2011-27782 Reso RESOLUTION NO. 2011 -27782
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA AUTHORIZING THE ISSUANCE OF (i) NOT
TO EXCEED $54,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF CITY
OF MIAMI BEACH, FLORIDA STORMWATER REVENUE BONDS, SERIES
2011A, FOR THE PRINCIPAL PURPOSE OF PAYING THE COST OF
CERTAIN IMPROVEMENTS TO THE STORMWATER UTILITY,
PURSUANT TO SECTION 209 OF RESOLUTION NO. 2000 -24127
ADOPTED BY THE CITY ON OCTOBER 18, 2000, AND (ii) NOT TO
EXCEED $28,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF CITY OF
MIAMI BEACH, FLORIDA STORMWATER REVENUE REFUNDING
BONDS, SERIES 2011B, FOR THE PRINCIPAL PURPOSE OF REFUNDING
ALL OR A PORTION OF THE CITY'S OUTSTANDING STORMWATER
REVENUE BONDS, SERIES 2000, PURSUANT TO SECTION 210 OF SAID
RESOLUTION NO. 2000 - 24127; PROVIDING THAT SAID SERIES 2011
BONDS AND INTEREST THEREON SHALL BE PAYABLE SOLELY AS
PROVIDED IN SAID RESOLUTION NO. 2000 - 24127; PROVIDING
CERTAIN DETAILS OF THE SERIES 2011 BONDS; DELEGATING OTHER
DETAILS AND MATTERS IN CONNECTION WITH THE ISSUANCE OF
THE SERIES 2011 BONDS AND THE REFUNDING OF THE BONDS TO BE
REFUNDED TO THE MAYOR, WITHIN THE LIMITATIONS AND
RESTRICTIONS STATED HEREIN; APPOINTING UNDERWRITERS, A
BOND REGISTRAR, AN ESCROW AGENT AND A DISCLOSURE
DISSEMINATION AGENT; AUTHORIZING THE NEGOTIATED SALE OF
THE SERIES 2011 BONDS AND APPROVING THE FORM OF AND
AUTHORIZING THE EXECUTION OF A BOND PURCHASE AGREEMENT;
AUTHORIZING AND DIRECTING THE BOND REGISTRAR TO
AUTHENTICATE AND DELIVER THE SERIES 2011 BONDS; APPROVING
THE FORM OF AND DISTRIBUTION OF A PRELIMINARY OFFICIAL
STATEMENT AND AN OFFICIAL STATEMENT AND AUTHORIZING THE
EXECUTION OF THE OFFICIAL STATEMENT; PROVIDING FOR THE
APPLICATION OF THE PROCEEDS OF THE SERIES 2011 BONDS AND
CREATING CERTAIN FUNDS, ACCOUNTS AND SUBACCOUNTS;
AUTHORIZING A BOOK -ENTRY REGISTRATION SYSTEM WITH
RESPECT TO THE SERIES 2011 BONDS; AUTHORIZING THE
REFUNDING, DEFEASANCE AND REDEMPTION OF THE BONDS TO BE
REFUNDED AND APPROVING THE FORM OF AND AUTHORIZING THE
EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT;
COVENANTING TO PROVIDE CONTINUING DISCLOSURE IN
CONNECTION WITH THE SERIES 2011 BONDS AND APROVING THE
FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A
CONTINUING DISCLOSURE AGREEMENT; AUTHORIZING OFFICERS
AND EMPLOYEES OF THE CITY TO TAKE ALL NECESSARY RELATED
ACTIONS; AND PROVIDING FOR AN EFFECTIVE DATE.
MIAMI/4269400.3
WHEREAS, the City of Miami Beach, Florida (the "City ") currently owns, maintains and
operates a Stormwater Utility (as such term and all other capitalized terms used in this resolution
and not defined herein are defined in the hereinafter described Original Resolution); and
WHEREAS, the City has heretofore issued its (i) $52,170,000 original principal amount
of City of Miami Beach, Florida Stormwater Revenue Bonds, Series 2000, currently Outstanding
in the principal amount of $27,105,000 (the "Outstanding Series 2000 Bonds "), pursuant to
Resolution No. 2000 -24127 adopted by the Commission on October 18, 2000 (the "Original
Resolution" and as amended and supplemented from time to time, the "Bond Resolution "), and
(ii) $16,185,000 original principal amount of City of Miami Beach, Florida Stormwater Revenue
Refunding Bonds, Taxable Series 2009J-2, all of which are currently Outstanding, pursuant to the
Original Resolution and Resolution No. 2009 -27242 adopted by the Commission on October 14,
2009; and
WHEREAS, the City has determined that certain capital improvements to the Stormwater
Utility as more particularly described in Exhibit A attached hereto and made a part hereof
(collectively, the "Series 2011 Project ") are necessary and desirable for the furtherance of the
health, safety and welfare of the users of the Stormwater Utility and the residents of the City; and
WHEREAS, Section 209 of the Original Resolution provides for the issuance of
Additional Bonds under the Bond Resolution for the principal purpose of paying all or any part
of the Cost of any Improvements, upon meeting certain conditions contained in said Section 209;
and
WHEREAS, the Series 2011 Project constitutes Improvements under the Bond
Resolution; and
WHEREAS, the City has determined that it is desirable to issue Additional Bonds (the
"Series 2011A Bonds ") pursuant to the provisions of Section 209 of the Original Resolution and
this resolution, which constitutes a Series Resolution for the Series 2011A Bonds under the Bond
Resolution, for the purpose of paying, together with any other available moneys of the City, the
Cost of the Series 2011 Project and funding the Reserve Account; and
WHEREAS, the City has further determined that as a result of the current low interest
rate environment it is financially beneficial to authorize the refunding of all or a portion of the
Outstanding Series 2000 Bonds, as shall be determined by the Mayor in accordance with the
provisions of this resolution (the Outstanding Series 2000 Bonds to be refunded hereinafter
referred to as the "Bonds to be Refunded "); and
WHEREAS, Section 210 of the Original Resolution provides for the issuance of
Refunding Bonds for the principal purpose of providing funds for refunding all or any portion of
the Outstanding Bonds of any one or more Series, upon meeting certain conditions contained in
said Section 210; and
WHEREAS, in accordance with the requirements of Section 210 of the Original
Resolution, the Commission hereby determines that the refunding of the Bonds to be Refunded is
in the best interests of the City and the users of the Stormwater Utility as it will result in debt
MIAMI/4269400 3 2
service savings which will lower the cost of operating the Stormwater Utility and be financially
beneficial to the City and the users of the Stormwater Utility; and
WHEREAS, the City has determined that it is desirable to issue Refunding Bonds (the
"Series 2011B Bonds" and, together with the Series 2011A Bonds, the "Series 2011 Bonds ")
pursuant to the provisions of Section 210 of the Original Resolution and this resolution, which
constitutes a Series Resolution for the Series 2011B Bonds under the Bond Resolution, for the
purpose of providing moneys, together with any other available moneys, for refunding, defeasing
