Resolution 86-18489 11.11.1111111111111.11.1111
RESOLUTION NO. 86-18489
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING
THE ISSUANCE OF CITY OF MIAMI BEACH,
FLORIDA, GENERAL OBLIGATION REFUNDING BONDS,
SERIES 1986 IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $65,000,000 TO FINANCE THE 40
REFUNDING OF VARIOUS OUTSTANDING CITY OF
MIAMI BEACH, FLORIDA GENERAL OBLIGATION
BONDS; PROVIDING FOR THE TERMS AND PAYMENT
OF THE SERIES 1986 BONDS; MAKING CERTAIN
COVENANTS AND AGREEMENTS IN CONNECTION
THEREWITH AUTHORIZING VALIDATION AND PRO—
VIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission (the "Commission") of the City
of Miami Beach, Florida (the "City" ) has previously issued its
$24,000 , 000 City of Miami Beach, Florida, Public Improvement
Bonds (Series 1983) , its $22 ,000 , 000 City of Miami Beach,
Florida, General Obligation Bonds (Theater of Performing Arts
Project) Series 1984 and its $9 ,800 ,000 City of Miami Beach,
Florida, General Obligation Bonds (South Pointe Redevelopment
Project) Series 1984 (collectively, the "Prior Bonds" ) ;
WHEREAS, the Commission finds it necessary and desirable to
provide for the refunding of the Prior Bonds in order to realize
substantial present value savings to the City and its taxpayers
and thereby preserve and protect the public health, safety and
welfare of the inhabitants of the City;
WHEREAS, $54, 420 ,000 principal amount of Prior Bonds are
currently outstanding and unpaid as of the date of adoption of
this Resolution;
WHEREAS , in order to advance refund all or any portion of
the Prior Bonds, the City intends to issue City of Miami Beach,
Florida, General Obligation Refunding Bonds , Series 1986 (the
"Bonds") in an amount not to exceed $65,000, 000 which will result
in a lower net average interest cost rate than the net average
interest cost rate of the Prior Bonds to be refunded. The final
authorization of the Bonds and the exact amount thereof will be
determined by the Commission by a resolution adopted prior to the
issuance of the Bonds. The amounts necessary to refund the Prior
Bonds shall be paid from a portion of the proceeds derived from
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the sale of the Bonds, together with certain other funds
available to the City. From such proceeds and other funds, there
shall be deposited in an irrevocable escrow account ( the "Escrow
Account" ) established for the holders of the Prior Bonds , an
amount which, when invested, together with the interest earned
thereon, will be sufficient to effect the refunding of the Prior
Bonds. The Escrow Account will be established and held by the
party duly appointed by the City as escrow agent ( the "Escrow
Agent" ) on behalf of the holders of the Prior Bonds to be
refunded pursuant to an Escrow Deposit Agreement dated as of
August 1, 1986 between the City and the Escrow Agent ( the "Escrow
Deposit Agreement" ) ;
WHEREAS, while any Bonds are outstanding there shall be
assessed, levied and collected a tax, without limitation as to
rate or amount on all taxable property within the City,
sufficient in amount to pay the principal of and interest on the
Bonds as the same shall become due; provided, however , if at any
time the funds held by the escrow agent for payment of the Prior
Bonds shall be insufficient to meet the payment requirements
thereof in accordance with the terms and conditions hereof and of
the Escrow Deposit Agreement, the holders or owners of the Prior
Bonds shall be entitled to receive payment from the City, from
the aforesaid appropriated tax revenues, and, in the event , to
the extent of any such payment in favor of the Prior Bonds, the
right, title, and interest of the registered owners of the Bonds
in such appropriated tax revenues shall be null and void. Such
tax shall be assessed, levied and collected in the same manner
and at the same time as other City taxes are assessed, levied and
collected and shall be applied solely to the payment of the
principal of and interest on the Bonds. The full faith credit
and taxing power of the City are irrevocably pledged to the
payment of the principal of and interest on the Bonds .
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NOW THEREFORE BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution
is adopted pursuant to Chapter 166, Florida Statutes , and other
applicable provisions of law.
SECTION 2 . DEFINITIONS. In this Resolution, the singular
includes the plural, the masculine includes the feminine and all
terms defined in the recitals to this Resolution shall have the
meanings specified therein. In addition, the following terms
shall have the following meanings, unless the context otherwise
requires:
"Bondholder" or "Holder" or "holder of Bonds" or "owner of
Bonds" means the registered owner of any Bond.
"Interest Payment Date" means the stated maturity date of an
installment of interest on the Bonds .
SECTION 3 . AUTHORIZATION OF REFUNDING OF PRIOR BONDS .
There is hereby authorized the refunding of all or any portion of
the Prior Bonds in the manner provided herein. The cost of the
refunding may include, but need not be limited to, legal and
financing expenses; the fees of fiscal agents, financial advisors
and consultants; the creation and establishment of reasonable
reserves for debt service; the discount on the sale of the Bonds,
if applicable; and such other costs and expenses as may be
necessary or incidental to the refunding herein authorized.
SECTION 4 . RESOLUTION TO CONSTITUTE CONTRACT. In consider-
ation of the purchase and acceptance of the Bonds authorized to
be issued hereunder, by those who shall hold the same from time
to time, this Resolution shall be deemed to be and constitute a
contract between the City and Holders of the Bonds; and the
covenants and agreements herein set forth to be performed on
behalf of the City shall be for the equal benefit, protection,
and security of the Holders of any and all of the Bonds .
SECTION 5. AUTHORIZATION OF THE BONDS. Subject to and
pursuant to the provision hereof, obligations of the City to be
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known as "City of Miami Beach, Florida, General Obligation
Refunding Bonds, Series 1986 , " (herein defined as the "Bonds" )
are authorized to be issued in the aggregate principal amount not
to exceed $65, 000 ,000 to provide for the refunding of all or any
portion of outstanding Prior Bonds; provided that final authori-
zation for and the actual principal amount of the Bonds to be
issued shall be determined at the time of sale of the Bonds and
may be such lesser amount as shall he found by the Commission at
the time of sale to be in the best interest of the City.
It is hereby determined that the maximum aggregate principal
amount of Bonds equal to $65 ,000 ,000 does not exceed the limita-
tion imposed by Section 132. 35 Florida Statutes. The financial
plan for the proposed refunding of the Prior Bonds , a copy of
which is attached hereto as Exhibit "A" , is ':-�reby approved.
SECTION 6 . DESCRIPTION OF BONDS ; PAYMENT PROVISIONS . The
Bonds shall be in the denomination of $5, 000 or any integral
multiple thereof; shall be issued in fully registered form only;
shall bear interest at such rate or rates, not exceeding the
maximum rate allowable by law, to be determined upon the sale
thereof, payable semiannually; and shall be numbered, dated, and
mature on such date in such years and amounts, but not exceeding
thirty (30) years from the date thereof, as shall be determined
by subsequent resolution of the City adopted on or prior to the
sale thereof.
The principal of and the interest and redemption premium ( if
any) on the Bonds shall be paid in any coin or currency of the
United States of America which , at the respective times of pay-
ment, is legal tender for the payment of public and private
debts. Interest on the Bonds is payable to the Holders of Bonds
as of the Record Date preceding each Interest Payment Date by
check or draft drawn on a bank or banks to be designated by the
City as paying agent (the "Paying Agent") prior to the issuance
thereof. Principal of and the redemption premium, if any, on the
Bonds is payable at the principal corporate trust office of the
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Paying Agent, or at the principal corporate trust office of its
successor as Paying Agent. The Record Date, for the purposes of
this Resolution and the Bonds, shall mean the fifteenth ( 15th)
day of the calendar month next preceding any Interest Payment
Date.
The Bonds shall bear interest from the Interest Payment Date
to which interest has been paid next preceding the date of
authentication, unless the date of authentication ( i ) is an
Interest Payment Date to which interest has been paid, in which
event the Bonds shall bear interest from the date of authentica-
tion, or ( ii ) is prior to the first Interest Payment Date for the
Bonds, in which event the Bonds shall bear interest from the date
determined by subsequent resolution of the City; provided, how-
ever, that if and to the extent there is a default in the payment
of the interest due on such Interest Payment Date, such defaulted
interest shall be paid to the persons in whose name Bonds are
registered on the registry books of the City maintained by the
Registrar at the close of business on the fifteenth ( 15th) day
prior to a special Interest Payment Date established by notice
mailed by the Registrar to the registered owner not less than the
tenth ( 10th) day preceding such special Interest Payment Date.
SECTION 7 . EXECUTION AND AUTHENTICATION OF BONDS. All the
Bonds shall be executed on behalf of the City by the manual or
facsimile signature of the Mayor of the City and by the manual or
facsimile signature of the City Clerk or any Deputy City Clerk,
and a facsimile of its seal shall be imprinted thereon. If any
of the officers who shall have signed any of the Bonds or whose
facsimile signature shall be upon the Bonds shall cease to be
such officer of the City before the Bonds so signed and sealed
shall have been actually authenticated by the Registrar (herein-
after defined) or delivered by the City, such Bonds nevertheless
may be authenticated, issued and delivered with the same force
and effect as though the person or persons who signed such Bonds
or whose facsimile signature shall be upon the Bonds had not
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ceased to be such officer or officers of the City; in addition,
any such Bond may be signed on behalf of the City by those per-
sons who, at the actual date of the execution of such Bond, shall
be the proper officers of the City, although at the nominal or
dated date of such Bond any such person shall not have been such
officer of the City. The validation certificate appearing on
said Bonds shall be executed with the facsimile signature of the
Mayor .
SECTION 8 . NEGOTIABILITY, TRANSFER AND REGISTRY OF BONDS.
By subsequent resolution, the City shall duly appoint a registrar
( the "Registrar" ) for the Bonds and there shall be kept by the
Registrar at its principal corporate trust office books for the
registration and transfer of Bonds, and the City shall appoint
the Registrar its agent to keep such books and make such regis-
trations and transfers under such reasonable regulations as the
City or the Registrar may prescribe; and the Registrar shall
register or transfer or cause to be registered or transferred
thereon, as hereinbefore provided, any Bonds, upon presentation
thereof at such office.
The Bonds may be transferred on the registration books
required to be kept pursuant to this Section by the registered
owner in person or by his duly authorized attorney, by proper
written instrument of transfer in form and with guaranty of sig-
natures satisfactory to the Registrar ; provided, however , that
the Registrar shall not be required to transfer any Bond between
the Record Date and any Interest Payment Date. The Registrar
shall not be required (a) to transfer or exchange any Bond for a
period of fifteen ( 15) days next preceding any selection of Bonds
to be redeemed or thereafter until after the mailing of any
notice of redemption; or (b) to transfer or exchange any Bonds
called for redemption. Upon such surrender , a new fully-
registered Bond of the same maturity and in the same aggregate
principal amount and bearing the same rate of interest will be
issued to and in the name of the transferee. Such transfers
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shall be without charge to the registered owners of the Bond, but
any taxes or other governmental charges required to be paid with
respect to the same shall be paid by the registered owner
requesting such transfer as a condition precedent to the exercise
of such privilege.
Each Bond delivered pursuant to any provision of this Reso-
lution in exchange or substitution for , or upon the transfer of
the whole or any part of one or more other Bonds, shall carry all
of the rights of interest accrued and unpaid and to accrue which
were carried by the whole or such part, as the case may be, of
such one or more other Bonds, and notwithstanding anything con-
tained in this Resolution to the contrary, such Bond shall be so
dated or bear such notation, that neither gain nor loss in
interest shall result from any such exchange, substitution or
transfer .
Every exchange or transfer of Bonds under the foregoing
provisions shall be effected in such manner as may be prescribed
by the City or pursuant to its authorization, with the approval
of the Registrar .
The person in whose name any Bond shall be registered on the
books maintained pursuant to this Section may be deemed and
treated as the absolute owner thereof, whether or not such Bond
shall be overdue, and the City, the Registrar and the Paying
Agent shall not be affected by any notice to the contrary; and
payment of, or on account of, the principal of, redemption pre-
mium ( if any) on, and the interest on, such Bond shall be made
only to such registered owner thereof, but such registration may
be changed as provided herein. All such payments shall be valid
and effectual to satisfy and discharge the liability upon such
Bond to the extent of the sum or sums so paid.
The City in issuing the Bonds may use "CUSIP" numbers ( if
then generally in use) , and the Registrar shall use such "CUSIP"
numbers in notices of redemption as a convenience to the owners
of the Bonds, provided that any such notice shall state that no
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representation is made as to the correctness of such numbers
either as printed on the Bonds or as contained in any notice of
redemption and that reliance may be placed only on the identifi-
cation numbers prefixed "CMB" printed on the Bonds.
SECTION 9 . FORM OF BONDS. The form of the Bonds, as well
as the manner of execution of Bonds, and the certificates of
validation, authentication and assignment shall be substantially
as follows, with such changes as shall be approved by subsequent
resolution of the City adopted on or prior to the sale of the
Bonds, subject to any limitations under state or federal laws .
(FORM OF BONDS)
CITY OF MIAMI BEACH, FLORIDA
GENERAL OBLIGATION REFUNDING BONDS
SERIES 1986
RATE OF INTEREST MATURITY DATE OF ORIGINAL ISSUE CUSIP
Registered Owner
Principal Amount Dollars
The City of Miami Beach Florida, ( the "City" ) , a political
subdivision of the State of Florida, for value received, hereby
promises to pay to the registered owner hereof on the date shown
hereon, unless this Bond shall have been called for earlier
redemption and payment of the redemption price shall have been
duly made or provided for, upon surrender hereof, the principal
hereof and to pay to the registered owner hereof at the close of
business on the Record Date (hereinafter defined) , whether or not
a business day, interest thereon from 19 , until
payment of said principal sum on the first days of
and in each year , commencing
Record Date, for the purposes hereof, shall mean the fifteenth
( 15th) day of the calendar month next preceding any interest
payment date. The interest on this Bond is payable by check or
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draft drawn on , as paying agent (the "Paying
Agent") , and the principal hereof and the premium, if any, pay-
able upon redemption are payable at the principal corporate trust
office of the Paying Agent, or at the duly designated office of
any duly appointed alternate or successor Paying Agent. The
principal of and interest on this Bond shall be paid in any coin
or currency of the United States of America which, at the time of
payment, is legal tender for the payment of public and private
debts .
The full faith, credit and taxing power of the City are
hereby irrevocably pledged for the prompt payment of the princi-
pal of, premium, if any, and interest on this Bond as the same
shall become due.
This Bond is one of a series of bonds li:nited to $65 , 000 ,000
in aggregate principal amount, designated, "City of Miami Beach ,
Florida, General Obligation Refunding Bonds , Series 1986" (the
"Bonds") , each of like tenor (except as to number , date, amount,
date of maturity, rate of interest and provision for redemption) ,
issued by said City for the purpose of advance refunding certain
of the City' s outstanding general obligation bonds in the aggre-
gate principal amount of $54,420 ,000 . The Bonds are more
particularly described in Resolution No. 86- of the City
Commission of said City, passed and adopted on and
Resolution No. 86- of the City Commission of said City,
passed and adopted on (collectively, the "Resolution")
under the authority of and in full compliance with the Constitu-
tion and statutes of the State of Florida, including Chapter 166,
Florida Statutes , and other applicable provisions of law,
including but not limited to Sections 132. 33-132. 47 Florida
Statutes .
The Bonds shall be redeemable prior to their respective
stated dates of maturity, at the option of the City, in whole, at
any time, or in part, in inverse order of maturities , and by lot
within maturities (if less than all of the Bonds of any one
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maturity shall be called for redemption) on any interest payment
date, on and after 19 , at the redemption prices
(expressed as percentages of principal amount) , plus accrued
interest to the redemption date, as follows :
[ INSERT REDEMPTION PRICE SCHEDULE AND OTHER
REDEMPTION PROVISIONS ESTABLISHED
BY SUBSEQUENT RESOLUTION]
Any redemption under any of the preceding paragraphs shall
be made upon not less than thirty ( 30 ) days written notice to the
registered owners of the Bonds. If the City deposits with the
Paying Agent funds evidenced by moneys or direct obligations of
the United States of America the principal of and interest on
which, when due, will be sufficient to pay the principal or
redemption price of any Bonds, by call for redemption, or other-
wise, together with interest accrued to the due date, in accord-
ance with the terms of the Resolution, interest on such Bonds
will cease to accrue on the due date or earlier redemption date,
and thereafter the holders will be restricted to the funds so
deposited as provided in the Resolution.
This Bond is transferable as provided in the Resolution only
by the registered owner or his duly authorized attorney at the
principal office of , who has been duly
appointed by the City as registrar ( the "Registrar" ) for the Bonds,
upon surrender of this Bond, accompanied by a duly executed
instrument of transfer in form and with guaranty of signature
satisfactory to the Registrar; provided, however , that the Regis-
trar shall not be required (a) to transfer or exchange any bond for
a period of fifteen ( 15) days preceding any selection of Bonds to
be redeemed or thereafter until after the mailing of any notice of
redemption; or (b) to transfer or exchange any Bonds called for
redemption. Upon such surrender, a new fully-registered bond of
the same maturity and in the same aggregate principal amount and
bearing the same rate of interest will be issued to and in the name
of the transferee.
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The City, pursuant to recommendations promulgated by the
Committee on Uniform Security Identification Procedures
( "CUSIP" ) , has caused CUSIP numbers to be printed on the Bonds
and has directed the Registrar to use CUSIP numbers in notices of
redemption as a convenience to registered owners of the Bonds .
No representation is made as to the accuracy of such numbers
either as printed on the Bonds or as contained in any notice of
redemption and reliance may be placed only on the identification
numbers prefixed "CMB-" printed hereon.
To the extent permitted and as provided in the Resolution
authorizing the issuance of the Bonds, modification of the con-
tract created by said Resolution and of the rights of the regis-
tered owners of the Bonds thereunder may be made with the consent
of the registered owners of not less than sixty-seven percent
( 67% ) in principal amount of the bonds then outstanding; pro-
vided, however , that no such modification or amendment shall
permit a change in the maturity of any Bonds or a reduction in
the rate of interest thereon, or in the amount of the principal
obligation or affect the unconditional promise of the City to pay
the principal of and the interest on the Bonds as the same shall
become due, or reduce such percentage of registered owners of
such Bonds required for consent to such modifications or amend-
ments, without the consent of the registered owners of all of the
Bonds .
The City, the Registrar and the Paying Agent may deem and
treat the person in whose name this Bond is registered, as the
absolute owner hereof for the purpose of receiving payment of , or
on account of, the principal of, redemption premium ( if any) due
hereon, and interest on and for all other purposes, and neither
the City, the Registrar nor the Paying Agent shall be affected by
any notice to the contrary.
It is hereby certified and recited that all acts, conditions
and things required to happen, to exist and to be done precedent
to and in the issuance of this Bond have happened, do exist , and
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have been performed in regular and due form and time as required
by the laws and Constitution of the State of Florida applicable
thereto, and that the issuance of this Bond, and the issue of
bonds, of which this Bond is one, does not violate any constitu-
tional or statutory limitations or provisions; that provision has
been made for the levy and collection of a direct annual tax upon
all taxable property within said City, without limitation as to
rate or amount , sufficient to pay the interest and principal of
this Bond as the same shall become due; and that the total indeb-
tedness of said City, including the Bonds, does not exceed any
constitutional or statutory limitation thereof .
This Bond is not valid unless the Registrar ' s Certificate of
Authentication endorsed herein is duly executed.
IN WITNESS WHEREOF, the City of Miami Beach, Florida has
caused this Bond to be executed in its name and on its behalf by
the manual or facsimile signature of its Mayor and the facsimile
of its seal to be printed hereon and attested by the manual or
facsimile signature of its City Clerk or any Deputy City Clerk
and has caused this bond to be dated , 19
[SEAL] CITY OF MIAMI BEACH, FLORIDA
By: 11(
f . or
Attest :
[Deputy] City Clerk
FORM A t'ROVb.
By MI .‘-i-C3"1 6
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(FORM OF STATEMENT OF VALIDATION)
STATEMENT OF VALIDATION
This Bond is one of a series of bonds which were validated
by judgement of the Eleventh Circuit Court for Dade County, ren-
dered on . No appeal has been taken therefrom
and the time for taking such appeal has expired.
Mayor
(FORM OF CERTIFICATE OF AUTHENTICATION)
REGISTRAR' S CERTIFICATE OF AUTHENTICATION
This Bond is one of the bonds of the series designated
herein, described in the within-mentioned Resolution. Printed on
the reverse hereof is the complete text of the legal opinion of
Greenberg, Traurig, Askew, Hoffman, Lipoff, Rosen and Quentel ,
P.A. , Miami, Florida, Bond Counsel, delivered on and dated the
date of the original delivery of the Bonds, an executed original
of which is on file with the undersigned.
as Registrar
By:
Authorized Officer
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ASSIGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
(Please print or typewrite name and address of transferee)
(Tax Identification or Social Security No. ) the within
bond, and all rights thereunder, and hereby irrevocably consti-
tutes and appoints Attorney to
transfer the within bond on the books kept for registration
thereof, with full power of substitution in the premises .
Dated:
NOTICE: The signature to this assignment must correspond with
the name of the registered owner as it appears upon the
face of the within Bond in every particular , without
alteration or enlargement or any change whatever .
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SECTION 10 . TEMPORARY BONDS. Until Bonds in definitive
form are ready for delivery, the City may execute, and upon its
request in writing, the Registrar shall authenticate and deliver
in lieu of definitive Bonds, and subject to the same provisions,
limitation and conditions, one or more printed, lithographed or
typewritten Bonds in temporary from, substantially of the tenor
of the Bonds hereinbefore described, with appropriate omissions,
variations and insertions. Such Bond or Bonds in temporary form
will be in the principal amount of Five Thousand Dollars ( $5, 000)
or any integral multiple thereof . Until exchanged for Bonds in
definitive form, such Bonds in temporary form shall be entitled
to the lien and benefit of this Resolution. The City, without
unreasonable delay, shall prepare, execute and deliver to the
Registrar and thereupon, upon the presentation and surrender of
the Bond or Bonds in temporary form, the Registrar shall authen-
ticate and deliver , in exchange therefor , a Bond or Bonds in
definitive form in any authorized denomination, and for the same
aggregate principal amount as the Bond or Bonds in temporary form
surrendered. Such exchange shall be made by the Registrar with-
out any charge therefor .
SECTION 11 . BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In
case any Bond shall become mutilated, or be destroyed, stolen or
lost, the City may in its discretion issue and deliver a new Bond
of like tenor as the Bond so mutilated, destroyed, stolen or
lost, in exchange and substitution for such mutilated Bond, or in
lieu of and substitution for the Bond, destroyed, stolen or lost,
and upon the Holder furnishing the City proof of his ownership
thereof and satisfactory indemnity and complying with such other
reasonable regulations and conditions as the City may prescribe
and paying such expenses as the City may incur . All Bonds so
surrendered shall be cancelled by the Registrar . If any such
Bond shall have matured or be about to mature, instead of issuing
a substitute Bond, the City may pay the same, upon being indem-
nified as aforesaid, and, if such Bond be lost, stolen or
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destroyed, without surrender thereof. Any such duplicate Bonds
issued pursuant to this Section shall constitute original, addi-
tional contractual obligations on the part of the City whether or
not the lost, stolen or destroyed Bonds be at any time found by
anyone, and such duplicate Bonds shall be entitled to equal and
proportionate benefits and rights as to lien on and source and
security for payment from the funds, and hereinafter pledged, to
the same extent as all other obligations issued hereunder .
SECTION 12 . REDEMPTION OF BONDS. The Bonds shall be
redeemable prior to their respective dates of maturity, at the
option of the City, in whole or in part, upon such terms and
conditions as may be approved by subsequent resolution of the
Commission.
SECTION 13 . REDEMPTION NOTICE. At least thirty ( 30) days
before the redemption date, a written notice of any such redemp-
tion, either in whole or in part, signed by the Registrar , shall
be mailed, postage prepaid, to all registered owners of Bonds to
be redeemed at their addresses as they appear on the registration
books herein provided for , but failure so to mail such notice to
any registered owner of a Bond shall not affect the validity of
the proceedings for such redemption with respect to any other
registered owner of a Bond. Each such notice shall set forth the
date fixed for redemption, the redemption price to be paid and,
if less than all of the Bonds then outstanding shall be called
for redemption, the numbers of such Bonds.
SECTION 14 . EFFECT OF CALLING FOR REDEMPTION. On the date
so designated for redemption, notice having been mailed in the
manner and under the conditions hereinabove provided and moneys
for payment of the redemption price being held in a separate
escrow account, the Bonds so called for redemption shall become
and be due and payable at the redemption price provided for
redemption of such Bonds on such date, interest on the Bonds so
called for redemption shall cease to accrue, such Bonds shall
cease to be entitled to any lien, benefit or security under this
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destroyed, without surrender thereof . Any such duplicate Bonds
issued pursuant to this Section shall constitute original, addi-
tional contractual obligations on the part of the City whether or
not the lost , stolen or destroyed Bonds be at any time found by
anyone, and such duplicate Bonds shall be entitled to equal and
proportionate benefits and rights as to lien on and source and
security for payment from the funds , and hereinafter pledged, to
the same extent as all other obligations issued hereunder .
SECTION 12 . REDEMPTION OF BONDS. The Bonds shall be
redeemable prior to their respective dates of maturity, at the
option of the City, in whole or in part , upon such terms and
conditions as may be approved by subsequent resolution of the
Commission.
SECTION 13 . REDEMPTION NOTICE. At least thirty ( 30 ) days
before the redemption date, a written notice of any such redemp-
tion, either in whole or in part, signed by the Registrar , shall
be mailed, postage prepaid, to all registered owners of Bonds to
be redeemed at their addresses as they appear on the registration
books herein provided for , but failure so to mail such notice to
any registered owner of a Bond shall not affect the validity of
the proceedings for such redemption with respect to any other
registered owner of a Bond. Each such notice shall set forth the
date fixed for redemption, the redemption price to be paid and,
if less than all of the Bonds then outstanding shall be called
for redemption, the numbers of such Bonds .
SECTION 14 . EFFECT OF CALLING FOR REDEMPTION. On the date
so designated for redemption, notice having been mailed in the
manner and under the conditions hereinabove provided and moneys
for payment of the redemption price being held in a separate
escrow account, the Bonds so called for redemption shall become
and be due and payable at the redemption price provided for
redemption of such Bonds on such date, interest on the Bonds so
called for redemption shall cease to accrue, such Bonds shall
cease to be entitled to any lien, benefit or security under this
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Resolution, and the registered owners of such Bonds shall have no
rights in respect thereof except to receive payment of the
redemption price thereof. Bonds called for redemption shall be
cancelled upon the surrender thereof.
SECTION 15 . DEFEASANCE PROVISIONS. The covenants and liens
entered into, created or imposed pursuant to this Resolution may
be fully discharged and satisfied with respect to the Bonds in
any one or more of the following ways :
a. by paying the principal of and interest on the Bonds
when the same shall become due and payable; or
b. by depositing in the Debt Service Fund or such other
account as the City may hereafter create and establish by resolu-
tion monies sufficient at the time of such deposit to pay the
Bonds, the interest thereon and the redemption premium, if any,
as the same become due on said Bonds on or prior to the redemp-
tion date or maturity date thereof; or
c. by depositing in the Debt Service Fund or such other
account as the City may hereafter create and establish by resolu-
tion monies which when invested in Defeasance Obligations (as
hereinafter defined) , will provide monies which shall be suffi-
cient to pay the Bonds, the interest thereon and the redemption
premium, if any, as the same shall become due on said Bonds on or
prior to their redemption date or maturity date hereof .
