Ord No 26-15-2233ORDINANCE NO.26-15-2233
An Ordinance relating tothe City's 2015fiscalyear;amending the budget to take
into account an increase in the Debt Service Fund Appropriated Amount.
WHEREAS,Florida Statue 166.241 provides that:
(4)Thegoverningbody of eachmunicipalityatanytimewithinafiscalyearor
within60daysfollowingtheend of thefiscalyearmayamendabudgetforthat
year as follows:
(a)Appropriationsforexpenditureswithinafundmaybedecreasedorincreased
by motion recorded intheminutes if thetotal appropriations of thefundisnot
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 fora purpose not specifically authorized
in paragraph (a)or paragraph (b),the budget amendment must be adopted inthe
same manner astheoriginal budget unless otherwise specified inthe
municipality's charter.
WHEREAS,perthe adopted Ordinance,theCityhas refinanced certain outstanding
bondsandinanefforttoreflecttheapprovedrefinancingintheadoptedFY 2015 budget,the
DebtService Fund's FY2015approvedappropriationmustbeamendedtoreflectthe
transaction that occurred aspart of therefinancing,and;
WHEREAS,the proposed FY 2015 budget amendment tothe Debt ServiceFund
appropriationwillreflectarevenueoftheloanamountandanexpenditurefortheamounts
paid as part of the refinancing.Below isa detail of theline items within the Debt Service
Fundwhichmustbe increased toreflectthe refinancing whichwasapprovedonMay19,
2015
BB&T Bank Loan 2015 4,948,000 201-0000-384-1100
Closing Cost Breakdown
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
Bond Principle 1,610,000
Bond Principle 3,250,000
Bond Interest 12,534
Bond Interest 25,938
FMLC Expense Reimbursement 4,215
City of South Miami 1,805
BB&T Bank Credit Fee &Counsel 5,000
FirstSouthwest 17,759
Squire Sanders 20,750
TOTAL 4,948,000
Page 1 of2
Ord.No.26-15-2233
NOW,THEREFORE,BEIT ORDAINED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI,FLORIDA:
Section1.Section1.TheCity Manager isherebyauthorizedtocauseanincreaseinthe
City's fiscal year 2015 budget Debt Service Fund Appropriated Amount,as provided below:
201-0000-384-1100 4,948,000
201-1410-519-7110 4,860,000
201-1410-519-7210 38,472
201-1410-519-7310 28,778
201-1500-514-7310 20,750
4,948,000
Section 3.Severability.If any section,clause,sentence,or phrase of this ordinance is
forany reason held invalid or unconstitutional bya court of competent jurisdiction,this holding
shallnotaffectthe validity of the remaining portions of this ordinance.
Section 4.Ordinances in Conflict.All ordinances or parts of ordinances andall
sections and parts of sections of ordinances in direct conflict herewith are hereby repealed.
Section 5.Effective Date.This ordinance shall become effective upon enactment.
7thPASSEDANDENACTEDthis172 day of November,2015.
ATTEST:APPROVED:
CITY CLERK
1st Reading-11/3/15
2nd Reading-11/17/15
READ AND APPROVED AS TO FORM:
LANGUA0C LEGALITY.
THEREC
Page 2 of2
COMMISSION VOTE:5-0
Mayor Stoddard:Yea
Vice Mayor Harris:Yea
Commissioner Edmond:Yea
Commissioner Liebman:Yea
Commissioner Welsh:Yea
^
THE QtY OF PLEASANT LIVING
OFFICE OF THE CITY MANAGER
INTER-OFFICE MEMORANDUM
To:TheHonorableMayor&MembersoftheCity Commission
From:Steven Alexander,City Manager
Copy:Alfredo Riverol,CPA,CGFM,CGMA,Cr.FA,ChiefFinancial Officer
Date:November 3,2015 AgendaItem No.:
Subject: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
FloridaStatue166.24 lprovides that:
(4)Thegoverningbody of each municipalityatany time withinafiscalyearor
()within 60 days following the end of the fiscal year may amend a.budget for that
year as follows:
(a)Appropriations forexpenditureswithin a fond maybedecreasedorincreased
bymotionrecordedin the minutesifthetotalappropriations of thefundisnot
changed.
(b)The governing bodymay establish procedures bywhichthe designated
budgetofficer mayauthorize budgetamendments if thetotalappropriations of the
'-.fund isnot changed.
(c)If abudgetamendmentis required forapurposenotspecifically authorized
inparagraph(a)orparagraph (b),the budget amendmentmustbeadoptedinthe
same manner as the original budgetunlessotherwise specified inthe
municipality's charter.
TheCityis working on closing fiscalyear 2015.PertheadoptedOrdinance,theCity has
refinanced certain outstanding bondsandinan effort toreflectthe approved refinancing
inthe adopted FY2015 budget,theDebt Service Fund's FY2015 approved appropriation
mustbeamendedtoreflectthetransactionthat occurred aspart ofthe refinancing.
TheproposedFY 2015 budgetamendmenttotheDebtServiceFundappropriationwill
reflectrevenueof the loanamountandan expenditure forthe amounts paid as part ofthe
refinancing.
j
Below is a detail of the line items within the Debt Service Fund which must be increased to
reflecttherefinancingwhichwasapprovedonMay 19,2015;
BB&T Bank Loan 2015 4,948,000 201-0000-384-1100
Closing Cost Breakdown
Bond Principle :1,610,000 201-1410-519-7110
BondPrinciple 3,250,000 201-1410-519-7110
1 Bond Interest 12,534 201-1410-519-7210
h ^ond Interest 25,938 201-1410-519-7210
FMLC Expense Reimbursement 4,215 201-1410-519-7310
CityofSouth Miami 1,805 20i-1410-519/7310
BB&T Bank Credit Fee &Counsel 5,000 20M410-519-7310
FirstSouthwest 17,759 201-1410-519-7310
Squire Sanders 20^750 201-1500-514-7310
TOTAL 4,948,000
Budget Amendment Increases:
201-0000-384-1100 4,948,000
201-1410-519-7110 4,860,000
201-1410-519^7210 38,472
201-1410-519-7310 28,778
201-1500-514-7310 20,750
4,948,000
Documentation:Ordinance 11-15-2218
Florida Statue 166.241
Debt Fund pages from Adopted BudgetFY 2015
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)V.
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ORDINANCE NO.11-15-2218
An Ordinance authorizing theissuanceof Capital Improvement Revenue
Refunding Note,Series 2015,intheprincipal amount nottoexceed 85,000,000,
forthe 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 suchNote;providing the
form,terms anddetails ofthe Note;awarding the Noteto 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 executeall necessary documents.
WHEREAS,theCity ofSouth Miami,Florida(the"City")has previously financed aportion
ofcertaincapital improvements intheCitywiththe proceeds of(i)aloanfromthe Florida Municipal
LoanCouncil(the "FMLC")pursuanttoaLoan Agreement datedasof November 15,2001 between
theCityand FMLC,currently outstanding inthe principal amount of$1,610,000 (the "2001 Loan"),
and(ii)aloanfromFMLCpursuanttoaLoan Agreement datedasof May 1,2002 betweentheCity
and FMLC,currently outstanding inthe principal amount of $3,250,000 (the"2002Loan"and,
togetherwiththe2001Loan,the"Prior Loans'3);
WHEREAS,theCitydesirestoissueits Capital Improvement RevenueRefundingNote,
Series2015(the"Note"),intheprincipalamountnottoexceed $5,000,000,to refinance allora
portion ofthePriorLoansinordertoachievedebtservicesavingsfortheCity;and
WHEREAS,theCitydoesnotexpectto issue morethan $10 millionintax-exempt
obligations duringcalendaryear 2015;and
WHEREAS,forthe reasons setforthinSection 14 of this Ordinance,theCityhas
determined thatitisinthebestinterestoftheCityto authorize the negotiated saleoftheNote;and
WHEREAS,theCityhas received a proposal from BranchBanking andTrust Company (the
"Bank")tomakealoantotheCitytobe evidenced bytheNoteand,subject tothe provisions ofthis
Ordinance,theCitywishestoacceptsuchloanandawardthesale of theNotetotheBank.
NOW,THEREFORE,BE IT ORDAINED BY THE MAYOR AND THE CITY
COMMISSION OF THE CITY OF SOUTH MIAMI,FLORIDA THAT:
Section 1.Recitals.Theaboverecitalsareincorporatedhereinasfindings.
Section 2*Definitions.Asusedherein,unlessthe context otherwiserequires:
"Act"means,as applicable,ArticleVIII,Section2 oftheConstitution oftheState ofFlorida,
Chapter166,FloridaStatutes,theCharteroftheCity of SouthMiami,andotherapplicable
provisions of law.
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Ord.No.11-15-2218
"Annual Budget**meansthe annual budget prepared bytheCityforeach Fiscal Year in
accordance with Section 12 below and in accordance with the laws ofthe State of Florida.
"Annual Debt Service"means,as ofany particular date ofcalculation,the annual debtservice
requirement for all DebtineachsuchBondYearexceptthatwith respect toanyDebt for "which
amortization installments havebeen established,the amount of principal coming due onthe final
maturity date with respect to such Debt shall be reduced bythe aggregate principal amount of such
Debt that istobe redeemed or paid from amortization installments tobemade in prior Bond Years.
"Bank"means Branch Banking and Trust Company,the purchaser of the Note.
"BondYear"meansthe annual period beginning onthe first dayof October ofeachyearand
ending onthe last day of September of the immediately succeeding year;provided however,that
when such term isusedto describe the period during which deposits are tobemadeto 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 onthe last day of preceding Bond
Year.
"Business Day"means any day whichisnota Saturday,Sunday or day onwhich banking
institutions in Miami-Dade County,Florida,are authorized tobe closed.
"City"means the City of South Miami,Florida,a Florida municipal corporation.
"City Manager"meanstheCity Manager ofthe City,orhisorher successor.
"Clerk"meanstheCityClerkorany Deputy Clerk ofthe City.
"Code"meansthe 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 ofthe Internal Revenue Service
(including published Revenue Rulings and private letter rulings)and applicable court decisions.
"Costof Essential Services"means the cost of services necessary for the conducting ofthe
public safety and general governmental operations oftheCity,as shown intherowstitled"General
Government"and"Public Safety"intheCity'saudited financial statements.
"Dated Date"means the date ofissuance ofthe Note.
"Debt"means as of any date and without duplication,allofthe following tothe extent that
they are payable inwholeorin part from any Legally Available Non-AdValorem Revenues:(i)all
obligations oftheCity for borrowed moneyor evidenced by bonds,debentures,notes orother similar
instruments;(ii)all obligations of the City aslesseeunder capitalized leases;and (hi)all
indebtedness of otherpersonstotheextent guaranteed by,or secured byLegallyAvailableNon-Ad
ValoremRevenues of theCity.
"Finance Director"meansthe Finance Director of the City,orhisorher successor.
010-8062-4827/4/AMERICAS
Ord.No.11-15-2218
"FinancialAdvisor"meansFirstSouthwestCompany,LLC.
"Fiscal Year"meanstheperiod commencing on October 1ofeachyearandendingonthe
succeeding September 30,orsuchother consecutive 12-month period as may be hereafter designated
asthefiscalyear oftheCity.
"FMLC"meanstheFloridaMunicipalLoan Council
"GoverningBody"meanstheMayorandCityCommissionoftheCity,oritssuccessorin
function.
"Holder"or "Noteholder"meanstheregisteredowner(oritsauthorizedrepresentative)ofthe
Note.
"legally AvailableNon-AdValoremRevenues"meansallrevenuesoftheCityderived from
anysourcewhatsoeverotherthanadvaloremtaxationonrealandpersonalproperty,including,
withoutlimitation,investmentincome,whicharelegallyavailableforthepaymentbytheCity of
debtserviceontheNoteorotherNon-Self-Supporting Revenue Debt,including,without limitation,
legally available non-ad valorem revenues derived from sources subjecttoapriorpledgethereoffor
thepaymentofother obligations oftheCityand available afterpayment of principal andintereston
suchotherobligations,butexcludingrevenuesderivedfromtherevenues ofanyenterprisefund of
theCity,excepttotheextentthat revenues derived fromsuch sources havebeen deposited intothe
City's General Fund.
"Maximum AnnualDebtService"means,asofany particular dateof calculation,the largest
AnnualDebtServiceinanyBondYear.
"Mayor"meanstheMayor oftheCityor,in the Mayor's absence,theViceMayor oftheCity,
andsuchotherpersonasmaybedulyauthorizedtoactonthe Mayor's behalf.
"Non-Self-Supporting RevenueDebt"means obligations evidencing indebtedness for
borrowed money,includingtheNote,(i)theprimarysecurityforwhichisprovidedbyacovenantof
theCitytobudgetandappropriateLegally Available Non-AdValoremRevenues oftheCityforthe
payment ofdebtserviceonsuchobligations,or(ii)primarilysecuredor payable from another source
of funds,butwithrespecttowhichtheCityhasalso covenanted tobudgetand appropriate Legally
Available Non-AdValoremRevenues of theCityforthepayment of debtserviceonsuch
obligations,providedthatobligations described inthisclause(ii)shallonlybe considered Non-Self-
SupportingRevenueDebttotheextenttheCityhasincludedinitsbudget(by amendment or
otherwise)thepayment of suchLegallyAvailableNon-AdValoremRevenuespursuanttosuch
covenanttopaydebtserviceonsuch obligations.t4Non-Self-Supporting RevenueDebt"shall
expresslynotincludeindebtednesspayablefromtherevenues of autilitysystem,oranyother
enterprise fund ofthe City,whichare pledged tothe payment ofsuch indebtedness.
tcNote"meanstheCity of SouthMiami,FloridaCapitalImprovementRevenueRefunding
Note,Series 2015,authorizedtobeissuedbytheCityintheaggregateprincipalamountnotto
exceed $5,000,000,the foim of which isattachedas Exhibit "A"hereto.