and redeeming the Bonds to be Refunded, including interest to accrue to their redemption date,
and paying the expenses incurred in such issuance, refunding, defeasance and redemption
(collectively, the "Refunding Requirements "); and
WHEREAS, the Commission has determined that it is in the best interest of the City to
delegate to the Mayor, who shall rely upon the recommendations of the Chief Financial Officer
of the City (the "Chief Financial Officer "), who is the officer succeeding to the principal
functions of the Finance Director, and RBC Capital Markets, LLC, the City's financial advisor
(the "Financial Advisor "), the determination of various terms of the Series 2011 Bonds, the final
award of the Series 2011 Bonds, including execution of the Series 2011 Bond Purchase
Agreement (as hereinafter defined), the determination of the Outstanding Series 2000 Bonds
which will constitute the Bonds to be Refunded, the date of redemption of the Bonds to be
Refunded, and other actions in connection with the issuance of the Series 2011 Bonds and the
refunding, defeasance and redemption of the Bonds to be Refunded, all as provided and subject
to the limitations contained herein; and
WHEREAS, the City has determined that due to the character of the Series 2011 Bonds,
current favorable market conditions, the uncertainty inherent in a competitive bidding process
and the recommendations of the Financial Advisor, it is in the best interest of the City to
authorize the negotiated sale of the Series 2011 Bonds; and
WHEREAS, in connection with the issuance of the Series 2011A Bonds, the
requirements of Ordinance No. 2007-3582, adopted by the Commission on November 21, 2007,
including the holding of two public hearings, have been complied with prior to the adoption of
this Series Resolution;
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA:
SECTION 1. The above recitals are incorporated herein as findings.
SECTION 2. A Series of Additional Bonds of the City in an aggregate principal amount
not to exceed $54,000,000 is authorized to be issued pursuant to, and subject to the conditions of,
Section 209 of the Original Resolution and the authority granted to the City by the Act, for the
purpose of paying, together with any other available moneys, the Cost of the Series 2011 Project
and funding the Reserve Account. The Series 2011A Bonds shall be designated "City of Miami
Beach, Florida Stormwater Revenue Bonds, Series 2011A," shall be issued as Current Interest
Bonds, shall be issued in fully registered form as provided in Section 202 of the Original
MIAMI/4269400.3 3
Resolution, shall be in the denominations of $5,000 or any whole multiple thereof and shall be
numbered R -1 upwards.
A Series of Refunding Bonds of the City in an aggregate principal amount not to exceed
$28,000,000 is authorized to be issued pursuant to, and subject to the conditions of, Section 210
of the Original Resolution and the authority granted to the City by the Act, for the purpose of
providing moneys, together with any other available moneys, to pay the Refunding
Requirements. The Series 201 l B Bonds shall be designated "City of Miami Beach, Florida
Stormwater Revenue Refunding Bonds, Series 2011B," shall be issued as Current Interest
Bonds, shall be issued in fully registered form as provided in Section 202 of the Original
Resolution, shall be in the denominations of $5,000 or any whole multiple thereof and shall be
numbered R -1 upwards.
Each Series of the Series 2011 Bonds shall be issued in such aggregate principal amount,
shall be dated and issued at such time or times, shall be in the form of Serial Bonds and /or Term
Bonds, shall have such Interest Payment Dates, shall bear interest at such fixed rates, but not to
exceed the maximum rate permitted by law, shall be stated to mature on such dates, but not later
than September 30, 2041, as to any Term Bonds, shall have Amortization Requirements payable
in such amounts and on such dates, and shall be subject to redemption prior to maturity, all as
shall be determined by the Mayor, after consultation with the Chief Financial Officer and the
Financial Advisor, and specified in a certificate of the Mayor executed at the time of the sale of
the Series 2011 Bonds (the "Series 2011 Mayor's Certificate "). Term Bonds, if any, will be
callable at par with accrued interest, without premium, each year in amounts equal to the
respective Amortization Requirements therefor. Principal of and interest and redemption
premium, if any, on the Series 2011 Bonds shall be payable in accordance with the provisions of
the Bond Resolution. The execution of the Series 2011 Mayor's Certificate shall be conclusive
evidence of the City's approval of the details of the Series 2011 Bonds.
Notwithstanding anything to the contrary contained in this Series Resolution, the
authorization pursuant to this Series Resolution of the issuance of each Series of the Series 2011
Bonds is independent of the authorization pursuant to this Series Resolution of the issuance of the
other Series of the Series 2011 Bonds, and each Series of the Series 2011 Bonds may be issued
(A) without the issuance of the other Series of the Series 2011 Bonds, or (B) at separate times.
In any such event, the documents approved pursuant to this Series Resolution may be modified as
necessary or separate versions of such documents may be prepared and used with respect to each
Series of the Series 2011 Bonds to the extent applicable to such Series of the Series 2011 Bonds.
SECTION 3. In accordance with the provisions of the Bond Resolution, the Series 2011
Bonds shall be limited obligations of the City payable solely from the Net Revenues and, to the
extent provided in the Bond Resolution, from certain Funds and Accounts which are pledged to
the payment thereof in the manner provided in the Bond Resolution, and nothing shall be
construed as obligating the City to pay the principal, interest and premium, if any, thereon except
from the Net Revenues and, to the extent provided in the Bond Resolution, said Funds and
Accounts or as pledging the full faith and credit of the City or any form of taxation whatever to
such payments.