As used herein, Defeasance Obligations shall mean to the
extent permitted by law:
( i ) Direct general obligations of, or obligations the
payment of principal and interest on which is uncondi-
tionally guaranteed by, the United States of America;
( ii ) Evidences of indebtedness issued by any of the
following: Bank for Cooperatives; Federal Home Loan
Banks, Federal Home Loan Mortgage Corporation
( including anticipation certificates) ; Federal Land
Banks; Federal Financing Banks; or any other agency or
instrumentality of the United States of America;
- 17 -
( iii) Evidences of ownership of proportionate interest in
future interest and principal payments on specified
obligations described in ( i) held by a bank or trust
company as custodian, under which the owner of the
investment is the real party in interest and has the
right to proceed directly and individually against the
obligor on the underlying obligations described in
( i ) , and which underlying obligations are not avail-
able to satisfy any claim of the custodian or any
person claiming through the custodian or to whom the
custodian may be obligated; and
( iv) Debt obligations , whether or not interest thereon is
exempt from federal income taxes , which, at the time
of deposit are rated by either Moody ' s Investors
Services, Inc. ( "Moody' s" ) or Standard & Poor ' s
Corporation ( "S & P" ) in either of the two highest
long-term debt rating categories of such rating
agency, without regard to any refinement or gradation
of each rating category by numerical modifier or
otherwise; provided that if any bond being provided
for is then rated by Moody ' s or S & P, the obligations
deposited must be rated by each rating agency having a
rating in effect on such bonds in a rating category no
lower than in effect on the Bonds; and
(v) Obligations described in Section 103 (a) ( 1) or ( 2) of
the Internal Revenue Code of 1954, as amended, provi-
sion for the payment of the principal of, premium, if
any, and interest on which shall have been made by the
irrevocable deposit with a bank or trust company
acting as a trustee or escrow agent for holders or
such obligations of securities described in clauses
( i) or ( ii) , the maturing principal of and interest on
which, when due and payable, will provide sufficient
monies to pay when due the principal of, premium, if
- 18 -
•
any, and interest on such obligations, and which
securities described in clauses ( i ) and ( ii ) are not
available to satisfy any other claim, including any
claim of the trustee or escrow agent or of any person
claiming through the trustee or escrow agent or to
whom the trustee or escrow agent may be obligated,
including in the event of the insolvency of the
trustee or escrow agent or proceedings arising out of
such insolvency.
Upon such payment or deposit in the amount and manner pro-
vided in this Resolution, the Bonds shall no longer be deemed to
be outstanding for the purpose of this Resolution and all lia-
bility of the City with respect to the Bonds shall cease,
determine and be completely discharged and extinguished, and the
holders thereof shall be entitled for payment solely out of the
monies or Defeasance Obligations so deposited.
SECTION 16 . APPLICATION OF BONDS PROCEEDS. Proceeds of the
Bonds in an amount sufficient, together with investment earnings
thereon and any other moneys available therefor, to redeem the
Prior Bonds to be refunded, shall be deposited with the Escrow
Agent for application in accordance with the Escrow Deposit
Agreement . Remaining proceeds of the Bonds shall be applied as
follows: accrued interest, if any, received in connection with
the sale of the Bonds shall be deposited in a Debt Service Fund
(the "Debt Service Fund" ) hereby established and used solely for
the payment of interest becoming due on the Bonds on their next
Interest Payment Date. The Debt Service Fund shall constitute a
sinking fund to the extent required by applicable law. All other
proceeds of the Bonds shall be held by the City in a separate
trust fund, to be applied to pay costs of issuance of the Bonds .
Pending their use, Bond proceeds deposited in the Debt
Service Fund or reserved for the payment of issuance costs may be
invested in authorized investments (as hereinafter defined)
maturing not later than the date or dates on which such proceeds
- 19 -
•
will be needed for the purposes of this Resolution. Any income
received upon such investment shall be deposited in the Debt
Service Fund and used solely to pay principal and interest on the
Bonds .
The registered owners of the Bonds issued hereunder shall
have no responsibility for the use of the proceeds of the Bonds ,
and the use of such Bond proceeds by the City shall in no way
affect the rights of such registered owners . The City shall be
irrevocably obligated to continue to levy and collect the ad
valorem taxes as provided herein and to pay the principal of and
interest on the Bonds notwithstanding any failure of the City to
use and apply such Bond proceeds in the manner provided herein.
SECTION 17 . INVESTMENT OF BOND PROCEEDS. The proceeds of
the Bonds deposited with the Escrow Agent shall be invested in
accordance with the Escrow Deposit Agreement . All other Bond
proceeds shall be invested and reinvested by the Finance Director
of the City in any investment which is a permitted investment for
public funds under Florida law which shall mature, or which shall
be subject to redemption by the holder thereof at the option of
such holder , not later than the date when the invested moneys
will be required for the purposes stipulated therein. The
Finance Director shall sell at the best price obtainable or pre-
sent for redemption any obligations so purchased whenever it
shall be necessary, in the sole judgement of the Finance
Director , to do so in order to provide moneys to meet any
required payment . The Finance Director shall not be liable or
responsible for any depreciation in the value of any such obliga-
tion or for any loss resulting from the sale thereof .
SECTION 18. LEVY OF AD VALOREM TAX; PAYMENT AND PLEDGE. In
each year while any of such Bonds are outstanding, there shall be
levied and collected a tax, without limitation as to rate or
amount, to pay the principal of and interest of such Bonds as the
same shall become due. Such tax shall be assessed, levied and
collected in the same manner and at the same time as other City
- 20 -
taxes are assessed, levied and collected and the proceeds of said
tax shall be held separate and apart from all other moneys of the
City in a separate fund ( the "Debt Service Fund" ) , and shall be
applied solely to the payment of the principal of and interest on
the Bonds.
At least one day prior to each interest or principal payment
date for the Bonds, the City shall transfer to the Paying Agent
an amount sufficient to pay the principal of and interest on the
Bonds then due and payable and the Paying Agent is hereby author-
ized and directed to apply such funds to said payment .
The full faith, credit and taxing power of the City are
hereby irrevocably pledged to the payment of the principal of,
redemption premium, if any, and interest on the Bonds when and as
the same become due.
SECTION 19 . TAXATION OF INTEREST; ARBITRAGE. The City
covenants not to take or cause or permit to be taken, or fail to
take or cause or permit to fail to be taken, any action which
would result in the interest payable on the Bonds being taxable
as income to the holders thereof under either the laws of the
United States or the State of Florida, except as to taxes imposed
by Chapter 220, Florida Statutes, on interest, income or profits
on debt obligations owned by corporations, as defined in said
Chapter 220 . The principal proceeds of the sale of said Bonds
shall be devoted to and used for the refunding of the outstanding
Prior Bonds in accordance with this Resolution and any other
resolutions adopted by the Commission. The City also certifies
and further covenants with the purchasers and registered owners
of the Bonds from time to time outstanding that, so long as any
of the Bonds remain outstanding, moneys on deposit in any fund or
account in connection with the Bonds, whether or not such moneys
were derived from the proceeds of the sale of the Bonds or from
any other sources, will not be used in a manner which will cause
such Bonds to be "arbitrage bonds" within the meaning of Section
103(c) of the Internal Revenue Code of 1954, as amended, or any
- 21 -
successor provisions thereto (the "Code" ) and any lawful regula-
tions promulgated or proposed thereunder .
The Mayor and the City Manager of the City (who are officers
charged, along with others, with the responsibility for the issu-
ance of such Bonds) shall execute on the behalf of the City an
arbitrage certificate for the purpose of assuring the purchasers
of the Bonds that the Bonds herein authorized are not "arbitrage
bonds" within the meaning of Section 103 (c) of the Code and regu-
lations proposed or promulgated thereunder. Such certificate
shall constitute a certificate and representation of the City and
no investment shall be made of the proceeds of the Bonds in vio-
lation of the expectations expressed in said arbitrage certifi-
cate.
SECTION 20 . VALIDATION. The firm of Greenberg , Traurig,
Askew, Hoffman, Lipoff, Rosen and Quentel, P.A. of Miami ,
Florida, Bond Counsel, is hereby authorized and directed to pro-
ceed in the name of the City to have the Bonds validated by the
Circuit Court of Dade County, Florida.
SECTION 21. EXECUTION. The Mayor and the City Clerk or any
Deputy City Clerk are hereby authorized and directed to execute
the Bonds under the seal of the City, a facsimile of which shall
be imprinted upon each of said Bonds, and each of said Bonds
shall be executed with the manual or facsimile signature of the
Mayor and with the manual or fascimile signature of the City
Clerk, or any Deputy City Clerk, and the Mayor, the City Clerk,
the City Attorney, and all other officers and officials of the
City are hereby authorized and directed to take such steps as may
be necessary to effect a sale and delivery of said Bonds.
SECTION 22. APPROVAL OF ESCROW DEPOSIT AGREEMENT. The form
of Escrow Deposit Agreement attached hereto as Exhibit "B" is
hereby approved with such changes as shall be authorized by a
subsequent resolution of the Commission.
SECTION 23. MODIFICATION OR AMENDMENT. No material modifi-
cation or amendment of this Resolution or of any ordinance or
- 22 -
d '
resolution amendatory hereof or supplemental hereto, may be made
without the consent in writing of the registered owners of sixty-
seven per cent ( 67% ) or more in principal amount of the Bonds
then outstanding; provided, however , that no modification or
amendment shall permit a change in the maturity of any Bonds or a
reduction in the rate of interest thereon, or in the amount of
the principal of and the interest on the Bonds as the same shall
become due, or reduce such percentage of registered owners of the
Bonds, required for consent to such modifications or amendments ,
without the consent of the registered owners of all of the Bonds
outstanding .
SECTION 24 . PAYMENTS DUE ON SATURDAYS, SUNDAYS, AND
HOLIDAYS. In any case where the date of maturity or interest on
or principal of any Bond, or the date fixed for redemption of any
Bond, shall be a Saturday or Sunday or shall be, at the place
designated for payment , a legal holiday or a day on which banking
institutions similar to the Paying Agent are authorized by law to
close, then the payment of the interest on, or the principal , or
the redemption price of , such Bond need not be made on such date
but must be made on the next succeeding day not a Saturday,
Sunday, or a legal holiday or a day upon which banking institu-
tions similar to the Paying Agent are authorized by law to close,
with the same force and effect as if made on the date of maturity
or the date fixed for redemption, and no interest shall accrue
for the period after such date .
SECTION 25 . SEVERABILITY OF INVALID PROVISIONS . If any one
or more of the covenants , agreements, or provisions of this Reso-
lution should be held contrary to any express provision of law or
contrary to the policy of express law, though not expressly pro-
hibited, or against public policy, or shall for any reason what-
soever be held invalid, then such covenants , agreements or provi-
sions shall be null and void and shall be deemed separated from
the remaining covenants , agreements or provisions , and in no way
affect the validity of all the other provision of this Resolution
or of the Bonds issued thereunder .
- 23 -
SECTION 26 . AUTHENTICATION. The Bonds shall not be secured
hereby or entitled to the benefit hereof, and shall not be valid
or obligatory for any purpose, unless there shall be endorsed on
such Bonds a certificate of authentication, substantially in the
form prescribed in this Resolution, executed by the Resolution,
and such certificate on any Bond issued by the City shall be
conclusive evidence and the only competent evidence that it has
been duly authenticated and delivered hereunder .
SECTION 27 . EFFECTIVE DATE. This Resolution shall be in
force and effect immediately upon its adoption.
PASSED AND ADOPTED this 18th day of June , 1986
7
Mayor
Attest :
(SEAL)
/te-AlLt )1) afit
City Clerk
Approv d as For
and S ffici cy:
By.
ity Attorney
STATE OF FLORIDA
COUNTY OF DADE
I Elaine M. Baker , City Clerk of the City of Miami Beach,
Florida do hereby certify that the above and foregoing is a true
and correct copy of Resolution No. 86-18489 , duly passed and
adopted by the City Commission of the City of Miami Beach, at a
regular meeting duly held and convened on the 18th day of June
1986, and that said resolution is in full force and effect, with-
out amendment, on the date hereof.
IN WITNESS WHEREOF, I have hereunto set my hand and the
official seal of the City of Miami Beach, Florida this 24th day
of June , 1986 .
City Clerk
FORM APPROVED
Date __.__�_4`_ .y'YL
d
EXHIBIT B
Escrow Deposit Agreement
•
EXHIBIT A
Financial Plan
c
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 THEATER, 1983 PUBLIC IMPROVEMENT, & 1984 S. POINTE BONDS
SOURCES AND USES OF FUNDS
DELIVERY DATE: 8/ 1/86
SOURCES
PAR AMOUNT OF BONDS $59,740,000.00
+PREMIUM /•DISCOUNT $0.00
BOND PROCEEDS 59,740,000.00
1984 THEATER DEBT SERVICE FUND 1,326,218.75
1983 PUBLIC IMP. DEBT SERVICE FUND 1,273,367.19
1984 S. POINTE DEBT SERVICE FUND 482,682.29
$62,822,268.23
USES OF FUNDS
=
DEPOSIT TO ESCROW:
SLGS PURCHASE 58,831,000.00
STRIP PURCHASE (MATURITY: 8/15/94) 1,326,159.13
STRIP PURCHASE (MATURITY: 8/15/93) 1,272,351.74
STRIP PUCHASE (MATURITY: 8/15/95) 482,464.17
ESCROW BEGINNING CASH BALANCE 3,684.87
COSTS OF ISSUANCE ( 1.500000%)... 896,100.00
(INCLUDING COSTS OF ISSUANCE)
CONTINGENCY 10,508.32
$62,822,268.23
Shearson Lehman Brothers Inc
4
CITY OF MIAMI BEACH -
1986 REFUNDING BONDS
REFUNDING OF 1984 THEATER, 1983 PUBLIC IMPROVEMENT, & 1984 S. POINTE BONDS
SAVINGS REPORT
PROPOSED DEBT SERVICE PRIOR CUMULATIVE
DATE PRINCIPAL COUPON INTEREST TOTAL D/S SAVINGS SAVINGS
9/ 1/86 3,581,221.88 3,581,221.88 498,953.65
9/ 1/87 1,635,000.00 4.250000 4,373,950.21 6,008,950.21 6,049,600.00 40,649.79 539,603.44
9/ 1/88 2,030,000.00 4.750000 3,968,005.00 5,998,005.00 6,032,612.50 34,607.50 574,210.94
9/ 1/89 2,150,000.00 5.500000 3,871,580.00 6,021,580.00 6,056,762.50 35,182.50 609,393.44
9/ 1/90 2,255,000.00 5.750000 3,753,330.00 6,008,330.00 6,047,125.00 38,795.00 648,188.44
9/ 1/91 2,400,000.00 5.950000 3,623,667.50 6,023,667.50 6,061,087.50 37,420.00 685,608.44.
9/ 1/92 2,560,000.00 6.150000 3,480,867.50 6,040,867.50 . 6,075,825.00 34,957.50 720,565.94
9/ 1/93 2,670,000.00 . 6.350000 3,323,427.50 5,993,427.50 6,034,362.50 40,935,00 761,500.94
9/ 1/94 2,890,000.00 6.550000 3,153,882.50 6,043,882.50 6,081,412.50 37,530.00 799,030.94
9/ 1/95 3,070,000.00 6.750000 2,964,587.50 6,034,587.50 6,077,375.00 42,787.50 . 841,818.44
9/ 1/96 3,260,000.00 6.900000 2,757,362.50 6,017,362.50 6,059,662.50 42,300.00 884,118.44
9/ 1/97 3,510,000.00 7.000000 2,532,422.50 .6,042,422.50 6,078,037.50 35,615.00 919,733.44
9/ 1/98 3,715,000.00 7.100000 2,286,722.50 6,001,722.50 6,040,837.50 39,115.00 958,848.44
9/ 1/99 4,040,000.00 7.200000 2,022,957.50 6,062,957.50 6,096,262.50 33,305.00 992,153.44.
9/ 1/ 0 4,355,000.00 7.250000 1,732,077.50 6,087,077.50 6,120,575.00 33,497.50 1,025,650.94
9/ 1/ 1 4,590,000.00 7.300000 1,416,340.00 6,006,340.00 6,043,237.50 36,897.50 1,062,548.44
9/ 1/ 2 5,035,000.00 7.350000 1,081,270.00 6,116,270.00 6,151,475.00 . 35,205.00 1,097,753.44
' 9/ 1/ 3 5,340,000.00 7.400000 711,197.50 6,051,197.50 6,090,600.00 39,402.50 1,137,155.94.
9/ 1/ 4 3,175,000.00 7.450000 316,037.50 3,491,037.50 3,537,562.50 46,525.00 1,183,680.94
9/. 1/ 5 1,060,000.00 7.500000 79,500.00 1,139,500.00 1,140,562.50 1,062.50 1,184,743.44
59,740,000.00 47,449,185.21 107,189,185.21 111,456,196.88 1,184,743.44
ACCRUED .
59,740,000.00 47,449,185.21 107,189,185.21 111,456,196.88 1,184,743.44
DATED 8/ 1/86 WITH DELIVERY OF 8/ 1/86 .
BOND YEARS 669,703.333
AVERAGE COUPON 7.085
AVERAGE LIFE 11.210
N I C % 7.085105 % USING 100.0000000
T I C % 7.026032 % USING 100.0000000 .
N 0 T E : CUMULATIVE SAVINGS ARE NET OF 3,082,268.23
NET PRESENT VALUE SAVINGS A T : 7.0000000000 % EQUALS 925,660.89
Shearson Lehman Brothers Inc .
•
A
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 THEATER, 1983 PUBLIC IMPROVEMENT, & 1984 S. POINTE BONDS
DEBT SERVICE SCHEDULE
DATE PRINCIPAL INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/87 1,635,000.00 4,373,950.21 6,008,950.21 6,008,950.21
9/ 1/88 2,030,000.00 3,968,005.00 5,998,005.00 5,998,005.00
9/ 1/89 2,150,000.00 3,871,580.00 6,021,580.00 6,021,580.00
9/ 1/90 2,255,000.00 3,753,330.00 6,008,330.00 6,008,330.00
9/ 1/91 2,400,000.00 3,623,667.50 6,023,667.50 6,023,667.50
9/ 1/92 2,560,000.00 3,480,867.50 6,040,867.50 6,040,867.50
9/ 1/93 2,670,000.00 3,323,427.50 5,993,427.50 5,993,427.50
9/ 1/94 2,890,000.00 3,153,882.50 6,043,882.50 6,043,882.50
9/ 1/95 3,070,000.00 2,964,587.50 6,034,587.50 6,034,587.50
9/ 1/96 3,260,000.00 2,757,362.50 6,017,362.50 6,017,362.50
9/ 1/97 3,510,000.00 2,532,422.50 6,042,422.50 6,042,422.50
9/ 1/98 3,715,000.00 2,286,722.50 6,001,722.50 6,001,722.50
9/ 1/99 4,040,000.00 2,022,957.50 6,062,957.50 6,062,957.50
9/ 1/ 0 4,355,000.00 1,732,077.50 6,087,077.50 6,087,077.50
9/ 1/ 1. 4,590,000.00 1,416,340.00 6,006,340.00 6,006,340.00
9/ 1/ 2 5,035,000.00 1,081,270.00 6,116,270.00 6,116,270.00
9/ .1/ 3 5,340,000.00 711,197.50 6,051,197.50 6,051,197.50
9/ 1/ 4 3,175,000.00 316,037.50 3,491,037.50 3,491,037.50
• '9/ 1/ 5 1,060,000.00 79,500.00 1,139,500.00 1,139,500.00
59,740,000.00 47,449,185.21 107,189,185.21
ACCRUED
59,740,000.00 47,449,185.21 107,189,185.21
DATED 8/ 1/86 WITH.DELIVERY OF 8/ 1/86
BOND YEARS 669,703.333.
AVERAGE COUPON ' • 7.085
AVERAGE LIFE 11.210 -
N I C % 7.085105 % USING 100.0000000
I I C % 7.026032 X USING 100.0000000
Shearson Lehman Brothers Inc
' 1
1 -
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 THEATER PROJECT BONDS
SOURCES AND USES OF FUNDS
DELIVERY DATE: 8/ 1/86
SOURCES.
PAR AMOUNT OF BONDS $24,590,000.00
+PREMIUM /-DISCOUNT $0.00
BOND PROCEEDS 24,590,000.00
1984 DEBT SERVICE FUND 1,326,218.75
$25,916,218.75
USES OF FUNDS
DEPOSIT TO ESCROW:
SLGS PURCHASES 24,219,000.00
TREASURY STRIP PURCHASE 1,326,159.13
ESCROW BEGINNING CASH BALNCE 848.45
COSTS OF ISSUANCE ( 1.500000%)... .368,850.00
(INCLUDING UNDERWRITERS DISCOUNT) -
CONTINGENCY 1,361.17
$25,916,218.75
Shearson Lehman Brothers Inc
• • t
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 THEATER PROJECT BONDS
DEBT SERVICE SCHEDULE .
DATE PRINCIPAL COUPON INTEREST PERI00 TOTAL FISCAL TOTAL
9/ 1/87 745,000.00 4.250000 1,792,591.67 2,537,591.67 . 2,537,591.67.
9/ 1/88 915,000.00 . 4.750000. 1,623,037.50 2,538,037.50 2,538,037.50,
9/ 1/89 950,000.00 5.500000 . 1,579,575.00" 2,529,575.00 2,529,575.00
9/ 1/90 990,000.00 5.750000 1,527,325.00 2,517,325.00 2,517,325.00
9/ 1/91 1,030,000.00 5.950000 1,470,400.00 2,500,400.00 2,500,400.00
9/_ 1/92 1,120,000.00 6.150000.. 1,409,115.00 2,529,115.00 2,529,115.00
9/ 1/93 1,105,000.00 6.350000 1,340,235.00 2,445,235.00 2,445,235.00
9/ 1/94. 1,195,000.00 6.550000, 1,270,067.50 _ 2,465,067.50 2,465,067.50
9/ 1/95 1,280,000.00 6.750000 1,191,795.00 2,471,795.00 . 2,471,795.00 .
9/ 1/96 1,315,000.00 6.900000 1,105,395.00 2,420,395.00 2,420,395.00
9/ 1/97 1,405,000.00 7.000000 1,014,660.00 2,419,660.00 2,419,660.00
9/ 1/98 1,485,000.00 7.100000 916,310.00 . 2,401,310.00 2,401,310.00
9/ .1/99 1,565,000.00 7.200000 810,875.00 2,375,875.00 2,375,875.00
9/ 1/ 0" 1,690,000.00 7.250000 698,195.00 2,388,195.00 2,388,195.00
9/ 1/ 1 1,715,000.00 7.300000 575,670.00 2,290,670.00 2,290,670.00
9/ 1/ 2 . 1,885,000.00 7.350000 450,475.00 2,335,475.00 2,335,475.00
9/ 1/ 3 1,945,000.00 7.400000 311,927.50 2,256,927:50 2,256,927.50
9/ 1/ 4 2,255,000.00 7.450000 167,997.50 " 2,422,997.50 2,422,997.50
24,590,000.00 19,255,646.67 43,845,646.67
ACCRUED
24,590,000.00 19,255,646.67 43,845,646.67 '
DATED 8/• 1/86 - WITH DELIVERY OF. 8/ 1/86
BOND YEARS 272,089.167
AVERAGE COUPON 7.077
AVERAGE LIFE . 11.065
N I C X 7.076962 %- USING 100.0000000
T C % 7.014741 X USING 100.0000000 '
Shearson Lehman Brothers Inc .
,
•
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 THEATER PROJECT BONDS
SAVINGS REPORT
PROPOSED DEBT SERVICE. PRIOR CUMULATIVE
,DATE PRINCIPAL COUPON INTEREST TOTAL• D/S SAVINGS SAVINGS
9/ 1/86 1,541,462.50 1,541,462.50 215,243.75
9/ 1/87 745,000.00 4.250000 1,792,591.67 2,537,591.67 2,584,925.00 47,333.33 262,577.08
9/ 1/88 915,000.00 4.750000 1,623,037.50 2,538,037.50 2,582,125.00 44,087.50 306,664.58
9/ 1/89 . 950,000.00 5.500000 1,579,575.00 2,529,575.00 2,574,525.00 44,950.00 351,614.58
9/ 1/90 990,000.00 5.750000 1,527,325.00 2,517,325.00 2,562,125.00 44,800.00 396,414.58
9/ 1/91 1,030,000.00 5.950000 1,470,400.00 2,500,400.00 2,544,925.00 44,525.00 440,939.58
9/ 1/92 1,120,000.00 6.150000 1,409,115.00 2,529,1.15.00 2,572,925.00 43,810.00 484,749.58
9/ 1/93. 1,105,000.00 6.350000 • 1,340,235.00 2,445,235.00 2,491,325.00 46,090.00 530,839.58
9/ 1/94 1,195,000.00 6.550000 . 1,270,067.50 2,465,067.50 2,509,725.00 44,657.50 575,497.08
9/ 1/95 1,280,000.00 6.750000 1,191,795.00 2,471,795.00 2,518,525.00 46,730.00 622,227.08
9/ 1/96 1,315,000.00 6.900000 1,105,395.00 2,420,395.00 2,467,725.00 47,330.00 669,557.08
9/ .1/97 1,405,000.00 7.000000 1,014,660.00 2,419,660.00 2,462,125.00 42,465.00 712,022.08
9/ 1/98 1,485,000.00 7.100000 916,310.00 2,401,310.00 2,445,725.00 44,415.00 . 756,437.08
9/ 1/99 _ 1,565,000.00 7.200000 810,875.00 2,375,875.00 2,419,625.00 43,750.00 800,187.08
9/ 1/ 0 1,690,000.00 7.250000 . 698,195.00 2,388,195.00 2,433,825.00 45,630.00 845,817.08
9/ 1/ 1 1,715,000.00 7.300000 575,670.00 2,290,670.00 2,333,475.00 42,805.00 888,622.08-
. 9/ 1/ 2 1,885,000.00 7.350000 450,475.00 2,335,475.00 2,378,275.00 42,800.00 931,422.08
9/ .1/ 3 1,945,000.00 7.400000 311,927.50 2,256,927.50 2,303,675.00 46,747.50 978,169.58
• .9/ 1/ 4 2,255,000.00 7.450000 167,997.50 2,422,997.50 2,469,375.00 .46,377.50 1,024,547.08
24,590,000.00 19,255,646.67 43,845,646.67 46,196,412.50 1,024,547.08
ACCRUED
24,590,000.00 19,255,646.67 43,845,646.67 46,196,412.50 1,024,547.08
DATED 8/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 272,089.167 .
AVERAGE COUPON 7.077
AVERAGE LIFE 11.065
N I C % 7.076962 % USING 100.0000000
TIC X 7.014741 X USING 100.0000000 •
N 0 T E : CUMULATIVE SAVINGS ARE NET OF 1,326,218.75
NET PRESENT VALUE SAVINGS AT : 7.0000000000 % EQUALS 696,956.82
Shearson Lehman Brothers Inc _
S l
CITY OF MIAMI BEACH
GENERAL OBLIGATION BONDS (THEATER PROJECT), SERIES 1984
SERIES 1984 BONDS TO CALL
COST OF PURCHASES FOR ESCROW PORTFOLIO
MATURITY PAR ACCRUED TOTAL
TYPE DATE COUPON AMOUNT PRICE COST INTEREST COST
STRIP 8/15/94 0.000000 2,540,000 52.210989 1,326,159.13 0.00 1,326,159.13
SUBTOTAL 2,540,000 1,326,159.13 0.00 1,326,159.13
** GRAND TOTAL ** 2,540,000 1,326,159.13 0.00 1,326,159.13
BEGINNING CASH 0.00.
COST OF SECURITIES 1,326,159.13
TOTAL COST OF ESCROW 1,326,159.13
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
GENERAL OBLIGATION BONDS (THEATER PROJECT), SERIES 1984
SERIES 1984 BONDS TO MATURITY
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST,'. PERIOD TOTAL FISCAL TOTAL
9/ 1/86 500,000.00. . 9.600000 1,041,462.50 1,541,462.50 . 1,541,462.50
9/.1/87 550,000.00 9.600000 2,034,925.00 2,584,925.00. 2,584,925.00.
