borrowing expenses. The funds used by MRP for design and construction of the parking garage project represent 83.36% of the funds borrowed on the Bonds and 70% of the Sun Trust Loan. Background on "Private Loan" and "Private Activity". $2,500,000 of the proceeds of the 2002 Loan were in turn loaned to the Developer ("Developer Loan") on June 12, 2002. The City also entered into a Lease Agreement wi.th the Developer on March I I, 2005 ("Developer Agreement") whereby the Developer would operate the Garage Project and retain certain income from the Garage Project for a term of 50 years from the opening date of the Garage Project. Thus the Developer Agreement expires in 2057 as the Garage Project was completed in 2007. These two actions constituted an impermissible private loan and impermissible private activity, respectively, under Section 141 of the Internal Revenue Code of 1986, as amended ("Code"), adversely affecting the governmental status of the Council Bonds. The private loan arose immediately upon making the Developer Loan. The private activity did not arise at the time of the Developer Agreement. It did not occur until parking rates were first charged at the Garage Project in January of 2008. IRS Procedures and Negotiations. On July 13, 20 I 0, the City, jointly with the Issuer (FMLC), approached the Internal Revenue Service ("IRS") to seek permission to apply for a settlement under the Voluntary Compliance Agreement Program ("VCAP") in order to preserve the tax exempt status \ ) CITY OF SOUTH MIAMI BUDGET FY 2014-2015 225 n () -THE CITY OF PLEASAN1l1VING of the Council Bonds and the 2009 SunTrust Loan under the Code. As the name implies. the VCAP program involves a self-reporting of potential problems with a tax exempt issue or series of tax exempt issues and that is what the City undertook. The procedure is tnerefore somewhat different than an IRS Examination because it is self-reported and typically more beneficial to an issuer of tax exempt bonds. The IRS granted permission for a VCAP and on August 13. 20 I O. the City and the Issuer jointly submitted a Request for Closing Agreement Pursuant to Internal ~evenue Manual Section. 7;2.3.3 which outlines the VCAP procedures. An IRS Agent was assigned to the City's VCAP request .. A series of exploratory calls commenced as the agent began to develop the case. Thereafter. negotiations ensued to attempt .to resolve all issues with the IRS and protect the status of the Council Bonds and the 2009 Sun Trust Loan under the Code. Specifically. discussions focused on determining any settlement amount to be paid to the IRS to resolve the matter. the language of the settlement agreement. and the amount of Council Bonds and 2009 SunTrustLoan to be redeemed. or if not immediately eligible for redemption. defeased until the first redemption date. The I RS and City of South Miami came to an agreement and due to this issue. defeased a partial amount of the 2002Aand 2006 FMLC Bonds and all of the Sun Trust 2009 loan. The City's new loan which was used to due accomplish the required negotiation is the new Sun Trust 2011 loan for $7.575.000. CITY OF SOUTH MIAMI BUDGET FY 2014-2015 226 Sou~iami THE CITY OF PLEASANT LIVING (j 