0l0-8062~4B27/4/AMERICA5
Ord.No.11-15-2218
"Ordinance"means this Ordinance,authorizing the issuance oftheNote,asthesamemay
fromtimetotimebe amended,modified or supplemented.
"Permitted Lender"meansanybank,trust company,savings institution or insurance company
thatisengagedasaregularpart of itsbusinessinmakingloansandauthorizedtodobusinessinthe
State.
"PriorLoans"means,collectively,(i)theloanfromtheFMLCtotheCitypursuanttoaLoan
Agreement datedas ofNovember 15,2001 betweentheCityand FMLC,currently outstanding inthe
principal amount of $1,610,000,and(ii)theloanfromFMLCtotheCitypursuanttoaLoan
Agreement datedasofMay1,2002betweentheCityandFMLC,currently outstanding inthe
principalamount of $3,250,000.
"Refinanced Loans"meansalloraportionofthePriorLoansbeingprepaidwiththeproceeds
of theNote,as determined bytheCity Manager tobeinthebest interest oftheCityinorderto
achievedebtservicesavings.
"State"means the State of Florida.
Section3.Authority forOrdinance.This Ordinance is enacted pursuant totheAct.The
Cityhas ascertained andhereby determined thatenactment ofthisOrdinance is necessary to carry out
the powers,purposes and duties expressly provided in the Act,thateach and every matter andthing
asto which provision is made herein is necessary in order to carry out and effectuate thepurposes of ^,
the City,in accordance with the Act and to carry out and effectuate the plan and purpose of the Act,(j
andthatthepowers oftheCityhereinexercisedareineachcaseexercisedinaccordancewiththe
provisions oftheAct and in furtherance ofthe purposes ofthe City.
Section 4-Ordinanceto Constitute Contract In consideration of the purchase and
acceptance oftheNotebythosewhoshallholdthe same fromtimetotime,the provisions of this
Ordinance shall beapartofthe contract oftheCitywiththe Holder,and shall be deemed tobe and
shall constitute a contract between the City andthe Holder,The provisions,covenants and
agreements hereinsetforthtobe performed byoronbehalf of theCityshallbeforthe benefit,
protectionandsecurityoftheHolderinaccordancewiththetermshereof.
Section5.Authority for Issuance ofNote;DesignationUnderCode;Prepaymentof
Refinanced Loans*Subject and pursuant tothe provisions hereof,anotetobe known as"Cityof
South Miami,Florida Capital Improvement Revenue Refunding Note,Series 2015"is hereby
authorized tobe issued inan aggregate principal amount notto exceed Five Million Dollars
($5,000,000)forthe purpose of refinancing the Refinanced Loans and paying the costs of issuance of
theNoteandof refinancing the Refinanced Loans.
TheNoteisherebydesignatedasa"qualifiedtax-exemptobligation"underSection
265(b)(3)(B)of theCode.
The prepayment ofthe Refinanced Loansis hereby authorized.
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Ord.No.11-15-2218
Section6.DescriptionofNote;Assignment and Transfer of Note.TheNoteshall be
issuedinone(1)typewrittencertificate,shallbedatedtheDatedDateandshallmature on May1,
2032.TheNoteshall bear interestfromtheDatedDateatafixedinterestrate,subjectto adjustment
asprovidedintheNote,of 2.80%perannum.Interest ontheNoteshallbecalculatedonthebasisof
a360dayyearconsisting oftwelvethirtydaymonths.AccruedinterestontheNotewillbepayable
semiannuallyonMay1andNovember1 ofeachyear,beginningonNovember 1,2015.Principalof
theNotewillbepayablein semiannual installments onMay1 and November1of each year,
beginningNovember1,2015,asshallbesetforthintheformofNoteattachedas Exhibit "A"
hereto.Additional details of the Note shallbeas provided in Exhibit "A"attached hereto.
TheNoteshallbeinregisteredform,containsubstantiallythesametermsandconditionsas
set forth in Exhibit "A"hereto,shallbe payable in lawful money oftheUnited States of America,
andthe principal thereof,interestthereonandanyother payments thereundershallbepayableby
check,wire,draftorbanktransfertotheHolderatsuchaddressasmaybeprovidedinwritingby
suchHoldertotheFinanceDirector.SolongastheNoteshallremainoutstanding,theCityshall
maintain andkeep books forthe registration andtransfer of theNote.
TheNotemaynotbe assigned or transferred exceptinwholeandinadenominationofnot
lessthan$100,000 toaPermittedLender,withthepriorwrittenconsent oftheCity.Innoeventwill
theNotebeassignedor transferred toanykind of trust.
Section 7.Execution of Note.TheNoteshallbeexecutedinthename of theCitybythe
manualsignature of theCityManager,theseal of theCityshallbeimprinted,reproducedor
lithographed ontheNote,andtheNoteshallbeattestedtobythemanualsignatureofthe Clerk.If
anyofficerwhosesignature appears ontheNoteceasestoholdofficebeforethe deliveiy ofthe Note,
such signature shallneverthelessbevalidand sufficient forall purposes.In addition,theNotemay
bearthesignatureof,ormaybesignedby,suchpersonsasattheactualtimeof execution oftheNote
shallbetheproperofficerstosigntheNotealthoughatthedate oftheNoteorthedateof delivery
thereofsuchpersonsmaynothavebeensuchofficers.
Section8.Note Mutilated,Destroyed,Stolenor Lost.IftheNoteismutilated,destroyed,
stolenorlost,theCitymay,initsdiscretion(i)deliveraduplicatereplacementNote,or(ii)paya
Note that has matured or is about to mature.A mutilated Note shall be surrendered to and canceled
bytheClerkoritsdulyauthorized agent TheHoldermustfurnishtheCityoritsagentproofof
ownership ofany destroyed,stolenorlostNote,post satisfactory indemnity,comply withany
reasonable conditionstheCityoritsagentmay prescribe,andpaytheCity'soritsagent's reasonable
expenses.
AnysuchduplicateNoteshallconstituteanoriginalcontractualobligationoftheCity
whetherornotthedestroyed,stolen,orlostNotebeatanytimefoundbyanyone,andsuch duplicate
Noteshallbeentitledtoequaland proportionate benefitsandrightsastolienon,and source ofand
security for payment from,the funds pledged tothe payment oftheNoteso mutilated,destroyed,
stolen or lost
Section9.Provisions for Prepayment TheNotemaybeprepaidpriortoitsmaturity,in
;)whole,but not in part,as provided in the form ofNote attached as Exhibit "A"hereto.
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Ord.No.11-15-2218
Section10.NoteNot to be General Indebtedness oftheCity.TheNoteshall not beor
constitutea general obligationorindebtedness oftheCitywithinthemeaningoftheConstitutionof
theState,butshallbepayablefromandsecuredsolelybythecovenant of the Cityto budget and
appropriateLegallyAvailable Non-Ad Valorem Revenues,inthemannerandtothe extent herein
andintheNote provided.NoHoldershalleverhavetherighttocompelthe exercise of thead
valorem taxing powerof the Cityor taxation inany form onanyrealor personal property topaythe
Note,the interest thereonoranyotheramountsdue thereunder,nor shall anyHolderbeentitledto
paymentofsuchprincipal,interestoranyother amounts due thereunder fromany funds ofthe City
otherthantheLegallyAvailable Non-Ad ValoremRevenues,allinthemannerandtotheextent
hereinandintheNote provided.The Holders shallhave nohen upon any realor tangible personal
property of theCity.
Section 11.Covenant to Budgetand Appropriate.The City hereby covenants to budget
and appropriate initsAnnual Budget,by amendment if necessary,from LegallyAvailable Non-Ad
Valorem Revenues ineachFiscalYear,sufficient moneys topaythe principal ofand interest onthe
Note and any other amounts due thereunder in such Fiscal Year,until theNoteis paid infull.Such
covenantand agreement onthepartoftheCityshallbe cumulative totheextentnotpaid,and shall
continue untilLegallyAvailableNon-AdValoremRevenuesorotheravailablefundsinamounts
sufficient to make all required payments shall have been budgeted,appropriated and actually paid.
Notwithstanding the foregoing covenant of the City,theCity does not covenant to maintain any
services or programs now provided or maintained bythe City which generate Legally Available Non-
Ad Valorem Revenues.
Such covenant tobudgetand appropriate does notcreateanyhenuponor pledge of such
Legally Available Non-Ad Valorem Revenues nor does it preclude theCity from pledging in the
futurea particular sourceorsourcesofnon-ad valorem revenues.Such covenant tobudgetand
appropriate Legally Available Non-Ad Valorem Revenues is subject inallrespects tothe payment of
obligations heretofore or hereafter entered into,including butnot limited tothe payment of debt
service on bonds andotherdebt instruments.However,the covenant to budget and appropriate inits
Annual Budget forthe purposes andinthemannerstatedhereinshallhavetheeffectofmaking
available in the manner described herein Legally Available Non-Ad Valorem Revenues and placing
ontheCitya positive duty tobudgetand appropriate,byamendment if necessary,amounts sufficient
tomeetits obligations hereunder;subject,however,inall respects tothe restrictions of Section
166.241(3),Florida Statutes,which provides,in part,thatthe governing body of each municipality
make appropriations foreach fiscal year which,in any one year,shall not exceed the amount tobe
received from taxation orother revenue sources;and subject further,tothe payment of services and
programs which arefor essential publicservices affecting the health,welfareandsafety of the
inhabitants ofthe City or which are legally mandated by applicable law.
Section12.Operating Budget;Financial Statements.Beforethefirstday ofeachFiscal
Year,the Governing Bodyshall prepare,approve andadoptinthe manner prescribed bylaw,a
detailed Annual Budget.Such Annual Budget shall,subject to Section 11 hereof,provide for
revenues sufficient to comply withthe City's obligations hereunder,includingany unsatisfied
obligations from prior Fiscal Years.TheCity shall annually provide tothe Bank a copy of the
Annual Budget andthe City's audited financial statements prepared in accordance with law,each
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Ord.No.11-15-2218
V )within thirty (30)days ofits completion and,in the case ofthe audited financial statements,within
180 days of theend of eachFiscal Year.
Section13.Issuance of Additional Non-Self Supporting Revenue Debt Exceptwith
respectto Non-Self-Supporting Revenue Debt issuedto refund existingNon-Self-Supporting
RevenueDebtwherethe aggregate debtserviceofthe refunding Non-Self-Supporting RevenueDebt
willnotbe greater thanthatforthe Non-Self-Supporting RevenueDebtbeing refunded,theCitymay
incur additional Non-Self-SupportingRevenueDebt only if,asset forth ina certificate oftheMayor
ortheCity Manager executed prior tothe issuance thereof,acopy ofwhich shall beprovidedtothe
Bank,theamount of LegallyAvailableNon-AdValoremRevenues,afterdeductingtheCost of
Essential Services that are not supported by ad-valorem tax revenues,equals orexceeds 1.25 times
the Maximum AnnualDebtServiceinall future BondYearsonalloutstandingDebtandtheDebt
proposedtobeissued.These calculations required above shall be determined usingthe average of
actualreceiptsfor the priortwoFiscalYearsbasedontheCity'saudited financial statements.
For purposes of calculating the foregoing,if anyDebt bears a rate ofinterest thatisnot fixed
forthe entire term oftheDebt(excludingany provisions that adjust the interest rate upona change in
tax law orinthetaxtreatment ofinterestonthedebtoruponadefault),thentheinterestrateonsuch
Debt shall beassumedtobethehigher of (a)the average rate ofactual interest bornebysuchDebt
duringthemostrecentcompletemonthpriortothedate of calculation,and(b)(i)forDebtthe
interestonwhichis excluded fromgrossincome oftheholders thereof for federal taxpurposes,The
BondBuyerRevenueBondIndexlastpublishedinthemonth preceding the date of calculation plus
one percent,or(ii)forDebttheinterestonwhichisnotexcludedfromthegrossincome of the
holdersthereof for federal taxpurposes,theyieldonaU.S.Treasury obligation withaconstant
maturityclosestto but notbeforethematurity date of suchDebt,asreportedinStatisticalRelease
H.15 of the Federal Reserve onthelastday of themonth preceding thedate of issuance of such
proposedDebt,plusthree percent (3%);provided,however,thatiftheCity shall have entered into an.
interest rate swap or interest rate capor shall havetakenanyotheractionwhichhastheeffect of
fixingor capping theinterestrateonsuchDebt for the entire term thereof,thensuchfixedor capped
rateshallbeusedasthe applicable ratefortheperiod ofsuchswaporcap,andprovided further that
if TheBondBuyer Revenue Bond Index orStatisticalReleaseH.15 of the Federal Reserveisno
longeravailableornolongercontainsthenecessarydata,suchothercomparablesource of
comparable data asselectedbythe Bank shallbe utilized intheforegoingcalculations.Forthe
purpose of calculatingtheforegoing,"balloon indebtedness*'(asdefinedintheimmediately
succeedingsentence)shallbeassumedtoamortizeoveraperiodnottoexceed20 years in
substantially equal annualpaymentsatthe interest ratesetforthintheinstrumentevidencingsuch
Debt if theinterestrateisfixedand,iftheinterestrateis notfixed,attherate calculated pursuant to
theimmediatelypreceding sentenceandanyputortenderrights ofa lender with respect toanyDebt
shallbeignoredandsuchDebtshallbeassumedtomatureasotherwiseprovidedinthe instrument
evidencing such Debt."Balloon indebtedness"isanyDebttwenty percent (20%)ormore of the
principalamount of whichcomesdueinanysingle Fiscal Year.