9/ 1/88 600,000.00 9.600000 1,982,125.00 2,582,125.00, 2,582,125.00
9/ .1/89 650,000.00 9.600000 1,924,525.00 •2,574,525.00 2,574,525.00
9/ 1/90 700,000.00 9.600000 1,862,125.00 2,562,125.00 2,562,125.00
9/ 1/91 750,000.00 9.600000 1,794,925.00 2,544,925.00 2,544,925.00
9/ 1/92 850,000.00 9.600000. 1,722,925.00 2,572,925.00 2,572,925.00
9/ 1/93 850,000.00 9.600000 1,641,325.00 2,491,325.00 2,491,325.00
9/ 1/94 950,000.00 9.600000 1,559,725.00 2,509,725.00 2,509,725.00
9/ 1/95 1,050,000.00 9.600000 1,468,525.00 2,518,525.00 2,518,525.00
9/ 1/96 1,100,000.00 9.600000 1,367,725.00 2,467,725.00 2,467,725.00 ,
9/ 1/97 1,200,000.00 9.700000 1,262,125.00 2,462,125.00 2,462,125.00
9/ 1/98 1,300,000.00 , 9.700000 1,145,725.00 2,445,725.00 2,445,725.00
9/ 1/99 1,400,000.00 9.700000 1,019,625.00 2,419,625.00 2,419,625.00
9/ 1/ 0 1,550,000.00 9.700000 883,825.002,433,825.00 2,433,825.00
9/ 1/ 1 1,600,000.00 9.700000 733,475.00 2,333,475.00 2,333,475.00
9/ 1/ 2 1,800,000.00 9.700000 . . 578,275.00 2,378,275.00 2,378,275.00
9/ 1/ 3 1,900,000.00 9.700000 403,675.00 .2,303,675.00 2,303,675.00
9/ 1/ 4 2,25.0,000.00 9.750000 21.9,375.00 2,469,375.00 2,469,375.00
21,550,000.00 24,646,412.50 46,196,412.50
ACCRUED 867,885.42 867,885.42
21,550,000.00 23,778,527.08 45,328,527.08
. .
DATED 3/.1/86 WITH DELIVERY OF 8/.1/86
BOND YEARS 254,425.000 .
AVERAGE COUPON 9.687 .
AVERAGE LIFE 11.806 .
NIC X 9.687103 X USING 100.0000000 .
Shearson Lehman Brothers Inc
•
CITY OF MIAMI BEACH
GENERAL OBLIGATION BONDS (THEATER PROJECT), SERIES 1984 .
SERIES 1984 BONDS TO CALL
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/86 500,000.00 9.600000 1,041,462.50 1,541,462.50 1,541,462.50
9/ 1/87 550,000.00 9.600000 2,034,925.00 2,584,925.00 2,584,925.00
9/ 1/88 600,000.00 9.600000 1,982,125.00 2,582,125.00 2,582,125.00
9/ 1/89 650,000.00 9.600000 1,924,525.00 2,574,525.00 2,574,525.00
9/ 1/90 700,000.00 9.600000 1,862,125.00 2,562,125.00 2,562,125.00
9/ 1/91 750,000.00 9.600000 1,794,925.00 2,544,925.00 2,544,925.00
9/ 1/92 850,000.00 9.600000 1,722,925.00 2,572,925.00 2,572,925.00
9/ 1/93 850,000.00 9.600000. 1,641,325.00 2,491,325.00 2,491,325.00
9/ 1/94 16,403,000.00 9.600000 1,559,725.00 17,962,725.00 17,962,725.00
21,853,000.00 15,564,062.50 37,417,062.50
ACCRUED • • 867,885.42 867,885.42
21,853,000.00 14,696,177.08 , 36,549,177.08
• DATED 3/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 163,450.500
AVERAGE COUPON 9.522 -
AVERAGE LIFE 7.480
N I C % • 9.522187 % USING 100.0000000
Shearson Lehman Brothers Inc
I , ,
1
• f
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF. 1983 PUBLIC IMPROVEMENT BONDS
SOURCES AND USES OF FUNDS
DELIVERY DATE: 8/ 1/86
SOURCES
PAR AMOUNT OF BONDS $24,505,000.00
+PREMIUM /•DISCOUNT $0.00
BOND PROCEEDS 24,505,000.00
1983 DEBT SERVICE FUND 1,273,367.19
$25,778,367.19
USES OF FUNDS
DEPOSIT TO ESCROW: .
SLGS PURCHASES 24,132,000.00
TREASURY STRIP PURCHASE 1,272,351.74
ESCROW BEGINNING CASH BALANCE 1,651.31
COSTS OF ISSUANCE ( 1.500000X).. 367,575.00
(INCLUDING UNDERWRITERS DISCOUNT)
CONTINGENCY 4,789.14
$25,778,367.19
Shearson Lehman Brothers Inc
•
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1983 PUBLIC IMPROVEMENT BONDS
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ .1/87 665,000.00 4.250000 1,788,331.46 2,453,331.46 2,453,331.46
9/. 1/88 835,000.00 4.750000 1.,622,505.00 2,457,505.00 2,457,505.00
9/ 1/89 875,000.00 5.500000 1,582,842.50 2,457,842.50 2,457,842.50
9/ 1/90 945,000.00 5.750000 1,534,717.50 2,479,717.50 2,479,717.50
9/ 1/91 1,000,000.00 5.950000 1,480,380.00 . 2,480,380.00 2,480,380.00
9/ 1/92 1,070,000.00 6.150000 1,420,880.00 2,490,880.00 2,490,880.00
9/ 1/93 1,150,000.00 ,6.350000 1,355,075.00 2,505,075.00 .. 2,505,075.00.
9/ 1/94 1,230,000.00 6.550000 1,282,050.00 2,512,050.00 2,512,050.00 :
9/ 1/95 1,330,000.00 .6.750000 .1,201,485.00 2,531,485.00 2,531,485.00
9/ 1/96 1,435,000.00 6.900000 1,111,710.00 2,546,710.00 2,546,710.00
9/ 1/97 1,545,000.00 7.000000 1,012,695.00 2,557,695.00 2,557,695.00.
9/ 1/98 1,675,000.00 7.100000 904,545.00 . 2,579,545.00 2,579,545.00 .
9/ 1/99 1,820,000.00 7.200000' . 785,620.00 2,605,620.00 . 2,605,620.00
9/ 1/ 0 1,965,000.00 7.250000 654,580.00 2,619,580.00 2,619,580.00
9/ 1/ 1 2,135,000.00 7.300000 . 512,117.50 2,647,117.50 2,647,117.50
9/ 1/ 2 2,315,000.00• 7.350000 ' 356,262.50 2,671,262.50 2,671,262.50
9/ 1/_3 2,515,000.00 7.400000 186,110.00 . 2,701,110.00 2,701,110.00
• 24,505,000.00 18,791,906.46 43,296,906.46
ACCRUED
24,505,000.00 18,791,906.46 43,296,906.46 .
DATED 8/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 266,497.083'
AVERAGE COUPON 7.051
AVERAGE LIFE 10.875 '
N I C % • _ 7.051449 % USING 100.0000000
T I C % 6.996269 % USING 100.0000000
Shearson Lehman Brothers Inc .
a 1 f
•
CITY OF MIAMI BEACH.
1986 REFUNDING BONDS
REFUNDING OF 1983 PUBLIC IMPROVEMENT BONDS
SAVINGS REPORT
PROPOSED DEBT SERVICE PRIOR. CUMULATIVE
DATE PRINCIPAL COUPON INTEREST TOTAL D/S SAVINGS. SAVINGS
9/ 1/86 1,475,540.63 1,475,540.63 202,173.43
9/ 1/87 665,000.00 4.250000 1,788,331.46 2,453,331.46 2,448,425.00 -4,906.46 197,266.98
9/ 1/88 835,000.00 4.750000 1,622,505.00 2,457,505.00 2,450,487.50 -7,017.50. 190,249.48
9/ 1/89 875,000.00 5.500000 1,582,842.50 2,457,842.50 2,448,487.50 -9,355.00 180,894.48
9/ 1/90. 945,000.00 5.750000 1,534,717.50 2,479,717.50 2,471,562.50 -8,155.00 172,739.48
9/ 1/91 1,000,000.00 5.950000 1,480,380.00' 2,480,380.00 2,473,037.50 -7,342.50 165,396.98
9/ 1/92 1,070,000.00 . 6.150000 - 1,420,880.00 2,490,880.00 2,484,150.00 -6,730.00 158,666.98
9/ 1/93 1,150,000.00 6.350000 1,355,075.00 2,505,075.00 2,498,662.50 -6,412.50 152,254.48
9/ 1/94 1,230,000.00 - 6.550000 1,282,050.00 2,512,050.00 2,505,750.00 -6,300.00 145,954.48
9/ 1/95 .1,330,000.00 6.750000 1,201,485.00 2,531,485.00 2,525,412.50 -6,072.50 139,881.98
9/.1/96. 1,435,000.00 6.900000 1,111,710.00 2,546,710.00 2,541,000.00 -5,710.00 134,171.98
9/ 1/97 1,545,000.00 7.000000 1,012,695.00 2,557,695.00 2,552,100.00 -5,595.00 128,576.98
9/ 1/98 1,675,000.00 7.100000 ` - 904,545.00 2,579,545.00 . 2,573,300.00 -6,245.00 122,331.98
9/ 1/99 1,820,000.00 7.200000 . 785,620.00 2,605,620.00 2,597,950.00 -7,670.00 114,661.98
9/
9/ 1/ 0 1,965,000.00 7.250000 654,580.00 2,619,580.00 2,609,812.50 -9,767.50 104,894.48
9/ 1/ 1 2,135,000.00 7.300000 512,117.50 . 2,647,117.50 2,638,887.50 -8,230.00 96,664.48
9/ 1/ 2 2,315,000.00 7:350000 356,262.50 2,671,262.50 2,662,700.00 -8,562.50 88,101.98
9/ 1/ 3 2,515,000.00• . .7.400000 186,110.00 2,701,110.00 2,695,425.00 -5,685.00 82,416.98
•
,24,505,000.00 18,791,906.46 43,296,906.46 44,652,690.63 82,416.98
ACCRUED
24,505,000.00 18,791,906.46 . 43,296,906.46 44,652,690.63 82,416.98
DATED 8/ 1/86 .WITH DELIVERY OF 8/ 1/86
BOND YEARS 266,497.083
AVERAGE COUPON ' • 7.051
AVERAGE LIFE . 10.875
N I C X 7.051449 % USING 100.0000000 .
T I X 6.996269 % USING 100.0000000 . .
N 0 T E : CUMULATIVE SAVINGS ARE , NET OF 1,273,367.19
NET P RES E.N T VALUE . SAVINGS AT : 7.0000000000 % E 0U A L S- 144,519.84
Shearson Lehman Brothers Inc .
' f
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BONDS (SERIES 1983)
SERIES 1983 BONDS TO CALL
COST OF PURCHASES FOR ESCROW PORTFOLIO
MATURITY PAR ACCRUED TOTAL
TYPE DATE COUPON AMOUNT PRICE COST INTEREST COST
STRIP 8/15/93 0.000000 2,225,000 57.184348 1,272,351.74 0.00 1,272,351.74
SUBTOTAL 2,225,000 1,272,351.74 0.00 1,272,351.74
** GRAND TOTAL ** 2,225,000 1,272,351.74 0.00 1,272,351.74
' BEGINNING CASH 0.00
COST OF SECURITIES 1,272,351.74
TOTAL COST OF ESCROW 1,272,351.74
Shearson Lehman Brothers Inc -
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BONDS (SERIES 1983)
SERIES 1983 BONDS TO MATURITY
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/86 525,000.00 8.125000 950,540.63 1,475,540.63 1,475,540.63
9/ 1/87 590,000.00 8.125000 1,858,425.00 2,448,425.00 2,448,425.00
9/ 1/88 640,000.00 8.125000 1,810,487.50 2,450,487.50 2,450,487.50
9/ 1/89 690,000.00 8.250000 1,758,487.50. 2,448,487.50 2,448,487.50
9/. 1/90 770,000.00 8.250000 1,701,562.50 2,471,562.50 2,471,562.50
9/ 1/91 835,000.00 8.250000 1,638,037.50 2,473,037.50 2,473,037.50
9/ 1/92 915,000.00 8.250000 1,569,150.00 2,484,150.00 2,484,150.00
9/ 1/93 1,005,000.00 8.250000 1,493,662.50 2,498,662.50 2,498,662.50
9/ 1/94 1,095,000.00 8.250000 1,410,750.00 2,505,750.00 2,505,750.00
9/ 1/95 1,205,000.00 8.250000 1,320,412.50 2,525,412.50 2,525,412.50
9/ 1/96 1,320,000.00 8.250000 1,221,000.00 2,541,000.00 2,541,000.00
9/ 1/97 1,440,000.00 8.250000 1,112,100.00 2,552,100.00 2,552,100.00
9/ 1/98 1,580,000.00 8.250000 993,300.00 2,573,300.00 2,573,300.00
9/ 1/99 1,735,000.00 8.250000 862,950.00 2,597,950.00 2,597,950.00
9/ 1/ 0 1,890,000.00 8.250000 719,812.50 2,609,812.50 2,609,812.50
9/ 1/ 1 2,075,000.00 8.250000 563,887.50 2,638,887.50 2,638,887.50
9/ 1/ 2 2,270,000.00 8.250000 392,700.00 2,662,700.00 2,662,700.00
9/ 1/ 3 2,490,000.00 8.250000 205,425.00 2,695,425.00 2,695,425.00
23,070,000.00 21,582,690' 44,652,690.63
ACCRUED 792,117.19 792,117.19
23,070,000.00 20,790,573.44 43,860,573.44
DATED 3/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 261,650.000
AVERAGE COUPON 8.249
AVERAGE LIFE 11.342
N I C X 8.248687 X USING 100.0000000
Shearson Lehman Brothers Inc
•
,
CITY OF MIAMI BEACH.
PUBLIC IMPROVEMENT BONDS (SERIES 1983)
SERIES 1983 BONDS TO CALL
DEBT SERVICE SCHEDULE
DATE PRINCIPAL - COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/86 525,000.00 8.125000 950,54.0.63 . 1,475,540.63 1,475,540.63
9/ 1/87 590,000.00 8.125000 1,858,425.00 2,448,425.00 2,448,425.00
9/ 1/88 640,000.00 8.125000 1,810,487.50 2,450,487.50 2,450,487.50
9/ 1/89 690,000.00 8.250000 1,758,487.50 2,448,487.50 2,448,487.50
9/ 1/90 770,000.00 8.250000 1,701,562.50 2,471,562.50 2,471,562.50
9/1/91 ,835,000.00 8.250000 1,638,037.50 2,473,037.50 2,473,037.50
9/ 1/92 915,000.00 8.250000 1,569,150.00 2,484,150.00 2,484,150.00.
9/ 1/93 18,447,000.00 8.250000 1,493,662.50 19,940,662.50 19,940,662.50
23,412,000.00 12,780,353.13 36,192,353.13 "
ACCRUED 792,117.19 792,117.19
23,412,000.00 11,988,235.94 35,400,235.94
DATED 3/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 157,520.000 '
AVERAGE COUPON 8.113
AVERAGE LIFE 6.728 -
N I C %' ' 8.113480 .% 'USING 100.0000000
Shearson Lehman Brothers Inc .
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 SPOINTE PROJECT BONDS
S O U R CE S AND USES OF FUNDS
DELIVERY DATE: 8/ 1/86
SOURCES
PAR AMOUNT OF BONDS $10,645,000.00
+PREMIUM /-DISCOUNT $0.00
BOND PROCEEDS 10,645,000.00
1984 DEBT SERVICE FUND 482,682.29
$11,127,682.29.
USES OF FUNDS
DEPOSIT TO ESCROW:
SLGS PURCHASES 10,480,000.00
TREASURY STRIP PURCHASE - 482,464.17
ESCROW BEGINNING CASH BALANCE • 1,185.11
COSTS OF ISSUANCE ( 1.500000X)... 159,675.00
(INCLUDING UNDERWRITERS DISCOUNT)
CONTINGENCY 4,358.01
$11,127,682.29
Shearson Lehman Brothers Inc
.
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 S. POINTE PROJECT BONDS
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/87 225,000.00 4.250000 793,027.08 1,018,027.08 1,018,027.08
9/ 1/88. 280,000.00 4.750000 722,462.50 1,002,462.50 1,002,462.50
9/ 1/89 325,000.00 . 5.500000 709,162.50 1,034,162.50 1,034,162.50
9/ 1/90 320,000.00 5.750000 691,287.50 1,011,287.50 1,011,287.50
9/ 1/91 370,000.00 5.950000 672,887.50 1,042,887.50 1,042,887.50
9/ 1/92 370,000.00 6.150000 650,872.50 1,020,872.50 1,020,872.50
9/ 1/93 415,000.00 6.350000 628,117.50 1,043,117.50 1,043,117.50
9/ 1/94 465,000.00 6.550000 601,765.00 1,066,765.00 1,066,765.00
9/ 1/95 460,000.00 6.750000 571,307.50 1,031,307.50 1,031,307.50
9/1/96 510,000.00 6.900000 540,257.50 1,050,257.50 1,050,257.50
9/ 1/97 560,000.00 7.000000 505,067.50 1,065,067.50 1,065,067.50
9/ 1/98 555,000.00 7.100000 465,867.50 1,020,867.50 1,020,867.50
9/ 1/99 .655,000.00 7.200000 426,462.50 1,081,462.50 1,081,462.50
9/ 1/ 0 700,000.00 7.250000 379,302.50 1,079,302.50 1,079,302.50
9/ 1/ 1 740,000.00 7.300000 328,552.50 1,068,552.50 1,068,552.50
9/ 1/ 2 835,000.00 7.350000 274,532.50 1,109,532.50 1,109,532.50
9/ 1/ 3 880,000.00 7.400000 213,160.00 1,093,160.00 1,093,160.00
9/ 1/ 4 920,000.00 7.450000 148,040.00 1,068,040.00. 1,068,040.00
9/ 1/ 5 1,060,000.00 7.500000 79,500.00 1,139,500.00 1,139,500.00
10,645,000.00 9,401,632.08 20,046,632.08
ACCRUED
10,645,000.00 9,401,632.08 20,046,632.08
DATED 8/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS . 131,117.083
AVERAGE COUPON 7.170
AVERAGE LIFE 12.317
N I C % 7.170410 % USING 100.0000000
T I C % 7.113526 % USING 100.0000000
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 S. POINTE PROJECT BONDS
SAVINGS REPORT
PROPOSED DEBT SERVICE - • - - - - PRIOR CUMULATIVE
DATE PRINCIPAL COUPON INTEREST TOTAL D/S SAVINGS SAVINGS
9/ 1/86 564,218.75 564,218.75 81,536.46
9/ 1/87 225,000.00 4.250000 793,027.08 1,018,027.08 1,016,250.00 -1,777.08 79,759.38
9/ 1/88 280,000.00 4.750000 722,462.50 1,002,462.50 1,000,000.00 -2,462.50 77,296.88
9/ 1/89 325,000.00 5.500000 709,162.50 1,034,162.50 1,033,750.00 -412.50 76,884.38
9/ 1/90 320,000.00 5.750000 691,287.50 1,011,287.50 1,013,437.50 2,150.00 79,034.38
9/ 1/91 370,000.00 5.950000 672,887.50 1,042,887.50 1,043,125.00 237.50 79,271.88
9/ 1/92 370,000.00 6.150000 650,872.50 1,020,872.50 1,018,750.00 •2,122.50 77,149.38
9/ 1/93 415,000.00 6.350000 . 628,117.50 1,043,117.50 .1,044,375.00 1,257.50 78,405.88
9/ 1/94 465,000.00 6.550000 601,765.00 1,066,765.00 1,065,937.50 -827.50 77,579.38
9/ 1/95 460,000.00 6.750000 571,307.50 1,031,307.50 1,033,437.50 2,130.00 79,709.38
9/ 1/96 510,000.00 6.900000 540,257.50 1,050,257.50 1,050,937.50 680.00 80,389.38
9/ 1/97 560,000.00 7.000000 505,067.50 1,065,067.50 1,063,812.50 -1,255.00 79,134.38
9/ 1/98 555,000.00 7.100000 465,867.50 1,020,867.50 1,021,812.50 945.00 80,079.38
9/ 1/99 655,000.00 7.200000 426,462.50 1,081,462.50 1,078,687.50 -2,775.00 77,304.38
9/ 1/ 0 700,000.00 7.250000 379,302.50 1,079,302.50 1,076,937.50 -2,365.00 74,939.38
9/ 1/ 1 740,000.00 7.300000 328,552.50 1,068,552.50 1,070,875.00 2,322.50 77,261.88
9/ 1/ 2 835,000.00 7.350000 274,532.50 1,109,532.50 1,110,500.00 967.50 78,229.38
9/ 1/ 3 880,000.00 7.400000 213,160.00 1,093,160.00 1,091,500.00 -1,660.00 76,569.38
9/ 1/ 4 920,000.00 7.450000 148,040.00 1,068,040.00 1,068,187.50 . 147.50 . 76,716.88
9/.1/ 5 1,060,000.00 7.500000 . 79,500.00 1,139,500.00 1,140,562.50 1,062.50 77,779.38
10,64.5,000.00 9,401,632.08 20,046,632.08 20,607,093.75 77,779.38
ACCRUED
10,645,000.00 9,401,632.08 20,046,632.08 20,607,093.75 77,779.38
DATED 8/ 1/86 WITH DELIVERY OF 8/ .1/86
BOND YEARS 131,117.083 .
AVERAGE COUPON 7.170
AVERAGE LIFE 12.317
N I C % 7.170410 % USING 100.0000000
T I C % . 7.113526 X USING 100.0000000
N 0 T E : CUMULATIVE SAVINGS ARE NET OF 482,682.29
NET PRESENT VALUE SAVINGS AT : 7.0000000000 X EQUALS 84,184.22
Shearson Lehman Brothers Inc .
CITY OF MIAMI BEACH
GENERAL OBLIGATION BONDS (S. POINTE PROJECT), SERIES 1984
SERIES 1984 BONDS TO CALL
COST OF PURCHASES FOR ESCROW PORTFOLIO
MATURITY PAR ACCRUED TOTAL
TYPE DATE COUPON AMOUNT PRICE COST INTEREST COST
STRIP 8/15/95; 0.000000 1,015,000 47.533416 482,464.17 0.00. 482,464.17
SUBTOTAL 1,015,000 482,464.17 0.00 482,464.17
**. GRAND TOTAL ** 1,015,000 482,464.17 0.00 482,464.17
BEGINNING CASH 0.00
COST OF SECURITIES 482,464.17
TOTAL COST OF ESCROW 482,464.17.
Shearson Lehman Brothers Inc
,
•
CITY OF MIAMI BEACH
GENERAL OBLIGATION BONDS (S. POINTE PROJECT), SERIES 1984
SERIES 1984 BONDS TO MATURITY
DEBT SERVICE -SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/86 150,000.00 8.125000 414,218.75 564,218.75 564,218.75
9/ 1/87 200,000.00 8.125000 816,250.00 1,016,250.00 1,016,250.00
9/ 1/88/ 200,000.00. 8.125000 800,000.00 . 1,000,000.00 1,000,000.00
9/ 1/89 250,000.00. 8.125000 783,750.00 1,033,750.00 1,033,750.00
9/ 1/90 250,000.00 8.125000 763,437.50 1,013,437.50 1,013,437.50
9/ 1/91 300,000.00 8.125000 743,125.00 1,043,125.00 1,043,125:00
9/ 1/92 . 300,000.00. 8.125000 718,750.00 1,018,750.00 1,018,750.00
9/ 1/93 350,000.00 8.125000 694,375.00 1,044,375.00 1,044,375.00
9/ 1/94 400,000.00 8.125000 665,937.50 1,065,937.50 1,065,937.50
9/ 1/95 400,000.00 8.125000 633,437.50 1,033,437.50 1,033,437.50
9/ 1/96 - 450,000.00 8.250000 600,937.50. 1,050,937.50 1,050,937.50
9/ 1/97 500,000:00 .8.400000 563,812.50. 1,063,812.50 1,063,812.50
9/- 1/98 500,000.00 8.625000 52 1,812.50 1,021,812.50 1,021,812.50
9/ 1/99 600,000.00 8.625000 478,687.50 1,078,687.50 ' 1,078,687.50
9/ 1/ 0 650,000.00 8.625000 426,937.50 1,076,937.50 1,076,937.50
9/ 1/ 1 700,000.00 8.625000 370,875.00 1,070,875.00 1,070,875.00
9/ 1/ 2 800,000.00 8.625000 310,500.00 . 1,110,500.00 1,110,500.00
9/ 1/ 3 850,000.00 8.625000 24 1,500.00 1,091,500.00 1,091,500.00
9/ 1/ 4 900,000.00 8.625000: 168,187.50 1,068,187.50. . 1,068,187.50
9/ 1/ 5 1,050,000.00 8.625000 90,562.50 1,140,562.50 1,140,562.50
•
9,800,000.00 10,807,093.75 20,607,093.75
ACCRUED 345,182.29 345,182.29
9,800,000.00 10,461,911.46 20,261,911.46
==
DATED 3/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 126,600.000
AVERAGE COUPON 8.536
AVERAGE LIFE 12.918
N I C % .8.536409 % USING 100.0000000
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
GENERAL OBLIGATION BONDS (S. POINTE PROJECT), SERIES 1984
SERIES 1984 BONDS TO CALL
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/86 150,000.00 8.125000 414,218.75 564,218.75 564,218.75
9/ 1/87 200,000.00 8.125000 816,250.00 1,016,250.00 1,016,250.00
9/ 1/88 200,000.00 8.125000 800,000.00 1,000,000.00 1,000,000.00
9/ 1/89 250,000.00 8.125000 783,750.00 1,033,750.00 1,033,750.00
9/ 1/90 250,000.00 8.125000 763,437.50 1,013,437.50 1,013,437.50
9/ 1/91 300,000.00 8.125000 743,125.00 . 1,043,125.00 1,043,125.00
9/ 1/92 . 300,000.00 8.125000 718,750.00 1,018,750.00 1,018,750.00
9/ 1/93 350,000.00 8.125000 694,375.00 1,044,375.00 1,044,375.00
9/ 1/94 .400,000.00 8.125000 665,937.5.0. 1,065,937.50 1,065,937.50
9/ 1/95 7,540,000.00 8.125000 633,437.50 8,173,437.50 8,173,437.50
9,940,000.00 7,033,281.25 16,973,281.25
ACCRUED 345,182.29 345,182.29 .
9,940,000.00 6,688,098.96 16,628,098.96
a
DATED 3/ 1/86 WITH DELIVERY OF 8/ 1/86
• BOND YEARS 84,130.000
AVERAGE COUPON 8.360.
AVERAGE LIFE - 8.464
• N I C %- 8..360016 % USING 100.0000000'
Shearson Lehman Brothers Inc.
Illppr •
GTAHLR&Q DRAFT
KAD:MiaEichEAg
06/16/86
CITY OF MIAMI BEACH, FLORIDA
and .
as Escrow Agent
ESCROW DEPOSIT AGREEMENT
DATED AS OF AUGUST 1, 1986
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,
ESCROW DEPOSIT AGREEMENT
THIS ESCROW DEPOSIT AGREEMENT ( the "Agreement" ) made and
entered intoe as of August 1, 1986, by and between THE CITY OF .