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 C) 9/30/2025 9/30/2026 9/30/2027 9/30/2028 9/30/2029 9/30/2030 9/30/2031 9/30/2032 CITY OF SOUTH MIAMI BUDGET FY 2014-2015 227 r-) C) (\..J ~' South~Miami THE CITY OF PLEASANT LIVING .11' 1,2006 • 9/30/1~ 0470i7T6 28.959;000 28,959 9/30/17 9/30/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24 9/30/25 9/30/26 9/30/27 9/30/28 9/30/29 9/30/30 9130131 9130/32 9130/33 9/30/34 9/30/35 9/30/36 10/01116 04/01117 ,04/01118 10/01118 041<)1719 0470i722 10/01/22 04/01/23 10/01/23 04/01/24 10/01/24 04/01/2.5 ID/OT/2s 10/01/27 04/01/28 10/01/28 04/01/29 ~ 10/01/31 04/01/32 10/01/32 04/01/33 10/0 f/:rr 04/01/36 10/01/36 luTALi 40,000 28,959 000 27,959 ,000 40,000 27,959 ,000 26,959 2,000 40,000 26,959 2,000 , 25,959 2,000 45,000 25,959 2,000 25,059 2,000 45,000 25,059 2]00 nJOO ,000 50,000 23, I 00 ,000 2: ,069 ,000 55,000 22,069 ,,000 20,934 2,000 55,000 20,934 2,000 , 19,800 2,000 60,000 19,800 2,000 , 18,563 2,000 60~ 18,563 2,000 l7.lli ,000 60,000 I 1,325 ,000 I ;,975 ,000 65,000 I ;,975 ,000 14,513 2,000 70,000 14,513 2,000 12,938 ;000 70,600 I 2;938 ;000 1r;J6Y ,000 75,000 11.363 ,000 9,675 ,,000 80,000 9,675 2,000 ,875 2,000 80,000 7,875 2,000 6,075 .,000 S5,OOOE;m ,:000 ~J63 ,000 90]00 ~,163 ,000 ,138 ,000 95,000 ,,138 2,000 I 1,0 I 1,597 94,000 6E 959 2' ,959 67,959 26,959 66,959 25,959 70,959 25,059 70,059 24,131 7~ 131 23 100 73 100 2: .069 7: ,069 20,934 75,934 19,800 79,800 18,563 78,563 17,325 77.325 15,975 80,975 14,513 84,513 12,938 82,938 11,363 8E ,363 ,675 81,675 ,875 87,875 6,075 91,075 (163 9~,163 1,138 97,138 H I, 1,190,000 1,145,000 1,100,000 I I 710,000 , 575,000 185,000 95,000 o --------------------------~~--------------------------CITY OF SOUTH MIAMI BUDGET FY 2014·2015 228 THE CITY OF PLEASANT LIVING () SUNTRUST LOAN 20 I I 139,122 101112016 435,000 139,122 5,5S0,000 2017 41112017 0 12S,356 5,5S0,000 1011/2017 450,000 129,061 579,061 5,130,000 20lS 411/20 IS 0 IIS,004 IIS,004 5,130,000 101l/201S 4S0,000 IIS,653 59S,653 4,650,000 2019 411/2019 0 106,963 106,963 4,650,000 1011/2019 495,000 107,551 602,551 4,1 2020. 4, 155,001i 411/2020 0 96,102 91>,102 101112020 520,000 96,102 616,102 3,635,000 2021 411/2021 0 S3,615 S3,615 1011/2021 540,000 S4,075 624,075 3,095,000 () 2022 4/112022 0 71,194 71,194 3,095,000 10/1/2022 565,000 71,5S5 636,5S5 2,530,000 2023 411/2023 0 5S,197 97 2,530,000 101112023 590,000 5S,5 17 64S,517 1,940,000 2024 4/1/2024 0 44,S71 44,S71 1,940,000 1011/2024 620,000 44,S71 664,S71 1,320,000 2025 4/1/2025 0 30,364 30,364 1,320,000 645,000 675,531 675,000 2026 411/2026 0 15,527 15,527 2027 1011/2026 15,612 690,612 0 TOTAL 7,575,000 3,125,339 10,700,339 ) CITY OF SOUTH MIAMI BUDGET FY 2014-2015 229 SoutOOiami () THE ClrY OF I'I.EASANT LIVING FMLC Series 200lA $1,670,000 $60,000 $82,150 $2,140 $144,290 $1,610,000 Bonds MUltipurpose FMLC Series 2002A South Miami Parking $3,370,000 $120,000 $173,344 $5,000 $298,344 $3,250,000 Garage FMLC Series 2006 South Miami Parking $1,380,000 $35,000 $60,544 $4,000 $99,544 $1,345,000 Garage SunTrust Bank Loan Refinance SM Parking $6,825,000 $400,000 $305,649 $0 $705,649 $6,425,000 Garage e) ',) =:--::-::-o=:-:=:-:-:-::-::-:-::------=::-:===:-::-:-:-:--::-::-:-::-------~. CITY