Section14.Award of Note by NegotiatedSale.Because of the nature of theNote,the
maturity oftheNoteandthe prevailing market conditions,andthe recommendations ofthe Financial
Advisor,the negotiated sale of the Note tothe Bank insubstantialaccordance with the Bank's
^)proposal dehvered to the City and dated April 15,2015 (the "Bank's Proposal"),is hereby found to
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Ord.No.11-15-2218
be in the best interests ofthe City and,upon compliance with the requirements of Section 218.385,(j
Florida Statutes,authorized;provided,however,thattheprovisionsofthis Ordinance andtheNote
shallcontroltotheextent of anyconflictwiththeBank's Proposal.
Section 15,Modification,Amendment or Supplement ThisOrdinance may be modified,
amended or supplemented bytheCityfromtimetotimepriortothe issuance oftheNotehereunder.
Thereafter,no modification,amendment or supplement of this Ordinance,orof any ordinance
amendatory hereofor supplemental hereto,maybemadewithouttheconsentinwriting of the
Holder.
Section16.Tax Compliance.Neither the City,noranythird partyoverwhom theCityhas
control,willmakeanyuse ofthe proceeds oftheNoteorofthe refinanced capitalimprovements at
anytimeduringtheterm of theNotewhichwouldcause the Note(i)tobe(a)a "private activity
bond"withinthe meaning of Section 103(b)(1)ofthe Code,or (b)an "arbitrage bond"withinthe
meaning of Section 103(b)(2)ofthe Code,or(ii)nottobea "qualified tax-exempt obligation"
withinthe meaning ofSection265(b)(3)(B)ofthe Code.TheCity covenants throughout thetermof
theNotetocomplywiththerequirements of the Codeandtotakeallactionsnecessarytomaintain
the exclusion from gross incomefor purposes oftheCodeofinterestontheNoteandthestatusof
theNoteasa"qualifiedtax-exemptobligation"tothesameextentasonthedateofissuance ofthe
Note.
Section 17-Events of Default;Remedies.
A.Events ofDefault.Any one or more of the following events shall be an "Event ()
ofDefault":
(i)theCityshallfailtopaythe principal oforinterestontheNotewhen
due;
(ii)theCityshall(a)admitinwritingits inability topayitsdebts generally
asthey become due,(b)file(orhave filed against itandnot dismissed within90 days)a petition in
bankruptcy ortake advantage ofanyinsolvency act,(c)make an assignment for the general benefit of
creditors,(d)consenttotheappointmentofareceiverforitselforforthewholeorany substantial
partofits property,or (e)be adjudicated a bankrupt;or
(iii)theCityshall default inthedueand punctual performance ofanyofits
covenants,conditions,agreementsandprovisionscontainedhereinorintheNote,andsuchdefault
shallcontinue for thirty (30)days after written notice specifying such default andrequiring thesame
tobe remedied shallhavebeengiventotheCitybytheHolderoftheNote;provided thatsuch
defaultshallnotbeanEvent ofDefault iftheCitywithinsuch30dayperiodcommences and carries
outwithduediligencetocompletion(althoughnotnecessarilywithinsuchthirty(30)dayperiod)
suchactionasisnecessarytocurethesame.
B.Remedies on Default.If an Event of Default shall have occunred and be
continuing,theHoldermayproceedtoprotectandenforceitsrights hereunder byasuit,actionor
specialproceedinginequityoratlaw,by mandamus or otherwise,eitherforthe specific performance
8
010-8062-4827/4/AMERlCAS
U
)
Ord.No.11-15-2218
ofany covenant or agreement contained herein orfor enforcement of any proper legal or equitable
remedyassuchHoldershalldeemmost effectual to protect and enforce therightsaforesaid.
No remedy herein conferred upon or reserved tothe Holder is intended tobe exclusive of any
other remedy or remedies,andeachand every such remedy shallbe cumulative,and shallbein
addition to every other remedy given hereunder ornowor hereafter existing atlaworinequity.
Nodelayoromission ofaHoldertoexerciseanyrightorpoweraccruinguponanyEventof
Default shallimpairanysuchrightorpowerorshallbe construed tobeawaiverofanysuchEvent
ofDefault,or an acquiescence therein;andeverypowerand remedy givenbythisarticlemaybe
exercisedfromtimetotime,andasoftenasmaybedeemed expeditious byaHolder.
Notwithstanding the foregoing,underno circumstances willthe remedies foranEventof
Defaultincludeacceleration of thepaymentoftheNote.
Section 18.General Authority.Theofficersandemployees of theCityarehereby
authorized anddirectedtotakeallother necessary actions and execute all necessary documents to
cany outtheprovisions of this Ordinance.
Section 19.Severability.Ifanyoneormore ofthecovenants,agreementsorprovisions of
this Ordinance shouldbeheld contrary toany express provision oflawor contrary tothepolicyof
express law,though notexpressly prohibited,or against public policy,or shall forany reason
*-v whatsoever beheld invalid,then suchcovenantsshallbenullandvoidandshallbedeemedseparate
()from the remaining covenants,agreements or provisions of this Ordinance or of the Note issued
hereunder,which remaining covenants,agreements and provisions shall remainin full force and
effect.
Section20.No Third-Party Beneficiaries.Except as herein otherwise expressly provided,
nothing inthis Ordinance expressed or implied is intended or shall be construed to confer upon any
person,firmor corporation otherthantheCityandthe Holder from timetotimeoftheNote issued
hereunder,any right,remedyorclaim,legalor equitable,underorbyreasonofthis Ordinance orany
provision hereof,this Ordinance andallits provisions being intended tobeandbeing forthesoleand
exclusivebenefit of theCityandtheHolderfromtimetotime of theNoteissuedhereunder.
Section21.Controlling Law;Officials of CityNot Liable.All covenants,stipulations,
obligationsand agreements oftheCitycontainedinthisOrdinanceandtheNoteshallbe covenants,
stipulations,obligationsandagreementsoftheCitytothefullextentauthorizedbytheActand
providedbytheConstitutionandlawsoftheState.No covenant,stipulation,obligation or agreement
contained inthis Ordinance ortheNoteshallbea covenant,stipulation,obhgationor agreement of
anypresentorfuturemember,agent,officeror employee oftheCityorthe Governing Bodyinhisor
herindividualcapacity,and neither themembersorofficers oftheGoverningBodynoranyofficial
executingtheNoteshallbeliablepersonallyontheNoteorshallbesubjecttoanypersonal liability
or accountability by reason ofthe issuance orthe execution ofthe Note by the City or suchmembers
thereof.
Q10-8062-4827/4/AMemCAS
Ord.No.11-15-2218
Section 22.Repeal of Inconsistent Ordinances.Ordinance No.18-12-2134 enacted
September24,2012ishereby superseded and repealed.In addition,allother ordinances or parts
thereofinconflictherewith are,totheextent of such conflict,superseded and repealed.
Section 23.Effective Date.This Ordinance shallbecome effect immediately upon its
enactment.
PASSED AND ENACTED this 19^_day of May,2015.
ATTEST:
CITY CLERK
1 st Reading:
2nd Reading:
5/5/15
5/19/15
READ AND
LANGU
EXE*
3PROVEDASTOFORM,
3GALITY,
THEREOF/
010-8062-4827/4/AMERICAS
APPROVED:
MAY
COMMISSION VOTE:5-0
Mayor Stoddard:Yea
Vice Mayor Harris:Yea
Commissioner Welsh:Yea
CommissionerLiebman:Yea
Commissioner Edmond:Yea
10
o
v.
o
EXHIBIT "A»
FORM OF NOTE
REGISTERED REGISTERED
No.R-$_
UNITED STATES OF AMERICA
STATE OF FLORIDA
CITY OF SOUTH MIAMI,FLORIDA
CAPITAL IMPROVEMENT REVENUE REFUNDING NOTE,SERIES 2015
Date of
InterestRate MaturityDate OriginalIssuance
180%May 1,2032 ,2015
REGISTERED OWNER:
PRINCIPAL AMOUNT:MILLION DOLLARS
KNOW ALL MEN BY THESE PRESENTS,thattheCity of SouthMiami,Florida,a
municipal corporation of theState of Florida (hereinafter calledthe "City")forvalue received,
hereby promises topaytotheRegistered Owner identified above,orto registered assignsor legal
representatives,butsolely from therevenueshereinaftermentioned,onthedates hereinafter
provided,the Principal Amountidentified above,and to pay,solely from suchrevenues,interest on
the Principal Amountremainingunpaid from timetotime,atthe interest rate perannumset forth
herein (the"NoteRate"),untilthe entire Principal Amount has beenrepaid.Principal ofand interest
onthisNote will bepaidby bank wire,check,draft or bank transfer delivered tothe Registered
Owner hereof at such address as may be provided in writing by the Registered Owner totheCity no
later than the close of business on the fifth Business Day (as defined inthe hereinafter described
Ordinance),next preceding each interest payment date (the "Record Date").Interest on this Note
shall be calculated onthe basis ofa360 day year consisting of twelve thirty day months.
Payments of accrued interest willbedueonMay1 and November 1 ofeach year,beginning
November 1,2015.Payments of principal onthisNotewillbedueonMay1and November 1of
eachyear,beginning November 1,2015,in accordance withSchedule1 attached hereto.
Each date when principal and/or interest on this Note is due isa "Payment Date/'If any
Payment Date isnota Business Day,the payment otherwise due on such Payment Date shall bedue
onthenext succeeding BusinessDayas if paid onsuch Payment Date.
Any payment ofprincipal hereofor interest hereonnot paid withinten (10)days ofwhendue
shall bear interest from the due date until paid at the lesser of (i)theNoteRate plus 2%per annum or
(ii)themaximum rate permittedbylaw.
A-l
010-6062-4827/4/AMERICAS
ThisNoteisissuedinthe principal amount of $to refinance the Refinanced
Loans (as definedinthe Ordinance defined below),pursuant tothe authority of andinfull
compliance withthe Constitution andlawsofthe State ofFlorida,including particularly ArticleVIII,
Section2of the Constitution ofthe State ofFlorida,Chapter 166,Florida Statutes and theCharter of
the;City (collectively,the "Act"),and Ordinance No.,enacted bythe Mayor and City
Commission oftheCityon ,2015 (the "Ordinance").
ThisNoteandthe interest hereon and anyotheramount due hereunder are secured by City's
covenanttobudgetand appropriate in each Fiscal Year from itsLegallyAvailableNon-AdValorem
Revenues,sufficient moneys topaythe principal of and interest onthis Note andanyother amounts
due hereunder,untilthisNotehasbeen paid infull,asmore particularly setforthinthe Ordinance,
Reference is hereby madetothe Ordinance for the provisions,among others,relating totheterms
and security for theNote,therightsand remedies of the Registered Owner of theNoteandthe
limitations thereon,andtheextent of andlimitationsonthe City's rights,dutiesand obligations,to
all ofwhichprovisionstheRegisteredOwnerhereofforhimselfandhis successors in interest assents
by acceptance of thisNote.Alltermsusedhereinin capitalized form,unless otherwise defined
herein,shall have the meaningsascribedtheretointhe Ordinance,
ThisNotehasbeen designated bytheCity as a "qualified tax-exempt obligation"under
Section265(bX3)(B)of the Internal RevenueCode of 1986,asamended(the "Code")*
If for any reason thisNotelosesits "qualifiedtax-exempt obligation"status under Section
265(b)(3)(B)ofthe Code (an "Event of BQ Loss"),this Note shall bear interest from the earliest .-^
effective date of such Event of BQ Loss at the Non-BQ Rate (hereinbelow defined).(J
NoEvent ofBQLossshallbe deemed tooccurunless theCityhasbeengiventimelywritten
notice of such occurrence bythe Registered Owner and,totheextent permitted bylaw,an
opportunity to participate inandseek,attheCity'sown expense,a final administrative determination
bythe Internal Revenue Service or determination bya court of competent jurisdiction (from which
no further right of appeal exists)astothe occurrence of such EventofBQ Loss;provided thatthe
City,atits own expense,delivers tothe Registered Owner an opinion ofbondcounselacceptable to
such Registered Ownerto the effectthatsuch appeal oraction for judicial oradministrative review is
notwithoutmeritand there isa reasonable possibility thatthe judgment,order,ruling or decision
from which such appeal or action for judicial or administrative reviewistakenwillbe reversed,
vacated or otherwise set aside.
"Non-BQRate"shall mean,uponanEvent ofBQLoss,the interest rate per annum that shall
provide the Registered Owner withthe same aftertaxyieldthatthe Registered Owner would have
otherwise received had the Event ofBQ Loss not occurred,taking into account the inability of the
Registered Owner to deduct a portion ofits carrying cost for thisNoteasaresultof such Event of
BQLoss.TheRegisteredOwnershall provide theCitywithawritten statement explaining the
calculation oftheNon-BQRate,which statement shall,inthe absence of manifest error,be
conclusiveand binding ontheCity.
If for anyreasontheinterestonthisNotebecomes includable inthegross income of the
Registered Owner for Federal incometax purposes (an "Event of Taxability"),this Note shall bear \
A-2
010-8O62-4827/4/AMERICAS
interest from the earliest effective date ofsuchEventofTaxabilityattheTaxableRate(hereinbelow
defined).
NoEvent of Taxability shall bedeemedto occur unlesstheCityhasbeengiventimely
written notice of such occurrence bythe Registered Owner and,totheextent permitted by law,an
opportunity to participate in and seek,at the City's own expense,afinal administrative determination
bythe Interna!RevenueServiceor determination bya court ofcompetent jurisdiction (fromwhich
no further right ofappeal exists)as tothe occurrence of such Eventof Taxability;provided thatthe
City,at its own expense,delivers tothe Registered Owner an opinion of bond counsel acceptable to
such Registered Owner totheeffectthat such appeal or action for judicial oradministrative reviewis
notwithoutmeritand there isa reasonable possibility that the judgment,order,ruling ordecision
from which such appeal or action for judicial or administrative review istakenwillbe reversed,
vacated or otherwise set aside.