MIAMI BEACH, FLORIDA ( the "City" ) , and , as
escrow agent ( the "Escrow Agent")
WITNESSET H:
WHEREAS, the City has heretofore issuedand there are now
outstanding its City of Miami Beach, Florida, Public Improvement
Bonds (Series 1983) ; City of Miami Beach, Florida, General Obli-
gation Bonds (Theater of Performing Arts Project) , .Series 1984;
and City of Miami Beach, Florida, General Obligation Bonds (South
Pointe Redevelopment Project) , Series 1984. (collectively, the
"Prior , Bonds" ) , as more particularly described in Schedule A
attached hereto; and
WHEREAS, in order to, among other things, provide for the
refunding of the Prior Bonds, the City has authorized and issued
its City of Miami Beach, Florida,. General Obligation Refunding
Bonds, Series 1986 (the "Bonds" ) , . in the aggregate principal
amount of $ and
WHEREAS, a portion of the proceeds derived from the:_sale of
the Bonds together with certain other moneys of the City will be
applied to the purchase of Federal Securities (as such term is
hereinafter' defined.) , which principal amount of Federal Securi-
ties will mature and produce investment income and earnings at
suchtimes and in such amounts as will be sufficient, together
with other moneys of the City deposited in the trust created
herein, to pay when due, whether at maturity or upon the redemp-
tion thereof, all of the principal of, redemption premium, if
any, and interest on the Prior Bonds; and
WHEREAS, in order to provide for the proper and timely
application of the moneys deposited in the trust created herein,
the maturing principal amount of the Federal Securities purchased •
therewith, and investment income and earnings derived therefrom
to the payment of the Prior. Bonds, it is necessary for the City
to enter into this Agreement with the Escrow Agent on behalf of
the holders from time to time of the Prior Bonds:
NOW, THEREFORE, the City, in consideration of the foregoing .
and the mutual covenants herein set forth -and in order to secure" • '
the payment of the principal of, redemption premium, if any, and ,
interest on all of the Prior Bonds according to their tenor and
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effect, . does by these presents hereby grant , warrant, demise,
release, convey, assign, transfer, alien, pledge, set over and
confirm, unto the Escrow Agent, and to its successors in the
trust hereby created, and to it and its assigns forever, all and
singular the property hereinafter described to wit:
DIVISION I
All right, title and interest of the City in and to ( i )
$ derived from the proceeds of its Bonds deposited
with the Escrow Agent upon issuance and delivery of the Bonds and
execution of and delivery of this Agreement, and ( ii )
DIVISION II
All right, .title and interest of the City in and to all
income derived from or accruing to the Federal. Securities pur-
chased from the moneys described in Division I hereof and more
particularly described in Schedule B, attached hereto and made a
part hereof.
DIVISION III
Any and all other property of every kind and nature from.
time to time hereafter, by delivery or by writing, of any kind,
conveyed, pledged, assigned or transferred as and for additional .
security hereunder by the City or by anyone in its behalf to the
Escrow Agent, for the benefit of the Prior Bonds which is hereby
authorized to receive the same at any time as additional security
hereunder .
DIVISION IV
All property which is. by the express provisions of this
Agreement required to be subject to the pledge hereof and any
additional property that may, from time to time hereafter , by
delivery or by writing of any kind, by the City or by . anyone in
its behalf., be subject to the pledge hereof and the Escrow Agent
is herebyauthorizedto receive the. : same at any time as addi-
tional security hereunder.
TOHAVE AND TO HOLD, all and singular ,, the Trust- Estate (as
such term is hereinafter defined) , including all additional 'prop-
erty which by the terms hereof has or may become -subject to the
encumbrances of this Agreement, unto the Escrow Agent, and its
successors and assigns, forever in trust, however , for the bene-
fitand security of the holders fromtimeto timeof the Prior
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Bonds; but if Prior Bonds shall be fully and promptly paid when
due, whether at maturity or upon the redemption thereof, in
accordance with the terms thereof and hereof, then this Agreement
shall be and become void and of no further force and effect;
otherwise the same shall remain in full force and effect, and
upon the trust and subject to the covenants and conditions here-
inafter set forth.
ARTICLE I
DEFINITIONS; FINDINGS AND DETERMINATION
BY THE CITY
Section 1 .01. Definitions. In addition to words and terms
elsewhere defined in this Agreement, the following words and
terms as used in this Agreement shall have the following
meanings, unless some other meaning is plainly intended.
"Federal Securities" shall mean direct obligations of, or
obligations the principal of and interest on which are fully
guaranteed by, the United States of America, none of which permit
redemption prior to maturity at the option of the obligor .
"Prior Resolutions" shall mean Resolutions No.
, adopted by the City on
and , respectively, authorizing the issuance of
the Prior Bonds.
"Trust Estate" , "trust estate" or "pledged property" shall
mean the property, rights and interest of the City which are sub-
ject to the lien of this Agreement.
Words of the masculine gender shall be deemed and construed
to include correlative words of the feminine and neuter gen-
ders . Words importing the singular number shall include the
. plural number and vice versa unless the context shall otherwise
indicate. The word "person" shall include corporations, associa-
tions, natural persons and public bodies unless the context shall
otherwise indicate. Reference to a person other than a natural
person shall include its successors .
- 3 -
061686:MiaBchEAg
M:XXX:KAD .
ARTICLE II
ESTABLISHMENT OF ESCROW DEPOSIT TRUST FUND;
FLOW OF FUNDS
Section 2.01 . Creation of Escrow Deposit Trust Fund. There
is hereby created and established with the Escrow Agent a special
and irrevocable trust fund designated the Escrow Deposit Trust .
Fund (the "Escrow Deposit Trust Fund" ) , to be held by the custody
of the Escrow Agent and accounted for separate ,and apart from
other funds of the City or of the Escrow Agent.
Concurrentlywith the execution of this Agreement, the City
herewith deposits or causesto be deposited with the Escrow Agent
and 'the Escrow Agent acknowledges receipt of ( i ) immediately
available moneys in the amount of $ from the proceeds of
the sale of the Bonds, and ( ii) , all to be
deposited in the Escrow Deposit Trust Fund as hereinafter pro-
vided.
Section . 2 . 02 . Deposit of Moneys and Payment of Prior
Bonds . The proceeds of the sale of the Bondsreceived by 'the
Escrow Agent and the when received by the
Escrow Agent will all be deposited in the Escrow Deposit Trust
Fund. The proceeds of the sale of the Bonds shall be applied to .
the purchase of the Federal Securities listed" in Schedule B,
which Federal Securities, along with the ,
will mature in principal amounts and earn income at such times,
all as described in Schedule B, so as to provide moneys which,
together with the amounts transferred from the Sinking Fund. other
than the Escrow Deposit Trust Fund, will be sufficient to pay all
of the principal of, redemptionpremium, if any, and interest on
" 'the Prior Bonds when due and payable, whether at maturity or upon
the earlier redemption thereof in accordance with theschedule of
payments. described in Schedule D attached hereto. Notwith-
standing- the foregoing, if the amounts 'deposited in the Escrow
Deposit Trust Fund are insufficient to make said payments of
principal, redemption premiums and, interest, the City shall
deposit into the Escrow Deposit Trust Fund the amount of any
deficiency immediately upon notice from the Escrow Agent .
Section 2 . 03 . Irrevocable Trust Created. The deposit of
moneys, Federal Securities or other permitted investments here-
underin the Escrow Deposit Trust Fund shall constitute an
irrevocable deposit of said moneys and Federal Securities for the
benefit of the holders of the Prior Bonds, except as provided
herein. The holders of. the Prior Bonds shall have an . express
lien' on all moneys and principal of and earnings on the Federal
Securities or other permitted investments hereunder described in
-
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. the Escrow Deposit Trust Fund until applied inaccordance with
this Agreement . The moneys deposited in the Escrow Deposit Trust
Fund and the matured principal of the Federal Securities or other .
permitted investments hereunder and the interest thereon shall be
`held in trust by the Escrow Agent, and shall be transferred in
the necessary amounts as hereinafter set forth, to the paying
agents, identified in Schedule A hereto, forthe Prior Bonds, for
the payment of the principal of, redemption premium, if any, and
interest on the Prior Bonds as the same become due and payable,
whether at maturity or upon the redemption thereof, as more spe-
cifically set forth in Schedule D hereof.
Section 2.04. Purchase of Federal Securities. : The Escrow
Agent is hereby directed to immediately purchase the . Federal
Securities listed in. Schedule B. The Escrow Agent shall purchase
the Federal Securities solely from the moneysdeposited in the
Escrow Deposit Trust Fund. The Escrow Agent shall apply the
moneys deposited in the Escrow Deposit Trust Fund, the Federal
Securities purchased therewith, and the ,
together with all income or earnings thereon, in accordance with
the provisions hereof. The Escrow Agent shall have no power or
duty to. investanymoneys held hereunder or to make substitutions
of the Federal Securities held hereunder or to sell, transfer or
otherwise dispose of the Federal Securities held hereunder except
as, provided in this Agreement. The Escrow Agent is hereby
directed not to invest the $ that will be
deposited in the Escrow Deposit ..Trust Fund simultaneously with
the execution herewith as a transfer from the Sinking Fund.
Section 2.05. Reinvestment of Certain Funds Received. The
Escrow Agent shall immediately 'reinvest all or a portion of the
amounts received from the maturing principal of or interest on
the Federal Securities listed in Schedule B in UnitedStates
Treasury Certificates of Indebtedness - State. and Local Govern-
ment Series (for which subscriptions for purchase have been filed
pursuant to the next succeeding paragraph) bearing interest at a
rate of 0% in the amounts and maturities and on the dates set
forth in Schedule C, attached hereto and made a part hereof. .
Subscriptions for the purchase ofsuch obligations shall be
filed by either the City or its designee with the. Federal Reserve
Bank at least 20 days (but not more than 60 days) prior to the
actual date of purchase, or at such time asmay be required by
the rules and regulations relating to the purchase of such obli-
gations.
. Section 2.06. Transfers from Escrow Deposit Trust Fund. As
the principal of the Federal Securities set forth in Schedule B,
and the reinvestment made pursuant to Section 2.05 shall mature
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"M:XXX:KAD
and be paid, and the investment income and earnings thereon are
paid, the Escrow Agent shall, no later than each interest or
principal payment or redemption date for the Prior Bonds, as
specified in Schedule D hereof, transfer from. the Escrow Deposit
Trust Fund to the paying agents for the Prior Bonds amounts suf-
ficient to pay, the principal of, redemption premium, if any, and
interest on the Prior Bonds coming due, as specified in Schedule
D hereof. On or before the redemption of any Prior Bonds, the.
Escrow Agent shall publish notice of redemption, file said notice
with the paying agents for the Prior Bonds and mail such notice
to all registered owners of Prior Bonds to be redeemed in accord-
ance with the requirements of the City' s Prior Resolutions
pursuant to which the Prior Bonds were issued.
Section 2 .07 . Investment of Certain Moneys Remaining in
Escrow Deposit Trust Fund. Subject to the provisions of Sections
2. 04 and 2. 05, the Escrow Agent shall invest and reinvest, at the
direction of the City, in Federal Securities or bank certificates
of deposit fully secured as to principal and interest by Federal
Securities ( "Certificates of Deposit" ) , any moneys remaining from -
time to time in the Escrow Deposit Trust Fund until such time
that they are needed. Such moneys shall be reinvested in Federal
Securities and Certificates of Deposit maturing no later than the
next Interest Payment Date or principal payment date of- the Prior
Bonds, or for such shorter periods or at such interest rates that
the Escrow Agent shall be directed to invest by the City, which
Periods or interest rates shall be set forth in an opinion from a
nationally recognized law firm on the subject of municipal bonds
to the City, which opinion shall also be to the effect that such
reinvestment of such moneys will not, under the statutes, rules
and regulations then in force and applicable to the Prior Bonds
and the Bonds, cause the interest on such Prior Bonds or Bonds
not to be exempt from Federal incometaxation and that such
investment is not inconsistent with the statutes and regulations
applicable to the Prior Bonds and the Bonds or the terms of the
Prior Resolutions . Any interest income resulting from the rein-
vestment of moneys pursuant to this Section 2 . 07 shall be trans-
ferred to the City.
Section 2 . 08 . Escrow Deposit Trust Fund Constitutes Trust
Fund. The Escrow Deposit Trust Fund created and established pur-
suant to this Agreement shall be and constitute a trust fund for .
the purposes provided in this Agreement and shall be kept sepa-
rate and distinct from all other funds of the City and the Escrow
Agent and used only for the purposes and in the manner provided.
in this Agreement.
Section 2. 09. Transfer of Funds After All Payments Required
by this Agreement are Made. After all of the transfers by the
6
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M:XXX:KAD
Escrow Agent to the respective paying agents for payment, of the
principal of', redemption premium, if any, and interest on the
Prior Bonds have been made, all remaining moneys and securities,.
together with any income and interest thereon, in the Escrow
Deposit Trust Fund shall be transferred to the City by the Escrow
Agent; provided, however, that no such transfer (except transfers
made in accordance with Sections ' 2. 07 and 4 . 01 hereof) to the '
City shall be made. until all of the principal of, redemption
premium, if any, and interest on the. Prior Bonds have been paid.
ARTICLE I.II '
CONCERNING THE TRUSTEE
Section 3 . 01. Appointment of Escrow Agent . The City hereby
appoints , as
Escrow, Agent under this Agreement and by execution of this Agree-
ment,. the Escrow Agent accepts the duties and obligations as
Escrow Agent hereunder . The Escrow Agent further represents that .
it has all requisite power , and has taken all corporate actions
necessary, to execute and perform its duties hereunder .
Section 3 .02 . Liability of Escrow Agent . The Escrow Agent
shall not be liable for the accuracy of the calculations as to '
the 'sufficiency of moneys and .of the principal amount of the
securities and the ' earnings. thereon to pay the Prior Bonds . So
long as the Escrow Agent applies any moneys, securities and the
interest earnings therefrom to. pay the Prior Bonds as provided
herein, and complies fully with the terms of this Agreement, the
Escrow Agent shall not be liable for any deficiencies in the
amounts necessary to pay the. Prior Bonds causedby such calcula-
tions.
The Escrow Agent shall have no lien, security interest or
right of set-off whatsoever upon any of the moneys or investments
in the Escrow Deposit Trust Fund for the payment of fees and
expenses. . for services rendered 'by the Escrow Agent under this
Agreement.
Section 3 .03 . Permitted Acts. The Escrow Agent and its
affiliates may become the, owner of or may deal in the Prior Bon'd's
as fully and with the same rights as if it were not the Escrow
Agent.
Section 3 .04. Successor Escrow Agent . The Escrow Agent, at '
the time acting hereunder, may at any time resign and be dis-
charged from the trusts hereby created by giving not less than
sixty ( 60) • days ' written notice. to the City and publishing notice
thereof, specifying the date when such resignation will take '
- 7 -
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effect in The Bond Buyer and . a newspaper printed in the English
language and of general circulation in the City, such publica-
tions to be made at least once a week for three consecutive
calendar weeks prior to the date when the resignation is to .take
effect, but no such resignation shall take effect unless a suc-
cessor Escrow Agent shall have been appointed by the City- . as
hereinafter provided and such successor Escrow Agent shall have
accepted such appointment, in which event such resignation shall.
take effect immediately upon the appointment and acceptance of a
successor Escrow Agent.
Inthe event the Escrow Agent hereunder shall resign or be
removed, or be dissolved, or shall be in the course of dissolu-
tion or liquidation, or otherwisebecome incapable of acting
hereunder, or in case the Escrow Agent shall be taken under the
control of any public officer or officers, or of a receiver
appointed by a court, a successor may be appointed by the holders
of a majority in principal amount of the Prior Bonds then out-
standing by an instrument or concurrent instruments in writing,
signed by such holders, or by their attorneysin fact, duly
authorized in writing; provided, nevertheless, that in any such
event, the City shall appoint a . temporary Escrow Agent to fill
such vacancy until a successor Escrow Agent shall be appointed by
the holdersof a. majority in principal amount of the Prior Bonds
thenoutstanding in the manner above provided, and any such tem-
porary Escrow Agent so appointed by the . City shall immediately
and without further act be superseded by the Escrow Agent so
appointed by such holders . The City shall_ publish notice of any
such appointment made by it at the . times and inthe manner
described in the first paragraph of this Section.
In the event that no appointment of a successor Escrow Agent
or a temporary successor Escrow Agent shall have been made by
such holders or the City pursuant to the foregoingprovisions of
this . Section within sixty. ( 60) days after written notice of
resignation .of the Escrow Agent has been given to the City, the
holder of any of the Prior Bonds or any retiring Escrow Agent may
apply to any court of competent jurisdiction for the appointment .
of a successor Escrow Agent and such court may thereupon, after
such notice, if any, as it shall deem proper, appoint such suc-
cessor Escrow Agent
No successor EscrowAgent shall be appointed unless such
successor Escrow Agent shall be a corporation with trust powers
organized under the banking laws ofthe United States or any
state, and shall ..have at the time of appointment , capital .and
surplus of not less than $100,000,000 or is a member of a bank
group or bank holding company with aggregate capital and _ surplus
of not less than. $100,000;000.
- 8 _
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Every successor Escrow Agent appointed hereunder shall exe-
cute, acknowledge and deliver to its predecessor and to the City,
an instrument in writing accepting such appointmenthereunder and
thereupon such successor Escrow Agent, without any further act,
deed or conveyance, shall become fully vested with all the
rights, immunities, powers, trusts, duties and obligations of its
predecessor; but such predecessor shall, nevertheless, on the
written request of such successor Escrow Agent or the City, exe-
cute and deliver an instrument transferring to such successor
Escrow Agent all the estates, properties, rights, powers and
trusts of such predecessor hereunder; and every predecessor
Escrow Agent shall deliver_ all securities and moneys held by it
to its successor;. provided, however, that before any such
delivery is required to be made, all fees, advances and expenses
of the retiring or removed Escrow Agent shall be paid in full .
Should any transfer , assignment or instrument in writing from the
City be required by any successor Escrow Agent for more fully and
certainly vesting in such successor Escrow Agent the estates ,
rights, powers and duties hereby vested or intended to be vested
in the predecessor Escrow Agent, any such transfer , assignment
and instruments in writing shall, on request, be executed,
acknowledged and delivered by the City.
Any corporation into which the Escrow Agent, or any suc-
cessor to it in the trusts created by this Agreement , may be
merged' or converted or with which it or any successor to it may
be consolidated, or any corporation resulting from any merger ,
conversion, consolidation or reorganization to which the Escrow
Agent or any successor to it shall be a party shall, if approved
in writing by the City (which approval shall not be unreasonably
withheld) , be the successor Escrow Agent under this Agreement
without the execution or filing of any paper or any other act on
the part of any of the parties hereto, anything herein to the
contrary notwithstanding.
Section 3 . 05 . Indemnification of Escrow Agent. The City
hereby agrees to indemnify the Escrow Agent and hold it harmless
from any and all claims, liabilities, losses, actions, suits or
proceedings at law or in equity, or any other expense, fee, or
charges of any character or nature, which it may incur or with
which it may be threatened by reason of its acting as Escrow
Agent under this Agreement, except in the case of the Escrow
Agent ' s own negligence or willful misconduct; and in connection
therewith, to indemnify the Escrow Agent against any and all
expenses, including attorney' s fees and the cost of defending any
action, suit or. proceeding or resistingany claim, including
appellate proceedings .
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Section 3 . 06 . Payment to Escrow Agent . The Escrow Agent
shall be entitled to payment and/or reimbursement for reasonable '
fees and for its services rendered hereunder and all advances,
counsel fees, and other expenses reasonably and necessarily made
or incurred by the Escrow Agent in connection with such services .
ARTICLE IV
MISCELLANEOUS
Section 4 . 01 . Amendments to this Agreement . This Agreement
is made for the benefit of the City and the holders from time to
time of the Prior Bonds and it shallnot be repealed, revoked,
altered or amended without the written consent of all such
holders, the EscrowAgentand the City; provided, however , that
the City and the Escrow Agent may, without the consent of, or
notice to, such holders, enter into such agreements supplemental
to this Agreement as shall not adversely affect the rights of
such holders.
The Escrow Agent shall be entitled to rely exclusively upon
an unqualified opinion of nationally recognized attorneys on the
subject of municipal bonds with respect to compliance with this
Section.
Notwithstanding the foregoing or any other provision of this
Agreement, at the request of the City and upon compliance with
the conditions hereinafter stated, the Escrow Agent shall have-
thepower to and shall, in simultaneous transactions, sell,
transfer, otherwise dispose of or request the redemption of the
Federal Securities and other securities held hereunder and to
substitute therefor other Federal Securities 'and other securi-
ties, subject to the conditions that such moneys or securities
held by the Escrow Agent shall, be sufficient to makethe payments
on the Prior Bonds in the amounts and at the times required under
this Agreement, including, in particular, Schedule D of this
Agreement . The City hereby covenants and agrees that it will not
request the Escrow Agent to exercise any of the powers described
in the preceding sentence in any manner which will cause the
Bonds to be arbitrage bonds within the meaning of Section 103 (c)
of the Internal Revenue Code of 1954, as amended, and the Regu-
lations thereunder in effect on the date of such request and
applicable to - obligations issued on the issue date of the
Bonds. The Escrow Agent shall purchase such substituted securi-
ties with the proceeds derived from the maturity, sale, transfer,
disposition or redemption of the Federal Securities and other
securities held hereunder or from other moneys available. The
transactions may be effected only if there , shall have been
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obtained at the expense of the City: ( 1) an independent veri-
fication by _ a nationally recognized independent certified public
accounting firm acceptable to the Escrow Agent concerning the
adequacy of such substituted securities with respect to the prin-
cipal of and the interest thereon and any other moneys or secu-
rities held for such purpose to make the payments on the Prior
Bonds in the amounts and at the times required under this Agree-
ment, including, in particular, . Schedule D of this Agreement; and
( 2) an opinion from a nationally recognized law. firm on the sub-
ject of municipal bonds to the City to the effect that the dis-
position and substitution or purchase of such securities will
not, under the statutes, rules and regulations then in force and
applicable to the Bonds, cause the interest on such Bonds not to
be exempt from Federal income taxation and that such disposition
and substitution or purchase is not inconsistent with the
statutes and regulations applicable to the Bonds or the terms of
the Prior Resolutions., Any surplus moneys resulting from the
sale, transfer, other disposition or redemption of the Federal
Securities or other securities held hereunder and the substitu-
tions therefor of other Federal Securities or other securities,
shall be released from the Trust Estate and shall be transferred
to the City.
Section 4 .02 . Notice of Refunding. The Escrow Agent shall,
as soon hereafter as practicable, but in any event within thirty
( 30) days after the delivery of the Bonds, cause a. copy of the
notice attached hereto as Schedule E to be published one time in
a newspaper of general circulation in the Borough of Manhattan,
City and State of New York and to be mailed to Standard & Poor ' s
Corporation '(CUSIP Service Bureau) and Moody' s Investors Service,
Inc.
Section 4 . 03 . Severability. If any one. or more of the
covenants or agreements provided in this Agreement on the part of
the City or the Escrow Agent to be performed should be determined
by a court of competent jurisdiction to be contrary to law, such
covenant or agreement shall be deemed and construed to be severed
from the remaining covenants and agreements herein *contained and
shall in no way affect the validity of the remaining provisions
of this Agreement. .
Section 4 . 04 . Agreement Binding. All the covenants, pro-
mises and agreements in this Agreement contained by or on behalf
of the City or by or on behalf of the Escrow Agent shall bind and
inure to the benefit of their respective successors and assigns,
whether so expressed or not. ,
Section 4. 05 Termination. This Agreement shall terminate
when all transfers and payments required to be made by the Escrow
Agent under the provisions hereof shall have been made.
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Section 4.06. Execution by Counterparts. This Agreement
may be executed in several counterparts, all or any of which
shall be regarded for all purposes as one original and shall
constitute and be but one and the same instrument.
IN WITNESS WHEREOF, each of the parties hereto has caused
this Agreement to be executed by its duly authorized officers and
its corporate seal to be hereunto affixed and attested as of the
date first above written.
CITY OF MIAMI BEACH, FLORIDA
(SEAL)
By:
Director of Finance
Attest:
City Clerk
, as Escrow Agent
(SEAL)
By:
Authorized Officer
Attest :
Authorized Officer
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STATE OF )
) SS:
COUNTY OF )
On the day of - , in the year 1986, before me
personally came . and to
me known, who, being by me duly sworn, did depose and say that .
they reside in . Florida; that they are the
Mayor and City Manager, respectively, of the City of Miami Beach,
Florida; that they know theseal thereof; that the seal affixed
to said instrument is the seal of the City of Miami Beach,
Florida; that it was so affixed by order of the City Commission
of the City of Miami Beach, Florida; and that they signed their
names thereto by like order .
My Commission Expires : NOTARY PUBLIC,
STATE OF .
(SEAL).
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STATE OF )
) SS:
COUNTY OF ) .
On the day of , in the year 1986, before me
personally came , to me known, who, being
by me duly sworn, did depose and say that he resides
in ; that he is an
of , the the banking corporation des-
cribed in and whichexecuted the above instrument; . that he knows
the seal of said corporation; that the seal affixed . to said
instrument is the corporate seal of said corporation; that it was . .
so affixed by order of the Board of Directors of said corpora-
tion; and
orporation; .and that he signed his name theretoby like order. .
My Commission Expires : . NOTARY PUBLIC,
STATE OF
(SEAL)
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EXHIBIT A
CITY OF MIAMI BEACH, FLORIDA
PRIOR BONDS
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SCHEDULE B
Investment of Bond Proceeds and
Other Available Moneys
United States Treasury Securities
State and Local Government Series
First
Maturity Principal Interest Coupon
Date Amount Rate Date
$ % --
Purchase Price: $
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SCHEDULE D
Schedule of Payments of Debt Service
on Prior Bonds from Escrow Deposit Trust Fund
Principal
(Amortization
Installments,
Redemptions and
Date Maturity) Interest Total
$ % • $
D - 1
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SCHEDULE E
Form of Notice of Refunding
City of Miami Beach, Florida
Public Improvement Bonds
Series 1983
NOTICE IS HEREBY GIVEN that for the payment of the interest
on and the principal and redemption price of all bonds of the
above designated Series, there have been deposited in escrow
with , as Escrow Agent,
refunding bond proceeds which have been invested in obligations
consisting of . securities which are direct obligations of the
United States of America.
The scheduled principal payments to be received from such
obligations, together with interest income therefrom have been
calculated to be adequate to pay the interest on and the prin-
cipal and redemption price of the outstanding bonds of the above-
designated Series as such become due until the maturity or
earlier redemption of all bonds of the above-designated Series.
DATED this _ day of , 1986 .
CITY OF MIAMI BEACH, FLORIDA
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SCHEDULE D
Schedule of Payments of Debt Service.
on Prior Bonds from Escrow Deposit Trust Fund .
Principal
(Amortization
Installments,
Redemptions: and
Date Maturity) Interest Total
D - 1
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SCHEDULE D
Schedule of Payments of Debt Service
on Prior Bonds from Escrow Deposit Trust Fund
Principal
(Amortization
Installments,
Redemptions and
Date Maturity) Interest Total
$ � $
D - 1
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SCHEDULE C
Reinvestment of Bond Proceeds.
in Escrow Deposit Trust Fund
Reinvestment Maturity Principal
Date Date Amount
All investments to be made in United States Treasury Cer-
tificates of Indebtedness - State and Local Government
Series bearing interest at 0%.. .
C - 1
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SCHEDULE E
Form of Notice of Refunding
City of Miami Beach, Florida
Public Improvement Bonds
Series 1983
NOTICE IS HEREBY GIVEN that for the payment of the interest
on and the principaland redemption price ofall bonds of the
above designated Series, there have been deposited in escrow
with , as. Escrow Agent,.
refunding bond proceeds which have been invested in obligations
consisting of securities which are direct," obligations of the
United States of America.
The scheduled principal payments to be received from such
obligations, together with interest income therefrom have been
calculated to be adequate to pay the interest on and the prin-
cipal and redemption price of the outstanding bonds of the above
designated Series as such become due until the maturity or
earlier redemption of all bonds of the above-designated Series .
DATED this day of 1986 .
CITY OF MIAMI BEACH, FLORIDA
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SCHEDULE E
Form of Notice of Refunding
City of Miami Beach, Florida
Public Improvement Bonds.
Series 1983
NOTICE IS HEREBY GIVEN that for the payment of the interest
on and the principal and redemption price of all bonds of the
above designated Series, there have been deposited in escrow
with as Escrow Agent,
refunding bond proceeds which have been invested in obligations
consisting of securities which are direct obligations of the
United States of America.