MIAMI/4269400.3 4
SECTION 4. It is hereby found and determined that due to the character of the Series
2011 Bonds, current favorable market conditions, the uncertainty inherent in a competitive
bidding process and the recommendations of the Financial Advisor, the negotiated sale of the
Series 2011 Bonds is in the best interest of the City. The negotiated sale of the Series 2011
Bonds to J.P. Morgan Securities LLC (the "Senior Managing Underwriter ") on behalf of itself
and Merrill Lynch, Pierce, Fenner & Smith Incorporated, SunTrust Robinson Humphrey, Inc.
and Morgan Stanley & Co. Incorporated (collectively with the Senior Managing Underwriter, the
"Underwriters ") is hereby authorized at a purchase price (not including original issue premium
or original issue discount) with respect to each Series of the Series 2011 Bonds of not less than
99% of the aggregate principal amount of such Series of the Series 2011 Bonds (with respect to
each Series of the Series 2011 Bonds, the "Minimum Purchase Price ") and at a true interest cost
rate ( "TIC ") (i) with respect to the Series 2011A Bonds, not to exceed 5.75% (the "Series 2011A
Maximum TIC "), and (ii) with respect to the Series 2011B Bonds, which will result in total
present value debt service savings on the Bonds to be Refunded of not less than 3.00% (the
"Series 2011B Maximum TIC "). The Mayor, after consultation with the Chief Financial Officer
and the Financial Advisor, is hereby authorized to award the Series 2011 Bonds to the
Underwriters at a purchase price with respect to each Series of the Series 2011 Bonds of not less
than the Minimum Purchase Price and at a TIC (i) with respect to the Series 2011A Bonds, not in
excess of the Series 2011A Maximum TIC and (ii) with respect to the Series 2011B Bonds, not
in excess of the Series 2011B Maximum TIC. The execution and delivery of the Series 2011
Bond Purchase Agreement for and on behalf of the City by the Mayor shall be conclusive
evidence of the City's acceptance of the Underwriters' proposal to purchase the Series 2011
Bonds.
SECTION 5. Upon compliance with the requirements of Section 218.385, Florida
Statutes, by the Underwriters, the Commission hereby authorizes the Mayor to execute and
deliver a Bond Purchase Agreement for the Series 2011 Bonds (the "Series 2011 Bond Purchase
Agreement ") for and on behalf of the City, in substantially the form presented at the meeting at
which this Series Resolution was considered, subject to such changes, modifications, insertions
and omissions and such filling -in of blanks therein as may be determined and approved by the
Mayor, after consultation with the Chief Financial Officer and the City Attorney. The execution
of the Series 2011 Bond Purchase Agreement for and on behalf of the City by the Mayor shall be
conclusive evidence of the City's approval of the Bond Purchase Agreement.
SECTION 6. The Bond Registrar is hereby authorized and directed to authenticate the
Series 2011 Bonds and to deliver the Series 2011 Bonds to or upon the order of the Underwriters
upon payment of the purchase price, as shall be set forth in the Series 2011 Bond Purchase
Agreement, and satisfaction of the conditions contained in Section 209 and Section 210, as
applicable, of the Original Resolution.
SECTION 7. The proposed Preliminary Official Statement (the "Series 2011
Preliminary Official Statement ") and Official Statement (the "Series 2011 Official Statement ")
in connection with the issuance of the Series 2011 Bonds are hereby approved in substantially
the form of the Series 2011 Preliminary Official Statement presented at the meeting at which this
Series Resolution was considered, subject to such changes, modifications, insertions and
omissions and such filling -in of blanks therein as may be determined and approved by the
Mayor, after consultation with the Chief Financial Officer and the City Attorney. The execution
MIAMI/4269400,3 5
of the Official Statement, for and on behalf of the City by the Mayor and the City Manager shall
be conclusive evidence of the City's approval of the Series 2011 Preliminary Official Statement
and the Series 2011 Official Statement. The distribution of said Series 2011 Preliminary Official
Statement and Series 2011 Official Statement in connection with the marketing of the Series
2011 Bonds and the execution and delivery of the Series 2011 Official Statement by the Mayor
and the City Manager are hereby authorized. The Mayor or her designee, after consultation with
the Chief Financial Officer and the City Attorney, is hereby authorized to make any necessary
certifications to the Underwriters regarding a near final or deemed final Series 2011 Official
Statement, if and to the extent required by Rule 15c2 -12 of the United States Securities and
Exchange Commission (the "Rule ").
SECTION 8. The proceeds of the Series 2011 Bonds and, to the extent determined by
the Chief Financial Officer, moneys on deposit in the Debt Service Account on account of the
Bonds to be Refunded shall be applied in accordance with the provisions of Section 209 and
Section 210, as applicable, of the Original Resolution and this Series Resolution, all as specified
in a certificate of the Chief Financial Officer delivered concurrently with the issuance of the
Series 2011 Bonds, including, to the extent provided in such certificate, for the payment of
interest accruing on the Series 2011A Bonds prior to, during and after construction of the Series
2011 Project.
In accordance with the provisions of the Bond Resolution, there is hereby created within
the Construction Fund a "Series 2011A Construction Account" and within said Series 2011A
Construction Account, a "Series 2011A Construction Subaccount" for the deposit of proceeds of
the Series 2011A Bonds to be applied to the payment of the Cost of the Series 2011 Project,
other than the portion thereof representing expenses incurred in the issuance of the Series 2011A
Bonds, and a "Series 2011A Cost of Issuance Subaccount" for the deposit of proceeds of the
Series 2011A Bonds to be applied to the payment of expenses incurred in the issuance of the
Series 2011A Bonds.
In accordance with the provisions of the Bond Resolution, there is to be created pursuant
to the Escrow Deposit Agreement (hereinafter defined) a "City of Miami Beach, Florida
Stormwater Revenue Bonds, Series 2000 Escrow Deposit Trust Fund" (the "Escrow Deposit
Trust Fund "), to be held by the Escrow Agent (hereinafter defined), for the deposit of proceeds
of the Series 2011B Bonds and other available moneys to be applied as shall be provided in the
Escrow Deposit Agreement. There is hereby created a "Series 2011B Cost of Issuance Account"
for the deposit of proceeds of the Series 2011B Bonds to be applied to the payment of expenses
incurred in the issuance of the Series 2011B Bonds and the refunding, defeasance and
redemption of the Bonds to be Refunded.
The proceeds of the Series 2011 Bonds shall be invested in accordance with the
provisions of Section 602 of the Original Resolution in Investment Obligations as determined by
the Chief Financial Officer; provided, however, that the portion of the proceeds of the Series
2011B Bonds and other available moneys deposited in the Escrow Deposit Trust Fund shall be
invested as provided in Section 11 of this Series Resolution and in the Escrow Deposit
Agreement.
MIAMI/4269400.3 6
SECTION 9. In connection with the issuance of the Series 2011 Bonds and for the
purpose of complying with the covenants contained in Section 605 of the Original Resolution,
there are hereby created (i) with respect to the Series 2011A Bonds, a special fund designated
"Series 2011A Arbitrage Rebate Fund," and (ii) with respect to the Series 2011B Bonds, a
special fund designated "Series 2011B Arbitrage Rebate Fund," each of which shall be held by
the City and constitute an Arbitrage Rebate Fund under the Bond Resolution.