OF SOUTH MIAMI BUDGET FY 2014-2015 230 TOTAL REVENUE 1,575,833 1,026,487 872,683 871,767 874,444 EXPENDITURES 2011410 5197110 DEBT PRINCIPLE 198,436 555,000 585,000 565,000 615,000 (j 2011410 5197210 DEBT INTEREST 564,072 677,628 650,437 650,897 621,687 2011410 5197310 DEBT OTHER COST 6,070 9,282 6,198 9,125 11,140 2011500 5147310 DEBT OTHER COST 0 0 0 0 0 TOTAL DEBT SERVICE 768,578 1,241,910 1,241,635 1,225,022 1,247,827 ENDING FUND BALANCE 1,086,247 870,824 501,872 517,569 144,187 C) CITY OF SOUTH MIAMI BUDGET FY 2014·2015 231 ) 2010000 2010000 2010000 THE CITY OF PlEASANT LIVING DEBT SERVICE FUND BUDGET CITY OF SOUTH MIAMI FUND 20 I BEGINNING FUND BALANCE 278,992 1,086,247 REVENUES 3612000 INTEREST INCOME 311 4.693 3669000 S. HOSP FOUNDATION 142.918 145.240 3669300 RICHMAN PROP LN PMT 750.054 726.554 n 870,824 870,824 517,569 2.400 1.556 2.400 142.366 142.366 144.290 727.917 727.845 727.754 () " .. . ) ,- (j () ) Business I '" Walsco reports record earnings Luxe condo tower in third quarter 8 Numb ... oj lw:ury condo "'II'm p/allMd jar Mmoplta dev<1"1'''''''t in Sunrist King' Bowl. The mall will be an- chored by lrurury dine-in clnemaWic. ,o:"::S~~'~1 breaks ground near :::-. Sawgrass Mills mall The deoelOpeI'S said they ultimately plan to build a total of eight luxury c~odo towers with 1,1100 reS!" den!laI units. Kavana bas owned thelandsince 1995, but his initial plan. to de- velop were deraUed hy the fiD;mcialaisis iD 2007. BYNlCROLASNERAMAII """'.'''(!lmI"",(,,,,,ItI.,,,,, Dev.lo~s broke ground On a lwcury condo tower in Sunrise OD Tuesday, her- alding the fust stag. of whot they say will be a massive 65-.=, mixed-us! developmet1t c:alJed Metropk. ne", the Sawgrass MIll. mall. Th.y also announoed a THE CONDO TOWER WILL BE THE fiRST STAGE OF WHAT DEVELOPERS SAY WILL BE A 6S-ACRE MIXED-USE DEVELOPMENT CAllED METROPICA, A HOST OF NEW RESTAURANTS AND SHOPS FOR THE PROJECTS RETAil CENTER WERE ALSO ANNOUNCED, Kitchen, Mexican chain Salsa Fiesta, gourmet food shop Oil and Vmegar, ond garniug arcade/rest'Ullmt , , host of new reSlaullUlts ODd shops for the project's retail tenter, .4/10,000- sqUUe-fO(lf mall, Induding Now Yn,k--based b\UjlOf cham Shakl: Shack, Peru- vian Il"slIobar Pisoo y :~~~~~~;:I N"cI""dcloth!ngstoJe Anthropologie. Th. "~o" ,,"_." to .... rwillinclude263 condos with the lUXUljl amenities tho! ha"" be· come standard aI project, downtown ODd OJ! the beach: 24·hour gym, tennis wuru, children's play mom, privatl! club room, business tenter and movie ''''e!!niIlg mom. Units range from $300,000 10 more than $1 million, and are priced between $375 and $4-25 per square foot. That', expensive fot West Broward but still cheaper than new construction in Brick.n ($641 per square foot) IIIld Edgewater ($553 per squan: foot), KGH lntemotional 0.