The scheduled principal payments to be received from such _.
obligations, together with interest income therefrom have been
calculated to be adequate to pay the interest on and the prin-
cipal and redemption price of the outstanding bonds of the above-
designated Series as such become due : until the maturity or
earlier redemption of all bonds of the above-designated Series . .
DATED this - day of , 1986 .
CITY OF MIAMI BEACH, FLORIDA
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SCHEDULE E-2
Form of Notice of Refunding
City of Miami Beach, Florida
General Obligation Bonds
(Theater of the Performing Arts)
Series 1984
NOTICE IS HEREBY GIVEN that for the payment of the interest
on and the principal and redemption price of all bonds of the
above 'designated Series, there have been deposited in escrow
with , as Escrow Agent,
refunding bond proceeds which have been invested in obligations
consisting of securities which are direct obligations of the
United States of America.
The scheduled principal payments to be received from such
obligations, together with interest income therefrom have been
calculated to be adequateto pay the interest on and the prin-
cipal and redemption price of the outstanding bonds of the above-
designated Series as such become due until the maturity or
earlier redemption of all bonds of the above-designated Series .
DATED this day of , 1986 .
CITY OF MIAMI BEACH, FLORIDA
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1 '
SCHEDULE E-3
Form of Notice of Refunding
City of Miami Beach, Florida
(South Pointe Redevelopment Project)
Series 1984
NOTICE IS HEREBY GIVEN, that for the paymentof the interest
on andthe principal and redemption price of all bonds of the
above designated Series, there have been deposited in escrow
with , as Escrow Agent, .
refunding bond proceeds which have been invested in obligations
consisting of securities which are direct obligations of the
United States of America.
•
The scheduled principal payments to be received from such
obligations, together with interest. income therefrom have been
calculated to be adequate to pay the interest on and the prin-
cipal and redemption price of the outstanding bonds of the above- ,
designated Series as such becomedue until the: maturity or
earlierredemptionof all bonds of the above-designated Series .
DATED this day of. , 1986 .
CITY OF MIAMI BEACH, FLORIDA
LI
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RESOLUTION NO. 86-18489
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING
THE ISSUANCE OF CITY OF MIAMI BEACH,
FLORIDA, GENERAL OBLIGATION REFUNDING BONDS,
SERIES 1986 IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $65,000,000 TO FINANCE THE
REFUNDING OF VARIOUS OUTSTANDING CITY OF
MIAMI BEACH, FLORIDA GENERAL OBLIGATION
BONDS; PROVIDING, FOR THE TERMS AND PAYMENT
OF THE SERIES 1986 BONDS; MAKING CERTAIN
COVENANTS AND AGREEMENTS IN CONNECTION
THEREWITH AUTHORIZING VALIDATION AND PRO—
VIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission (the "Commission") of the City
of Miami Beach, Florida (the "City") has previously issued its
$24,000, 000 City of Miami Beach, Florida, Public Improvement
Bonds (Series 1983) , its $22,000 ,000 City of Miami Beach,
Florida, General Obligation Bonds (Theater of Performing Arts
Project) Series 1984 and its $9,800 ,000 City of Miami Beach,
Florida, General Obligation Bonds (South Pointe Redevelopment
Project) Series 1984 (collectively, the "Prior Bonds") ;
WHEREAS, the Commission finds it necessary and desirable to
provide for the refunding of the Prior Bonds in order to realize
substantial present value savings to the City and its taxpayers
and thereby preserve and protect the public health, safety and
welfare of the inhabitants of the City;
WHEREAS, $54,420 ,000 principal amount of Prior Bonds are
currently outstanding and unpaid as of the date of adoption of
this Resolution;
WHEREAS , in order to advance refund all or any portion of
the Prior Bonds, the City intends to issue City of Miami Beach,
Florida, General Obligation Refunding Bonds, Series 1986 (the
"Bonds") in an amount not to exceed $65,000,000 which will result
in a lower net average interest cost rate than the net average
interest cost rate of the Prior Bonds to be refunded. The final
authorization of the Bonds and the exact amount thereof will be
determined by the Commission by a resolution adopted prior to the
issuance of the Bonds. The amounts necessary to refund the Prior
Bonds shall be paid from a portion of the proceeds derived from
I
NOW THEREFORE BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution
is adopted pursuant to Chapter 166, Florida Statutes, and other
applicable provisions of law.
SECTION 2 . DEFINITIONS. In this Resolution, the singular
includes the plural, the masculine includes the feminine and all
terms defined in the recitals to this Resolution shall have the
meanings specified therein. In addition, the following terms
shall have the following meanings, unless the context otherwise
requires: _
"Bondholder" or "Holder" or "holder of Bonds" or "owner of
Bonds" means the registered owner of any Bond.
"Interest Payment Date" means the stated maturity date of an
installment of interest on the Bonds.
SECTION 3 . AUTHORIZATION OF REFUNDING OF PRIOR BONDS.
There is hereby authorized the refunding of all or any portion of
the Prior Bonds in the manner provided herein. The cost of the
refunding may include, but need not be limited to, legal and
financing expenses; the fees of fiscal agents, financial advisors
and consultants; the creation and establishment of reasonable
reserves for debt service; the discount on the sale of the Bonds,
if applicable; and such other costs and expenses as may be
necessary or incidental to the refunding herein authorized.
SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In consider-
ation of the purchase and acceptance of the Bonds authorized to
be issued hereunder, by those who shall hold the same from time
to time, this Resolution shall be deemed to be and constitute a
contract between the City and Holders of the Bonds; and the
covenants and agreements herein set forth to be performed . on
behalf of the City shall be for the equal benefit, protection,
and security of the Holders of any and all of the Bonds .
SECTION 995. AUTHORIZATION OF THE BONDS. Subject to and
pursuant to the provision hereof, obligations of the City tb, be
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I
known as "City of Miami Beach, Florida, General Obligation
Refunding Bonds, Series 1986, " (herein defined as the "Bonds")
are authorized to be issued in the aggregate principal amount not
to exceed $65,000,000 to provide for the refunding of all or any
portion of outstanding Prior Bonds; provided that final authori-
zation for and the actual principal amount of the Bonds to be
issued shall be determined at the time of sale of the Bonds and
may be such lesser amount as shall be found by the Commission at
the time of sale to be in the best interest of the City.
It is hereby determined that the maximum aggregate principal
amount of Bonds equal to $65 ,000 ,000 does not exceed the limita-
tion imposed by Section 132. 35 Florida Statutes. The financial
plan for the proposed refunding of the Prior Bonds, a copy of
which is attached hereto as Exhibit "A", is hereby approved.
SECTION 6. DESCRIPTION OF BONDS; PAYMENT PROVISIONS. The
Bonds shall be in the denomination of $5,000 or any integral
multiple thereof; shall be issued in fully registered form only;
shall bear interest at such rate or rates, not exceeding the
maximum rate allowable by law, to be determined upon the sale
thereof, payable semiannually; and shall be numbered, dated, and
mature on such date in such years and amounts, but not exceeding
thirty (30) years from the date thereof, as shall be determined
by subsequent resolution of the City adopted on or prior to the
sale thereof.
The principal of and the interest and redemption premium (if
any) on the Bonds shall be paid in any coin or currency of the
United States of America which, at the respective times of pay-
ment, is legal tender for the payment of public and private
debts. Interest on the Bonds is payable to the Holders of Bonds
as of the Record Date preceding each. Interest Payment Date by
check or draft drawn on a bank or banks to be designated by the
City as paying agent (the "Paying Agent") prior to the issuance
thereof. Principal of and the redemption premium, if any, on the
f
Bonds is payable at the principal corporate trust office of the
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•Paying Agent, or at the principal corporate trust office of its
successor as Paying Agent. The Record Date, for the purposes of
this Resolution and the Bonds, shall mean the fifteenth ( 15th)
day of the calendar month next preceding any Interest Payment
Date.
The Bonds shall bear interest from the Interest Payment Date
to which interest has been paid next preceding the date of
authentication, unless the date of authentication ( i) is an
Interest Payment Date to which interest has been paid, in which
event the Bonds shall bear interest from the date of authentica-
tion, or ( ii) is prior to the first Interest Payment Date for the
Bonds, in which event the Bonds shall bear interest from the date
determined by subsequent resolution of the City; provided, how-
ever, that if and to the extent there is a default in the payment
of the interest due on such Interest Payment Date, such defaulted
interest shall be paid to the persons in whose name Bonds are
registered on the registry books of the City maintained by the
Registrar at the close of business on the fifteenth (15th) day
prior to a special Interest Payment Date established by notice
mailed by the Registrar to the registered owner not less than the
tenth ( 10th) day preceding such special Interest Payment Date.
SECTION 7 . EXECUTION AND AUTHENTICATION OF BONDS. All the
Bonds shall be executed on behalf of the City by the manual or
facsimile signature of the Mayor of the City and by the manual or
facsimile signature of the City Clerk or any Deputy City Clerk,
and a facsimile of its seal shall be imprinted thereon. If any
of the officers who shall have signed any of the Bonds or whose
facsimile signature shall be upon the Bonds shall cease to be
such officer of the City before the Bonds so signed and sealed
shall have been actually authenticated by the Registrar (herein-
after defined) or delivered by the City, such Bonds nevertheless
may be authenticated, issued and delivered with the same force
and effect astithqugh the person or persons who signed such Bonds
or whose facsimile signature shall be upon the Bonds had; ,not
- 5
ceased to be such officer or officers of the City; in addition,
any such Bond may be signed on behalf of the City by those per-
sons who, at the actual date of the execution of such Bond, shall .
be the proper officers of the City, although at the nominal or
dated date of such Bond any such person shall not have been such
officer of the City. The validation certificate appearing on
said Bonds shall be executed with the facsimile signature of the
Mayor .
SECTION 8 . NEGOTIABILITY, TRANSFER AND REGISTRY OF BONDS.
By subsequent resolution, the City shall duly appoint a registrar
( the "Registrar" ) for the Bonds and there shall be kept by the
Registrar at ' its principal corporate trust office books for the
registration and transfer of Bonds, and the City shall appoint
the Registrar its agent to keep such books and make such regis-
trations and transfers under such reasonable regulations as the
City or the Registrar may prescribe; and the Registrar shall
register or transfer or cause to be registered or transferred
thereon, as hereinbefore provided, any Bonds, upon presentation
thereof at such office.
The Bonds may be transferred on the registration books
required to be kept pursuant to this Section by the registered
owner in person or by his duly authorized attorney, by proper
written instrument of transfer in form and with guaranty of sig-
natures satisfactory to the Registrar; provided, however, that
the Registrar shall not be required to transfer any Bond between
the Record Date and any Interest Payment Date. . The Registrar
shall not be required (a) to transfer or exchange any Bond for a
period of fifteen (15) days next preceding any selection of Bonds
to be redeemed or thereafter until after the mailing of any
notice of redemption; or (b) to transfer or exchange any Bonds
called for redemption. Upon such surrender, a new fully-
registered Bond of the same maturity and in the same aggregate
principal amount ,rand bearing the same rate of interest will be
issued to. and in the name of the transferee. Such transfers
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A
shall be without charge to the registered owners of the Bond, but
any taxes or other governmental charges required to be paid with
respect to the same shall be paid by the registered owner
requesting such transfer as a condition precedent to the exercise
of such privilege.
Each Bond delivered pursuant to any provision of this Reso-
lution in exchange or substitution for, or upon the transfer of
the whole or any part of one or more other Bonds, shall carry all
of the rights of interest accrued and unpaid and to accrue which
were carried by the whole or such part, as the case may be, of
such one or more other Bonds, and notwithstanding anything con-
tained in this Resolution to the contrary, such Bond shall be so
dated or bear such notation, that neither gain nor loss in
interest shall result from any such exchange, substitution or
transfer .
Every exchange or transfer of Bonds under the foregoing
provisions shall be effected in such manner as may be prescribed
by the City or pursuant to its authorization, with the approval
of the Registrar .
The person in whose name any Bond shall be registered on the
books maintained pursuant to this Section may be deemed and
treated as the absolute owner thereof, whether or not such Bond
shall be overdue, and the City, the Registrar and the Paying
Agent shall not be affected by any notice to the contrary; and
payment of, or on account of, the principal of, redemption pre-
mium ( if any) on, and the interest on, such Bond shall be made
only to such registered owner thereof, but such registration may
be changed as provided herein. All such payments shall be valid
and effectual to satisfy and discharge the liability upon such
Bond to the extent of the sum or sums so paid.
The City in issuing the Bonds may use "CUSIP" numbers ( if
then generally in use) , and the Registrar shall use such "CUSIP"
numbers in notices of redemption as a convenience to the owners
of the Bonds, provided that anysuch notice shall state tht,.:.no
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representation ismade as to the correctness of such numbers
either as printed on the Bonds or as contained in any notice of
redemption and that reliance may be placed only on the identifi-
cation numbers prefixed "CMB" printed on the Bonds.
SECTION 9. FORM OF BONDS. The form of the Bonds, as well
as the manner of execution of Bonds, and the certificates of
validation, authentication and assignment shall be substantially
as follows, with such changes as shall be approved by subsequent
resolution of the City adopted on or prior to the sale of the
Bonds, subject to any limitations under state or federal laws.
(FORM OF BONDS)
CITY OF MIAMI BEACH, FLORIDA
GENERAL OBLIGATION REFUNDING BONDS
SERIES 1986
RATE OF INTEREST MATURITY DATE OF ORIGINAL ISSUE CUSIP
Registered Owner
Principal Amount Dollars
The City of Miami Beach Florida, (the "City" ) , a political
subdivision of the State of Florida, for value received, hereby
promises to pay to the registered owner hereof on the date shown
hereon, unless this Bond shall have been called for earlier
redemption and payment of the redemption price shall have been
duly made or provided for, upon surrender hereof, the principal
hereof and to pay to the registered owner hereof at the close of
business on the Record Date (hereinafter defined) , whether or not
a business day, interest thereon from 19 , until
payment of said principal sum on the first days of
and in each year , commencing •
Record Date, for the purposes hereof, shall mean the fifteenth
(15th) day of the calendar month next preceding any interest
payment date. The interest on this Bond is payable by checK ,=or
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draft drawn on , as paying agent (the "Paying
Agent") , and the principal hereof and the premium, if any, pay-
able upon redemption are payable at the principal corporate trust
office of the Paying Agent, or at the duly designated office of
any duly appointed alternate or successor Paying Agent. The
principal of and interest on this Bond shall be paid in any coin
or currency of the United States of America which, at the time of
payment, is legal tender for the payment of public and private
debts.
The full faith, credit and taxing power of the City are
hereby irrevocably pledged for the prompt payment of the princi-
pal of, premium, if any, and interest on this Bond as the same
shall become due.
This Bond is one of a series of bonds limited to $65 ,000 ,000
in aggregate principal amount, designated, "City of Miami Beach,
Florida, General Obligation Refunding Bonds, Series 1986" (the
"Bonds") , each of like tenor (except as to number , date, amount,
date of maturity, rate of interest and provision for redemption) ,
issued by said City for the purpose of advance refunding certain
of the City' s outstanding general obligation bonds in the aggre-
gate principal amount of $54,420,000. The Bonds are more
particularly described in Resolution No. 86- of the City
Commission of said City, passed and adopted on and
Resolution No. 86- of the City Commission of said City,
passed and adopted on (collectively, the "Resolution")
under the authority of and in full compliance with the Constitu-
tion and statutes of the State of Florida, including Chapter 166,
Florida Statutes, and other applicable provisions of law,
including but not limited to Sections 132. 33-132. 47 Florida
Statutes.
The Bonds shall be redeemable prior to their respective
stated dates of maturity, at the option of the City, in whole, at
any time, or ih pa`rt, in inverse order of maturities , and by lot
within maturities (if less than all of the Bonds of any o`ne
- 9 -
e
maturity shall be called for redemption) on any interest payment
date, on and after 19 , at the redemption prices
(expressed as percentages of principal amount) , plus accrued
interest to the redemption date, as follows:
( INSERT REDEMPTION PRICE SCHEDULE AND OTHER
REDEMPTION PROVISIONS ESTABLISHED
BY SUBSEQUENT RESOLUTION]
Any redemption under any of the preceding paragraphs shall
be made upon not less than thirty ( 30) days written notice to the
registered owners of the Bonds. If the City deposits with the
Paying Agent funds evidenced by moneys or direct obligations of
the United States of America the principal of and interest on
which, when due, will be sufficient to pay the principal or
redemption price of any Bonds, by call for redemption, or other-
wise, together with interest accrued to the due date, in accord-
ance with the terms of the Resolution, interest on such Bonds
will cease to accrue on the due date or earlier redemption date,
and thereafter the holders will be restricted to the funds so
deposited as provided in the Resolution.
This Bond is transferable as provided in the Resolution only
by the registered owner or his duly authorized attorney at the
principal office of , who has been , duly
appointed by the 'City as registrar ( the "Registrar" ) for the Bonds,
upon surrender of this Bond, accompanied by a duly executed
instrument of transfer in form and with guaranty of signature
satisfactory to the Registrar; provided, however, that the Regis-
trar shall not be required (a) to transfer or exchange any bond for
a period of fifteen (15) days preceding any selection of Bonds to
be redeemed or thereafter until after the mailing of any notice of
redemption; or (b) to transfer or exchange any Bonds called for
redemption. Upon such surrender, a new fully-registered bond of
the same maturity and in the same aggregate principal amount and
bearing the same rate of interest will be issued to and in the name
of the transferee.
- 10 -
The City, pursuant to recommendations promulgated by the
Committee on Uniform Security Identification Procedures
( "CUSIP" ) , has caused CUSIP numbers to be printed on the Bonds
and has directed the Registrar to use CUSIP numbers in notices of
redemption as a convenience to registered owners of the Bonds.
No representation is made as to the accuracy of such numbers
either as printed on the Bonds or as contained in any notice of
redemption and reliance may be placed only on the identification
numbers prefixed "CMB-" printed hereon.
To the extent permitted and as provided in the Resolution
authorizing the issuance of the Bonds, modification of the con-
tract created by said Resolution and of the rights of the regis-
tered owners of the Bonds thereunder may be made with the consent
of the registered owners of not less than sixty-seven percent
(67%) in principal amount of the bonds then outstanding; pro-
vided, however, that no such modification or amendment shall
permit a change in the maturity of any Bonds or a reduction in
the rate of interest thereon, or in the amount of the principal
obligation or affect the unconditional promise of the City to pay
the principal of and the interest on the Bonds as the same shall
become due, or reduce such percentage of registered owners of
such Bonds required for consent to such modifications or amend-
ments, without the consent of the registered owners of all of the
Bonds.
The City, the Registrar and the Paying Agent may deem and
treat the person in whose name this Bond is registered, as the
absolute owner hereof for the purpose of receiving payment of, or
on account of, the principal of, redemption premium ( if any) due
hereon, and interest on and for all other purposes, and neither
the City, the Registrar nor the Paying Agent shall be affected by
any notice to the contrary.
It is hereby certified and recited that all acts, conditions
and things required to happen, to exist and to be done precedent
to and in the issuance of this Bond have happened, do exist, iand
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have been performed in regular and due form and time as required
by the laws and Constitution of the State of Florida applicable
thereto, and that the issuance of this Bond, and the issue of
bonds, of which this Bond is one, does not .violate any constitu-
tional or statutory limitations or provisions; that provision has
been made for the levy and collection of a direct annual tax upon
all taxable property within said City, without limitation as to .
rate or amount, sufficient to pay the interest and principal of
this Bond as the same shall become due; and that the total indeb-
tedness of said City, including the Bonds, does not exceed any
constitutional or statutory limitation thereof.
This Bond is not valid unless the Registrar ' s Certificate of
Authentication endorsed herein is duly executed.
IN WITNESS WHEREOF, the City of Miami Beach, Florida has
caused this Bond to be executed in its name and on its behalf by
the manual or facsimile signature of its Mayor and the facsimile
of its seal to be printed hereon and attested by the manual or
facsimile signature of its City Clerk or any Deputy City Clerk
and has caused this bond to be dated , 19
[SEAL] CITY OF MIAMI BEACH, FLORIDA
By:
or
Attest:
[Deputy] City Clerk
D'
- 12 -
(FORM OF STATEMENT OF VALIDATION)
STATEMENT OF VALIDATION
This Bond is one of a series of bonds which were validated
by judgement of the Eleventh Circuit Court for Dade County, ren-
dered on No appeal has been taken therefrom
and the time for taking such appeal has expired.
Mayor
(FORM OF CERTIFICATE OF AUTHENTICATION)
REGISTRAR' S CERTIFICATE OF AUTHENTICATION
This Bond is one of the bonds of the series designated
herein, described in the within-mentioned Resolution. Printed on
the reverse hereof is the complete text of the legal opinion of
Greenberg, Traurig, Askew, Hoffman, Lipoff, Rosen and Quentel,
P.A. , Miami, Florida, Bond Counsel, delivered on and dated the
date of the original delivery of the Bonds, an executed original
of which is on file with the undersigned.
as Registrar
By:
Authorized Officer
N r -
- 13 -
ASSIGNMENT
For value received, the undersigned hereby sells,
assigns and transfers unto
(Please print or typewrite name and address of transferee)
(Tax Identification or Social Security No. ) the within
bond, and all rights thereunder, and hereby irrevocably consti-
tutes and appoints Attorney to
transfer the within bond on the books kept for registration
thereof, with full power of substitution in the premises.
Dated:
NOTICE: The signature to this assignment must correspond with
the name of the registered owner as it appears upon the
face of the within Bond in every particular , without
alteration or enlargement or any change whatever .
4,1
- 14 -
SECTION 10. TEMPORARY BONDS. Until Bonds in definitive
form are ready for delivery, the City may execute, and upon its
request in writing, the Registrar shall authenticate and deliver
in lieu of definitive Bonds, and subject to the same provisions,
limitation and conditions, one or more printed, lithographed or
typewritten Bonds in temporary from, substantially of the tenor
of the Bonds hereinbefore described, with appropriate omissions,
variations and insertions . Such Bond or Bonds in temporary form
will be in the principal amount of Five Thousand Dollars ($5,000)
or any integral multiple thereof. Until exchanged for Bonds in
definitive form, such Bonds in temporary form shall be entitled
to the lien and benefit of this Resolution. The City, without
unreasonable delay, shall prepare, execute and deliver to the
Registrar and thereupon, upon the presentation and surrender of
the Bond or Bonds in temporary form, the Registrar shall authen-
ticate and deliver, in exchange therefor, a Bond or Bonds in
definitive form in any authorized denomination, and for the same
aggregate principal amount as the Bond or Bonds in temporary form
surrendered. Such exchange shall be made by the Registrar with-
out any charge therefor.
SECTION 11. BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In
case any Bond shall become mutilated, or be destroyed, stolen or
lost, the City may in its discretion issue and deliver a new Bond
of like tenor as the Bond so mutilated, destroyed, stolen or
lost, in exchange and substitution for such mutilated Bond, or in
lieu of and substitution for the Bond, destroyed, stolen or lost,
and upon the Holder furnishing the City proof of his ownership
thereof and satisfactory indemnity and complying with such other
reasonable regulations and conditions as the City may prescribe
and paying such expenses as the City may incur .. All Bonds so
surrendered shall be cancelled by the Registrar . If any such
Bond shall have matured or be about to mature, instead of issuing
a substitute Bond, the City may pay the same, upon being indem-
nified as aforesaid, and, if such Bond be lost, stolen or
- 15 -
destroyed, without surrender thereof. Any such duplicate Bonds
issued pursuant to this Section shall constitute original, addi-
tional contractual obligations on the part of the City whether or
not the lost, stolen or destroyed Bonds be at any time found by
anyone, and such duplicate Bonds shallbe entitled to equal and
proportionate benefits and rights as to lien on and source and
security for payment from the funds, and hereinafter pledged, to
thesame extent as all other obligations issued hereunder .
SECTION 12 . REDEMPTION OF BONDS. The Bonds shall be
redeemable prior to their respective dates of maturity, at the
option of the City, in whole or in • part, upon such terms and
conditions as may be approved by subsequent resolution of the
Commission.
SECTION 13 . REDEMPTION NOTICE. At least thirty ( 30) days
before the redemption date, a written notice of any such redemp-
tion, either in whole or in part, signed by the Registrar, shall
be mailed, postage prepaid, to all registered owners of Bonds to
be redeemed at their addresses as they appear on the registration
books herein provided for, but failure so to mail such notice to
any registered owner of a Bond shall not affect the validity of
the proceedings for such redemption with respect to any other
registered owner of a Bond. Each such notice shall set forth the
date fixed for redemption, the redemption price to be paid and,
if less than all of the Bonds then outstanding shall be called
for redemption, the numbers of such Bonds.
SECTION 14. EFFECT OF CALLING FOR REDEMPTION. On the date
so designated for redemption, notice having been mailed in the
manner and under the conditions hereinabove provided and moneys ,
for payment of the redemption price being held in a separate
escrow account, the Bonds so called for redemption shall become
and be due and payable at the redemption price provided for
redemption of such Bonds on such date, interest on the Bonds so
called for redemption shall cease to accrue, such Bonds shall
cease to be entitled to any lien, benefit or security under this
- 16 -
destroyed, without surrender thereof. Any such duplicate Bonds
issued pursuant to this Section shall constitute original, addi-
tional contractual obligations on the part of the City whether or
not the lost, stolen or destroyed Bonds be at any time found by
anyone, and. such duplicate Bonds shall be entitled to equal and
proportionate benefits and rights as to lien on and source and
security for payment from the funds, and hereinafter pledged, to
the same extent as all other obligations issued hereunder .
SECTION 12. REDEMPTION OF BONDS. The Bonds shall be
redeemable prior to their respective" dates of maturity, at the
option of the City, in whole or in part, upon such terms and
conditions as may be approved by subsequent resolution of the
Commission.
SECTION 13 . REDEMPTION NOTICE. At least thirty (30) days
before the redemption date, a written notice of any such redemp-
tion, either in whole or in part, signed by the Registrar, shall
be mailed, postage prepaid, to all registered owners of Bonds to
be redeemed at their addresses as they appear on the registration
books herein provided for , but failure so to mail such notice to
any registered owner of a Bond shall not affect the validity of
the proceedings for such redemption with respect to any other
registered owner of a Bond. Each such notice shall set forth the
date fixed for redemption, the redemption price to be paid and,
if less than all of the Bonds then outstanding shall be called
for redemption, the numbers of such Bonds.
SECTION 14. EFFECT OF CALLING FOR REDEMPTION. On the date
so designated for redemption, notice having been mailed in the
manner and under the conditions hereinabove provided and moneys
for payment of the redemption price being held in a separate
escrow account, the Bonds so called for redemption shall become
and be due and payable at the redemption price provided for
redemption of such Bonds on such date, interest on the Bonds so
called for redempion shall cease to accrue, such Bonds shall
cease to be entitled to any lien, benefit or security under Itis
- 16 -
Resolution, and the registered owners of such Bonds shall have no
rights in respect thereof except to receive payment of the
redemption price thereof. Bonds called for redemption shall be
cancelled upon the surrender thereof.
SECTION 15. DEFEASANCE PROVISIONS.. The covenants and liens
entered into, created or imposed pursuant to this Resolution may
be fully discharged and satisfied with respect to the Bonds in
any one or more of the following ways:
a. by paying the principal of and interest on the Bonds
when the same shall become due and payable; or
b. by depositing in the Debt Service Fund or such other
account as the City may hereafter create and establish by resolu-
tion monies sufficient at the time of such deposit to pay the
Bonds, the interest thereon and the redemption premium, if any,
as the same become due on said Bonds on or prior to the redemp-
tion date or maturity date thereof; or,
c. by depositing in the Debt Service Fund or such other
account as the City may hereafter create and establish by resolu-
tion monies which when invested in Defeasance Obligations (as
hereinafter defined) , will provide monies which shall be suffi-
cient to pay the Bonds, the interest thereon and the redemption
premium, if any, as the same shall become due on said Bonds on or
prior to their redemption date or maturity date hereof .