'Taxable Rate"shallmean,uponanEvent ofTaxability,the interest rateper annum that shall
providetheRegisteredOwnerwiththesameaftertaxyieldthattheRegisteredOwner would have
otherwise received hadtheEvent of Taxability not occurred,taking into account the increased
taxable income ofthe Registered Owner asa result of such Eventof Taxability.The Registered
Owner shall provide the City with awritten statement explaining the calculation of the Taxable Rate,
which statement shall,intheabsence of manifest error,beconclusiveandbindingontheCity.
THIS NOTE SHALL NOT BE DEEMED TO CONSTITUTE A GENERAL DEBT OR A
-.PLEDGE OF THE FAITH AND CREDIT OFTHE CITY,OR A DEBT OR PLEDGEOFTHE
()FAITH AND CREDIT OF THE STATE OF FLORIDA OR ANY POLITICAL SUBDIVISION
THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL,LEGISLATIVE OR
CHARTER PROVISION OR LIMITATION,AND ITIS EXPRESSLY AGREED BY THE
REGISTERED OWNER OF THIS NOTE THAT SUCH REGISTERED OWNER SHALL NEVER
HAVE THE RIGHT,DIRECTLY ORINDIRECTLY,TOREQUIREORCOMPELTHE
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 ORPERSONAL PROPERTY FORTHE PAYMENT OF THE PRINCIPAL OF,AND
INTEREST ON THIS NOTE OR FOR THE PAYMENT OF ANY OTHER AMOUNTS
PROVIDED FOR IN THE ORDINANCE.
ThisNoteshallbeandhaveallthe qualities and incidents ofnegotiable instruments underthe
lawmerchantandtheUnifoitn Commercial CodeoftheState of Florida,subjecttotheassignment
provisionscontainedhereinand in the Ordinance.
Itis further agreed betweentheCityandthe Registered OwnerofthisNote that this Note and
the indebtedness evidencedhereby shall not constitute alienuponanyrealor tangible personal
property of orintheCity.Neitherthemembers of the governing bodyoftheCity nor any person
executingtheNote shall beliable personally onthe Note by reason of its issuance.
ThisNotemaybe prepaid bytheCity prior toits maturity,inwhole,butnotin part,onany
scheduled principal paymentdatewithout premium.
u
A-3
01O-BQ62-4827/4/AMERICAS
ThisNotemaynotbe assigned bythe Registered Owner exceptas provided inSection6 of
the Ordinance.Such assignment shall onlybe effective,and the City obligated to pay such asisignee,
upondeliverytotheFinance Director atthe address set forth below of awritten instrument or
instruments of assignment inthe form provided herein,duly executed bythe Registered Ownerorby
his attorney-in-fact or legal representative,containing written instructions astothedetails of
assignment ofthisNote,alongwiththe social security number or federal employer identification
number of such assignee.Inall cases of an assignment of thisNotetheCity shall attheearliest
practical time enterthechangeof ownership inthe registration books;provided,however,thewritten
notice ofassignment mustbe received bythe Finance Director no later thanthe close ofbusinesson
thefifth Business Day prior toa Payment Date in order for the assignee to receive theinterest and
principal payment due on such Payment Date.The City may conclusively relyontheauthenticity of
anyFonn of Assignment delivered toitin accordance withthis paragraph and accompanied by the
original of theNotetowhichit relates.TheCitymay charge theRegisteredOwnerforthe
registration ofeverysuchassignment oftheNoteanamountsufficientto reimburse itforanytax,fee
orany other governmental charge required tobe paid,except for anysuch governmental charge
imposedbytheCity,withrespecttothe registration of such assignment,andmay require thatsuch
amountsbe paid beforeanysuch assignment of theNote shall beeffective.
Anypaymentornotice required tobegiventotheBank hereunder shallbegiventoBranch
Banking and Trust Company at 5130 Parkway Plaza Boulevard,Building #9,Charlotte,North
Carolina 28217,Attention:AccountAdministration/Municipal,orsuchotheraddress oraddresses as
theBankshallprovidetheCityinwriting.Intheevent of anassignment ofthisNote,anypayment
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 (J
addresses asthe Registered Owner shall provide theCityin writing.Anynoticerequired tobegiven
totheCity hereunder shall be giventothe Finance Director at6130Sunset Drive,SouthMiami,
Florida 33143,orsuchother address or addresses astheCity shall providethe Bank orany future
holder of thisNoteinwriting
Itishereby certified andrecitedthatall acts,conditionsandthings required toexist,to
happen,andtobe perfonned precedent toandin the issuance ofthisNoteexist,have happened and
havebeen performed in regular and due form and timeas required bythelaws and Constitution of
the State of Florida applicable hereto,and that the issuance of theNote does not violate any
constitutional or statutory limitationor provision.
A-4
010-8082 -4827/4/AM£RtCAS
r^\IN WITNESS WHEREOF,the City has caused this Note to be executed in its name asof the
*date hereinafter set forth.
t )
The date ofthisNoteis ,2015.
CITY OF SOUTH MIAMI,FLORIDA
(SEAL)
By:
ATTEST:CityManager
"City Clerk v^'"A
READ AND APPROVED AS TO FORM,
LANGUAGE,LEGALITY AND
EXECUTION THEREOF:
By:
CityAttorney
A-5
010*8062-482 7/4/AMERICAS
FORM OF ASSIGNMENT
FOR VALUE RECEIVED,the undersigned herebysells,assignsandtransfersunto
^_______thewithinNoteandall rights thereunder,
andhereby irrevocably constitutes and appoints m
attorney to transfer thewithinNoteinthe books keptbytheCity for the registration thereof,with fall
powerof substitution inthe premises.
Dated:•_*__•
NOTICE:The signature ofthisassignment
must correspond withthenameasit appears
uponthe within Noteinevery particular,orany
SOCIAL SECURITY NUMBER OR changewhatever.
FEDERAL IDENTIFICATION NUMBER
OF ASSIGNEE
[Form of Abbreviations]
The following abbreviations,when used inthe inscription onthe face of thewithinNote,
shallbe construed asthoughtheywere written outin full according tothe applicable lawsor
regulations.
TEN COM -as tenants in common
TEN ENT -as tenants bythe entireties
JT TEN -asjointtenantswiththeright of survivorship andnotastenantsin common
UNIFORM TRANS MIN ACT-Custodian for
(Cust)(Minor)
Under Unifonn Transfersto Minors Actof
(State)
Additional abbreviations may also beusedthoughnotintheabovelist.
Name and address of assigneeforpaymentandnoticepurposes
Notice:Payment:-
Date:Assignee:
By:
Title:
A-6
010-8062-4827/4/AMEWCAS
O
o
u
r~
)
Payment Date
November 1,2015
May 1,2016
November 1,2016
May 1,2017
November 1,2017
May 1,2018
November1,2018
May 1,2019
November 1,2019
May 1,2020.
November 1,2020
May 1,2021
November 1,2021
May 1,2022
November 1,2022
May 1,2023
November 1,2023
May 1,2024
November 1,2024
May 1,2025
November 1,2025
May 1,2026
November 1,2026
May 1,2027
November 1,2027
May 1,2028
November 1,2028
May 1,2029
November 1,2029
May 1,2030
November 1,2030
May 1,2031
November 1,2031
May 1,2032
010-80S2-4827/4/AMEMCAS
SCHEDULE 1
A-7
Principal Amount Due
$
bb&i
BranchBankingand Trust Company
Governmental Finance
P.O.Box 714
Columbia,SC 29202
(803)251-1328
April 15,2015
Mr*Alfredo Riverol
Chief Financial Officer
City of SouthMiami
6130 Sunset Drive
South Miami,FL33143
Dear Mn Riverol:
Branch Banking and Trust Company ("BB&T")is pleased to offer this proposal for the financing
requested bytheCity of South Miami,FL ("City").
(1)Projects:Refunding Revenue Note,Series 2015 ("Note")
(2)Amount tobe financed:Nottoexceed$5,000,000
(3)Interest Rates,FinancingTermsandCorrespondingPayments:
Final Maturity BO Rate
May 1,2032 2.80%
o
Unless otherwise requested,principal and interest payments shall be due semiannually each May
1and November 1,commencing November 1,2015.Interest onthe principal balance oftheNote shall
accrue based ona 30/360 daycount basis.BB&Tmustapprove the final amortization schedule.
The interest rate stated above is valid for a closing not later than 45 days after today.Closing of
the financing is contingent upon completing documentation acceptable toBB&Tandits counsel.
BB&T's legal review expenses and underwriting fees for this financing transaction shall be
$5,000.00.All applicable taxes,permits,costsof counsel fortheCity and any other costs shall bethe
City's responsibility and separately payable bythe City.
The transaction willbe prepayable in whole onany regularly scheduled payment date without
penalty.
Thefinancingdocumentsshallinclude provisions thatwilloutline appropriate changestobe
implemented inthe event that this transactionis determined tobetaxableornonbankqualifiedin
accordance with Florida StateStatutesorthe Internal Revenue Service code.These provisions mustbe
acceptable toBB&T.In addition,any amount due hereunder not paid when dueshall bear interest ata
defaultrateequaltotheinterestrateontheSeries 2015 Noteplus 2%per annumfromand after ten (10)
days after the date due.,
V.)
()
ThestatedinterestrateaboveassumesthattheCityexpectstoborrow $10,000,000 or less inthe
calendar year 2015 and thatthe financing shall comply with die applicable IRS Code Sections 141,148,
149(e),265(bX3).BB&T reservestherightto terminate itsinterestinthisbidortonegotiateamutually
acceptable rate ifthefinancingisnotaqualifiedtax-exempt financing.
(4)Financing Documents:
It shall bethe responsibility of theCityto retain and compensate counsel to appropriately
structure the financing documents according to Florida State statutes.BB&T shall also require theCityto
provide an unqualified bond counsel opinion.BB&T and its counsel reserve the right toreview and
approve all documentationbefore closing.
(5)Security:
The Note shall be secured byacovenantto budget and appropriate from legally available Non-Ad
Valorem Revenues oftheCityin amounts sufficient to repay the principal and interest oftheloanwhen
due.
BB&T appreciates the opportunity to make this financing proposal and requests tobe notified
withintendaysofthisproposal should BB&T bethesuccessful proposer.
BB&T shall havethe right tocancelthisofferby notifying theCityofitselectiontodoso
(whether ornotthisofferhas previously been accepted bytheCity)if atanytime prior tothe closing
there isa material adverse change intheCity's financial condition,ifwediscover adverse circumstances
ofwhichwe are currently unaware,ifwe are unable to agree on acceptable documentation withtheCity
or if thereisachangeinlaw(orproposed change inlaw)that changes theeconomic effect of this
financing to BB&T.
Please call meat(803)251-1328 with your questions and comments.Welook forward to hearing
fromyou.
Sincerely,
BRANCH BANKINCL&NB^PKDSTTOMPANY
v.
Andrew G.Smith
Sr.Vice President
TotalDebt Service Savings $1,068,672
Average Annual Savings $62,863
Present Value Savings $828,748
PresentValueSavingsas%of Refunded Principal 17.05%
FinalMaturity 5/1/2032
Principal Amount $4,958,000
Total Debt Service $6,251,184
Total Interest Cost $1,293,184
Estimated Issuance Costs $58,154
Interest Rate 2.80%
All-in True Interest Cost 2.95%
Principal Amount Outstanding (after 5/1/2015)$4,860,000
Principal Amount Refunded $4,860,000
Average Coupon Refunded 5.06%
Final Maturity 5/1/2032
Prepayment Currently @100%
-Analysis ispre Ii mi nary and subject to change.
-Assumes closing of the refunding on May28,2015.
-Present value savings calculated attheall-intrue interest cost
-Savings figures net of estimated issuance costs.
o
J
o
o
Capital improvement Revenue Refunding.Note,S*
rpmasicing'SchGdule .".'";.:"/
ie.s!2015
4/15/15
4/15-21/15 :
A/22/15
4/23/15
5/5/15
5/19/15
TBD
5/28/15
mmsi&Mitiimm\ms&mmiMmm
aaaoDiaaicioficiaaEi
1 "2 3 4 1 2
5 6 ^8 9 10 tl 3 4 m 6 7 8 9
12 13 14 15 16 17 18 10 11 12 13 14 15 16
19 20 m 22 23 24 25 17 18 m 20 21 22 23
26 27 28 29 30 24 25 26 27 28 29 30
31
Gty Commission Meetings ore held every 1st and3rd Tuesday @7pm
BankLoanProposalReceivedby City
Completion of Ordinance/Loan Documents
Financing Documents providedto the City Clerkfor the AgendabyNoon
Provide FMLC Notice of Intent to Refund 2001A &2O02A Loans
FMLC begins preparation of Escrow Agreement
City Commission Meeting -Is1 ReadingofOrdinance
CityCommission Meeting-2ndReadingofOrdinance&ApprovalofLoan
Pre-closing
Closing &Transfer ofFunds
CityCityof South Miami,FL
BCBond Counsel -Squire Patton Boggs
FA financial Advisor -FirstSouthwest
BK Bank-BB&T
BKC Bank Counsel -Edwards Cohen
FMLC Florida MunicipalLoanCouncil/FMLC Counsel
ALL Working Group
8K/City
BC
BC
City
FMLC
City
City
All
All
r
MIAMI HERALD I MiamiHerdld.com
•CORAL GABLES
'CAPTURE GABLES'
PHOTO CONTEST
TOeCondGables Museum
isnow accepting photo sub-
missions for the fourth an
nual "CaptureCoralCables"
contest.The photography
contest Is open toall teens
and adults.