- velcp<nenl and the Trilli.t Companies have fOIllled a partnership to d ..... lop the tower, which is being de- signed by London·based Yoo Studio. KGE chairmllll and CEO Jo.eph Kavana said his company will break l\IOund on tho mall in early 2016. Trilli.st is a partner ouly on Metrop- lca's tes:idential side. Also announced for the mall are retaller Free 1'e.,. pie, Jeweler Kendra. Srott, Olganlc eatelY True rood CITY OF SOUTH MIAMI COURTESY NOTICE DIVIDENDS Physicians group saves Medicare $9.9 million BYOAN!ELCHANG <I<M"ll@ .... ..u.""Id.',". A group ofpbysiclllllsln Palm Beach IIIld Browaxd COUII!ies_isSIIcc""diDg where others across the countty ore flllling, keepl.og their oidec patient. bealthy and out of the hospital while reducing the costs to care for them under Medi- care, the public health insurance pmgram for AmericaDS 65 and older. Accountable Care Op- tions, the physician glGUp, reported eami.!lg a bonus this year UDder a p.y·for- perl"oIlllance program that reward. dootorsaDd hospi- tals for meeting certain 'laIldard. de.igned to lower cost. in \he lang ron by reducillgmedicaloom- plications and trips to the emergency mom. By focuslug on intmsi.e managemeot of patients wbe are atriskfo[ oral- ready sufferingwith chnm- ic dis.ase., Ac:counlabt. Care Option ..... ed more than $9.9 mlUlon, Or Dlore th"" $1,500 per patient, with original Medi<are m 2014, according-to the TAVERNA OPA - BRICKELL VILLAGE $29 --Taverna Opa in Brickell: Food & Drink for 2, Reg. $45 RESORTS WORLD BIMINI $225 for a 2-nighl mid- week cruise for two OR $290 for a roundtrip cruise with two-night stay at the Bimini HiHon dealsaver.comlmiami company. Under the term; cfthe program, bospitals and doctors form a company known as an accountable care organiz.ation that OlUOt meet quallty and cost sian- dards set by Medicare. The l\IOuJlS are entitled !o shale m halfofthe saving!; they achieve, but only 92 aftho 333 r;uclt prDgt"lUll acmss the country received a bonus for 2014_ Since p.o.<SII~ of the Af- fordable care Act in Man:h 2010, mote than 420 Medi- care aocmmtable rare Ot- g:aniutiollS have been es- tablished, prooiding "". for mete than 7.8 mlllion Amer- loans with origlnal Medicare as of January. NOTICE IS BEREBY give" Illal II!e CiIJl Cmnmissl .. of lb. Cily of South Mto.aIi, Florida. will com:\UCI Publio IIming(s).1 j", .,.guJ.r Cily Commis&ion mooting .module<! forIuo.da.y, N ... mberl, 2015 beginoingal7:00 p.m., in 1ho City Commission Chamb."., 61~O SUII!Iot om., 10 c,,",;der thcfollawiDg ilem(s): ( An Ordin...,. ,.loting II> tho Cily~ 2015 \ fis<al yeor, """"1iiII$ II!e bu.t to take into~t""inae/lJi,inth,DebtS..-vioe FuruiAppropntl!:dAmotlilt ALL int..,..ted paRi .. "'" invited !l) oltend and wlllbeboard For furth,,. iIlfOrmatiOll, pl .... o>nlll,t tbe Cn), Ciedi:~ om"" Itt: 30%63-6340. Maria M Me",,,,!.,,, CMC CiIJlCl,r\: American H~ritage will award full and partial academic schoJru:shlps [0 high-achieving eighth graders entering ninth grade for me 2016-17 school yeru:. For an application and registration inJDnna,tiOlo. I please call 954-472-0022 Ext. 3021 Some of our school's Highlights & Recognitions i.nclude: • Numb.,.,neh'gh.«l,anl'" Ih,",,,reo,,,1 numb .. onel"'''''' ",hooll" ,I,. n •• 10n for hlghe" numb" ofN~onol Me,i, SclJol"", • [b"kod 7th 0"",f22,000 I~Sh,d'Qob in do< ".11." focN,aon,1 M<,;. Sch"b" _ 57 No,ion,l M<:ri, S,""l" S, .. ifin.lln.< (high"" numb .. \n tI," "'''0) -~9 N,tlon,1 Mor[r Con,roond.d Sohol". -25 N.,;"",I Hi,!,,"i" Seh.I",< • $72Jttlll.ioll in coll'l\c«h.