SECTION 10. The Series 2011 Bonds shall be executed in the form and manner
provided in the Bond Resolution. The Series 2011 Bonds are hereby authorized to be issued
initially in book -entry form and registered in the name of The Depository Trust Company, New
York, New York ( "DTC "), or its nominee which will act as securities depository for the Series
2011 Bonds. The Chief Financial Officer is hereby authorized and directed to execute any
necessary letters of representations with DTC and, notwithstanding the provisions of the Bond
Resolution, to do all other things, comply with all requirements and execute all other such
documents as are incidental to such book -entry system. In the event a book -entry system for the
Series 2011 Bonds ceases to be in effect, the Series 2011 Bonds shall be issued in fully
certificated form.
SECTION 11. The refunding, defeasance and redemption of the Bonds to be Refunded is
hereby authorized and approved. The Mayor, after consultation with the Chief Financial Officer
and the Financial Advisor, is hereby authorized to determine the Outstanding Series 2000 Bonds
which will constitute the Bonds to be Refunded and the date of redemption of the Bonds to be
Refunded, all as shall be set forth in the Escrow Deposit Agreement. The Mayor and the City
Clerk are hereby authorized to execute and deliver an Escrow Deposit Agreement to provide for
the defeasance, payment and redemption of the Bonds to be Refunded (the "Escrow Deposit
Agreement ") with U.S. Bank National Association, who is hereby appointed escrow agent with
respect to the Bonds to be Refunded (the "Escrow Agent "), in substantially the form presented at
the meeting at which this Series Resolution was considered, subject to such changes,
modifications, insertions and omissions and such filling -in of blanks therein as may be
determined and approved by the Mayor, after consultation with the Chief Financial Officer and
the City Attorney. The purchase of Government Obligations from the proceeds of the Series
2011B Bonds and other available moneys in order to provide for the defeasance, payment and
redemption of the Bonds to be Refunded is hereby authorized and approved. The execution and
delivery of the Escrow Deposit Agreement by the Mayor and City Clerk shall be conclusive
evidence of the City's approval of the Outstanding Series 2000 Bonds which will constitute the
Bonds to be Refunded, the date of redemption of the Bonds to be Refunded, the Escrow Deposit
Agreement and the purchase of the Government Obligations.
SECTION 12. For the benefit of the Holders and beneficial owners from time to time of
the Series 2011 Bonds, the City agrees, in accordance with and as the only obligated person with
respect to the Series 2011 Bonds under the Rule, to provide or cause to be provided certain
financial information and operating data, financial statements and notices, in such manner, as
may be required for purposes of paragraph (b)(5) of the Rule. In order to describe and specify
the terms of the City's continuing disclosure agreement, the Chief Financial Officer is hereby
authorized and directed to enter into and deliver, in the name and on behalf of the City, a
Disclosure Dissemination Agent Agreement (the "Series 2011 Continuing Disclosure
Agreement "), with Digital Assurance Certification, L.L.C. ( "DAC "), which is hereby appointed
MIAMI /4269400.3 7
as disclosure dissemination agent with respect to the Series 2011 Bonds, in substantially the form
presented at the meeting at which this Series Resolution was considered, subject to such changes,
modifications, insertions and omissions and such filling -in of blanks therein as may be
determined and approved by the Chief Financial Officer, after consultation with the City
Attorney. The execution of the Series 2011 Continuing Disclosure Agreement, for and on behalf
of the City by the Chief Financial Officer, shall be deemed conclusive evidence of the City's
approval of the Series 2011 Continuing Disclosure Agreement. Notwithstanding any other
provisions of the Bond Resolution, including this Series Resolution, any failure by the City to
comply with any provisions of the Series 2011 Continuing Disclosure Agreement shall not
constitute an Event of Default under the Bond Resolution and the remedies therefor shall be
solely as provided in the Series 2011 Continuing Disclosure Agreement.
The Chief Financial Officer is further authorized to establish procedures in order to
ensure compliance by the City with the Series 2011 Continuing Disclosure Agreement, including
the timely provision of information and notices. Prior to making any filing in accordance with
such agreement, the Chief Financial Officer may consult with, as appropriate, the City Attorney
or Bond Counsel. The Chief Financial Officer, acting in the name and on behalf of the City,
shall be entitled to rely upon any legal advice provided by the City Attorney or Bond Counsel in
determining whether a filing should be made.
SECTION 13. U.S. Bank National Association is hereby appointed as Bond Registrar for
the Series 2011 Bonds.
SECTION 14. The officers, agents and employees of the City, the Bond Registrar, the
Escrow Agent and DAC are hereby authorized and directed to do all acts and things and execute
and deliver all documents, agreements and certificates required of them by the provisions of the
Series 2011 Bonds, the Bond Resolution, the Series 2011 Bond Purchase Agreement, the Escrow
Deposit Agreement, the Series 2011 Continuing Disclosure Agreement and this Series
Resolution, for the full, punctual and complete performance of all the terms, covenants,
provisions and agreements of the Series 2011 Bonds, the Bond Resolution, the Series 2011 Bond
Purchase Agreement, the Escrow Deposit Agreement, the Series 2011 Continuing Disclosure
Agreement and this Series Resolution.
MIAMI/4269400.3 8
a0// -.277 P2,
SECTION 15. This Series Resolution shall become effective immediately upon its
adoption.
PASSED AND ADOPTED this 19th day of October , 2011.
�(�� E F 1111
-/
'! ` Mayor
* INCORP ORATED•
(Seal) °‘ :
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Attest: �t.. •.... N „r
.
City Clerk
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
E tome Date
MIAMI/4269400 3 9
COMMISSION ITEM SUMMARY
Condensed Title:
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA AUTHORIZING THE
ISSUANCE OF (i) NOT TO EXCEED $54,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF CITY OF MIAMI BEACH,
PURPOSE STORMWATER REVENUE BONDS, SERIES 2011A, FOR THE PRI NCIPAL U RPOSE OF PAYING THE COST OF
CERTAIN IMPROVEMENTS TO THE STORMWATER UTILITY, PURSUANT TO SECTION 209 OF RESOLUTION NO. 2000-
24127 ADOPTED BY THE CITY ON OCTOBER 18, 2000, AND (ii) NOT TO EXCEED $28,000,000 IN AGGREGATE PRINCIPAL
AMOUNT OF CITY OF MIAMI BEACH, FLORIDA STORMWATER REVENUE REFUNDING BONDS, SERIES 2011B, FOR THE
PRINCIPAL PURPOSE OF REFUNDING ALL OR A PORTION OF THE CITY'S OUTSTANDING STORMWATER REVENUE
BONDS, SERIES 2000, PURSUANT TO SECTION 210 OF SAID RESOLUTION NO. 2000 - 24127; PROVIDING THAT SAID
SERIES 2011 BONDS AND INTEREST THEREON SHALL BE PAYABLE SOLELY AS PROVIDED IN SAID RESOLUTION NO.