As used herein, Defeasance Obligations shall mean to the
extent permitted by law:
( i) Direct general obligations of, or obligations the
payment of principal and interest on which is uncondi-
tionally guaranteed by, the United States of America;
( ii) Evidences of indebtedness issued by any of the
following: Bankfor Cooperatives; Federal Home Loan
Banks, Federal Home Loan Mortgage Corporation
( including. anticipation certificates) ; Federal Land
Baztks; yFederal Financing Banks; or any other agency or
instrumentality of the United States of America; 1 ,..
- 17 -
(iii) Evidences of ownership of proportionate interest in
future interest and principal payments on specified
obligations described in (i) held by a bank or trust
company as custodian, under which the owner of the
investment is the real party in interest and has the
right to proceed directly and individually against the
obligor on the underlying obligations described in
( i) , and which underlying obligations are not avail-
able to satisfy any claim of the custodian or any
person claiming through the custodian or to whom the
custodian may be obligated; and
(iv) Debt obligations, whether or not interest thereon is
exempt from federal income taxes, which, at the time
of deposit are rated by either Moody ' s Investors
Services, Inc. ( "Moody' s" ) or Standard & Poor ' s
Corporation ( "S & P" ) in either of the two highest
long-term debt rating categories of such rating
agency, without regard to any refinement or gradation
of each rating category by numerical modifier or
otherwise; provided that if any bond being provided
for is then rated by Moody' s or S & P, the obligations
deposited must be rated by each rating agency having .a
rating'in effect on such bonds in a rating category no
lower than in effect on the Bonds; and
(v) Obligations described in Section 103 (a) ( 1) or ( 2) of
the Internal Revenue Code of 1954, as amended, provi-
sion for the payment of the principal of, premium, if
any, and interest on which shall have been made by the
irrevocable deposit with a bank or trust company
acting as a trustee or escrow agent for holders or
such obligations of securities described in clauses
( i) or ( ii) , the maturing principal of and interest on
which, „when due and payable, will provide sufficient
monies to pay when due the principal of, premium,' ,if
- 18 -
•
any, and interest on such obligations, and which
securities described in clauses ( i ) and ( ii ) are not
available to satisfy any other claim, including any
claim of the trustee or escrow agent or of any person
claiming through the trustee or escrow agent or to
whom the trustee or escrow agent may be obligated,
including in the event of the insolvency of the
trustee or escrow agent or proceedings arising out of
such insolvency.
Upon such payment or deposit in the amount and manner pro-
vided in this Resolution, the Bonds shall no longer be deemed to
be outstanding for the purpose of this Resolution and all lia-
bility of the City with respect to the Bonds shall cease,
determine and be completely discharged and extinguished, and the
holders thereof shall be entitled for payment solely out of the
monies or Defeasance Obligations so deposited.
SECTION 16 . APPLICATION OF BONDS PROCEEDS. Proceeds of the
Bonds in an amount sufficient, together with investment earnings
thereon and any other moneys available therefor, to redeem the
Prior Bonds to be refunded, shall be deposited with the Escrow
Agent for application in accordance with the Escrow Deposit
Agreement . Remaining proceeds of the Bonds shall be applied as
follows: accrued 'interest, if any, received in connection with
the sale of the Bonds shall be deposited in a Debt Service Fund
(the "Debt Service Fund" ) hereby established and used solely for
the payment of interest becoming due on the Bonds on their next
Interest Payment Date. The Debt Service Fund shall constitute a
sinking fund to the extent required by applicable law. All other
proceeds of the Bonds shall be held by the City in a separate
trust fund, to be applied to pay costs of issuance of the Bonds.
Pending their use, Bond proceeds deposited in the Debt
Service Fund or reserved for the payment of issuance costs may be
invested in Nautlorized investments (as hereinafter defined)
maturing not later than the date or dates on which such procpOs
- 19 -
will be needed for the purposes of this Resolution. Any income
received upon such investment shall be deposited in the Debt
Service Fund and used solely to pay principal and interest on the
Bonds.
The registered owners of the Bonds issued hereunder shall
have no responsibility for the use of the proceeds of the Bonds,
and the use of such Bond proceeds by the City shall in no way
affect the rights of such registered owners . The City shall be
irrevocably obligated to continue to levy and collect the ad
valorem taxes as provided herein and to pay the principal of and
interest on the Bonds notwithstanding any failure of the City to
use and apply' such Bond proceeds in the manner provided herein.
SECTION 17. INVESTMENT OF BOND PROCEEDS. The proceeds of
the Bonds deposited with the Escrow Agent shall be invested in
accordance with the Escrow Deposit, Agreement . All other Bond
proceeds shall be invested and reinvested by the Finance Director
of the City in any investment which is a permitted investment for
public funds under Florida law which shall mature, or which shall
be subject to redemption by the holder thereof at the option of
such holder, not later than the date when the invested moneys
will be required for the purposes stipulated therein. The
Finance Director shall sell at the best price obtainable or pre-
sent for redemption any obligations so purchased whenever it
shall be necessary, in the sole judgement of the Finance
Director, to do so in order to provide moneys to meet any
required payment. The Finance Director shall not be liable or
responsible for any depreciation in the value of any such obliga-
tion or for any loss resulting from the sale thereof.
SECTION 18. LEVY OF AD VALOREM TAX; PAYMENT AND PLEDGE. In
each year while any of such Bonds are outstanding, there shall be
levied and collected a tax, without limitation as to rate or
amount, to pay the principal of and interest of such Bonds as the
same shall be;rome.,. due. Such tax shall be assessed, levied and
collected in the same manner and at the same time as other ¶ity
- 20 -
•
taxes are assessed, levied and collected and the proceeds of said
tax shall be held separate and apart from all other moneys of the
City in a separate fund ( the "Debt Service Fund") , and shall be
applied solely to the payment of the principal of and interest on
the Bonds.
At least one day prior to each interest or principal payment
date for the Bonds, the City shall transfer to the Paying Agent
an amount sufficient to pay the principal of and interest on the
Bonds then due and payable and the Paying Agent is hereby author-
ized and directed to apply such funds to said payment .
The full faith, credit and taxing power of the City are
hereby irrevocably pledged to the payment of the principal of,
redemption premium, if any, and interest on the Bonds when and as
the same become due.
SECTION 19 . TAXATION OF INTEREST; ARBITRAGE. The City
covenants not to take or cause or permit to be taken, or fail to
take or cause or permit to fail to be taken, any action which
would result in- the interest payable on the Bonds being taxable
as income to the holders thereof under either the laws of the
United States or the State of Florida, except as to taxes imposed
by Chapter 220, Florida Statutes, on interest, income or profits
on debt obligations owned by corporations, as defined. in said
Chapter 220 . The principal proceeds of the sale of said Bonds
shall be devoted to and used for the refunding of the outstanding
Prior Bonds in accordance with this Resolution and any other
resolutions adopted by the Commission. The City also certifies
and further covenants with the purchasers and registered owners
of the Bonds from time to time outstanding that, so long as any
of the Bonds remain outstanding, moneys on deposit in any fund or
account in connection with the Bonds, whether or not such moneys
were derived from the proceeds of the sale of the Bonds or from
any other sources, will not be used in a manner which will cause
such Bonds tolpe ',,arbitrage bonds" within the meaning of Section
103(c) of the Internal Revenue Code of 1954, as amended, or )any
- 21 -
successor provisions thereto (the "Code") and any lawful regula-
tions promulgated or proposed thereunder.
The Mayor and the City Manager of the City (who are officers
charged, along with others, with the responsibility for the issu-
ance of such Bonds) shall execute on the behalf of the City an
arbitrage certificate for the purpose of assuring the purchasers
of the Bonds that the Bonds herein authorized are not "arbitrage
bonds" within the meaning of Section 103 (c) of the . Code and regu-
lations proposed or promulgated thereunder. Such certificate
shall constitute a certificate and representation of the City and
no investment shall be made of the proceeds of the Bonds in vio-
lation of the expectations expressed in said arbitrage certifi-
cate.
SECTION 20. VALIDATION. The firm of Greenberg, Traurig,
Askew, Hoffman, Lipoff, Rosen and Quentel, P.A. of Miami ,
Florida, Bond Counsel, is hereby authorized and directed to pro-
ceed in the name of the City to have the Bonds validated by the
Circuit Court of Dade County, Florida.
SECTION 21. EXECUTION. The Mayor and the City Clerk or any
Deputy City Clerk are hereby authorized and directed to execute
the Bonds under the seal of the City, a facsimile of which shall
be imprinted upon each of said Bonds, and each of said Bonds
shall be executed with the manual or facsimile signature of the
Mayor and with the manual or fascimile signature of the City
Clerk, or any Deputy City Clerk, and the Mayor, the City Clerk,
the City Attorney, and all other officers and officials of the
City are hereby authorized and directed to take such steps as may
be necessary to effect a sale and delivery of said Bonds.
SECTION 22. APPROVAL OF ESCROW DEPOSIT AGREEMENT. The form
of Escrow Deposit Agreement attached hereto as Exhibit "B" is
hereby approved with such changes as shall be authorized by a
subsequent resolution of the Commission.
SECTION 2i. MODIFICATION OR AMENDMENT. No material modifi-
cation or amendment of this Resolution or of any ordinance 6r
- 22 -
resolution amendatory hereof or supplemental hereto, may be made
without the consent in writing of the registered owners of sixty-
seven per cent (67%) or more in principal amount of the Bonds
then outstanding; provided, however, that no modification or
amendment shall permit a change in the maturity of any Bonds or a
reduction in the rate of interest thereon, or in the amount of
the principal of and the interest on the Bonds as the same shall
become due, or reduce such percentage of registered owners of the
Bonds, required for consent to such modifications or amendments,
without the consent of the registered owners of all of the Bonds
outstanding.
SECTION 24 . PAYMENTS DUE ON SATURDAYS, SUNDAYS, AND
HOLIDAYS. In any case where the date of maturity or interest on
or principal of any Bond, or the date fixed for redemption of any
Bond, shall be a Saturday or Sunday or shall be, at the place
designated for payment, a legal holiday or a day on which banking
institutions similar to the Paying Agent are authorized by law to
close, then the payment of the interest on, or the principal, or
the redemption priceof, such Bond need not be made on such date
but must be made on the next succeeding day not a Saturday,
Sunday, or a legal holiday or a day upon which banking institu-
tions similar to the Paying Agent are authorized by law to close,
with the same force and effect as if made on the date of maturity
or the date fixed for redemption, and no interest shall accrue
for the period after such date.
SECTION 25. SEVERABILITY OF INVALID PROVISIONS. If any one
or more of the covenants, agreements, or provisions of this Reso-
lution should be held contrary to any express provision of law or
contrary to the policy of express law, though not expressly pro-
hibited, or against public policy, or shall for any reason what-
soever be held invalid, then such covenants, agreements or provi-
sions shall be null and void and shall be deemed separated from
the remaining . covgnants, agreements or provisions, and in no way
affect the validity of all the other provision of this Resoluion
or of the Bonds issued thereunder .
- 23 -
SECTION 26. AUTHENTICATION. The Bonds shall not be secured
hereby or entitled to the benefit hereof, and shall not be valid
or obligatory for any purpose, unless there shall be endorsed on
such Bonds a certificate of authentication, substantially in the
form prescribed in this Resolution, executed by the Resolution,
and such certificate on any Bond issued by the City shall be
conclusive evidence and the only competent evidence that it has
been duly authenticated and delivered hereunder .
SECTION 27 . EFFECTIVE DATE. This Resolution shall be in
force and effect immediately upon its adoption.
PASSED AND ADOPTED this 18th day of June , 1986
C4/ /Mayor
Attest:
(SEAL) )27
aeL4,/
City Clerk
Approv d as For
and S ffici cy:
By.
ity Attorney
STATE OF FLORIDA
COUNTY OF DADE
j Elaine M. Baker , City Clerk of the City of Miami Beach,
Florida do hereby certify that the above and foregoing is a true
and correct copy of Resolution No. 86-18489 , duly passed and
adopted by the City Commission of the City of Miami Beach, at a
regular meeting duly held and convened on the 18th day of June
1986, and that said resolution is in full force and effect, with-
out amendment, on the date hereof.
IN WITNESS WHEREOF, I have hereunto set my hand and the
official seal of the City of Miami Beach, Florida this Nth day
Of ,limp , 1986.
City Clerk
FORM APP PPR OV ;D
- 2 4 _ ...,By�__ (.emor
Data
EXHIBIT A
Financial Plan
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 THEATER, 1983 PUBLIC IMPROVEMENT, & 1984 S. POINTE BONDS
SOURCES AND USES OF FUNDS
DELIVERY DATE: 8/ 1/86
SOURCES
PAR AMOUNT OF BONDS $59,740,000.00
+PREMIUM /•DISCOUNT $0.00
BOND PROCEEDS 59,740,000.00
1984 THEATER DEBT SERVICE FUND 1,326,218.75
1983 PUBLIC IMP. DEBT SERVICE FUND 1,273,367.19
1984 S. POINTE DEBT SERVICE FUND 482,682.29
$62,822,268.23
USES OF FUNDS
DEPOSIT TO ESCROW:
SLGS PURCHASE 58,831,000.00
STRIP PURCHASE (MATURITY: 8/15/94) 1,326,159.13
STRIP PURCHASE (MATURITY: 8/15/93) 1,272,351.74
STRIP PUCHASE (MATURITY: 8/15/95) 482,464.17
ESCROW BEGINNING CASH BALANCE 3,684.87
COSTS OF ISSUANCE ( 1.500000%)... 896,100.00
(INCLUDING COSTS OF ISSUANCE)
CONTINGENCY 10,508.32
$62,822,268.23
_ r
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 THEATER, 1983 PUBLIC IMPROVEMENT, & 1984 S. POINTE BONDS
SAVINGS REPORT
PROPOSED DEBT SERVICE PRIOR CUMULATIVE
DATE PRINCIPAL COUPON INTEREST TOTAL. 0/S SAVINGS SAVINGS
9/ 1/86 3,581,221.88 3,581,221.88 498,953.65
9/'1/87 1,635,000.00 4.250000 4,373,950.21 6,008,950.21 6,049,600.00 40,649.79 539,603.44
9/ 1/88 2,030,000.00 4.750000 3,968,005.00 5,998,005.00 6,032,612.50 34,607.50 574,210.94
9/ 1/89 2,150,000.00 5.500000 3,871,580.00 6,021,580.00 6,056,762.50 35,182.50 609,393.44
9/ 1/90 2,255,000.00 5.750000 3,753,330.00 6,008,330.00 6,047,125.00 38,795.00 648,188.44
9/ 1/91 2,400,000.00 5.950000 3,623,667.50 6,023,667.50 6,061,087.50 37,420.00 685,608.44
9/ 1/92 2,560,000.00 6.150000 3,480,867.50 6,040,867.50 6,075,825.00 34,957.50 720,565.94
9/ 1/93 2,670,000.00 6.350000 3,323,427.50 5,993,427.50 6,034,362.50 40,935.00 761,500.94
9/ 1/94 2,890,000.00 6.550000 3,153,882.50 6,043,882.50 6,081,412.50 37,530.00 799,030.94
9/ 1/95 3,070,000.00 6.750000 2,964,587.50 6,034,587.50 6,077,375.00 42,787.50 841,818.44
9/ 1/96 3,260,000.00 6.900000 2.757,362.50 6,017,362.50 6,059,662.50 42,300.00 884,118.44
9/ 1/97 3,510,000.00 7.000000 2,532,422.50 6,042,422.50 6,078,037.50 35,615.00 919,733.44
9/ 1/98 3,715,000.00 7.100000 2,286,722.50 6,001,722.50 6,040,837.50 39,115.00 958,848.44
9/ 1/99 4,040,000.00 7.200000 2,022,957.50 6,062,957.50 6,096,262.50 33,305.00 992,153.44
9/ 1/ 0 4,355,000.00 7.250000 1,732,077.50 6,087,077.50 6,120,575.00 33,497.50 1,025,650.94
9/ 1/ 1 4,590,000.00 7.300000 1,416,340.00 6,006,340.00 6,043,237.50 36,897.50 1,062,548.44
9/ 1/ 2 5,035,000.00 7.350000 1,081,270.00 6,116,270.00 6,151,475.00 35,205.00 1,097,753.44
9/ 1/ 3 5,340,000.00 7.400000 711,197.50 6,051,197.50 6,090,600.00 39,402.50 1,137,155.94
9/ 1/ 4 3,175,000.00 7.450000 316,037.50 3,491,037.50 3,537,562.50 46,525.00 1,183,680.94
9/ 1/ 5 1,060,000.00 7.500000 79,500.00 1,139,500.00 1,140,562.50 1,062.50 1,184,743.44
59,740,000.00 47,449,185.21 107,189,185.21 111,456,196.88 1,184,743.44
ACCRUED
59,740,000.00 47,449,185.21 107,189,185.21 111,456,196.88 1,184,743.44
----_ ==_
DATED 8/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 669,703.333
AVERAGE COUPON 7.085
AVERAGE LIFE 11.210
N I C % 7.085105 % USING 100.0000000
T I C % 7.026032 % USING 100.0000000
N 0 T E : CUMULATIVE SAVINGS ARE NET OF 3,082,268.23
NET PRESENT VALUE SAVINGS A T : 7.0000000000 % EQUALS 925,660.89
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 THEATER, 1983 PUBLIC IMPROVEMENT, & 1984 S. POINTE BONDS
DEBT SERVICE SCHEDULE
DATE PRINCIPAL INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/87 1,635,000.00 4,373,950.21 6,008,950.21 6,008,950.21
9/ 1/88 2,030,000.00 3,968,005.00 5,998,005.00 5,998,005.00
9/ 1/89 2,150,000.00 3,871,580.00 6,021,580.00 6,021,580.00
9/ 1/90 2,255,000.00 3,753,330.00 6,008,330.00 6,008,330.00
9/ 1/91 2,400,000.00 3,623,667.50 6,023,667.50 6,023,667.50
9/ 1/92 2,560,000.00 3,480,867.50 6,040,867.50 6,040,867.50
9/ 1/93 2,670,000.00 3,323,427.50 5,993,427.50 5,993,427.50
9/ 1/94 2,890,000.00 3,153,882.50 6,043,882.50 6,043,882.50
9/ 1/95 3,070,000.00 2,964,587.50 6,034,587.50 6,034,587.50
9/ 1/96 3,260,000.00 2,757,362.50 6,017,362.50 6,017,362.50
9/ 1/97 3,510,000.00 2,532,422.50 6,042,422.50 6,042,422.50
9/ 1/98 3,715,000.00 2,286,722.50 6,001,722.50 6,001,722.50
9/ 1/99 4,040,000.00 2,022,957.50 6,062,957.50 6,062,957.50
9/ 1/ 0 4,355,000.00 1,732,077.50 6,087,077.50 6,087,077.50 '
9/ 1/ 1 4,590,000.00 1,416,340.00 6,006,340.00 6,006,340.00
9/ 1/ 2 5,035,000.00 1,081,270.00 6,116,270.00 6,116,270.00
9/ 1/ 3 5,340,000.00 711,197.50 6,051,197.50 6,051,197.50
9/ 1/ 4 3,175,000.00 316,037.50 3,491,037.50 3,491,037.50
9/ 1/ 5 1,060,000.00 79,500.00 1,139,500.00 1,139,500.00
59,740,000.00 47,449,185.21 107,189,185.21
ACCRUED
59,740,000.00 47,449,185.21 107,189,185.21
== = _======7 ==============
DATED 8/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 669,703.333
AVERAGE COUPON . 7.085
AVERAGE LIFE 11.210
N I C % 7.085105 X USING 100.0000000
T I C % 7.026032 X USING 100.0000000
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 THEATER PROJECT BONDS
SOURCES AND USES OF FUNDS
DELIVERY DATE: 8/ 1/86
SOURCES
PAR AMOUNT OF BONDS $24,590,000.00
+PREMIUM /-DISCOUNT S0.00
BOND PROCEEDS 24,590,000.00
1984 DEBT SERVICE FUND 1,326,218.75
$25,916,218.75
USES OF FUNDS
x
DEPOSIT TO ESCROW:
SLGS PURCHASES 24,219,000.00
TREASURY STRIP PURCHASE 1,326,159.13
ESCROW BEGINNING CASH BALNCE 848.45
COSTS OF ISSUANCE ( 1.500000%)... 368,850.00
(INCLUDING UNDERWRITERS DISCOUNT)
CONTINGENCY 1,361.17
$25,916,218.75
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 THEATER PROJECT BONDS
_
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/87 745,000.00 4.250000 1,792,591.67 2,537,591.67 2,537,591.67
9/ 1/88 915,000.00 4.750000 1,623,037.50 2,538,037.50 2,538,037.50
9/ 1/89 950,000.00 5.500000 1,579,575.00 2,529,575.00 2,529,575.00
9/ 1/90 990,000.00 5.750000 1,527,325.00 2,517,325.00 2,517,325.00
9/ 1/91 1,030,000.00 5.950000 1,470,400.00 2,500,400.00 2,500,400.00
9/ 1/92 1,120,000.00 6.150000 1,409,115.00 2,529,115.00 2,529,115.00
9/ 1/93 1,105,000.00 6.350000 1,340,235.00 2,445,235.00 2,445,235.00
9/ 1/94 1,195,000.00 6.550000 1,270,067.50 2,465,067.50 2,465,067.50
9/ 1/95 1,280,000.00 6.750000 1,191,795.00 2,471,795.00 2,471,795.00
9/ 1/96 1,315,000.00 6.900000 1,105,395.00 2,420,395.00 2,420,395.00
9/ 1/97 1,405,000.00 7.000000 1,014,660.00 2,419,660.00 2,419,660.00
9/ 1/98 1,485,000.00 7.100000 916,310.00 2,401,310.00 2,401,310.00
9/ 1/99 1,565,000.00 7.200000 810,875.00 2,375,875.00 2,375,875.00
9/ 1/ 0 1,690,000.00 7.250000 698,195.00 2,388,195.00 2,388,195.00
9/ 1/ 1 1,715,000.00 7.300000 575,670.00 2,290,670.00 2,290,670.00
9/ 1/ 2 1,885,000.00 7.350000 450,475.00 2,335,475.00 2,335,475.00
9/ 1/ 3 1,945,000.00 7.400000 311,927.50 2,256,927.50 2,256,927.50
9/ 1/ 4 2,255,000.00 7.450000 167,997.50 2,422,997.50 2,422,997.50
24,590,000.00 19,255,646.67 43,845,646.67
ACCRUED
24,590,000.00 19,255,646.67 43,845,646.67
____
DATED 8/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 272,089.167
AVERAGE COUPON 7.077
AVERAGE LIFE 11.065
N I C % 7.076962 % USING 100.0000000
T I C % 7.014741 % USING 100.0000000
Shearson Lehman Brothers Inc
•
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 THEATER PROJECT BONDS
3
SAVINGS REPORT
PROPOSED DEBT SERVICE PRIOR CUMULATIVE
.DATE PRINCIPAL COUPON INTEREST TOTAL D/S SAVINGS SAVINGS
9/ 1/86 1,541,462.50 1,541,462.50 215,243.75
•
9/ 1/87 745,000.00 4.250000 1,792,591.67 2,537,591.67 2,584,925.00 47,333.33 262,577.08
9/ 1/88 915,000.00 4.750000 1,623,037.50 2,538,037.50 2,582,125.00 44,087.50 306,664.58
9/ 1/89 950,000.00 5.500000 1,579,575.00 2,529,575.00 2,574,525.00 44,950.00 351,614.58
9/ 1/90 990,000.00 5.750000 1,527,325.00 2,517,325.00 2,562,125.00 44,800.00 396,414.58
9/ 1/91 1,030,000.00 5.950000 1,470,400.00 2,500,400.00 2,544,925.00 44,525.00 440,939.58
9/ 1/92 1,120,000.00 6.150000 1,409,115.00 2,529,115.00 2,572,925.00 43,810.00 484,749.58
9/ 1/93 1,105,000.00 6.350000 1,340,235.00 2,445,235.00 2,491,325.00 46,090.00 530,839.58
9/ 1/94 1,195,000.00 6.550000 1,270,067.50 2,465,067.50 2,509,725.00 44,657.50 575,497.08
9/ 1/95 1,280,000.00 6.750000 1,191,795.00 2,471,795.00 2,518,525.00 46,730.00 622,227.08
9/ 1/96 1,315,000.00 6.900000 1,105,395.00 2,420,395.00 2,467,725.00 47,330.00 669,557.08
9/ 1/97 1,405,000.00 7.000000 1,014,660.00 2,419,660.00 2,462,125.00 42,465.00 712,022.08
9/ 1/98 1,485,000.00 7.100000 916,310.00 2,401,310.00 2,445,725.00 44,415.00 • 756,437.08
9/ 1/99 1,565,000.00 7.200000 810,875.00 2,375,875.00 2,419,625.00 43,750.00 800,187.08
9/ 1/ 0 1,690,000.00 7.250000 698,195.00 2,388,195.00 2,433,825.00 45,630.00 845,817.08
9/ 1/ 1 1,715,000.00 7.300000 575,670.00 2,290,670.00 2,333,475.00 42,805.00 888,622.08