>l""hjp. om. .. d '" d,.el"", of2015 • '0% p"-uing "' .. on ,11 Ad",,,,,,,,o 1'100:",""' "",m' {52~" p",j,,~ ,.,t< ill d,e."'t< of FI"'id;: 57% p'-"ing ,"" ",rionollyl, hP """'f!' '""",0;,,,.::4 • Numb","n"p';"J,~,d"'ul in 'ho U.S. in "",i",,,1 mathcump"j,jun, • N"",b .. one sci.n= .... ""<1 •• honl ",h. Fl"rid, Sc,e So,en"o hi, • N"",b •• ono in n.bGtics In <I," Suu<l"oo>' R..Wun ""d "umb" 16 in ~,. wu<1d Free Nonstop Express Bus Transportation , , , , , 12200 West: Broward. Boulevard. Plantation. FL 33325 954-472~0022 www.ahschool.com I-~---;J:!~_"ol~_:jJi,~_,ou_",QP'~:H9USE,:_crn , -----~-i :_, ~_ $o:ihiidaY •. NoWmli!.l::...~_m'l2:4Sp'm__ __..J '" MIAMI BEACH CITY OF MIAMI BEACH, FLORIDA NOTICE OF RUN-OFF ELECTION NOTICE IS HEREBY GIVEN that a Run-Off Election has been called by the Mayor and City Commission of the City of Miami Beach, Florida, pursuant to Cily Resolution 2015-29091, and will be held in the City of Miami Beach from 7;00 a.m. until 7:00 p.m. onTuGSday, November 17, 2015, forthe purpose of eleoting a City Commissioner in Group IV, who shall hold office forthe term as provided by law. Atthe November 17, 2015 Run·Off Eleotion, the following shall be submitted to the duly registered and qualified voters of the City of Miami Beach: GROUP IV -COMMISSIONER (Vote for One) Kristen Rosen Gonzalez 44 Betsy Perez 47 Miami-Dade County eleotion offioials shall conduct the Run-off Election hereby oalled, with aooeptance of the certification of the results of the eleotion to be performed by tilo City Commisslon.The official returns for eaoh precinct shall be furnished to the City Clark of the City of Miami Beach as soon as the ballots from all precincts have been tabulated. The voting precincts in the City forthe Run-Off Election shall be as established by the Miami-Dade County election offidals. On Election Day, all eleotors shall vote at the voting location and the voting precincts in whioh the official registration books show that thc electorS reside. All questions concerning voting location and voting preoincts should be directed to the Mh:lmi-Dade County Elections Department, 2700 NW 87 Avenue, Doral, Florida 33172;Telephone: 305.499.vOTE (8683) orTTY: 305.499.8480. Registration of persons desiring to vote In the RUn·OffEleotion shall be In aocordance with the general law of the State of Florida governIng voter regi~retion. Qualified pel"tions may obtain registratlon ferms to vote at the Office oithe City Clerk, City Hall, 1700 Convention Center Drive, First Floor, Miami Beach, Florida, 33139, during normal business hours, and at such other voter registration CIlnters and during sllch times as may be provided by the Supervisor of ElectIons of Miami-Diilde County. The voler registratioll deadline for tile RUIl-Off Election was Monday, OctcbEJr 19, 2015. All persons eligible to vote at the Elections must be registered before the date set forth herein or heve regi~ered preViously, as provided by lew. EactJ person desiring to become e registered voter shell be responsible for properly filling out the registration form and returning it to the Miami-Dade County Elections Department. All questions concerning voter registration should be directed to the Mliilml-Dada County ElectIons Department, 2700 NW87 Avenue, Dotal, Florida 33172;Telepllone; 