2000 - 24127; PROVIDING CERTAIN DETAILS OF THE SERIES 2011 BONDS; DELEGATING OTHER DETAILS AND MATTERS
IN CONNECTION WITH THE ISSUANCE OF THE SERIES 2011 BONDS AND THE REFUNDING OF THE BONDS TO BE
REFUNDED TO THE MAYOR, WITHIN THE LIMITATIONS AND RESTRICTIONS STATED HEREIN; APPOINTING
UNDERWRITERS, A BOND REGISTRAR, AN ESCROW AGENT AND A DISCLOSURE DISSEMINATION AGENT;
AUTHORIZING THE NEGOTIATED SALE OF THE SERIES 2011 BONDS AND APPROVING THE FORM OF AND
AUTHORIZING THE EXECUTION OF A BOND PURCHASE AGREEMENT; AUTHORIZING AND DIRECTING THE BOND
REGISTRAR TO AUTHENTICATE AND DELIVER THE SERIES 2011 BONDS; APPROVING THE FORM OF AND
DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND AN OFFICIAL STATEMENT AND AUTHORIZING THE
EXECUTION OF THE OFFICIAL STATEMENT; PROVIDING FOR THE APPLICATION OF THE PROCEEDS OF THE SERIES
2011 BONDS AND CREATING CERTAIN FUNDS, ACCOUNTS AND SUBACCOUNTS; AUTHORIZING A BOOK -ENTRY
REGISTRATION SYSTEM WITH RESPECT TO THE SERIES 2011 BONDS; AUTHORIZING THE REFUNDING, DEFEASANCE
AND REDEMPTION OF THE BONDS TO BE REFUNDED AND APPROVING THE FORM OF AND AUTHORIZING THE
EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT; COVENANTING TO PROVIDE CONTINUING
DISCLOSURE IN CONNECTION WITH THE SERIES 2011 BONDS AND APROVING THE FORM OF AND AUTHORIZING THE
EXECUTION AND DELIVERY OF A CONTINUING DISCLOSURE AGREEMENT; AUTHORIZING OFFICERS AND EMPLOYEES
OF THE CITY TO TAKE ALL NECESSARY RELATED ACTIONS; AND PROVIDING FOR AN EFFECTIVE DATE.
Key Intended Outcome Supported:
Ensure well maintained infrastructure.
Supporting Data (Surveys, Environmental Scan, etc.): According to the 2009 Community
Satisfaction Survey, only 43% of residents rated the City's storm drainage (to avoid flooding) as "excellent" or "good."
Issue:
I Should the City Commission approve the resolution?
Item Summary /Recommendation: SECOND READING PUBLIC HEARING
The Administration anticipates that it can obtain debt service savings as well as provide additional flexibility in the
issuance of bonds by refunding the Stormwater Revenue Bonds, Series 2000 (the "Prior Bonds ") of which
$27,105,000 is currently outstanding. The City's Financial Advisor, Richard Montalbano, Managing Director, RBC
Capital Markets Corporation, estimated that given the current market conditions, the City could expect to achieve a
net present value savings approximating 11% of the refunded bonds which equates to approximately $3 million. This
refunding will be achieved by the issuance of the Series 2011 B Bonds.
The Series 2011A Bonds are being issued, in part, for the purpose of paying the costs of the Project which will
constitute a part of the City's Stormwater System. The Project consists of the following: Neighborhood stormwater
improvements, drainage improvements, outfall pipes replacements /repairs, and pump stations installations,
improvements and repairs. The Series 2011 Bonds are payable from and secured by a first lien on and a pledge of
the net revenues derived from the operation of the Stormwater System of the City on a parity with any additional
bonds hereafter issued. The first reading public hearing was held at the September 27, 2011 Commission Meeting.
Advisory Board Recommendation:
Finance and Citywide Projects Committee September 1, 2011
Financial Information:
Amount Account Approved
Source of Funds: To be appropriated from the
OBPI Stormwater Revenues
Total
City Clerk's Office Legislative Tracking:
Patricia Walker, Chief Financial Officer
Sign - Offs:
Department Director A I t ity Manager
City page
PDW ' JMG
T:\AGENDA \2011 \October 19 \Regular\ Stormwater Bonds 2011 Summary Memo.docx _
A /�!�, ITEM R
M � 1 I 1 � U � l'1 � AGENDA ITE
DATE 10-194/
P- M IAMI BEACH
City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachfl.gov
COMMISSION MEMORANDUM
TO: Mayor Matti Herrera Bower and Members of the City Commission
FROM: Jorge M. Gonzalez, City Manag
ECOND READING
DATE: October 19, 2011 PUBLIC HEARING
SUBJECT: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA AUTHORIZING THE ISSUANCE
OF (i) NOT TO EXCEED $54,000,000 IN AGGREGATE PRINCIPAL
AMOUNT OF CITY OF MIAMI BEACH, FLORIDA STORMWATER
REVENUE BONDS, SERIES 2011A, FOR THE PRINCIPAL
PURPOSE OF PAYING THE COST OF CERTAIN IMPROVEMENTS
TO THE STORMWATER UTILITY, PURSUANT TO SECTION 209 OF
RESOLUTION NO. 2000 -24127 ADOPTED BY THE CITY ON
OCTOBER 18, 2000, AND (ii) NOT TO EXCEED $28,000,000 IN
AGGREGATE PRINCIPAL AMOUNT OF CITY OF MIAMI BEACH,
FLORIDA STORMWATER REVENUE REFUNDING BONDS, SERIES
2011B, FOR THE PRINCIPAL PURPOSE OF REFUNDING ALL OR A
PORTION OF THE CITY'S OUTSTANDING STORMWATER
REVENUE BONDS, SERIES 2000, PURSUANT TO SECTION 210 OF
SAID RESOLUTION NO. 2000 - 24127; PROVIDING THAT SAID
SERIES 2011 BONDS AND INTEREST THEREON SHALL BE
PAYABLE SOLELY AS PROVIDED IN SAID RESOLUTION NO. 2000-
24127; PROVIDING CERTAIN DETAILS OF THE SERIES 2011
BONDS; DELEGATING OTHER DETAILS AND MATTERS IN
CONNECTION WITH THE ISSUANCE OF THE SERIES 2011 BONDS
AND THE REFUNDING OF THE BONDS TO BE REFUNDED TO THE
MAYOR, WITHIN THE LIMITATIONS AND RESTRICTIONS STATED
HEREIN; APPOINTING UNDERWRITERS, A BOND REGISTRAR, AN
ESCROW AGENT AND A DISCLOSURE DISSEMINATION AGENT;
AUTHORIZING THE NEGOTIATED SALE OF THE SERIES 2011
BONDS AND APPROVING THE FORM OF AND AUTHORIZING THE
EXECUTION OF A BOND PURCHASE AGREEMENT; AUTHORIZING
AND DIRECTING THE BOND REGISTRAR TO AUTHENTICATE AND
DELIVER THE SERIES 2011 BONDS; APPROVING THE FORM OF
AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT
AND AN OFFICIAL STATEMENT AND AUTHORIZING THE
EXECUTION OF THE OFFICIAL STATEMENT; PROVIDING FOR
THE APPLICATION OF THE PROCEEDS OF THE SERIES 2011
BONDS AND CREATING CERTAIN FUNDS, ACCOUNTS AND
SUBACCOUNTS; AUTHORIZING A BOOK -ENTRY REGISTRATION
SYSTEM WITH RESPECT TO THE SERIES 2011 BONDS;