9/ 1/ 2 1,885,000.00 7.350000 450,475.00 2,335,475.00 2,378,275.00 42,800.00 931,422.08
9/ .1/ 3 1,945,000.00 7.400000 311,927.50 2,256,927.50 2,303,675.00 46,747.50 978,169.58
• 9/ 1/ 4 2,255,000.00 7.450000 167,997.50 2,422,997.50 2,469,375.00 46,377.50 1,024,547.08
24,590,000.00 19,255,646.67 43,845,646.67 46,196,412.50 1,024,547.08
ACCRUED
24,590,000.00 19,255,646.67 43,845,646.67 46,196,412.50 1,024,547.08
sa sssss ssa s
DATED 8/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 272,089.167
AVERAGE COUPON 7.077
AVERAGE LIFE 11.065
N I C X 7.076962 X USING 100.0000000
T I C % 7.014741 X USING 100.0000000
N 0 T E : CUMULATIVE SAVINGS ARE NET OF 1,326,218.75
NET PRESENT VALUE SAVINGS AT : 7.0000000000 X EQUALS 696,956.82
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
GENERAL OBLIGATION BONDS (THEATER PROJECT), SERIES 1984
SERIES 1984 BONDS TO CALL
COST OF PURCHASES FOR ESCROW PORTFOLIO
MATURITY PAR ACCRUED TOTAL
TYPE DATE COUPON AMOUNT PRICE COST INTEREST COST
STRIP 8/15/94 0.000000 2,540,000 52.210989 1,326,159.13 0.00 1,326,159.13
SUBTOTAL 2,540,000 1,326,159.13 0.00 1,326,159.13
** GRAND TOTAL ** 2,540,000 1,326,159.13 0.00 1,326,159.13
BEGINNING CASH 0.00
COST OF SECURITIES 1,326,159.13
TOTAL COST OF ESCROW 1,326,159.13
Shearson Lehman Brothers Inc
•
CITY OF MIAMI BEACH
GENERAL OBLIGATION BONDS (THEATER PROJECT), SERIES 1984
SERIES 1984 BONDS TO MATURITY
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/86 500,000.00 9.600000 1,041,462.50 1,541,462.50 1,541,462.50
9/ 1/87 550,000.00 9.600000 2,034,925.00 2,584,925.00 2,584,925.00
9/ 1/88 600,000.00 9.600000 1,982,125.00 2,582,125.00 2,582,125.00
9/ 1/89 650,000.00 9.600000 1,924,525.00 2,574,525.00 2,574,525.00
9/ 1/90 700,000.00 9.600000 1,862,125.00 2,562,125.00 2,562,125.00
9/ 1/91 750,000.00 9.600000 1,794,925.00 2,544,925.00 2,544,925.00
9/ 1/92 850,000.00 9.600000 1,722,925.00 2,572,925.00 2,572,925.00
9/ 1/93 850,000.00 9.600000 1,641,325.00 2,491,325.00 2,491,325.00
9/ 1/94 950,000.00 9.600000 1,559,725.00 2,509,725.00 2,509,725.00
9/ 1/95 1,050,000.00 9.600000 1,468,525.00 2,518,525.00 2,518,525.00
9/ 1/96 1,100,000.00 9.600000 1,367,725.00 2,467,725.00 2,467,725.00
9/ 1/97 1,200,000.00 9.700000 1,262,125.00 2,462,125.00 2,462,125.00
9/ 1/98 1,300,000.00 9.700000 1,145,725.00 2,445,725.00 2,445,725.00
9/ 1/99 1,400,000.00 9.700000 1,019,625.00 2,419,625.00 2,419,625.00
9/ 1/ 0 1,550,000.00 9.700000 883,825.00 2,433,825.00 2,433,825.00
9/ 1/ 1 1,600,000.00 9.700000 733,475.00 2,333,475.00 2,333,475.00
9/ 1/ 2 1,800,000.00 9.700000 578,275.00 2,378,275.00 2,378,275.00
9/ 1/ 3 1,900,000.00 9.700000 403,675.00 2,303,675.00 2,303,675.00
9/ 1/ 4 2,250,000.00 9.750000 219,375.00 2,469,375.00 2,469,375.00
21,550,000.00 24,646,412.50 46,196,412.50
ACCRUED 867,885.42 867,885.42
21,550,000.00 23,778,527.08 45,328,527.08
_---_ _====__ --= _
DATED 3/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 254,425.000
AVERAGE COUPON 9.687
AVERAGE LIFE 11.806
N I C X 9.687103 14 USING 100.0000000
Shearson Lehman Brothers Inc
CITY.OF MIAMI BEACH
GENERAL OBLIGATION BONDS (THEATER PROJECT), SERIES 1984
SERIES 1984 BONDS TO CALL
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/86 500,000.00 9.600000. 1,041,462.50 1,541,462.50 1,541,462.50
9/ 1/87 550,000.0G 9.600000 2,034,925.00 2,584,925.00 2,584,925.00
9/ 1/88 600,000.00 9.600000 1,982,125.00 2,582,125.00 2,582,125.00
9/ 1/89 650,000.00 9.600000 1,924,525.00 2,574,525.00 2,574,525.00
9/ 1/90 700,000.00 9.600000 1,862,125.00 2,562,125.00 2,562,125.00
9/ 1/91 750,000.00 9.600000 1,794,925.00 2,544,925.00 2,544,925.00
9/ 1/92 850,000.00 9.600000 1,722,925.00 2,572,925.00 2,572,925.00
9/ 1/93 850,000.00 9.600000 1,641,325.00 2,491,325.00 2,491,325.00
9/ 1/94 16,403,000.00 9.600000 1,559,725.00 17,962,725.00 17,962,725.00
21,853,000.00 15,564,062.50 37,417,062.50
ACCRUED 867,885.42 867,885.42 •
21,853,000.00 14,696,177.08 36,549,177.08
DATED 3/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 163,450.500
AVERAGE COUPON 9.522
AVERAGE LIFE 7.480
N I C % 9.522187 % USING 100.0000000
•
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1983 PUBLIC IMPROVEMENT BONDS
SOURCES AND USES OF FUNDS
• DELIVERY DATE: 8/ 1/86
SOURCES
PAR AMOUNT OF BONDS $24,505,000.00
+PREMIUM /•DISCOUNT $0.00
BOND PROCEEDS 24,505,000.00
1983 DEBT SERVICE FUND 1,273,367.19
$25,778,367.19
USES OF FUNDS
DEPOSIT TO ESCROW:
SLGS PURCHASES 24,132,000.00
TREASURY STRIP PURCHASE 1,272,351.74
ESCROW BEGINNING CASH BALANCE 1,651.31
COSTS OF ISSUANCE ( 1.500000X)... 367,575.00
(INCLUDING UNDERWRITERS DISCOUNT)
CONTINGENCY 4,789.14
$25,778,367.19
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1983 PUBLIC IMPROVEMENT BONDS
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERI00 TOTAL FISCAL TOTAL
9/ 1/87 665,000.00 4.250000 1,788,331.46 2,453,331.46 2,453,331.46
9/ 1/88 835,000.00 4.750000 1,622,505.00 2,457,505.00 2,457,505.00
9/ 1/89 875,000.00 5.500000 1,582,842.50 2,457,842.50 2,457,842.50
9/ 1/90 945,000.00 5.750000 1,534,717.50 2,479,717.50 2,479,717.50
9/ 1/91 1,000,000.00 5.950000 1,480,380.00 2,480,380.00 2,480,380.00
9/ 1/92 1,070,000.00 6.150000 1,420,880.00 2,490,880.00 2,490,880.00
9/ 1/93 1,150,000.00 6.350000 1,355,075.00 2,505,075.00 2,505,075.00
9/ 1/94 1,230,000.00 6.550000 1,282,050.00 2,512,050.00 2,512,050.00
9/ 1/95 1,330,000.00 6.750000 1,201,485.00 2,531,485.00 2,531,485.00
9/ 1/96 1,435,000.00 6.900000 1,111,710.00 2,546,710.00 2,546,710.00
9/ 1/97 1,545,000.00 7.000000 1,012,695.00 2,557,695.00 2,557,695.00
9/ 1/98 1,675,000.00 7.100000 904,545.00 2,579,545.00 2,579,545.00
9/ 1/99 1,820,000.00 7.200000 785,620.00 2,605,620.00 . 2,605,620.00
9/ 1/ 0 1,965,000.00 7.250000 654,580.00 2,619,580.00 2,619,580.00
9/ 1/ 1 2,135,000.00 7.300000 . 512,117.50 2,647,117.50 2,647,117.50
9/ 1/ 2 2,315,000.00 7.350000 356,262.50 2,671,262.50 2,671,262.50
9/ 1/ 3 2,515,000.00 7.400000 186,110.00 2,701,110.00 2,701,110.00
24,505,000.00 18,791,906.46 43,296,906.46
•
ACCRUED
24,505,000.00 18,791,906.46 43,296,906.46
DATED 8/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 266,497.083
AVERAGE COUPON 7.051
AVERAGE LIFE 10.875
N I C X 7.051449 % USING 100.0000000
T I C % 6.996269 % USING 100.0000000
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1983 PUBLIC IMPROVEMENT BONDS
SAVINGS REPORT
PROPOSED DEBT SERVICE PRIOR CUMULATIVE
DATE PRINCIPAL COUPON INTEREST TOTAL D/S SAVINGS SAVINGS
9/ 1/86 1,475,540.63 1,475,540.63 202,173.43
9/ 1/87 665,000.00 4.250000 1,788,331.46 2,453,331.46 2,448,425.00 -4,906.46 197,266.98
9/ 1/88 835,000.00 4.750000 1,622,505.00 2,457,505.00 2,450,487.50 -7,017.50 190,249.48
9/ 1/89 875,000.00 5.500000 1,582,842.50 2,457,842.50 2,448,487.50 -9,355.00 180,894.48
9/ 1/90 945,000.00 5.750000 1,534,717.50 2,479,717.50 2,471,562.50 -8,155.00 172,739.48
9/ 1/91 1,000,000.00 5.950000 1,480,380.00 2,480,380.00 2,473,037.50 -7,342.50 . 165,396.98
9/ 1/92 1,070,000.00 6.150000 1,420,880.00 2,490,880.00 2,484,150.00 -6,730.00 158,666.98
9/ 1/93 1,150,000.00 6.350000 1,355,075.00 2,505,075.00 2,498,662.50 -6,412.50 152,254.48
9/ 1/94 1,230,000.00 6.550000 1,282,050.00 2,512,050.00 2,505,750.00 -6,300.00 145,954.48
9/ 1/95 1,330,000.00 6.750000 1,201,485.00 2,531,485.00 2,525,412.50 -6,072.50 139,881.98
9/ 1/96 1,435,000.00 6.900000 1,111,710.00 2,546,710.00 2,541,000.00 -5,710.00 134,171.98
9/ 1/97 1,545,000.00 7.000000 1,012,695.00 2,557,695.00 2,552,100.00 -5,595.00 128,576.98
9/ 1/98 1,675,000.00 7.100000 . 904,545.00 2,579,545.00 2,573,300.00 -6,245.00 122,331.98
9/ 1/99 1,820,000.00 7.200000 785,620.00 2,605,620.00 2,597,950.00 -7,670.00 114,661.98
9/ 1/ 0 1,965,000.00 7.250000 654,580.00 2,619,580.00 2,609,812.50 -9,767.50 104,894.48
9/ 1/ 1 2,135,000.00 7.300000 512,117.50 2,647,117.50 2,638,887.50 -8,230.00 96,664.48
9/ 1/ 2 2,315,000.00 7350000 356,262.50 2,671,262.50 2,662,700.00 -8,562.50 88,101.98
9/ 1/ 3 2,515,000.00• 7.400000 186,110.00 2,701,110.00 2,695,425.00 -5,685.00 82,416.98
24,505,000.00 18,791,906.46 43,296,906.46 44,652•,690.63 82,416.98
ACCRUED
24,505,000.00 18,791,906.46 43,296,906.46 44,652,690.63 82,416.98
DATED 8/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 266,497.083
AVERAGE COUPON 7.051
AVERAGE LIFE 10.875
N I C % 7.051449 X USING 100.0000000
T I C X 6.996269 % USING 100.0000000
N 0 T E : CUMULATIVE SAVINGS ARE NET OF 1,273,367.19
NET P RES E.N T VALUE SAVINGS AT : 7.0000000000 % EQUALS 144,519.84
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BONDS (SERIES 1983)
SERIES 1983 BONDS TO CALL
COST OF PURCHASES FOR ESCROW PORTFOLIO
MATURITY PAR ACCRUED TOTAL
•
TYPE DATE COUPON AMOUNT PRICE COST INTEREST COST
STRIP 8/15/93 0.000000 2,225,000 57.184348 1,272,351.74 0.00 1,272,351.74
SUBTOTAL 2,225,000 1,272,351.74 0.00 1,272,351.74
** GRAND TOTAL ** 2,225,000 1,272,351.74 0.00 1,272,351.74
' BEGINNING CASH 0.00
COST OF SECURITIES 1,272,351.74
TOTAL COST OF ESCROW 1,272,351.74
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BONDS (SERIES 1983)
SERIES 1983 BONDS TO MATURITY
•
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/86 525,000.00 8.125000 950,540.63 1,475,540.63 1,475,540.63
9/ 1/87 590,000.00 8.125000 1,858,425.00 2,448,425.00 2,448,425.00
9/ 1/88 640,000.00 8.125000 1,810,487.50 2,450,487.50 2,450,487.50
9/ 1/89 690,000.00 8.250000 1,758,487.50 2,448,487.50 2,448,487.50
9/ 1/90 770,000.00 8.250000 1,701,562.50 2,471,562.50 2,471,562.50
9/ 1/91 835,000.00 8.250000 1,638,037.50 2,473,037.50 2,473,037.50
9/ 1/92 915,000.00 8.250000 1,569,150.00 2,484,150.00 2,484,150.00
9/ 1/93 1,005,000.00 8.250000 1,493,662.50 2,498,662.50 2,498,662.50
9/ 1/94 1,095,000.00 8.250000 1,410,750.00 2,505,750.00 2,505,750.00
9/ 1/95 1,205,000.00 8.250000 1,320,412.50 2,525,412.50 2,525,412.50
9/ 1/96 1,320,000.00 . 8.250000 1,221,000.00 2,541,000.00 2,541,000.00
9/ 1/97 1,440,000.00 8.250000 1,112,100.00 2,552,100.00 2,552,100.00
9/ 1/98 1,580,000.00 8.250000 993,300.00 2,573,300.00 2,573,300.00
9/ 1/99 1,735,000.00 8.250000 862,950.00 2,597,950.00 2,597,950.00
9/ 1/ 0 1,890,000.00 8.250000 719,812.50 2,609,812.50 2,609,812.50
9/ 1/ 1 2,075,000.00 8.250000 563,887.50 2,638,887.50 2,638,887.50
9/ 1/ 2 2,270,000.00 8.250000 392,700.00 2,662,700.00 2,662,700.00
9/ 1/ 3 2,490,000.00 8.250000 205,425.00 2,695,425.00 2,695,425.00
23,070,000.00 21,582,69811 44,652,690.63
ACCRUED 792,117.19 792,117.19
23,070,000.00 20,790,573.44 43,860,573.44
DATED 3/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 261,650.000
AVERAGE COUPON 8.249
AVERAGE LIFE 11.342
N I C X 8.248687 X USING 100.0000000
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BONDS (SERIES 1983)
SERIES 1983 BONDS TO CALL
_
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/86 525,000.00 8.125000 950,540.63 1,475,540.63 1,475,540.63
9/ 1/87 590,000.00 8.125000 1,858,425.00 2,448,425.00 2,448,425.00
9/ 1/88 640,000.00 8.125000 1,810,487.50 2,450,487.50 2,450,487.50
9/ 1/89 690,000.00 8.250000 1,758,487.50 2,448,487.50 2,448,487.50
9/ 1/90 770,000.00 8.250000 1,701,562.50 2,471,562.50 2,471,562.50
9/ 1/91 835,000.00 8.250000 1,638,037.50 2,473,037.50 2,473,037.50
9/ 1/92 915,000.00 8.250000 1,569,150.00 2,484,150.00 2,484,150.00
9/ 1/93 18,447,000.00 8.250000 1,493,662.50 19,940,662.50 19,940,662.50
23,412,000.00 12,780,353.13 36,192,353.13
ACCRUED 792,117.19 792,117.19
23,412,000.00 11,988,235.94 35,400,235.94
DATED 3/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 157,520.000
AVERAGE COUPON 8.113
AVERAGE LIFE 6.728
N I C % 8.113480 X USING 100.0000000
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 SPOINTE PROJECT BONDS
SOURCES AND USES OF FUNDS
DELIVERY DATE: 8/ 1/86
SOURCES
PAR AMOUNT OF BONDS $10,645,000.00
+PREMIUM /-DISCOUNT $0.00
BOND PROCEEDS 10,645,000.00
1984 DEBT SERVICE FUND 482,682.29
$11,127,682.29
USES OF FUNDS
DEPOSIT TO ESCROW:
SLGS PURCHASES 10,480,000.00
TREASURY STRIP PURCHASE 482,464.17
ESCROW BEGINNING CASH BALANCE 1,185.11
COSTS OF ISSUANCE ( 1.500000%)... 159,675.00
(INCLUDING UNDERWRITERS DISCOUNT)
CONTINGENCY 4,358.01
$11,127,682.29
Shearson Lehman Brothers Inc
•
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 S. POINTE PROJECT BONDS
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/87 225,000.00 4.250000 793,027.08 1,018,027.08 1,018,027.08
9/ 1/88 280,000.00 4.750000 722,462.50 1,002,462.50 1,002,462.50
9/ 1/89 325,000.00 5.500000 709,162.50 1,034,162.50 1,034,162.50
9/ 1/90 320,000.00 5.750000 691,287.50 1,011,287.50 1,011,287.50
9/ 1/91 370,000.00 5.950000 672,887.50 1,042,887.50 1,042,887.50
9/ 1/92 370,000.00 6.150000 650,872.50 1,020,872.50 1,020,872.50
9/ 1/93 415,000.00 6.350000 628,117.50 1,043,117.50 1,043,117.50
9/ 1/94 465,000.00 6.550000 601,765.00 1,066,765.00 1,066,765.00
9/ 1/95 460,000.00 6.750000 571,307.50 1,031,307.50 1,031,307.50
9/ 1/96 510,000.00 6.900000 540,257.50 1,050,257.50 1,050,257.50
9/ 1/97 560,000.00 7.000000 505,067.50 1,065,067.50 1,065,067.50
9/ 1/98 555,000.00 7.100000 465,867.50 1,020,867.50 1,020,867.50
9/ 1/99 655,000.00 7.200000 426,462.50 1,081,462.50 1,081,462.50
9/ 1/ 0 700,000.00 7.250000 379,302.50 1,079,302.50 1,079,302.50
9/ 1/ 1 740,000.00 7.300000 328,552.50 1,068,552.50 1,068,552.50
9/ 1/ 2 835,000.00 7.350000 274,532.50 1,109,532.50 1,109,532.50
9/ 1/ 3 880,000.00 7.400000 213,160.00 1,093,160.00 1,093,160.00
• 9/ 1/ 4 920,000.00 7.450000 148,040.00 1,068,040.00 1,068,040.00
9/ 1/ 5 1,060,000.00 7.500000 79,500.00 1,139,500.00 1,139,500.00
10,645,000.00 9,401,632.08 20,046,632.08
ACCRUED
10,645,000.00 9,401,632.08 20,046,632.08
==_== ===
DATED 8/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 131,117.083
AVERAGE COUPON 7.170
AVERAGE LIFE 12.317
N I C X 7.170410 % USING 100.0000000
T I C X 7.113526 X USING 100.0000000
Shearson Lehman Brothers Inc
•
CITY OF MIAMI BEACH
1986 REFUNDING BONDS
REFUNDING OF 1984 S. POINTE PROJECT BONDS
SAVINGS REPORT
PROPOSED DEBT SERVICE - • - - - - PRIOR CUMULATIVE
DATE PRINCIPAL COUPON INTEREST TOTAL D/S SAVINGS SAVINGS
9/ 1/86 • 564,218.75 564,218.75 81,536.46
9/ 1/87 225,000.00 4.250000 793,027.08 1,018,027.08 1,016,250.00 -1,777.08 79,759.38
9/ 1/88 280,000.00 4.750000 722,462.50 1,002,462.50 1,000,000.00 -2,462.50 77,296.88
9/ 1/89 325,000.00 5.500000 709,162.50 1,034,162.50 1,033,750.00 -412.50 76,884.38
9/ 1/90 320,000.00 5.750000 691,287.50 1,011,287.50 1,013,437.50 2,150.00 79,034.38
9/ 1/91 370,000.00 5.950000 672,887.50 1,042,887.50 1,043,125.00 237.50 79,271.88
9/ 1/92 370,000.00 6.150000 650,872.50 1,020,872.50 1,018,750.00 -2,122.50 77,149.38
9/ 1/93 415,000.00 6.350000 628,117.50 1,043,117.50 1,044,375.00 1,257.50 78,405.88
9/ 1/94 465,000.00 6.550000 601,765.00 1,066,765.00 1,065,937.50 -827.50 77,579.38
9/ 1/95 460,000.00 6.750000 571,307.50 1,031,307.50 1,033,437.50 2,130.00 79,709.38
9/ 1/96 510,000.00 6.900000 540,257.50 1,050,257.50 1,050,937.50 680.00 80,389.38
9/ 1/97 560,000.00 ' 7.000000 505,067.50 1,065,067.50 1,063,812.50 -1,255.00 79,134.38
9/ 1/98 555,000.00 7.100000 465,867.50 1,020,867.50 1,021,812.50 945.00 80,079.38
9/ 1/99 655,000.00 7.200000 426,462.50 1,081,462.50 1,078,687.50 -2,775.00 77,304.38
9/ 1/ 0 700,000.00 7.250000 379,302.50 1,079,302.50 1,076,937.50 -2,365.00 74,939.38
9/ 1/ 1 740,000.00 7.300000 328,552.50 1,068,552.50 1,070,875.00 2,322.50 77,261.88
9/ 1/ 2 835,000.00 7.350000 274,532.50 1,109,532.50 1,110,500.00 967.50 78,229.38
9/ 1/ 3 880,000.00 7.400000 213,160.00 1,093,160.00 1,091,500.00 -1,660.00 76,569.38
9/ 1/ 4 920,000.00 7.450000 148,040.00 1,068,040.00 1,068,187.50 147.50 76,716.88
9/.1/ 5 1,060,000.00 7.500000 79,500.00 1,139,500.00 1,140,562.50 1,062.50 77,779.38
10,645,000.00 9,401,632.08 20,046,632.08 20,607,093.75 77,779.38
ACCRUED
10,645,000.00 9,401,632.08 20,046,632.08 . 20,607,093.75 77,779.38
_ _ = _ =
DATED 8/ 1/86 WITH DELIVERY OF 8/ 1/86 •
BOND YEARS 131,117.083
AVERAGE COUPON 7.170
AVERAGE LIFE 12.317
N I C % 7.170410 % USING 100.0000000 .
T I C % 7.113526 X USING 100.0000000
N 0 T E : CUMULATIVE SAVINGS ARE NET OF 482,682.29
NET PRESENT VALUE SAVINGS AT : 7.0000000000 % EQUALS 84,184.22
Shearson Lehman Brothers Inc
CITY OF MIAMI BEACH
GENERAL OBLIGATION BONDS (S. POINTE PROJECT), SERIES 1984
SERIES 1984 80NDS,TO CALL
COST OF PURCHASES FOR ESCROW PORTFOLIO
MATURITY PAR ACCRUED TOTAL
TYPE DATE COUPON AMOUNT PRICECOST INTEREST
• COST
STRIP 8/15/95. 0.000000 1,015,000 47.533416 482,464.17 0.00 482,464.17
SUBTOTAL 1,015,000 482,464.17 0.00 482,464.17
•• GRAND TOTAL •• 1,015,000 482,464.17 0.00
482,464.17
BEGINNING CASH 0.00
COST OF SECURITIES 482,464.17
TOTAL COST OF ESCROW 482,464.17
Shearson Lehman Brothers Inc
• CITY OF MIAMI BEACH
GENERAL OBLIGATION BONDS (S. POINTE PROJECT), SERIES 1984
SERIES 1984 BONDS TO MATURITY
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/86 150,000.00 8.125000. 414,218.75 564,218.75 564,218.75
9/ 1/87 200,000.00 8.125000 816,250.00 1,016,250.00 1,016,250.00
9/ 1/88 200,000.00 8.125000 800,000.00 1,000,000.00 1,000,000.00
9/ 1/89 250,000.00 8.125000 783,750.00 1,033,750.00 1,033,750.00
9/ 1/90 ' 250,000.00 8.125000 763,437.50 1,013,437.50 1,013,437.50
9/ 1/91 300,000.00 8.125000 743,125.00 1,043,125.00 1,043,125.00
9/ 1/92 300,000.00 8.125000 718,750.00 1,018,750.00 1,018,750.00
9/ 1/93 350,000.00 8.125000 694,375.00 1,044,375.00 1,044,375.00
9/ 1/94 400,000.00 8.125000 665,937.50 1,065,937.50 1,065,937.50
9/ 1/95 400,000.00 8.125000 633,437.50 1,033,437.50 1,033,437.50
9/ 1/96 450,000.00 8.250000 600,937.50 1,050,937.50 1,050,937.50
9/ 1/97 500,000.00 8.400000 563,812.50 1,063,812.50 1,063,812.50
9/ 1/98 500,000.00 8.625000 521,812.50 1,021,812.50 1,021,812.50
9/ 1/99 600,000.00 8.625000 478,687.50 1,078,687.50 1,078,687.50
9/ 1/ 0 650,000.00 8.625000 426,937.50 1,076,937.50. 1,076,937.50
9/ 1/ 1 700,000.00 8.625000 370,875.00 1,070,875.00 1,070,875.00
9/ 1/ 2 800,000.00 8.625000 310,500.00 1,110,500.00 1,110,500.00
9/ 1/ 3 850,000.00 8.625000 241,500.00 1,091,500.00 1,091,500.00
9/ 1/ 4 900,000.00 8.625000 168,187.50 1,068,187.50 1,068,187.50
9/ 1/ 5 1,050,000.00 8.625000 90,562.50 1,140,562.50 1,140,562.50
9,800,000.00 10,807,093.75 20,607,093.75
ACCRUED 345,182.29 345,182.29
9,800,000.00 10,461,911.46 20,261,911.46
_=_____
DATED 3/ 1/86 WITH DELIVERY OF 8/ 1/86
BOND YEARS 126,600.000
AVERAGE COUPON 8.536
AVERAGE LIFE 12.918
N I C % 8.536409 % USING 100.0000000
Shearson Lehman Brothers Inc
• CITY OF MIAMI BEACH
GENERAL OBLIGATION BONDS (S. POINTE PROJECT), SERIES 1984
SERIES 1984 BONDS TO CALL
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/86 150,000.00 8.125000 414,218.75 564,218.75 564,218.75
9/ 1/87 200,000.00 8.125000 816,250.00 1,016,250.00 1,016,250.00
9/ 1/88 200,000.00 8.125000 800,000.00 1,000,000.00 1,000,000.00
9/ 1/89 250,000.00 8.125000 783,750.00 1,033,750.00 1,033,750.00
9/ 1/90 250,000.00 8.125000 763,437.50 1,013,437.50 1,013,437.50
9/ 1/91 300,000.00 8.125000 743,125.00 1,043,125.00 1,043,125.00
9/ 1/92 300,000.00 8.125000 718,750.00 1,018,750.00 1,018,750.00
9/ 1/93 350,000.00 8.125000 694,375.00 1,044,375.00 1,044,375.00
9/ 1/94 400,000.00 8.125000 665,937.50 1,065,937.50 1,065,937.50
9/ 1/95 7,540,000.00 8.125000 633,437.50 8,173,437.50 8,173,437.50
9,940,000.00 7,033,281.25 16,973,281.25
ACCRUED 345,182.29 345,182.29
9,940,000.00 6,688,098.96 16,628,098.96
DATED 3/ 1/86 WITH DELIVERY OF 8/ 1/86
• BOND YEARS 84,130.000
AVERAGE COUPON 8.360
AVERAGE LIFE 8.464
NIC X 8.360016 X USING 100.0000000
Shearson Lehman Brothers Inc
EXHIBIT B
Escrow Deposit Agreement
GTAHLR&Q DRAFT.
KAD:MiaF%chEAg
06/16/86
CITY OF MIAMI BEACH, FLORIDA
and
, as Escrow Agent
ESCROW DEPOSIT AGREEMENT
DATED AS OF AUGUST 1, 1986
061686:MiaBchEAg
M:XXX:KAD
•
ESCROW DEPOSIT AGREEMENT
THIS ESCROW DEPOSIT AGREEMENT (the "Agreement" ) made and
entered into as of August 1, 1986, by and between THE CITY OF
MIAMI BEACH, FLORIDA (the "City" ) , and , as
escrow agent (the "Escrow Agent" ) :
WITNESSETH:
WHEREAS, the City has heretofore issued and there are now
outstanding its City of Miami Beach, Florida, Public Improvement
Bonds (Series 1983) ; City of Miami Beach, Florida, General Obli-
gation Bonds (Theater of Performing Arts Project) , Series 1984;
and City of Miami Beach, Florida, General Obligation Bonds (South
Pointe Redevelopment Project) , Series 1984 (collectively, the
"Prior Bonds" ) , as more particularly described in Schedule A
attached hereto; and
WHEREAS, in order to, among other things, provide for the
refunding of the Prior Bonds, the City has authorized and issued
its City of Miami Beach, Florida,. General Obligation Refunding
Bonds, Series 1986 (the "Bonds" ) , in the aggregate principal
amount of $ ; and
WHEREAS, a portion of the proceeds derived from the _sale of
the Bonds together with certain other moneys of the City will be
applied to the purchase of Federal Securities (assuch term is
hereinafter defined) , which principal amount of Federal Securi-
ties will mature and produce investment income and earnings at
such times and in such amounts as will be sufficient, together
with other moneys of the City deposited in the trust created
herein, to pay when due, whether at maturity or upon the redemp-
tion thereof, all of the principal of, redemption premium, if
any, and interest on the Prior Bonds; and
WHEREAS, in order to provide for the proper and timely
application of the moneys deposited in the trust created herein,
the maturing principal amount of the Federal Securities purchased
therewith, and investment income and earnings derived therefrom
to the payment of the Prior Bonds, it is necessary for the City
to enter into this Agreement with the Escrow Agent on behalf of
the holders from time to time of the Prior Bonds:
NOW, . THEREFORE, the City, in consideration of the foregoing
and the mutual covenants herein set forth and in order to secure
the payment of the principal of, redemption premium, if any, and
interest on all of the Prior Bonds according to their tenor and
061686 :MiaBchEAg
M:XXX:KAD
•
effect, does by these presents hereby grant, warrant, demise,
release, convey, assign, transfer, alien, pledge, set over and
confirm, unto the Escrow Agent, and to its successors in the
trust hereby created, and to it and its assigns forever, all and
singular the property hereinafter described to wit:
, DIVISION I
All right, title and interest of the City in and to (i)
$ derived from the proceeds of its Bonds deposited
with the Escrow Agent upon issuance and delivery of the Bonds and
execution of and delivery of this Agreement, and ( ii)
DIVISION II
All right, title and interest of the City in and to all
income derived from or accruing to the Federal Securities pur-
chased from the moneys described in Division I hereof and more
particularly described in Schedule B, attached hereto and made a
part hereof.