305.499.VOTE (86831 or TIY: 305.499.8480. Absentee voters participating in the Run-Off ElectIon shall be entitled to cast their ballots in accordanoe with the prOVisions of the Laws of the State of Florida with respec:r. to absentee voting. The deadline to request an abscrltee ballot from the Miami-Dade County Elections DepartmEJnt for the Run-Off Election is 5:00 p.m., Wednesday, Novomber 11, 2015. All questions conoernlng absentee ballots should be directed to the Miami-Dede County Elections Department, 2700 NW 87 Avenue. Doral, Rorid~ 33172;Telephone: 305.499,VOTE (8683) or TIY: 305.4S9.8480. The Run-Off Elecllon will be conducted in accordance with the applicable provisions of the Florida Statutes and the Charter and Code 01 the City of Miami Be~ch, Florida. A copy of Resolution 2015-29091 Is available at the Office of the City Clerk ;;md online at: bttp·/ldm;mgm! mjamjbnacbfi gpvfwRhljn!r6!Oldnc/14Q3!\5/Pagel flsQK Ad No, 1066 CITY OF SOUTH MIAMI COURTESY NOTICE Rafael E. Gr;insdo, City Clerk City of Miami Beach, Florida NOTICE IS HEREBY given thatlllC City Con~ission afme City of So nth Miami. FJorjd~ wilt condll~t Public Hearing(s) at its regular City Ulmmission mooling sclledlllcd forThesday.Novembcr 17.20)5 beginning at 7:00 p.m., in tile C"lly Commission Chambers. 6130 SUllwDrive, 10 consid~rfue followi.ngitem(s): A Re!olution outhoriun!1-tile City Manager to negotiate and ellter into a throo-year ~greemeut willi an option 10 J;l!ncw for a maximuDl orma consecutive yellls, willi Southern Carpet Care !ne. DIlA Elite MaintellOOce & Man~gemeDI Co. for imtitorj,,1 BCfYW iI9 tllquired by the City. A Resolution for special use appl"l.lV!ll to permit a seuernl teSlaunlUt ut 5801 Sunset Olive A RcsoMioD. authorizing the eil}' MRruJger to ente, into Illl aglWlllent wiO: Gmllicus. llIe., through a City of Dehay Beach piggyback RgrollOlenL. RFI' 1!.2t1IS-~7. 10 enable tI", publio 10 vicwpubJic mooliogs. A RcooJU!iOll authorizing the City Manager to enler into a tl!rec-ye,ragteCltlI'l.ll wil111lJl optiun to rencwv.ith 'Ibm I'I:lt Mao~g ... ncnt for (i ...... '1ll'csl ScnojCC9. A ReSOlution authoririllg tlro City Mllllager 10 eiller inlo a throe-YiIIlr 'b'U:~"Tncnl willI an option 10 renew widt ARCO El""lrooit:S fur the Mainlenancc IIml Monuoring ofth~ l'ireAlarmSyslem at tile Gibson-Bethel CommunilyCCJllor. A Rosolution llUtborizing 1110 City M"ong"," 10 enter into a thre~"'ycar "g"'cm~I'1 with an option 10 n:neW with Southern W",to Sy;iell1'! forlhe (CIllowlllrtd disposal oJ"nou.nil1Mdous \'oOIsle. A ReSOlution for special IlW ftppWYaitopcmtitagc:ncmln:stnurantatSS4(JSW7.!st Slrcct(Commerd!li Sp""" -A) A Resoluriun for speclalusc .Wrowl topmnit a. general n:l<laul""nl al S84(J SW 7hi Su:cot(Commerdal Sp~cc -a). A Resolution .pprmingH ijpooial e.<ception waiving stric! oompli:mcc ,,;Ih th~prolisions ofth" HO!lWIown Dislricl Ov.-rlay p~rking reqllin.."lD"'l!s, Ibr a gCl1~'1lI1 rostunrnnll;:HI 5840 SW 71 Stn:ct (Commercial SpIlce -A) A ResOlution approving" ;pcci~ll:Xceplion wnil"ing slriel ~"OmplianC!: "illl thcprolislons ofthu Hmnetov.n Di~tricl Ov..'!lay parking requiremeut~, fur a !'