AUTHORIZING THE REFUNDING, DEFEASANCE AND
REDEMPTION OF THE BONDS TO BE REFUNDED AND
APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION
AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT;
Commission Memorandum — October 19, 2011
Stormwater Revenue Bonds
Page 2 of 5
COVENANTING TO PROVIDE CONTINUING DISCLOSURE IN
CONNECTION WITH THE SERIES 2011 BONDS AND APROVING
THE FORM OF AND AUTHORIZING THE EXECUTION AND
DELIVERY OF A CONTINUING DISCLOSURE AGREEMENT;
AUTHORIZING OFFICERS AND EMPLOYEES OF THE CITY TO
TAKE ALL NECESSARY RELATED ACTIONS; AND PROVIDING
FOR AN EFFECTIVE DATE.
ADMINISTRATION RECOMMENDATION
Approve the resolution on second reading public hearing. The first reading public
hearing was held at the September 27, 2011 Commission meeting.
BACKGROUND
In November 2000, the City issued its first series of Stormwater Bonds in the amount of
$52.17 million. The Administration, in concert with the City's Financial Advisor, has
determined that the City now has the need and the capacity to issue additional
Stormwater Revenue Bonds for new capital projects and the possibility of refunding the
remaining outstanding Series 2000 Stormwater Bonds.
On June 30, 2008, the Finance and Citywide Projects Committee recommended that two
series of Stormwater Revenue Bonds be issued to fund the approximately $94.6 million
needed for projects. The first issue was proposed to be $39.1 million in fiscal year
2009/2010 and the second issue in fiscal year 2011/2012 for $55.5 million. In fiscal year
2010/2011 the Adopted Capital Budget included funding for the Citywide Stormwater
Master Plan and several new projects bringing the proposed program total to $106.8
million. This net increase is a result of savings from awarded projects, additional scope,
projects previously scheduled for the second bond series that are being accelerated,
some new projects and the deferral of issuance of this series for approximately two
years (FY 2009/2010 to FY 2011/2012). A reconciliation of these amounts is included on
the attached Schedule A.
In an effort to defer issuing debt and to expedite the spend down of existing Stormwater
bond proceeds and to comply with State law requirements that funds be available at the
time a contract is awarded, the City obtained a Line of Credit (LOC) for $30 million to
award scheduled Stormwater projects in anticipation of the new bond issue. On January
19, 2011, the City Commission authorized the execution of the LOC agreement between
the City and JPMorgan Chase Bank, N.A. and to date we have committed approximately
$23.4 million from this line for Stormwater projects.
Based on the current Capital Plan, the Administration is recommending that the size of
the proposed issue be increased to $50.2 million for the new money portion and
approximately $27.1 million in the refunding portion plus cost of issuance and premiums,
for a total issue size of approximately $83 million. Of the new money portion,
approximately $23.4 million has been awarded from the existing line of credit and an
additional $3.9 million is expected to be award from the line of credit for a total of $27.3
million prior to the proposed bond sale. We anticipate that the remaining capacity in the
Commission Memorandum — October 19, 2011
Stormwater Revenue Bonds
Page 3 of 5
line of credit is sufficient to pay the cost of awarded projects until the proposed bond is
issued, as the Series 2000 proceeds have now been fully expended.
Therefore, assuming $27.3 million of the proposed bond will be used to cover projects
that have already been approved and awarded, the balance of $22.9 million is expected
to fund all currently planned projects scheduled for award in fiscal year 2011/2012 and
will fund the projects that have been previously committed from the line of credit.
The remaining storm water projects in the capital plan which currently include the
Flamingo Neighborhood, West Avenue and Middle North Bay Road Drainage
Improvement total approximately $51.4 million and can be funded in a subsequent bond
issue. Timing of funding for additional projects identified in the master plan study
currently underway will be analyzed upon completion of the master plan.
ANALYSIS
The proposed Stormwater Revenue Bonds are separated into two series; Series 2011A
for the purpose of paying the costs of improvements to the Stormwater System and
Series 2011B for the refinancing of the remaining Series 2000 Stormwater Revenue
Bonds. (Please see attached schedule Stormwater Funding Attachment B).
The Commission may approve by resolution other improvements as part of the Series
2011 Project in addition to and /or in lieu of one or more of the above improvements.
The security for the repayment of these amounts will be the net revenues generated
Y a PY 9
from the Stormwater System.
Refinancing of the Series 2000 Stormwater Revenue Bonds with Series 2011B
The City's proposed refunding of the outstanding Stormwater Revenue Bonds, Series
2000 is the result of the Administration's continuous review of opportunities to refund
outstanding bonds to ensure the City is paying the lowest possible rate within statutory
and tax requirements.
Concurrent with the delivery of the Series 2011 Bonds, a portion of the proceeds, not to
exceed $28 million, will be applied to the payment of the City's outstanding Stormwater
Revenue Bonds Series 2000. The City's Financial Advisor has determined that the City
has the capacity to refinance the Series 2000 Stormwater Revenue Bonds, and that the
refunding of the Series 2000 Stormwater Revenue may provide, as of August 30, 2011,
a present value savings of approximately $3.0 million or approximately 11%. The
refunding of these bonds does not extend the term of the bonds beyond their original
maturity date.