The contest isfreetoentet
Deadline toenterisMay4.
Photo categories include:
Portraicuje,Stteet Photogra
phy,Nature/Landscape.Ab
stractCulinary Arts aid Dig
italPhoto Manipulation.Ju
rors include Maggie StebeL
John B.Gyoell andJ.Brian
King.Grand prizes include
the Juror**Choice Awardand
achancetopresenta solo ex
hibit along with a Leica D-
Lux6.
Tosubmitaphoto entry*
visit www.capeure
coralgable9.0rg.
•MIAMJ
ADVANCED STUDIES
COLLEGE FORUM
Acollege fbrum including
theUniversityofPennsylva
nia,Massachusetts Institute
of Technology,Princeton,
Dartmouth andJohnsHop
kinswill beheld from 10 am.
tonoonMay9atthe Kfiami
DadeCollege Wolfcon Cam
pus,245NW Fourth St..
Room ZOO.
High school students are
invited to attend the forum
and team aboutthecomplex
admissionsprocess at top-
tieruniversities,Representa-
tilves will be available to
answer questions aboutad
mission,academics and fi
nancial aid
Registration Is requiredlb
register;visitwww.sa5.dade
NEIGHBORHOOD NEWS
charitable designation tore
ceivea donation.The South
MiamiPolice Explorers will
be awajrfedtfc&year-Thc city
commissionpassed a resolu
tionto waive parking meter
fees in thearea for the event.
The eventis supported by
BaptistSouthMiamiHospi
tal and Town Kitchen and
Bar
•CUTLER BAY
WHAT'S AT NEXT
CITIZENS MEETING?
The Concerned Citizens
of cutlerSaywillfeaturerep
resentatives from the state of
Hori<k'sDivisionofElderAf
fairsatitsMaymeeting
The meetingisfrom7to9
pjn.May5at the Cutler
Ridge United Methodist
Church,20740Old Cutler
Road.Two seminars will be
presentedatthe meeting,one
schoo&set For more infor
mation,contact Dennis Undr
sayat3QS»237-OS10.
•SOUTH MIAMI
ANNUAL TWILIGHT SK
RETURNS DOWNTOWN
For the 27th consecutive
year.South Miami's down-
town area wiE host the Twi
light 5K Walk/Run event
From6pjn,to8p.m>Sunday,
May3L
*Ine event starts on SW 74
Tezrace and 58th Avenue and
finishes near First National
Bank on57th Court Food.iun
and music will entrain those
whoattend and partake in the
event,operated by Team
Footworks Educational and
FitnessCorporation,a non-
for-piofit organization.
Each year,Team Foot
works Educational and Fit
ness Corporation awarda'
CITY OF SOUTH MIAMI
COURTESY NOTICE
NOTICE IS HEREBY giventhat the City Commisiion of the Cityof Sooth Mi«mi.Florida will conduct Public
Hearing^)at H*regular City Commission meeting scheduled for T^iefdj^Mav 19.2015 beginning at7:00 p.m.,inthe
CityCommission Chambers,6130SunsetDrive,toconsiderthe following itcm(s):
An Ordinate*authorizing the issuance of CapitalImprovement Revenue Refunding Note,Series2015,
inthe principal amount notto exceed $5,000,000,forthe purpose of refinancing certim ofthe City's
outstanding indebtedness and paying the costs ofissuance oftheNote andofrefinancing -such indebtedness;
covenanting to annually budget and appropriate funds Aom Legally Available Non*Ad valorem Revenues
to repay such Note;providing the form,tenna anddetails of thr Note;awarding (he Note to Branch
Banking and Trust Company by negotiated sale;nuking certain covenants and ogicemems inconnection
therewith;authorizing and directing officers and employees ofthe City to taKe all necessary actions and
executeall accessary documents.
ALL inletested partiesareinvited lo attendand will be heard.
Fot nunher information,pleasecontact the Oty Clerk's Officeah305-663-6340.
Maris M.Menendez.CMC
CityClerk
FurtMM toFfatfaStatutes 366.0105,tire City hereby advfecn thepublic ifaat ifa petfoo decides toappeal sny decide*aide by flwBoexd,Agency
orCommtoion withrape*to imy muter considered at its meeting or hearing,heor she willoeeo0recordof tbt proceeding!,ind thai forweh
purpose,affectedpenon rosyneedto «asws thaib vatatiin recordcfthe proeoedmgii is made whichrecord include*the testinwnyandevidence
upon which fte appealis Co be toed.
SE SUNDAY,MAY 3,201b I 39SE
for mils preventionandone
for safe hemes.The seminars
areintendedtoreduceinjury
risk and allow individuals to
stay comfbrtibk andsafein
theirhomesastheyage.
-CORAL GABLES
FAMILY DAY BIKE SALE
AT THE MUSEUM
The Coral GablesMuseum
willhostaFamilyDayBike
Sate from 2 to 5pm.May 9 at
285Aragon Aye.Guestscan
buyailtypesofusedbicycles
attheevent Admission to the
museum is free,
During Family Day,guests
canvisitthe "ARIcyele:Cy
clists Matter"and "Under
line:Make it Yours"exhibits.
Children can learn howto DJ
from D)ESelo of Scratch DJ
Academyfrom2 to 4pm At3
p.m.,the Miami Youthfor
Chamber Music will per
form..
To donate a bfcyde,call
3Q5-&&SQ67 ordropthebi
cycleoffattheMuseumfrom
9 a>m.to 6 p.m.Monday
through Friday,21 am to5
p.nt Saturday or noon to5
pjcn.Sunday.
•DEERJNG ESTATE
«SEAGBASSES AND
MANGROVES'SHOW
Part of the "Speaking Sus-
'tainably"mmand lecture se
ries*theDeeringEstatewill
hostafreescreeningof Sett-
grasses and Mangroves at7
pmMay27at 36701 SW 72nd
Ave,
The film explorestheen
dangerednatureof seagiass-
«andmangroves,whichare
in declineglobally.Screening
is opentothe public For
more information*visit
www.decringestate.org.
LEARN -PREPARE -PROTECT
DEFEND WHAT YOU LOVE
TOP-GUN
FIREARMS TRAINING CLASSES
PROTECT YOURSCLP NOW
GOT YOUR CCW PERMIT
CCW -CONCEALED CARRY WEAPON
•DON'T BB A VICTIM •BC FKEPAR6D
•DON'T BE ANOTHER CRIME NUMBER
Si LIFE IS PRECIOUS -SAVE YOURS
•PONT BE HELPLESS -gTANP TALL
*CCW CLASS SPKCIAL IS ONLY $49
*»INBTBUCTORS are nha ckktifieo
ft IT TAKBS LESS THAN 2 HOURS
*cqnvbnicntly located
*YOU WILL HKCttlVEr
♦NRA DIPLOMA
♦AGA DIPLOMA
LIMITED TIME &4*.OFFER
DO NOT MISS IT
CALL NOW;
305 600*490
1*889-5130312
TOP-CUN mNKARMStflAINlNO
SCHVIN8 TWG PUBLIC SINCE W*
lie.NO.»»»03*0|7L917<»
2BSE |SUNDAY,MAY TO,2015 SE MiamlHerald.com |MIAMI HERALD
^Community Meeting SOAPBOX
Public Works and
WasteManagementDepartment
Community Meeting
Drainage Improvement Project#20130263
Main HighwayfromRoyalRoadto McFartane Road
Noticeis hereby given Itiat tha Miami-DadeCountyPubOcWorks anil Waste Management Department
(PWWM)will conduct a Community ffleetfna regarding thesubjectproject on Tuesday,Way19,2015,
from6:30pmto 8r00 pm atthe dty oi Miami City Hall,located at 350(7 PanAmerican Drive.Coconut
Grove,33133.
This Community Meeting willbe conducted to provide areabusinessesandresidents with information
rotated totheconstruction phaseofthis project.Trie scopeofwork forthisprojectconsistsoftheretrofitting
ofOta existing,drainage system,whfch hasexceeded its(He expectancy andhasbeencompromised bytree
rootIntrusion,funding forthisprojectwgi be provided by trioGeneralObligation Bond(GOB]program.The
project is listed m the County's 2014-2015 Capital Budget Book.
The construction plans,maps,drawingsandotherpertinent information developedby PWWM wit)ba
available tor public review at the meeting sitefrom6:30 pmuntil 7:30pmonthedayoftriemeeting.The
first partof ttie Community Meeting provides an opportunity forattendeestoviewthe construction plans
andto discuss the project with PWWM staff.During thesecondpart,which is expected to begin at 730 pm.
(here will bea brief presentation ofthe project,followed bya question andanswerperiod fortheremainder
of the meeting.
Itisthe policy ofMiami-Dado County tocomply withalfoftherequirements oftheAmericans withDisabilities
Act(ADA)of1990.Themeeting facility rsADA accessible,forsign language interpreters,assistivelistening
devicesor materials m accessible format,pleasecat)30S-375-45S2 atleast five (5)businessdaysin
advance.
Site of fire,station
'about polities'
This letter follows the
council meeting ofPalmetto
BayonMay 4,2015:
As I presented at the
meeting theescalating,tar
geted harassment of my
neighbor,Itoofeelthetear
and insecurity ofactionsby
afew,specificallyoneresi
dent AND the actions and
inactions of our mayor and
council members.I will re
peat thatleaving unmarked
boxes ona doorstep isnot
funny norshouldbe accept*
edbythis mayor otcouncil
oranybodyinthe Village.
Unmarked boxes ata school
^would cause a lockdown or
atanairportwould dose the
airport.Nor should "cele-
orations"be acceptable es
pecially when council mem-
bars know about it AND
participate (a celebration
where Just one invitation
was given.).This person/
peopleare causing fear and
Justas importanta misuse of
public funds andresources
asthepolicehave needed to
intervene The children of
thisvillagedon'tbehavelike
this.
Havingsaidallofthis,itis
apparenttomanyandnow
to all that the location ofthe
fire station was NEVER
about coverage or response
times.It was about politics*
harassment,secret meet-
logs and sticking it to a
neighbor who disagreed
with yourpoliticsorsup
portedanothercandidateor
issue.So when the first
alarmbellrings one morn-
ingaround8 ajn.and the
truck carft access Old Cut
ler Road and the cars cant
move because of the newCITYOFSOOTHMIAMI
COURTESY NOTICE
NOTICE IS HEREBY given that the Cily Commission ofthe City of South Miami,Florida will conduct Public
Hearing^)atitsregular CityCommission meeting scheduled for Tnesdav.Mnv 19.2015 becinninp at7:00 pan.,inthe
City Commission Chambers,6130Sunset Drive,to consider the following itetn(s);
An Ordinance authorizing the issuance ofCapital Improvement RevenueRefunding
Note,Series 2015,intheprincipal amount nottoexceed $6,000,000,forthe purpose
ofrefinancingcertainoftheCity'soutstanding Indebtedness andpayingthecostsof
issuance of the Note and of refinancing such Indebtedness;covenanting to annually
budgetandappropriatefundsfrom Legally Available Non-Ad Valorem Revenues to
repaysuch Note;providing the form,termsanddetailsofthe Note;awarding the
NotetoBranch Banting andTrustCompanyby negotiated sale;makingcertain
covenants and agreements in connection therewith;authorizing anddirectingofficers
and employees oftheCitytotake all necessary actionsandexecute all necessary
documents,
AIL interested parries are rnvjtedtoattendandwillbeheard.
Forfurther information,please contact the City Clerks Office at:305-663-6340.
MariaM.Mencndcz,CMC
City Clerk
Pursuant to Florid?Statutes 286.0J05,th»City berebyadvises tic public lootifapersondecides to appeal anydecision rote by this 0o*rd..Agmcy
or dmuBiuton wiuifcsf ecttoapymattereontidftied «f itsmcttfouor hearing,he or sbcwilt needa record of theproceedings,andthatfor«ucn
pucoos*.afibctert pa*M»may need to emwretbsl n vmbunm recordofthe ptoeeeding*U wade whichimord includesthe testioioty and «vi<hsc»
uponwhich (he appeal Istobebased.
extended street curb,and
the truck can't goeastor
west (except by accessing
Farmer Road to 136th)and
the response time is not fas
ter than IS minutes,Ido sin
cerely hope none of these
people made the call
And am thankful they can
walk to my house!
—Usa GraanberpA PalmettoBay
NEIGHBORS CALENDAR
.CAUNDAR,FROn275E
ChtWNetCorefor KWs Luncheon
tenanting thechildreninmechild
welfaresystemin Broward County.
PresentedbyBoles,Schiller and
Ffexner UP.the luncheon willhonor
Lorrainemoras,widowof De»e
Thomas founder ot wenayt restaii'
rants.Cave wasadoptedasa baby
and committed hispnJiantnropJc (lie
to advocating andsupporting
adoption issues.MayISW0 am.-?
pm $7S Piflftop Lounge 2301S£.
m %.FortLauderdale.
Annual Simmer Spree Auction The
Att ofSouth Florida's 20th Annual
SummerSpreeAuction,wis feature
flavor fu!cuisinepreparedby the.
Marriott'sChef,hors dtouvres
complimentsform ElGranInto
Restaurant Tho OldLisbonRestau
rant,Joybon Baking Products,
Mimmo's ItalianMarket Aldler
Wormier,GablesDelightsandMama's
Gtuva Bars.Taste wines compliment
of €1Carejo.playonthecasino
tanks,win excitingraffleprizes,And
participate ina thrilling liveMiction
featuringworldwidetripswith
auctioneer Mr.Michael Guyor.among
hundreds of silent auction items.