."n~"Tllj luslaurantsal 5840 SW 71 Strce1 (Commercial SpIl"" _R). A R"lIoju!inn appro,ing" ~"iRl e~ccption to oonslru~t" 5 slory LIlrg~ Seale o,.,vclopmeul at 5201 Sunset 1)riy~ WitI,in tflc Tmruil Ori""lcd D~YClopm~nl Di,;tdcl Mi~ed Use-5 "rOOD MU·S'· 7.OniuS di5tricl. AResolution approving tl,e [Ollll!ruction more than lwe sU\1ics 00 tile MadisOll Square sile for Ihe Msdison Squa.re affordablehOlJ.ling. projllCtpursuant to Section 2D-3.5{D)(1) and other applicable provisions of the City'll Land Dcl"clopmcm Code. An OrdinmlcC relutillg 10 tbe ycar1016 Genernl snd Sp0ciaJ Election ofU,e Maynr and City ("-<.lmmi5siCl'et~ IbrO[OupR,lI11nd Jlt: schedulillg (he day, place and timB ofllw clcctioll; acl~dulill& the dlIy, place and !hll~ of early voring; pl"l)viding for qualification ofcandidalcs; jltOvidillS jnr dose of elootion bnola!; !IJIproving lhc offICial baUot; providing for lIotifice.lion. . C Au Oldinauce relatillg to !he City'~ 2015 f~~l )o1lar. !Ullcnding tbe budgct to (Qkc into account all incn:ase in (he D<:hl SCI"\·ice FUlId Apprnpria(ed ArnOWII' All Ordimille<: Adopting 11le City ofSnntb Miami 2015 Text Amendments 10 Illc Comprehcll~ive l'1!U\ Future L.aud US\) And HClU.~ing ll1emt'llIS, An! AuthnrizingTran6mittal To The l'1orida Dcpa.rbnen! OfEconnmk Oppocluni(y mid Review Agender;. All Oldinlll)C0 amending U", City of Soull) Milllni Land D •• elnpmcnt Code, Article VIII Trallsit Oriented Dcvelopmcm District, "Ddinitions:' Section 20-8.2, "Dciini~ons:' to am"lId vertical slory floorheigil!maximum Au Ordhll\llct' Adopting" S"IllII Scale Amendment to the flltum l.;uIU Use Map ofllle Com]l'eIt.nsive Plan, amending tho do~ignajion of Ule Syl~ Martin Bnilding and a parking 10t!lO the City Uail property located at G13Q Suns~t Drivt! from I'IlIks and Open Space to Transit Orimted D.,,"~lopDI~nt District (TODD). All Ordiuance amending the Officilll looing Map lIS provided in tlte City of Sooth Miami Land DevelOjlmeat (;Qde, Article 11L "Zoning RegulatioDS;' Section 20-3.1(C), Dlid othl'r ~pp1ic8ble pIl.lvillioru; 10 apply n Historic Prservation D;~tby (HP..QV) IlPOll tll~ historic Sylva M!ltlin Buildiug and frollt porob o"ly located at approlcim:tlely 6130 Suru;et Drive. An Ordin.no:e amending tbe City of South Mirllni Land Development Code, Article U, "Definitions." Section 20-2.3, "Definilions," to add defillillons fot "Varl6ty Rebil" and "Retail Outlet _ Off-Price Retail," aod AIUde VII, "HomelowlI Districl Overlay Ordinance,~ Section 20-1.12, I'I:rmiHed Uses:' to prtlvid& tbat sncb uses sh:dl not be: permitted in !he Hometown Dililrict Overlay. ALL interested p:uti.e.~ are invited to attend I1ml will be lteard For fUrth0T inforlllation. plcas~ contactthe City a~rk's Office at: 305-663-6340. Marin M. Meneodez, CMC City Cleik PU""'"I K> F1oriob S"'UI",,286.0t05,Ih< Cil)' bcn:hy """i ... lb. publie w'lf. pU'''' ""cido.<lI> :ipp<lII'''ydoc:isi,,,,,,,,,do by'";' 1lo.ud,A.!.. .. "'y o'C"<mUlli .. ton wittl Il!Sped lI>."y "",!l.a"C<l"';d.!rucI ,I ;" mo<J~"g '" ,,,,,';ng, h. 0, 010. will n,,,"11.,,,,,onl of lbe ,""ooe4i"ll', IIIld lit'llb, S1Jcll P"'P"". alfu.",d ",1>0" "",y 1\"'><1 III "",ll", th.lo vOfb,1im n.~,""<lfll'le )m1...,,"I1mgo is mil"" ,'-iI;<b ",,,.TtI ioelod"u.OIO.llillIQIl)' and c""/illenoe "I"'" "hk!! 11>, 'p",al i. It> re 1;>0"",,-