At the September 1, 2011, meeting of the Finance and Citywide Projects Committee, the
Committee voted to recommend approval of the proposed refinancing of the outstanding
Series 2000 Stormwater Revenue Bonds in conjunction with the issuance of additional
bonds to finance the construction of certain improvements to the Stormwater Utility in
accordance with Sec. 2- 278(a)2.
Commission Memorandum — October 19, 2011
Stormwater Revenue Bonds
Page 4 of 5
In November 2007, the Mayor and City Commission approved Ordinance 2007 -3582
which amended the procedures that the City followed in connection with the approval
of a bond issue and added the following Section to Chapter 2 of the Miami Beach
City Code, entitled "Administration "; Article V entitled "Finance "; Sec. 2 -278, entitled
"Procedures governing the issuance of bonds.
Sec. 2 -278. Procedures governing the issuance of bonds.
(a) Prior to the adoption by the city commission of the final resolution approving the
issuance of any bonds by the city, the following requirements shall be complied
with:
(1) In order for the city commission and the public to be fully informed on all
matters relating to the proposed issuance of bonds, the city manager shall
prepare, or cause to be prepared, a fiscal analysis of the economic impact of
the proposed bond issuance using the following criteria:
a) The estimated cost of the project or projects on account of which such
bonds are to be issued;
b) The estimated annual revenues, if any, to be generated by such project or
projects; and
c) The estimated annual cost of maintaining, repairing and operating such
project or projects.
(2) Upon completion of the fiscal analysis in subsection (a)(1), the proposed
issuance of bonds shall be first considered and reviewed by the city's finance
and citywide projects committee.
(3) The city commission shall hold two public hearings, each advertised not less
than 15 days prior to the hearing, in order to obtain citizen input into the
proposed bond issuance.
In accordance with this provision the Administration prepared the required fiscal
analysis which included the following breakdown of the proposed Stormwater
Revenue Bond issue.
In response to Sec. 2 -278 (a)1(a): the estimated cost of the projects on account
of which the bonds are to be issued is $50.2 million.
In response to Sec. 2 -278 (a)1(b): the estimated revenues to be generated by the
projects. These projects will either replace or enhance portions of the existing
storm water system; the operation of such system is funded entirely by user fees.
No additional fees are anticipated to be earned as a result of these projects and
no additional increase in the user fee is required at this time. However,
additional operating or maintenance costs may require future increases to user
fees.
In response to Sec. 2 -278 (a)1(c): the estimated annual cost of maintaining,
repairing and operating such projects. Operating and maintenance costs for
these enhancements are estimated to average 2% of the capital cost or
approximately $1,000,000 annually. Such incremental costs may require
increases to future user fees.
In accordance with Sec. 2 -278 (a) 3, two public hearings will be held for this
proposed Stormwater Revenue Bond issue. The dates of the public hearings are
Commission Memorandum — October 19, 2011
Stormwater Revenue Bonds
Page 5 of 5
proposed for September 27 and October 19, 2011, and each date will be
advertised at least fifteen (15) days prior to the public hearing date.
Because of the character of the Series 2011 Stormwater Bonds, the prevailing market
conditions, the complexity of structuring a refunding and a new system -wide financing
program for the Stormwater System and the recommendations of the Financial Advisor,
it was further determined that the sale of the Series 2011 Stormwater Bonds on the
basis of a negotiated sale rather than a public sale by competitive bid is in the best
interest of the City.
The Resolution for the issuance of the Series 2011 Stormwater Bonds will delegate to
the Mayor, relying upon the recommendation of the Chief Financial Officer and RBC
Capital Markets (the City's Financial Advisor), the determination of various terms of the
Series 2011 Bonds, including whether to secure one or more Credit Facilities and /or
Reserve Account Insurance Policies with respect to the Series 2011 Bonds, the final
award of the Series 2011 Bonds, the dates of redemption of the Prior Bonds to be
redeemed prior to maturity, the payment of all related costs and expenses in connection
with the issuance of the Bonds and all other actions necessary or desirable in
connection with the issuance of the Series 2011 Bonds and the refunding of the Prior
Bonds.
Additionally, the proposed Resolution provides the structure for the issuance of other
Bonds and other forms of indebtedness of the City payable from the Net Revenues of
the Stormwater System for the purpose of paying all or any part of the cost of any other
improvements to the Stormwater System or to refund or refinance all or a portion of the
Bonds or any other series or other indebtedness of the City incurred with respect to the
Stormwater System then outstanding. All such additional actions would require approval
of the Mayor and City Commission.
Conclusion
The Administration recommends that the Mayor and City Commission of the City of
Miami Beach, Florida, approve the resolution on second reading public hearing. The
first reading public hearing was held at the September 27, 2011 Commission meeting.