•May155*5 pm-lOpm $75ad
vance;$85dayof event www.sum-
mcrspreeeMCtieacom Marriott Miami
Airport Hotel 1201NW LeJeune Rd„
Miami.
Artists tn Action!with Christina
Mttnson HearChristina Pettersson
speak about herwort,creative
inspirations,andrecentprojects,
Christina ftttersson*workexplores
resurrecttdn and savage demise on o
grandscaleoncereservedforhistory
painting.Her targagraphiteworks
onpaperreference classic mytholo
gyand literature,and inck/de herself
as therecurringfemale ilguw
surroundedby 3ftiTttH.mostpartic
ularly birds,PathArtistsin Action!
presenter isalso commissioned by
•TURN TO CALENDAR USE
10/26/2015 Statutes &Constitution:View Statutes :Online Sunshine
Select Year:2015 •Go
The 2015 Florida Statutes
Title XH Chapter 166 View Entire Chapter
MUNICIPALITIES ;MUNICIPALITIES
166.241 Fiscal years,budgets,and budget amendments.-
(1)EachmunicipalityshallestablishafiscalyearbeginningOctober1 of eachyearand ending
September 30ofthe following year.
(2)The governing body ofeachmunicipality shall adoptabudgeteach fiscal year*Thebudgetmust be
adopted by ordinance or resolution unless otherwise specified in the respective municipality's charter.The
amount availablefrom taxation and other sources,includingbalances brought forwardfrompriorfiscal
years,must equal the total appropriations for expenditures and reserves.Ataminimum,the adopted
budget must showforeachfund,asrequiredbylawandsound financial practices,budgeted revenues and
expenditures by organizational unit whichareatleastat the level of detail requiredfor the annual
financial reportunders.218:32(1).Theadoptedbudgetmust regulate expendituresof the municipality,
andanofficerofa municipal government maynotexpendorcontract for expendituresinany fiscal year
except pursuantto the adopted budget.
"•(3)'Thetentativebudgetmustbe posted onthe municipality's official websiteatleast2 days before
the budget hearing,heldpursuantto s.200.065 orotherlaw,to consider suchbudget.The final adopted
budget must be posted on the municipality's official website within30days after adoption.If the
municipality doesnot operate anofficial website,themunicipalitymust,within areasonableperiod of
time as established by the county or counties inwhich the municipalityislocated,transmit the tentative
budget andfinal budget to the manageroradministrator of suchcountyor counties whoshallpostthe
budgets on the county-s website,
(4)The governing body ofeachmunicipalityatany time withinafiscalyearorwithin60daysfollowing
the endof the fiscalyearmayamenda budget forthatyear as follows:
(a)Appropriationsfor expenditures within afundmaybedecreasedor increased bymotionrecordedin
the minutesif thetotal appropriations ofthe fund isnot changed.
(b)the governing body may establish procedures by which the designated budget officer may authorize
budget amendments if the total appropriationsof the fundisnotchanged.
(c);If abudgetamendmentis required fora purpose not specifically authorized in paragraph (a)or
paragraph (b),the budget amendment must beadoptedin the samemanneras the originalbudget unless
otherwise specified in the municipality's charter.
(5)If the governing body ofa 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 periodof 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 'v_)
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:/Avww Jeg.state.fl.u$/Statutes/indexxfm?Appjnrxle=66.241 .html 112
10/26/2015 Statutes&Constitution :View Statutes :Online Sunshine
Copyright c 1995-2Q15 The Florida Legislature *Privacy Statement •Contact Us
C)
o
http:/Arvww.leg.stateA^2/2
Sou#Miami
tHE CITY OF PLEASANT LIVlfoG
DEBT SERVICE FUND
CITY OF SOUTH MIAMI FUND 201
TheDebt Service Fund has been established in aneffortto make clearly the City scurrent Long Term
Liability.TheCityhasseveralloansoutstandingwiththe Florida Municipal Loan Council (FMLC).The
council,asa subsidiary ofFlorida League ofCitiesadministersthe Florida Municipal Loan Program.Small
and mediumsizedcitiesinthe state obtain loansfromthe FMLC,throughbondsandbackedby MBIA
Insurance Corporation.
|nthiscurrent Fiscal Year,the CityofSouth Miami has no intention of issuing any additional debt tohelp
fundanyrecurring or nonrecurring capitalimprovementprojects.
Gibson-Bethel Community Center (previouslyknownas South Miami Multi-Purpose
Center)
On April 10,2001 TheCityofSouth Miami Commission adoptedOrdinance II -01 -1742 authorizing the
City Manager toenter into agreement with the Florida Municipal Loan Council forthe borrowing of $2.5
millionand using South Miami Hospital'sannualcontribution of $150,000.ThisCommissionadministers a
loan program withavariablerate revolving loanpool uniquely designedforFloridalocalgovernments.
FundingfortheprogramwasthroughanAAArated tax-exempt bondissueadministeredbythe Florida ,~<
League of Cities on behalf of local governments in order to achieve better economies of scale.The (J
program was created pursuantto Chapter 163,part I,of Florida Statestatutes,forthepurpose of
issuing the bonds.
In 1998,the Citywasawardeda grant bytheSafeNeighborhoodPark Agency to construct amulti
purposecenterat Murray Park.The SNP Grant required a dollar for dollar match,and contingent upon
the City utilizing itsownmatchbeforethe Agency releaseditsown.Thepurposeofthemultipurpose
community center is to providesocialandrecreational activities for all residentsofSouth Miami.
CITY OF SOUTH MIAMI BUDGET FY 2014-2015 223
u
lami
THE CITY OF PLEASANT LIVING
FLORIDA MUNICIPAL LOAN COUNCIL BOND 2001 a
FY DATE PRINCIPAL INTEREST FEES PAYMENT BALANCE
m illlllBIli lilil
Ml%m &$««6
9/30/2016
II/I/20I5
5/1/2016
60,000 40,288
38,713
1,055
1,025
101,343
39,738 1,550,000
9/30/2017
II/I/20I6
5/1/2017
65,000 38,713
37,006
1,025
993
104,738
37,999 1,485,000
9/30/2018
lt/l/2017
5/1/2018
70,000 37,006
35,169
993
958
107,999
36,126 1,415,000
9/30/2019
11/1/2018
5/1/2019
75,000 35,169
33,200
958
920
111,126
34,120 1,340,000
9/30/2020
11/1/2019
5/1/2020
75,000 33,200
31,419
920
883
109,120
32,301 1,265,000
9/30/2021
11/J/2020
5/1/2021
80,000 31,419
29,519
883
843
112,301
30,361 1,185,000
9/30/2022 ll/i/2021
5/1/2022
85,000 29,519
27,500
843
800
115,36!
28,300 1,100,000
9/30/2023 il/i/2022
5/172023
90,000 27,500
25,250
800
755
118,300
26,005 1,010,000
9/30/2024
11/1/2023
5/1/2024
90,000 25.250
23,000
755
710
116,005
23JI0 920,000
9/30/2025
11/1/2(84 95,000
5/1/2025
23,000 710
20,625 663
118,710
21,288 825,000
9/30/2026
11/1/2025
5/1/2026
100,000 20,625
18,125
663
613
121,288
18,738 725,000
9/30/2027
11/1/2026
5/1/2027
105,000 18,125
15,500
613
560
123,738
16,060 620,000
9/30/2028
11/1/2027
5/172028
110,000 15,500
IZ750
560
505
126,060
13,255 510,000
9/30/2029
11/1/2028
5/t/2029
120,000 12,750
9,750
505
445
133,255
10,195 390,000
9/30/2030 11/1/2029
5/1/2030
125,000 9,750
6,625
445
383
135.195
7,008 265,000
9/30/2031
11/172030
5/1/2031
130,000 6,625
3,375
383
318
137.008
3,693 135,000
9/30/2032 11/1/2031 135,000 3,375 318 138,693
TOTAL 2,200,000 2,080,771 56,588 4,337,359
u
CITY OF SOUTH MIAMI BUDGET FY 2014-2015 224
South^Miami
THE CITY Of PtEASANT LIVING :
CITY OF SOUTH MIAMI MUNICIPAL PARKING GARAGE
The City secured financing forthe design and construction of the Municipal Parking Garage onSW 73rd
Street.
The CityofSouth Miami entered intoaleaseagreementwith Mark Richman Properties Inc.(MRP)to
manage the municipal garage.The Parking Garage exists of ground floor retail space and restaurants with
4-floors ofpublic parking.
MRP compensates the citya minimum rent guaranteedpaymentinadditiontothepaymentofalldebt
serviceonthe Florida LeagueofCitiesBonds Issued.Paymentofthe debt service shall commenceasto
the amount drawn on the Florida League of Cities Bond Issue andany other debtonthe date thefunds
were drawnandare payable inaccordancewiththe principal andinterestpaymentscheduleestablished
bythe Florida Municipal Loan Council (FMLC)fortheCityof South Miami pursuanttothe issuance of
FMLC Revenue Bonds,series 2002A and 2006.
Interest ispaidatthe same rate as the city's rate of interest on the bonds together with a pro-rata share
of all the totalamountof the borrowingsoas to include amortizedexpensesofthebond,andallcosts
associated with the bonds.
Furthermore,in March of2008,theCity Commission authorizedtheCity Manager to executean
additional loan with SunTrust Bank forOne Million Dollars.The purpose ofthe SunTrust loan was to Y"~\
repay $300,000 tothe City's reserve account,which funds were utilized for improvements made tothe \v /
street immediately adjacent to the parking garage.Seven hundredthousand dollars fromtheSunTrust
Loanwasearmarkedforthe completion ofthe 'construction of theparking garage.
MRP isnot subsidized bytheCityand pays its full shareof borrowing expenses.Thefundsusedby MRP
for design andconstructionofthe parking garageprojectrepresent 83.36%ofthe funds borrowedon
the Bonds and 70%of the SunTrust Loan.
Background on "Private Loan"and "Private Activity".$2,500,000 ofthe proceeds ofthe 2002 Loan
were inturnloanedtotheDeveloper("Developer Loan")onJune 12,2002.TheCity also enteredinto
a Lease AgreementwiththeDeveloperon March 11,2005 ("Developer Agreement")whereby the
Developerwouldoperatethe Garage Projectand retain certain income fromthe Garage Projectfor a
termof50 years from the opening date ofthe Garage Project.Thus the Developer Agreement expires
in 2057as the Garage Project was completed in2007.Thesetwoactions constituted an impermissible
privateloanand impermissible private activity,respectively,underSection 141 of the Internal Revenue
Codeof 1986,as amended ("Code"),adversely affecting the governmental status ofthe Council Bonds.
The private loain arose immediaitely upon making the Developer Loan.The private activity did not arise
atthetimeofthe Developer Agreement.It did notoccur until parking rateswere first charged at the
Garage Project inJanuary of 2008.
IRS Proceduresand Negotiations.On July 13,2010,the City,jointly withtheIssuer (FMLC),
approachedtheInternalRevenue Service ("IRS")toseek permission to apply forasettlementunder
the Voluntary Compliance Agreement Program ("VCAP")in orderto preserve thetax exempt status ()
CITY OF SOUTH MIAMI "BUDGET FY 2014-2015 ~~72S
Sou#Miami
THE CJTY OF PLfASANT LIVING
of the CouncilBondsandthe2009 SunTrust Loanunder the Code.Asthenameimplies,theVCAP
program involves a self-reporting of potential problems with atax exempt issueor series oftax
exempt issues and thatis what theCityundertook.Theprocedureisthereforesomewhatdifferent
thanan IRS Examination becauseitis self-reported and typically more beneficial toanissuerof tax
exempt bonds.The IRS granted permission foraVCAP and onAugust 13,2010,theCityandthe
Issuer jointly submitted a Request for Closing Agreement Pursuant'to Internal Revenue Manual Section
7.2.3.3 which outlines the VCAP procedures.An IRS Agent was assigned tothe CityYVCAP request <
Aseriesofexploratory calls commencedas the agent began todevelopthe case,Thereafter,
negotiations ensued to attemptto resolve all issues with tine IRS and protectthe status ofthe Council
Bondsand the 2009Sun Trust Loan under theCode.Specifically,discussionsfocusedondetermining
any settlement amount tobe paid tothe IRS to resolve the matter,the language ofthe settlement
agreement,and the amount of Council Bonds and 2009 SunTrust Loan tobe redeemed,orifnot
immediately eligible forredemption,defeased until thefirstredemptiondate.The IRS andCityof
South Miami came to an agreement and duetothis issue,defeased a partial amountofthe2002A and
2006 FMLC Bonds and all oftheSunTrust2009 loan.TheCity'snew loan whichwasusedtodue
accomplish the required negotiation is thenewSunTrust 2011 loan for $7,575,000.
o
;v....