DIVISION III
Any and all other property of every kind and nature from.
time to time hereafter, by delivery or by writing of any kind,
conveyed, pledged, assigned or transferred as and for additional
security hereunder by the City or by anyone in its behalf to the
Escrow Agent, for the benefit of the Prior Bonds which is hereby
authorized to receive the same at any time as additional security
hereunder.
DIVISION IV
All property which is by the express provisions of this
Agreement required_ to be subject to the pledge hereof and any
additional property that may, from time to time hereafter, by
delivery or by writing of any kind, by the City or by anyone in
its behalf., be subject to the pledge hereof and the Escrow Agent
is hereby authorized to receive the same at any time as addi-
tional security hereunder.
TO HAVE AND TO HOLD, all and singular, the Trust Estate (as
such term is hereinafter defined) , including- all additional prop-
erty which by the terms hereof has or may become subject to the
encumbrances of this Agreement, unto the Escrow Agent, and its
successors and assigns, forever in trust, however, for the bene-
fit and security of the holders from time to time of the Prior
- 2 -
061686:MiaBchEAg .
M:XXX:KAD
Bonds; but if Prior Bonds shall be fully. and promptly paid when
due, whether at maturity or upon the redemption thereof, in
accordance with the terms thereof and hereof, then this Agreement
shall be and become void and of no further force and effect;
otherwise the same shall remain in full force and effect, and
upon the trust and subject to the covenants and conditions here-
inafter set forth.
ARTICLE I
DEFINITIONS; FINDINGS AND DETERMINATION
BY THE CITY
Section 1. 01. Definitions. In addition to words and terms
elsewhere defined in this Agreement, the following words and
terms as used in this Agreement shall have the following
meanings,, unless some other meaning is plainly intended.
"Federal Securities" shall mean direct obligations of, ' or
obligations the principal of and interest on which are fully
guaranteed by, the United States of America, none of which permit
redemption prior to maturity at the option of the obligor.
"Prior Resolutions" shall mean Resolutions No. , .
, adopted by the City on ,
and , respectively, authorizing the issuance of
the Prior Bonds.
"Trust Estate", "trust estate" or "pledged property" shall
mean the property, rights and interest of the City which are sub-
ject to the lien of this Agreement.
Words of the masculine gender shall be deemed and construed
to include correlative words of the feminine and neuter gen-
- ders. Words importing the singular number shall include the
plural number and vice versa unless the context shall otherwise
indicate. The word "person" shall include corporations, associa-
tions, natural persons and public bodies unless the context shall
otherwise indicate. Reference to a person other than a natural
person shall include its successors.
- 3 -
061686:MiaBchEAg
M:XXX:KAD . .
ARTICLE II
ESTABLISHMENT OF ESCROW DEPOSIT TRUST FUND;
FLOW OF FUNDS
Section 2.01. Creation of Escrow Deposit Trust Fund. There
is hereby created and established with the Escrow Agent a special
and irrevocable trust fund designated the Escrow Deposit Trust
Fund (the "Escrow Deposit Trust Fund" ) , to be held by the custody
of the Escrow Agent and accounted for separate and apart from
other funds of the City or of the Escrow Agent.
Concurrently with the execution of this Agreement, the City
herewith deposits or causes to be deposited with the Escrow Agent
and the Escrow Agent acknowledges receipt of ( i) immediately
available moneys in the amount of $ from the proceeds of
the sale of the Bonds, and ( ii) • , all to be
deposited in the Escrow Deposit Trust Fund as hereinafter pro-
vided.
Section 2.02. Deposit of Moneys and Payment of Prior
Bonds. The proceeds of the sale of the Bonds received by the
Escrow Agent and the when received by the
Escrow Agent will all be deposited in the Escrow Deposit Trust
Fund. The proceeds of the sale of the Bonds shall be applied to
the purchase of the Federal Securities listed in Schedule B,
which Federal Securities, along with the
will mature in principal amounts and earn income at such times,
all as described in Schedule B, so as to provide moneys , which,
together with the amounts transferred from the Sinking Fund other
than the Escrow Deposit Trust Fund, will be sufficient to pay all
of the principal of, redemption premium, if any, and interest on
the Prior Bonds when due and payable, whether at maturity or upon
the earlier redemption thereof in accordance with the schedule of
payments described in Schedule D attached hereto. Notwith-
standing the foregoing, if the amounts deposited in the Escrow
Deposit Trust Fund are insufficient to make said payments of
principal, redemption premiums and interest, the City shall
deposit into the Escrow Deposit Trust Fund the amount of any
deficiency immediately upon notice from the Escrow Agent.
Section 2.03 . Irrevocable Trust Created. The deposit of
moneys, Federal Securities or other permitted investments here-
under in the Escrow Deposit Trust Fund shall constitute an
irrevocable deposit of said moneys and Federal Securities for the
benefit of the holders of the Prior Bonds, except as provided
herein. The holders of the Prior Bonds shall have an . express
lien on all moneys and principal of and earnings on the Federal
Securities or other permitted investments hereunder described in
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•
1
the. Escrow Deposit Trust Fund until applied in accordance with
this Agreement. The moneys deposited in the Escrow Deposit Trust
Fund and the matured principal of the Federal Securities or other
permitted investments hereunder and the interest thereon shall be
held in trust by the Escrow Agent, and shall be transferred in
the necessary amounts as hereinafter set forth, to the paying
agents, identified in Schedule A hereto, for the Prior Bonds, for
the payment of the principal of, redemption premium, if any, and
interest on the Prior Bonds as the same become due and payable,
whether at maturity or upon the redemption thereof, as more spe-
cifically set forth in Schedule D hereof.
Section 2.04. Purchase of Federal Securities. The Escrow
Agent is hereby directed to immediately purchase the Federal
Securities listed in Schedule B. The Escrow Agent shall purchase
the Federal Securities solely from the moneys deposited in the
Escrow Deposit Trust Fund. The Escrow Agent shall apply the
moneys deposited in the Escrow Deposit Trust Fund, the Federal
Securities purchased therewith, and the
together with all income or earnings thereon, in accordance with
the provisions hereof. The Escrow Agent shall have no power or
duty to. invest any moneys held hereunder or to make substitutions
of the Federal Securities held hereunder or to sell, transfer or
otherwise dispose of the Federal Securities held hereunder except
as provided in this Agreement. The Escrow Agent is hereby
directed not to invest the $ that will be
deposited in the Escrow Deposit Trust Fund simultaneously with
the execution herewith as a transfer from the Sinking Fund.
Section 2. 05. Reinvestment of Certain Funds Received. The
Escrow Agent shall immediately reinvest all or a portion of the
amounts received from the maturing principal of or interest on
the Federal Securities listed in Schedule B in United States
Treasury Certificates of Indebtedness - State and Local Govern-
ment Series ( for which subscriptions for purchase have been filed
pursuant to the next succeeding paragraph) bearing interest at a
rate of 0% in the amounts and maturities and on the dates set
forth in Schedule C, attached hereto and made a part hereof.
Subscriptions for the purchase of such obligations shall be
filed by either the City or its designee with the Federal Reserve
Bank at least 20 days (but not more than 60 days) prior to the
actual date of purchase, or at such time as may be required by
the rules and regulations relating to the purchase of such obli-
gations.
Section 2.06. Transfers from Escrow Deposit Trust Fund. As
the principal of the Federal Securities set forth in Schedule B
and the reinvestment made pursuant to Section 2.05 shall mature
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and be paid, and the investment income and earnings thereon are
paid, the Escrow Agent shall, no later than each interest or
principal payment or redemption date for the Prior Bonds, as
specified in Schedule D hereof, transfer from. the Escrow Deposit
Trust Fund to the paying agents for the Prior Bonds amounts suf-
ficient to pay, the principal of, redemption premium, if any, and
interest on the Prior Bonds• coming due, as specified in Schedule
D hereof. On or before the redemption of any Prior Bonds, the
Escrow Agent shall publish notice of redemption, file said notice
with the paying agents for the Prior Bonds and mail such notice
to all registered owners of Prior Bonds to be redeemed in accord-
ance with the requirements of the City' s Prior Resolutions
pursuant to which the Prior Bonds were issued.
Section 2 . 07. Investment of Certain Moneys Remaining in
Escrow Deposit Trust Fund. Subject to the provisions of Sections
2. 04 and 2.05, the Escrow Agent shall invest and reinvest, at the
direction of the City, in Federal Securities or bank certificates
of deposit fully secured as to principal and interest by Federal
Securities ( "Certificates of Deposit" ) , any moneys remaining from
time to time in the Escrow Deposit Trust Fund until such time
that they are needed. Such moneys shall be reinvested in Federal
Securities and Certificates of Deposit maturing no later than the
next Interest Payment Date or principal payment date of the Prior
Bonds, or for such shorter periods or at such interest rates that
the Escrow Agent shall be directed to invest by the City, which
periods or interest rates shall be set forth in an opinion from a
nationally recognized law firm on the subject of municipal bonds
to the City, which opinion shall also be to the effect that such
reinvestment of such moneys will not, under the statutes, rules
and regulations then in force and applicable to the Prior Bonds
and the Bonds, cause the interest on such Prior Bonds or Bonds
not to be exempt from Federal income taxation and that such
investment is not inconsistent with the statutes and regulations
applicable to the Prior Bonds and the Bonds or the terms of the
Prior Resolutions. Any interest income resulting from the rein-
vestment of moneys pursuant to this Section 2.07 shall be trans-
ferred to the City.
Section 2.08 . Escrow Deposit Trust Fund Constitutes Trust
Fund. The Escrow Deposit Trust Fund created and established pur-
suant to this Agreement shall be and constitute a trust fund for
the purposes provided in this Agreement and shall be kept sepa-
rate and distinct from all other funds of the City and the Escrow
Agent and used only for the purposes and in the manner provided
in this Agreement.
Section 2. 09. Transfer of Funds After All Payments Required
by this Agreement are Made. After all of the transfers by the
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Escrow Agent to the respective paying agents for payment of the
principal of, redemption premium, if any, and interest on the
Prior Bonds have been made, all remaining moneys and securities,
together with any income and interest thereon, in the Escrow
Deposit Trust Fund shall be transferred to the City by the Escrow
Agent; provided, however, that no such transfer (except transfers
made in accordance with. Sections - 2.07 and 4. 01 hereof) to the
City shall be made until all of the principal of, redemption
premium, if any, and interest on the Prior Bonds have been paid.
ARTICLE III
CONCERNING THE TRUSTEE
Section 3 . 01 . Appointment of Escrow Agent . The City hereby
appoints , as
Escrow Agent under this Agreement and by execution of this Agree-
ment, the Escrow Agent accepts the duties and obligations as
Escrow Agent hereunder. The Escrow Agent further represents that
it has all requisite power, and has taken all corporate actions
necessary, to execute and perform its duties hereunder .
Section 3 .02 . Liability of Escrow Agent. The Escrow Agent
shall not be liable for the accuracy of the calculations as to
the sufficiency of moneys and of the principal amount of the
securities and the earnings thereon to pay the Prior Bonds. So
long as the Escrow Agent applies any moneys, securities and the
interest earnings therefrom to pay the Prior Bonds as provided
herein, and complies fully with the terms of this Agreement, the
Escrow Agent shall not be liable for any deficiencies in the
amounts necessary to pay the Prior Bonds caused by such calcula-
tions.
The Escrow Agent shall have no lien, security interest or
right of set-off whatsoever upon any of the moneys or investments
in the Escrow Deposit Trust Fund for the payment of fees and
expenses for services rendered by the Escrow Agent under this
Agreement.
Section 3 . 03 . Permitted Acts . The Escrow Agent and its
affiliates may become the owner of or may deal in the Prior Bonds
as fully and with the same rights as if it were not the Escrow
Agent.
Section 3 .04. Successor Escrow Agent. The Escrow Agent, at
the time acting hereunder, may at any time resign and be .dis-
charged from the trusts hereby created by giving not less than
sixty (60) days written notice to the City and publishing notice
thereof, specifying the date when such resignation will take
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effect in The Bond Buyer and a newspaper printed in the English
language and of general circulation in the City, such publica-
tions to be made at least once a week for three consecutive
calendar weeks prior to the date when the resignation is to take
effect, but no such resignation shall take effect unless a suc-
cessor Escrow Agent shall have been appointed by the City as
hereinafter provided and such successor Escrow Agent shall have
accepted such appointment, in which event such resignation shall
take effect immediately upon the appointment and acceptance of a
successor Escrow Agent.
In the event the Escrow Agent hereunder shall resign or be
removed, or be dissolved, or shall be in the course of dissolu-
tion or liquidation, or otherwise become incapable of acting
hereunder, or in case the Escrow Agent shall be taken under the
control of any public officer or officers, or of a receiver
appointed by a court, a successor may be appointed by the holders
of a majority in principal amount of the Prior Bonds then out-
standing by an instrument or concurrent instruments in writing,
signed by such holders, or by their attorneys in fact, duly
authorized in writing; provided, nevertheless, that in any such
event, the City shall appoint a temporary Escrow Agent to fill
such vacancy until a successor Escrow Agent shall be appointed by
the holders of a majority in principal amount of the Prior Bonds
then outstanding in the manner above provided, and any such tem-
porary Escrow Agent so appointed by the City shall immediately
and without further act be superseded by the Escrow Agent so
appointed by such holders. The City shall publish notice of any
such appointment made by it at the times and in the manner
described in the first paragraph of this Section.
In the event that no appointment of a successor Escrow Agent
or a temporary successor Escrow Agent shall have been made by
such holders or the City pursuant to the foregoing provisions of
this Section within sixty ( 60) days after written notice of
resignation of the Escrow Agent has been given to the City, the
holder of any of the Prior Bonds or any retiring Escrow Agent may
apply to any court of competent jurisdiction for the appointment
of a successor Escrow Agent and such court may thereupon, after
such notice,. if any, as it shall deem proper, appoint such suc-
cessor Escrow Agent.
No successor Escrow Agent shall be appointed unless such
successor Escrow Agent shall be a corporation with trust powers
organized under the banking laws of the United States or any
state, and shall have at the time of appointment capital and
surplus of not less than $100,000,000 or is a member of a bank
group or bank holding company with aggregate capital and surplus
of not less than $100,000,000 .
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Every successor Escrow Agent appointed hereunder shall exe-
cute, acknowledge and deliver to its predecessor and to the City,
an instrument in writing accepting such appointment hereunder and.
thereupon such successor Escrow Agent, without any furtheract,
deed or conveyance, shall become fully vested with all the
rights, immunities, powers, trusts, duties and obligations of its
predecessor; but such predecessor shall, nevertheless, on the
written request of such successor Escrow Agent or the City, exe-
cute and deliver an instrument transferring to such successor
Escrow Agent all the estates, properties, rights, powers and
trusts of such predecessor hereunder; and every predecessor
Escrow Agent shall deliver all securities and moneys held by it
to its successor; provided, however, that before any such
delivery is required to be made, all fees, advances and expenses
of the retiring or removed Escrow Agent shall be paid in full.
Should any transfer, assignment or instrument in writing from the
City be required by any successor Escrow Agent for more fully and
certainly vesting in such successor Escrow Agent the estates,
rights, powers and duties hereby vested or intended to be vested
in the predecessor Escrow Agent, any such transfer, assignment
and instruments in writing shall, on request, be executed,
acknowledged and delivered by the City. .
Any corporation into which the Escrow Agent, or any suc-
cessor to it in the trusts created by this Agreement, may be
merged or converted or with which it or any successor to it may
be consolidated, or any corporation resulting from any merger ,
conversion, consolidation or reorganization to which the Escrow
Agent or any successor to it shall be a party shall, if approved
in writing by the City (which approval shall not be unreasonably
withheld) , be the successor Escrow Agent under this Agreement
without the execution or filing of any paper or any other act on
the part of any of the parties hereto, anything herein to the
contrary notwithstanding.
Section 3 .05. Indemnification of Escrow Agent. The City
hereby agrees to indemnify the Escrow Agent and hold it harmless
from any and all claims, liabilities, losses, actions, suits or
proceedings at law or in equity, or any other expense, fee, or
charges of any character or nature, which it may incur or with
which it may be threatened by reason of its acting as Escrow
Agent under this Agreement, except in the case of the Escrow
Agent ' s own negligence or willful misconduct; and in connection
therewith, to indemnify the Escrow Agent against any and all
expenses, including attorney' s fees and the cost of defending any
action, suit or proceeding or resisting any claim, including
appellate proceedings.
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Section 3 . 06 . Payment to Escrow Agent. The Escrow Agent
shall be entitled to payment and/or reimbursement for reasonable
fees and for its services rendered hereunder and all advances,
counsel fees, and other expenses reasonably and necessarily made
or incurred by the Escrow Agent in connection with such services.
ARTICLE IV
MISCELLANEOUS
Section 4. 01. Amendments to this Agreement. This Agreement
is made for the benefit of the City and the holders from time to
time of the Prior Bonds and it shall not be repealed, revoked,
altered or amended without the written consent of all such
holders, the Escrow Agent and the City; provided, however, that
the City and the Escrow Agent may, without the consent of, or
notice to, such holders, enter into such agreements supplemental
to this Agreement as shall not adversely affect the rights of
such holders.
The Escrow Agent shall be entitled to rely exclusively upon
an unqualified opinion of nationally recognized attorneys on the
subject of municipal bonds with respect to compliance with this
Section.
Notwithstanding the foregoing or any other provision of this
Agreement, at the request of the City and upon compliance with
the conditions hereinafter stated, the Escrow Agent shall have
the power to and shall, in simultaneous transactions, sell,
transfer, otherwise dispose of or request the redemption of the
Federal Securities and other securities held hereunder and to
substitute therefor other Federal Securities and other securi-
ties, subject to the conditions that such moneys or securities
held by the Escrow Agent shall be sufficient to make the payments
on the Prior Bonds in the amounts and at the times required under
this Agreement, including, in particular, Schedule D of this
Agreement . The City hereby covenants and agrees that it will not
request the Escrow Agent to exercise any of the powers described
in the preceding sentence in any manner which will cause the
Bonds to be arbitrage bonds within the meaning of Section 103 (c)
of the Internal Revenue Code of 1954, as amended, and the Regu-
lations thereunder in effect on the date of such request and
applicable toobligations issued on the issue date of the
Bonds. The Escrow Agent shall purchase such substituted securi-
ties with the proceeds derived from the maturity, sale, transfer,
disposition or redemption of the Federal Securities and other
securities held hereunder or from other moneys available. The
transactions may be effected only if there . shall have been
•
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•
obtained at the expense of theCity: (1) an independent veri-
fication by a nationally recognized independent certified public
accounting firm acceptable to the Escrow Agent concerning the
adequacy of such substituted securities with respect to the prin-
cipal of and the interest thereon and any other moneys or secu-
rities held for such purpose to make the payments. on the Prior
Bonds in the amounts and at the times required under this Agree-
ment, including, in particular, Schedule D of this Agreement; and
( 2) an opinion from a nationally recognized law firm on the sub-
ject of municipal bonds to the City to the effect that the dis-
position and substitution or purchase of such securities will
not, under the statutes, rules and regulations then in force and
applicable to the Bonds, cause the interest on such Bonds not to
be exempt from. Federal income taxation and that such disposition
and substitution or purchase is not inconsistent with the
statutes and regulations applicable to the Bonds or the terms of
the Prior Resolutions. Any surplus moneys resulting from the
sale, transfer, other disposition or redemption of the Federal
Securities or other securities held hereunder and the substitu-
tions therefor of other Federal Securities or other securities,
shall be released from the Trust Estate and shall be transferred
to the City.
Section 4.02. Notice of Refunding. The Escrow Agent shall,
as soon hereafter as practicable, but in any event within thirty
( 30 ) days after the delivery of the Bonds, cause a copy of the
notice attached hereto as Schedule E to be published one time in
a newspaper of general circulation in the Borough of Manhattan,
City and State of New York and to be mailed to Standard & Poor 's
Corporation (CUSIP Service Bureau) and Moody' s Investors Service,
Inc.
Section 4. 03. Severability. If any one or more of the
covenants or agreements provided in this Agreement on the part of
the City or the Escrow Agent to be performed should be determined
by a court of competent jurisdiction to be contrary to law, such
covenant or agreement shall be deemed and construed to be severed
from the remaining covenants and agreements herein contained and
shall in no way affect the validity of the remaining provisions
of this Agreement.
Section 4. 04. Agreement Binding. All the covenants, pro-
mises and agreements in this Agreement contained by or on behalf
of the City or by or on behalf of the Escrow Agent shall bind and
inure to the benefit of their respective successors and assigns,
whether so expressed or not.
Section 4.05 Termination. This Agreement shall terminate
when all transfers and payments required to be made by the Escrow
Agent under the provisions hereof shall have been made.
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Section 4. 06. Execution by Counterparts. This Agreement
may be executed in several counterparts, all or any of which
shall be regarded for all purposes as one original and shall.
constitute and be but one and the same instrument.
IN WITNESS WHEREOF, each of the parties hereto has caused
this Agreement to be executed by its duly authorized officers and
its corporate seal to be hereunto affixed and attested as of the
date first above written.
CITY OF MIAMI BEACH, FLORIDA
(SEAL)
By:
Director of Finance
Attest:
City Clerk
, as Escrow Agent
(SEAL)
By:
Authorized Officer
Attest :
Authorized Officer
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STATE OF )
SS:
COUNTY OF )
On the day of , in the year 1986, before me
personally came and to
me known, who, being by me duly sworn, did depose and say that
they reside in Florida; that they are the
Mayor and City Manager, respectively, of the City of Miami Beach,
Florida; that they know the seal thereof; that the seal affixed
to said instrument is the seal of the City of Miami Beach,
Florida; that it was so affixed by order of the City Commission
of the City of Miami Beach, Florida; and that they signed their
names thereto by like order .
My Commission Expires: NOTARY PUBLIC,
STATE OF
(SEAL)
_ 1
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STATE OF )
) SS:
COUNTY OF )
On the day of , in the year 1986, before me
personally came , to me known, who, being
by . me duly sworn, did , depose and say that he resides
in ; that he is an
of , the the banking corporation des-
cribed in and which executed the above instrument; that he knows
the seal of said corporation; that the seal affixed to said
instrument is the corporate seal of said corporation; that it was
so affixed by order of the Board of Directors of said corpora-
tion; and that he signed his name thereto by like order .
My Commission Expires: . NOTARY PUBLIC,
STATE OF
(SEAL)
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4
f
EXHIBIT A
CITY OF MIAMI BEACH, FLORIDA
PRIOR BONDS
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J
SCHEDULE B
Investment of Bond Proceeds and
Other Available Moneys
United States Treasury Securities
State and Local Government Series
First
Maturity Principal Interest Coupon
Date Amount Rate Date
$ %
Purchase Price: $
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SCHEDULE D
Schedule of Payments of Debt Service
on Prior Bonds from Escrow Deposit Trust Fund
Principal
(Amortization
Installments,
Redemptions and.
Date Maturity) Interest Total
$ $
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SCHEDULE E
Form of Notice of Refunding
City of Miami Beach, Florida
Public Improvement Bonds
Series 1983
NOTICE IS HEREBY GIVEN that for the payment of the interest
on and the principal and redemption price of all bonds of the
above designated Series, there have been deposited in escrow
with , as Escrow Agent,
refunding bond proceeds which have been invested in obligations
consisting of securities which are direct obligations of the
United States of America.
The scheduled principal payments to be received from such
obligations, together with interest income therefrom have been
calculated to be adequate to pay the interest on and the prin-
cipal and redemption price of the outstanding bonds of the above-
designated Series as such become due until the maturity or
earlier redemption of all bonds of the above-designated Series .
DATED this day of , 1986.
CITY OF MIAMI BEACH, FLORIDA
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SCHEDULE D
Schedule of Payments of Debt Service
on Prior Bonds from Escrow Deposit Trust Fund
Principal
(Amortization
Installments,
Redemptions and 0
Date Maturity) Interest Total
$ $
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•
SCHEDULE D
Schedule of Payments of Debt Service
on Prior Bonds from Escrow Deposit Trust Fund
Principal
(Amortization
Installments,
Redemptions and
Date Maturity) Interest Total
$ % $
•
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SCHEDULE C
Reinvestment of Bond Proceeds
in Escrow Deposit Trust Fund
Reinvestment Maturity Principal
Date Date Amount
All investments to be made in United States Treasury Cer-
tificates of Indebtedness - State and Local Government
Series bearing interest at 0% .
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SCHEDULE E
Form of Notice of Refunding
City of Miami Beach, Florida
Public Improvement Bonds
Series 1983
NOTICE IS HEREBY GIVEN that for the payment of the interest
on and the principal and redemption price of all bonds of the
above designated Series, there have been deposited in escrow
with , as Escrow Agent,
refunding bond proceeds which have been invested in obligations
consisting of securities which are direct obligations of the
United States of America.
The scheduled principal payments to be received from such
obligations, together with interest income therefrom have been
calculated to be adequate to pay the interest on and the prin-
cipal and redemption price of theoutstanding bonds of the above-
designated Series as such become due until the maturity or
earlier redemption of all bonds of the above-designated Series.
DATED this _ day of , 1986.
CITY OF MIAMI BEACH, FLORIDA
•
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SCHEDULE E
Form of Notice of Refunding
City of Miami Beach, Florida
Public Improvement Bonds
Series 1983
NOTICE IS HEREBY GIVEN that for the payment of the interest
on and the principal and redemption price of all bonds of the
above designated Series, there have been deposited in escrow
with , as Escrow Agent,
refunding bond proceeds which have been invested in obligations
consisting of securities which are direct obligations of the
United States of America.
The scheduled principal payments to be received from such
obligations, together with interest income therefrom have been
calculated to be adequate to pay the interest on and the prin-
cipal and redemption price of the outstanding bonds of the above-
designated Series as such become due until the maturity or
earlier redemption of all bonds of the above-designated Series.
DATED this _ day of , 1986.
CITY OF MIAMI BEACH, FLORIDA
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f
SCHEDULE E-3
Form of Notice of Refunding
•
City of Miami Beach, Florida
(South Pointe Redevelopment Project)
Series 1984
NOTICE IS HEREBY GIVEN that for the payment of the interest
on and the principal and redemption price of all bonds of the
above designated Series, there have been deposited in escrow
with , as Escrow Agent,
refunding bond proceeds which have been invested in obligations
consisting of securities which are direct obligations of the
United States of America.
The scheduled principal payments to be received from such
obligations, together with interest income therefrom have been
calculated to be adequate to pay the interest on and the prin-
cipal and redemption price of the outstanding bonds of the above-
designated Series as such become due until the maturity or
earlier redemption of all bonds of the above-designated Series .
DATED this _ day of , 1986 .
CITY OF MIAMI BEACH, FLORIDA
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ORTG JAL
RESOLUTIUNO. 86-18489
(Authorizing the issuance of City of Miami
Beach, Florida, General Obligation Refund-
ing Bonds, series 1986 in an aggregate
principal amount not to exceed $65,000,000
to finance the refunding of various out-
standing City of Miami Beach, Florida
General Obligation Bonds; providing for the
terms and payment of the Series 1986 Bonds
making certain covenants and agreements in
connection therewith authorizing validation,
and providing an effective date)