CITY OF SOUTH MIAMI BUDGET FY 2014-2015 226
9/30/2016
II/I/I5
5/1/16
9/30/2017
11/1716
5/1/17
9/30/2018
II/I/I7
5/1/18
9/30/2019
II/I/I8
5/1/19
9/30/2020:
II/I/I9
5/1/20
9/30/2021
11/1/20
5/1/21
9/30/2022
11/1/21
5/1/22
9/30/2023
11/1/22
5/1/23 :
9/30/2024
11/1/23
5/1/24
9/30/2025
11/1/25
5/1/25
9/30/2026
11/1/25
5/1/26
9/30/2027
11/1/26
5/1/27
9/30/2028
11/1/27
5/1/28
9/30/2029
11/1/28
5/1/29
9/30/2030
11/1/29
5/1/30
9/30/2031
11/1/30
5/1/31
9/30/2032
11/1/31:
5/1/32
TOTAL
CITY OF SOUTH MIAMI
South*Miami
THECITYOF PLEASANT L1VINC
83,37188 X500.00
125,000.00 83,371.88 2,500.00
79,934:38 2,500.00
130,000.00 79,934.38 2,500.00
76,359.38 £500.00
135,000.00 76,359.38 2,500.00
72,646.88 Z500.00
145,000.00 72,646:88 2,500.00
68,659.38 2,500.00
155,000.00 68,659.38 2,500.00
64,78438 2300.00
160,000.00 64,784.38 2,500.00
60.784.38 2,500.00
170,000.00 60,784.38 2,500.00
56,534.38 2,500.00
175,000.00 56,534.38 2,500.00
52,159.38 2,500.00
185,000.00 52,159.38 2,500.00
47,534.38 2,500.00
195,000.00 47,534.38 2,500.00
42,659.38 2,500.00
205.000.00 42,659.38 2,500.00
37,534.38 2,500.00
215,000.00 37,534.38 2,500.00
32,159.38 2,500.00
230,000.00 3%159.38 2,500.00
26,265.63 2,500.00
240,000.00 26,265.63 2,500.00
20.115.63 2,500.00
250,000.00 20,115.63 2,500.00
13,709.38 2,500.00
260,000.00 13,709.38 2,500.00
7,046.88 2,500.00
275.000.00 7,046.88 2,500.00
3,690,000 2,412,844 96,000
BUDGET FY 2014-2015
83.372
208,372 .3,125,000
79,934.
209,934 2,995,000
76.359
211.359 2.860.000
72,647
217,647 Z715,000
68,659
223.659 2,560,000
64,784
224.784 2.400.000
60.784
230,784 2.230.000
56.534
231,534
52,159
2,055,000 o
237,159 1,870,000
47,534
242,534 1,675,000
42,659
247,659 1,470,000
37,534
252,534 1,255,000
32,159
262,159 1,025.000
26,266
266.266 785,000
20,116
270.116 535,000
13,709
273,709 275,000
7.047
282,047
6,102,844
227
O
o
SoutlrMiami
THE GCTY OF PLEASANT LIVING
FLORIDA MUNICIPAL LOAN COUNCIL BOND 2006
FY DATE PRINCIPAL INTEREST FEES
88Bii«Bi
SB®
fllllli wmmm
mgm
9/30/16 10/01/15
04/01/16
35,000 29,834
28,959
2,000
2,000
9/30/17 10/01/16.
04/01/17
40,000 28,959
27,959
2,000
2,000
9/30/18
10/01/17
04/01/18
40,000 27.959
26,959
zooo
2,000
9/30/19 10/01/18
04/01/19
40,000 26,959
25,959
2,000
2,000
9/30/20
10/01/19
04/01/20
45,000 25,959
25,059
2,000
2,000
9/30/21
10/01/20
04/01/21
45,000 25,059
24,131
ZOOO
2,000
9/30/22
10/01/21
04/01/22
50,000 24,131
23,100
2,000
2,000
9/30/23
10/01/22
04/01/23
50,000 23,100
22,069
2,000
2,000
9/30/24
10/01/23
04/01/24
55,000 22,069
20,934
Z00O
2,000
9/30/25
10/01/24
04/01/25
55,000 20,934
19,800
2,000
2,000
9/30/26 10/01/25
04/01/26
60,000 19,800
18,563
2,000
2,000
9/30/27 10/01/26
04/01/27
60,000 18,563
17,325
2,000
2,000
9/30/28
10/01/27
04/01/28
60,000 17,325
15,975
Z000
2,000
9/30/29
10/01/28
04/01/29
65,000 15,975
14,513
2,000
2,000
9/30/30
10/01/29
04/01/30
70,000 14,513
12,938
2,000
2,000
9/30/31
10/01/30
04/01/31
70,000 12,938
11,363
2,000
2,000
9/30/32
10/01/31
04/01/32
75,000 11,363
9,675
2,000
2,000
9/30/33 10/01/32
04/01/33
80,000 9,675
7,875
2,000
2,000
9/30/34
10/01/33
04/01/34
80,000 7,875
6,075
2,000
2,000
9/30/35
10/01/34
04/01/35
85,000 6,075
4,163
2,000
Z000
9/30/36
10/01/35
04/01/36
90,000 4,163
2,138
2,000
2,000
10/01/36 95,000 2,138 2,000
TOTAL:1,475,000 1,011,597 94,000
CITY OF SOUTH MIAMI BUDGET FY 2014-2015
TOTAL BALANCE
iggaiiaaagg
64,834 1,310,000
28,959
68,959 1.270,000
27,959
67,959 1,230,000
26,959
66,959 1,190,000
25,959
70,959 1,145,000
25,059
70,059 1,100,000
24,131
74,131 1,050,000
23,100
73,100 1,000,000
22,069
77,069 945,000
20,934
75,934 890.000
19,800
79,800 830,000
18,563
78,563 770,000
17,325
77,325 710,000
15,975
80,975 645,000
14,513
84,513 575,000
12,938
82,938 505,000
11,363
86,363 430,000
9,675
89,675 350,000
7,875
87,875 270,000
6,075
91,075 185,000
4J63
94,163 95,000
2,138
97.138
2,486,597
228
2016
10/1/2015
4/1/2016
2017
10/1/2016
4/1/2017
2018
10/1/2017
4/1/2018
2019
10/1/2018
4/1/2019
2020.
10/1/2019
4/1/2020
2021
10/1/2020
4/1/2021
2022
10/1/2021
4/1/2022
2023
10/1/2022
4/1/2023
2024
10/1/2023
4/1/2024
2025
10/1/2024
4/1/2025
2026
10/1/2025
4/1/2026
2027 10/1/2026
TOTAL
CITY OF SOUTH MIAMI
South^Miami
THECITY Of PLEASANT LtVINC
410,000 148,605
139,122
435,000 139,122
128,356
450,000 129,061
418,004
480.000 118,653
106,963
495,000 107,551
96,102
520,000 96,102
83.615
540,000 84,075
71,194
565,000 71,585
58,197
590,000 58,517
44,871
620,000 44,871
30,364
645.000 30,531
15,527
675,000 15,612
7,575,000 3,125,339
558,605
139,122
574,122
128,356
579,061
118,004
59a653
106,963
602,551
96,102
616.102
83,615
624,075
71,194
636,585
58.197
648,517
44.871
664.871
30.364
675,531
15,527
690,612
10,700,339
BUDGET FY 2014-2015
6.015,000
6,015,000
5,580,000
5,580,000
5,130,000
5,130,000
4,650,000
4,650,000
4,155.000
4,155,000
3,635,000
3,635.000
3,095,000
3,095,000
2,530.000
Z530.000
1.940,000
,940,000
1.320,000
,320,000
675,000
675.000
'J
229
o
FMLC Series 2001A
Bonds Multipurpose
FMLC Series 2002A
South Miami Parkjng
Garage
FMLC Series 2006
South MiamiParking
Garage
SunTrust Bank Loan
RefinanceSMParking
Garage
$1,670,000
$3,370,000
$1,380,000
$6,825,000
^Pp^PP^i^PP^
mm«
South'Miami
THECITY Of HEA5ANT LIVING
$60,000 $82,150
$120,000 $173,344
$35,000 $60,544
$400,000 $305,649
^^^SSiS
CITY OF SOUTH MIAMI BUDGET FY 2014-2015
$2,140 $144,290 $1,610,000
$5,000 $298,344 $3,250,000
$4,000 $99,544 $1,345,000
$0 $705,649 $6,425,000
liM^&^r^^i
230
o
TOTAL REVENUE
EXPENDITURES
20M4IO 5197110 DEBT PRINCIPLE
2011410 5197210 DEBT INTEREST
2011410 5197310 DEBT OTHER COST
2011500 5147310 DEBT OTHER COST
TOTAL DEBT SERVICE
ENDING FUND BALANCE
1,575,833 1,026,487 872,683 871,767 874,444
198,436 555,000 585,000 565,000 615,000
564,072 677,628 650,437 650,897 621,687
6,070 9,282 6,198 9,125 11.140
0 0 0 0 0
768,578 1,241,910 1,241,635 1,225,022 1,247,827
1,086,247 870,824 501,872 517,569 144,187
CITY OF SOUTH MIAMI BUDGET FY 2014-2015 231
V.
Soutlf Miami
tHE GITY OF PLEASANT LIVING
DEBT SERVICE FUND BUDGET
CITY OF SOUTH MIAMI FUND 201
BEGINNING FUND BALANCE 278,992 1,086,247 870,824 870,824 517,569
REVENUES
2010000 3612000 INTEREST INCOME
2010000 3669000 S.HOSP FOUNDATION
20IO000 3669300 RICHMAN PROP LN PMT
311 4,693 2,400 1.556 Z400
142,918 145,240 142,366 142,366 144,290
750.054 726,554 727,917 727,845 727,754
u
o
o
u
Watsco reports
record earnings
inthirdquarter
Fadedby ahct air-ocmdi-
faner replacementmarket,
residts&rthethirdquarter
andf "'"
ended Sept30.Onthe
strengthofthe rerolis re
leasedTuesday,theleading
announcedits board ap-
dividend to$3.40pershare
begbming m January.It wiR
be its40th cmaecutive year
ofdividendpayouts(or
Watsco shareholders.
lathethird gutter,sales
grew4 percent toa record
$1-18 trillion.Its earnings
persharelose 5percenttoa
record$164,on netincome
incomewas tip 5 percentto
a record$U1milioa Tiard-
quarterresultsfellshort of
however,andthestock
dosed on the New York
StockExchangeat $116.84,
down 105 percent
For the.rune-mouth re
sells,sale*grew5percent
to $3JUbQfiao andearnings
per dare grew H percentto
$426.Operating income
was up 11percentto$283
"Watsco delivered anoth
er soEdquarterofperform
ance drivenbysales
provedsellingmarginsand
expandedoperatingmsr~
oar history.Weexperienced
healthy salesgrowthfor
rtsdenfislHvAC systems
iattieUnited States from
sm^unitgrowth andthe
cootinutd trend toward
higher-efficency systems,"
saidAlbert Nihmad,Wat-
jco's presidentand CEO,in
The companyalsosaidit
is activelyincreasingits
2012,Watsco bat grownin
»0
innovations that Watsco has
created to enhancethe
baying experiencetorits
83^000 customers andthe
servicecapabiSties ofper
sonnel at its 567 locations
e-corrunerce tools,data,
analyticstoenablemore
Watsccfs revised outlook
pershareis $4>8S to $450
DIVIDENDS
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35\nn«Hcmtb I Business
Luxe condo tower
breaks ground near
Sawgrass Mills mall
Numberofluxury condo
towersplannedfor
Metropka development (n
Sunrise
SalsaFiesta,gourmetfood
shopOiland Vinegar,and
gaming arcade/restaurant
KingsBowl.
The mall will bo an
choredby luxurydine-in
cinema iPic
Thedeveloperssaidthey
ultimatelyplantobuilda
total ofeightluxurycondo
towerswith 1,800 resi
dential units.Kavaoa has
ownedtheland since 1995,
buthisinitialplanstode
velopwere derailed bythe
crisis in 2007.
BTmCROLASNXRAMAS THE CONDO TOWER WILL BETHE FIRST
STAGE OF WHAT DEVELOPERS SAY WILL
BEA 65-ACRE MIXED-USE DEVELOPMENT
CALLED METROPICA.A HOST OF NEW
RESTAURANTS AND SHOPS FORTHE
PROJECTS RETAIL CENTER WERE ALSO
ANNOUNCED.
DONATE YOUR CAR
Wheels For,
Wishes te
Developersbrokeground
ooaluxury condo towerin
Sunrise on Tuesday,her
aldingthefirststageof
whattheysaywillbea
massive 65-acre,
mixed-use development
called Metropfcanearthe
SawgrassMills malL
They alsoannounceda
host ofnew restaurants
andshopsfortheproject's
retailcenter,a 480,000-
iquare-foot mall,including
NewYork-basedburger
chainShakeShack,Peru-
•viangastrobar Ssco y
Naict and dothmg store
The28-storyresidential
tower will include 263
amenities that have be
comestandardatprojects
downtown and on the
beach:24-hoor gym,tennis
courts,children'splay
room,privatedubroom,
businesscenterandmovie.
screeningroom.Units
rangefrom $300,000 to
morethan $lnuu»a,and
arcpricedbetween$375
and $425 persquarefoot
That'sexpensiveforWest
Browardbutstillcheaper
than sew construction in
BrkkeQ ($641persquare
foot)andEdgewater($563
per square foot).
KCH International De
Physicians group saves
Medicare $9.9 million
Agroupofphysiciansin
Palm Beach and Broward•
countiesissucceeding
where others across the
countryarefailing,keeping
theirolderpatients healthy
andoutof the hospital
whilereducingtheoaststo
care,the puhhe health
Americans 65andolder.
AccountableCareOp
tions,tbephystrian group,
reportedearningabonus
thisyearundera pay-for-
perf ormance programmat
rewardsdoctorsandhospi
talsformeetingcertain
standardsdesignedto
lowercostsinthelongrun
byreducing medical com
plications andtripstothe
emergency room.
Byfocusingonintensive
who are at risk fororal
ready suffering withchron
icdiseases,Accountable
CareOptionssaved more
than$9.9 mfliion,ormore
than $1,500 perpatient
withoriginalMedicarein
2014,accordingto (he
TAVERNAOPA-
BRICKELLVILLAGE
$29~Taverna0pain
Brickell:Food &Drink for2,
Reg.$45
RESORTS WORLD
RIMINI
$225 for a 2-night mid
week cruise for two OR
$290 for a roundtrip cruise
withtwo-nightstayatthe
Bimini Hilton
dealsaver.com/miami
Ytaiosa poctee crrfk*to cBEclwfttM desk.
velopment andthe TxSlist
Companies have formed a
partnership todevelopthe
tower,whichisbeingde
signedbyLondon-based
Yoo Studio.KOH chairman
andCEOJosephKavarta
saidhiscompanywill
breakgroundonthe mall
inearly2016.Trillist isa
partneronly en Metrop-
ica's residential side.
Also announced for the
mall are retailer Free Peo
ple,JewelerKendraScott,
organiceateryTrueFood
Under the terms ofthe
program,hospitalsand
doctorsform a company
known as an accountable
meet qualityandcoststan
dards setbyMedicare.The
groupsaxeentitledtoshare
m halfofthesavingsthey
achieve,butonly92ofthe
333suchprogramsacross
(hecountryreceiveda
bonus for 2014.
SincepassageoftheAf-
tedabte Care Act m March
2010,more than 420 Medi-
garaaattons havebeenes
tablished,providingcarefor
more than 7.B million Amer
icanswithoriginalMedicare
asofJanuary.
Make-A-Wish^
Southern Florida]
•F«e Vekicl.Pickup ANYVVKBtt^^fe*0*jP',o^^;>
*V*qIk>occipt Twdu,BVt,SUV^BSoijVK*?8'''.•'•&-<*
Call:(305)692-0540 3«
\*i^r>rjn^baOMrf^Vtt^^m^mr-'
CITY OF SOUTH MIAMI
COURTESY NOTICE
NOTICEIS BBRBBY ghee that fa City CanBniajlcc
ofthe C%of Sooth Miami,Florida will conduct Public
Htimig(a)atinregularCity Ctanoisatm.meeting scheduled
tbrTussdiyiNiKeoibtr 3,2015 begiaoiagal 7:00 pm,to die
City Cosusitslon Cbanibes,6130 SunsetDrive,to rmtHTfr
tbefoilowicg uem(a}:
(
An OrdisaoMretatingto the Gtyb 2015
fiscal year,imeadiag (be budjtt totak«
mtoaecouotea racrctteia oxDebtService
FundAppropnatedAnaxot )
ALL mlerwied parties«
wlU be beard.
Forfannerinformation,pkase contacttheCity
Qerk>OfSce at:305-6ffl-O40.
Mam M.Meceniior,CMC
ChyCSerk
ittrts TluUiSatMu MtaV.«•Our iittlir »<K«o **plOt dut J
r«o *jf xtiaa tooUcmtttSawcetaj atbaOcf.be tttx wOJi
^.^„«._^~-lpB10»O»JP0«0*
«i3 hduja*«Mdsny »4
••isvited to artesd and
c^ieut «pa «tkaeu»ffal*»tctaK&
American Heritage School
Saturday,February 6,2016 at 8:30 a*m.
Colltitprtpomwyttkocl for bright,pvtnye toxi/raistudents to PS3 -Grade12
American Heritage willawardfulland partial academic
scholarships cohigh-achieving eighthgraders entering
ninth grade forthe 2016-17 schoolyear.
For an application and registration information,
please call 954-472-0022 Ext3021
Some of our school's Highlights &Recognitions include:
•Nurob«rone high*diool inthe scareantlntimber one privntcecltoolIn rU«nattoo for
htghctrnumberofNationalMeritScholars
•ri^kedTtbotfiofJ^OOOh^b^toobUiU^tmaenforHailoodMtrjtScbcbo
-57 Naiioml Merit Sehobr SemiRralUu (rngkcRnombcr la dicctste)
•39 Nadoial Merlr Comreendtd Scholar*
-25NationalHupaatcSdicbw
•$72js>Hli«ttiocoltc£C«chobrrhtp»cfetdrodicCI»ttof2015
»2)0%pasiingtue on aDAdvanced Placementaomt {52%pawnaratein chcMarcof
Florida:571t pa«inj;ncc naoorolly):AP average tor norc:4
•Number one privatesehua)in liteVS.in naUotia]nutb campelitiont
•XusibcroncKicDcr ratsdtitchanl ardts Florida ScueSctento Fair
•Moxnberono ia Robotiei 1st die Southeast RcgHmand number It>m die world
Free Nonstop ExpressBus Transportation
Stmny bles,MtomlSboics,Oool,Avcotuta.Miami Lakes,rtatbutddc.EmeraldHi lb,
Hottywmod (N.8tS.Laluo).Mtraroir.renttrota Pino,WcMvn.M-E.8f.SX FkLottdcrckl*,
CoralSpring*.&OTacVKcttRtitdand
12200West Broward Boulevard.Plantation,FL 33325
954472-0022 www.ahschool.coin
MiAMIBEACH
SftmuiHrraft
CITYOF MIAMI BEACH,FLORIDA
NOTICE OF RUN-OFF ELECTION
NOTICE IS HEREBY GIVEN thata Run-Off ElectionhasbeencalledbytheMayorandCityCommissionoftheCityof Miami Beach,Florida,
pursuant to City Resolution 2015-29091,and will beheldinthe City of Miami Beach from7:00a.m.until7:00 pjn.onTuosday,November 17,
2015,forthepurposeofelectingaCityCommissionerin Group IV,whoshallholdofficeforthetermasprovidedby law.AttheNovember17,
2015Run-Off Election,thefollowingshallbesubmittedtothedulyregisteredandqualifiedvotersoftheCityofMiamiBeach:
GROUP IV-COMMISSIONER
(Vote for One)
Kristen Rosen Gonzalez
Betsy Perez
44
47
Miami-Dade Countyelectionofficials shallconductthe Run-off Election hereby called,withacceptance ofthe certification oftheresultsof
theelectiontobeperformedbytheCityCommission.Theofficial returnsforeachprecinctshallbofurnishedtotheCityClerk oftheCityof
MiamiBeach as soon as the bailots from ail precincts havebeen tabulated.
ThevotingprecinctsintheCityforthe Run-Off Electionshallbeasestablishedbythe Miami-Dade Countyelection officials.OnElection Osy.
allelectorsshallvoteatthevotinglocationandthevotingprecinctsinwhichtheofficialregistrationbooksshowthattheelectorsreside.
All questions concerning votinglocation and votingprecincts should bedirectedtothe Mlami-Dade CountyElections Department,
2700NW87 Avenue,Doral,Florida 33172;Telephone:305.499.VOTE (8683)orTTY 305.499.8480.
Registrationofpersons desiring tovote In the Run-Off Election shallbe In accordancewiththegenerallawoftheStateofFloridagoverning
voterregistration.QualifiedpersonsmayobtainregistrationformstovoteattheOfficeoftheCityClerk,CityHall,1700ConventionCenter
Drive,FirstFloor.MiamiBeach,Florida.33139,duringnormalbusinesshours,andatsuchothervoterregistrationcentersandduringsuch
timesasmaybeprovidedbytheSupervisorof Elections of Miami-Dade County.Thevoterregistrationdeadlineforthe Run-Off Election
wasMonday,October 19,2015.All persons eligibleto vote attheElectionsmustberegisteredbeforethedatesetforthhereinorhave
registered previously,as providedbylaw.Each person desiringto become a registered votershallbe responsible for property fflllng out
the registration formandreturningittotheMiami-DadeCountyElectionsDepartment.AH questions concerning voterregistrationshould
bedirectedtotheMiami-DadeCountyElectionsDepartment,2700 NW87 Avenue,Doral,Florida 33172;Telephone:305.499.VOTE (8683)or
TTY:305.499.8480.
Absenteevotersparticipating in the Run-OffElectionshallbeentitledto castthoir ballotsin accordance withtheproviEionsoftheLaws
oftheStateofFloridawithrespectto absentee voting.Thedeadlineto request anabsenteeballotfromthe Miami-Dade CountyElections
Departmentforthe Run-Off Electionis 5:00 p.m.,Wednesday,November 11.2015.Allquestionsconcerningabsenteeballotsshouldbe
directedtotheMiami-DadeCountyElectionsDepartment,2700 NW 87Avenue.Doral,Florida33172;Telephone:305.499.VOTE (8683)or
TTY:305.499.8480.
TheRun-OffElectionwillbe conducted in accordance withthe applicable provisionsof the Florida Statutes andtheCharterand
CodeoftheCityofMiamiBeach,Florida.AcopyofResolution 2015-29091 isavailableattheOfficeoftheCityClerkandonlineat:
rtno://docmomtmiamibeachfl.oov^/sb«nlr8yO/rir»c/l4p?S5/Paoe1.aBnv
RafaelE.Granado,CityClerk
CityofMiamiBeach,Florida
Ad No.1066
CITY OF SOUTH MIAMI
COURTESY NOTICE
NOTICEISHEREBYgiventhattheCityCommission oftheCityof South Miami.Florida willconduct Public Hcaring(s)atitsregular CityCommission meeting
scheduled fa Tuesu^November 17.2015 beginning at 7:00 pjm.,intheCityCommission Chambers.6130 SunsetDrive,to consider the following itemls):
A Resolution authorizing theCity Manager to negotiate andotterintoathree-year agreement -with anoptiontorenewfor&maximumoffiveconsecutive
years,with Southern Carpet CareInc.DBA.EliteMaintenance &Management Co.forjanitorial services asrcqoired by tlteCity.
AResolutionforspecial useapproval to permita general restaurant at5801 SunsetDrive.
A Resolution,authorizing (beCiry Manager toenterintoan agreement with Gtanicu!,Inc.,through aCityof Dehay Beach piggyback agreement,
RFP82015-27.lo chahle thepubBc toviewpublicmeetings.
A Resolution authorizing theCityManager toenterinto*tbtec-yrar agreement withanoption torenew uittiTbroPest Management farCireen Pest Services.
A Resolution miUioriziug theG\y Manager to cuterintoa ihree-yiar agreement withanoption to renew withARCOElectronics fortheMaintenance and
Monitoringof tho FiroAlarm System at the Gibson-BethelCommunityCenter.
A Absolution autbormngtheCity Mutineer toenterintohihrcc-ycar egrecmenl withanoptiontorenew withSoutltcmWasteSystemsfortheremoval and
disposalofoon-hnzanlouswaste.
A Resolution forspecial use approval topermita general restaurant at5M0 5\V 7.1 siStreet(Commercial Space-A).
A Resolution forspec!aluseapproval to permitageneral restaurant ot5840SW 71st Street(Commercial Space-B).
A Resolution approving a special exception waivingstrict compliance with the provisions of the Hometown District Overlay parking reqinremenu;.fora
general restmrranu at5840SW 71 Street(Commercial Space-A).
A Resolution approving a special exception waivingstrict compliance withthe provisions of 0w Hometown District Overlay parking retirements,fora
general reslauranU at 5840SW71 Street (Commercial Space •B).
A Resolution approving a special exception to ocnsrruet h 5 slory Large Scale Development at6201 Sunset Drive within theTransit Oriented Development
District MixedOte-5"TODDMU-5"zoningdistrict.
A Resolution approving theconstruction more thantwostories ontheMadison Square sitefor.theMadison Square affordable housing project pursuant to
Section20-3.S(D)0)andotherapplicable provisions of theChy%Land Development Code.
An Ordmmtce relating totheycar2016 General andSpecial Election oftheMaycmnd CityCommissiooew forGroups.Ii andill:scheduling (beday,place
andtoneoftheelection;scheduling theday,place andfiuw ofcariy voting;providing for qualification of candidates;providing forclose ofelection books;
approving the official ballot;providing fornotification.
(AnOrdinance relating tothe Chys20l5 fiscal year amending (be budget to (ate into account an increase:in (he Debt Service Fund Apprcprbted Amountl
An Ordinance Adopting TheCityofSouthMiami201S TextAmendments lo the Comprehensive Plait Future LandDaeAnd Rousing Elements.And
Authorizing Transmittal ToTheFlorida Dcpartmati Of Economic Opportunity and Review Agencies.
An Ordinance amending (beCityofSouth Miami Land Development Code,ArticleVia Trans*Oriented DevdopmaH District,"Defeutious."
Sccuoo 20-8.2,'^Definitions,"to arnatdveri^
An Ordnance Adopting a Small Scale Amendment totheFuture Land Use Map oftheComprchrnsivc Plan,amending thedesignation of (lie Sy)vs»Martin
Bufldrag andasking lot OTtfttGryi^
An Ordinance amending theOfficial Zoning Mop as provided intheCityofSouthMiami Land Development Code.Article OL"Zoning Regulations,"'
Section 20-3.1(C),and other applicable provisions to apply a Historic Preservation Overlay (HP-OV)upon the Itiatoric Sylva Martin Building and front
porchonlylocatedat approximately 6130Sunset Drive.
AnOrdnanceunendingtheCity ot"SouthMinimLand Development Code,Article li,"Definitions."Section 20-2.3,"Definitions,"toadddefinitions
for"VarietyRetail"and"RetailOutlet-OfT-Price Retail,"andArticleVII,••Hometown District Overlay Ordinance,"Section20-7.12,Permitted usei?
toprovidethatsuchuses akd)notbe permitted in(he Hometown District Overlay.
ALL interestedparties are invitedtoattendandwillbeheard
Forfurther inforwation.please contact theCity ClorWs Office at:305-663-6340.
Maria M.Menendez,CMC
CityClerk
PurmnlR>Flc^Sutia«3286.0IOi,lb«Gtybcicty
«bt tncotagwJiemngJttorsUrwfflJKtxUrecord ofOknrocce^i^,milUMttfersueti poipost.aficecco pence rmyneed toouuKthata vertiatim recorder BKjmucedingtuimnc wnicbrvcerd
includes thetestioniry x«l evidence 1900which dieappeal btobebred.