JMG /PDW
l
Attachments:
Bond Purchase Agreement
Escrow Deposit Agreement
Disclosure Dissemination Agreement
The Preliminary Official Statement (POS)
T:Wgenda /2011 /October 19 /Regular /Stormwater Bonds Series 2011 -Comm Memo
ATTACHMENT "A"
CITY OF MIAMI BEACH
CAPITAL PLAN - STORMWATER FUNDING
PROJECT ORIGINAL VAR FROM ORIGINAL AWARDED CONTRACTS
Proposed Future Storm Water Bond
Bayshore Neighborhood - Bid Pack A 13,514,399.00 - 3,657,794.00 9,856,605.00 act
BayshoreNeighborhood - BidPeckC 2.395,116.00 - 796,056.00 1.599,060.00 act
Biscayne Point Neighborhood Improvements 6,960,730.00 - 369,471.00 6,591,259.00 act
Normandy Shores Neighborhood Improvement 3,438,180.00 -1,371,4 8 2.0 0 2,066,698 00 act
Star inland Enhancements 730,000.00 73,000.00 803,000.00 proj
$ (6,121,803.00) Savings from awarded projects:
Bayshore Neigh Sunset Isl 1 & 2 BPS 990,000.00 934,652.00 1.924,652.00 proj
Bayshore Neighborhood - Bid Peck B 3,114,750.00 400,531.00 3,515,281.00 act
LaGorce Neighborhood Improvements 5,836,288.00 41,200.00 5,877.488.00 proj
Venetian Neigh - Venetian Islands 710,611.00 1,305,509.00 2,016,120.00 proj
$ 2,681,892.00 Additional scope
Bayshore Neighborhood - Bid Pack 0 Sunset 3 &4 88,200.00 2,648,783.00 2.736,983.00 proj
Flamingo Neighborhood - ON Peck A 119,070.00 309,704.00 428,774.00 proj
Flamingo Neighborhood - Bid Pack C 107,310.00 595,055.00 702,365.00 proj
Palm & Hibiscus Island Enhancement 92,610.00 5,760,788,00 5,853,398.00 proj
West Avenue /Bay Road Improvements 102,900.00 551,425.00 854.325 00 proj
$ 9,865,755.00 2nd Issue projects accelerated
48' Outfall at Easement 4180 -4200 Chase 000 198,962.00 198962.00 proj
any Road Pump Station Outfall 0.00 318,000.00 318,000.00 proj
Belle Isle Outfall Pipes Replacement 0.00 511,238.00 511.238.00 proj
Citywide Stormwater Master Plan 0.00 600,000.00 600,000 00 act
Drainage Hot Spots 0.00 1,300,000.00 1,300,000 00 proj
Drainage Improv- North Bay & 58 St 0.00 187,292.00 187,292.00 proj
Drainage Improv W 44 St & Royal Palm 0.00 650,000.00 650,000.00 proj
ROW Improvements on Prairie Avenue 0.00 377,000.00 377,000.00 act
Seawall - Lincoln Road Streetend W 0.00 173,000.00 173,000.00 act
Sunset Harbor Pump Station Upgrades 0.00 520,000.00 520,000.00 p roj
$ 4,835,492.00 New projects
Nautilus Neighborhood Improvements 167,220 00 0.00 167.220.00 act
Normandy Isle Neighborhood Improvements 198,008.00 0.00
198,006.00 act
Oceanfront Neighborhood Improvements 546,068.00 - 162,820.00 383,246.00 proj
$ (162,820.00) No Variance
$ 39,111,456 $ 11,098,516 $ 50,209,972
ATTACHMENT "B"
STORMWATER FUNDING F . G H
A B C D E PROJECTED FUNDING REQUIREMENTS
Budgeted Prop. STW LOC Projected Add'I
Budgeted ! Actual
Future STW Bond Commitments STW LOC Proposed Proposed
Project Status (FY 10 Cap STW Prop. Bond (Fund 429) Commftrrrents FY- 2011112 Future
Budget) 1 to Date to bate (Fund 429)
1 Citywide Stormwater Master Plan Design $600,000 $600,000 $600,000
2 Nautilus Neighborhood Improvements Completed $167,220 $167,220 $167,220
3 Normandy Isle Neighborhood ) mprovements Completed $198,006 $198,006 $198,006
4 Normandy Shores Neighborhood Impro 'ements Completed $2,066,698 $2,066,698 $2,066,698 _
5 Seawall - Lincoln Road Streetend West Completed $173,000 $173,000 $173,000
6 Drainage Improvements - 44th St. & Ro al Palm Construction $650,000 $650,000 $650,000
7 Stormwater - Pipe Repairs Construction $250,000',
8 Belle Isle Outfall Pipe Replacement Construction $511,238, $511,238 $46,000 $466,238
9 Oceanfront Neighborhood Improvement Construction $383,246' $383,246 $383,246
10 ROW Improvements on Prairie Ave. Construction $377,000 $377,000 $377,000
11 Star Island Row Construction $1,192,782! $803,000 $203,895 $599,105,
12 Biscayne Point Construction $6,591,259 $6,591,259 $5,503,054 $1,088,205
13 Bayshore BP -8B / Lower No. Bay Road Award $3,515,281! $3,515,281 $3,251,901 $263,380
14 Bayshore BP -8A / Central Award $10,034,907! $9,856,606 $8,468,637 $1,387,968
15 Bayshore BP-8C / Lake Pancoast i Award $1,527,837 $1,599,060' $1,526,619 $72,441
16 Venetian Islands - San Marino Di Lido & Rivo Alto Islands BP- Permitting $2,016,120 $2,016,120 $2,016,120
17 Sunset Islands 1 & 2 ROW BP -8E - Permitting $1,916,234 _ $1,924,652 $1,794,652 $130,000
18 Drainage Improvements - North Bay Ro d & 56th Street Planning $187,292 $187,292 $187,292
19 Sunset Harbor Pump Station Upgrades Design $520,000 $520,000 $81,921 $438,079
20 La Gorce ROW ( Permitting $5,877,488 $5,877,488 $24,725 $5,852,763
21 Drainage Hot Spots (4400 Middle N. Bab' Road) Planning $1,300,000 $1,300,000 $140,627 $1,159,373
22 Bay Road Pump Station Outfall I Design $318,000 $318,000 $318,000
23 48" Outfall at Easement 4180 -4200 Chase Design $198,962 $198,962 $198,962
24 Sunset Islands 3 & 4 ROW BP -8D Design $2,736,983 $2,736,983 $99,654 $2,637,329
25 Sunset Islands 3 & 4 ROW BP -8D
26 Palm & Hibiscus Islands Design $5,853,398 $5,853,398 $5,853,398
27 Palm & Hibiscus Islands
28 Flamingo BP 10A Design $16,841,304 $11,212,309 $11,212,309
29 Citywide Stormwater Master Plan (Flatrrngo BP -A Share) Design $155,190 $155,190
30 Flamingo BP 10A I $1,044,707 $273,584 $771,123
31 Flamingo BP 10C I Design $17,856,417 $16,606,876 _ $16,606,876
32 Flamin•o BP 10C - Design Fundin• CDrn On{ $1,094,351 $547,175 $547,176
33 Citywide Stormwater Master Plan (Flarr#ingo BP -C Share) Design $155,190 $156,190
34 West Ave. - I Planning $15,624,410 $14,445,085 $14,445,085
35 West Ave. - Design Funding Component Only $1,050,000 $525,000 $525,000
36 Citywide Stormwater Master Plan (West Ave. Share) Design $129,325 $129,325
37 Middle North Bay Road Drainage Improvements__ _ $7,280,000 $7,280,000 $7,280,000
38 TOTAL: $106,765,082 $101,597,541 $23,380,390 $3,935,346 $22,894,236 $51,387,569
$27,315,736
$50,209,972
$101,597,541 I
C: \Documents and Settings \finasuar \Desktop \Storm Water Bonds \ROW Proj Constr Status short version 08- 15- 11FINAL 08-MU Date printed: 08 /25/2011
EXHIBIT A
SERIES 2011 PROJECT
The Series 2011 Project includes the following:
— Neighborhoods stormwater improvements
— Drainage improvements
— Outfall pipes replacements /repairs
— Pump stations installations /improvements /repairs
The Series 2011 Project also includes development of a revised Citywide Stormwater
Master Plan in connection with Improvements to the Stormwater Utility.
The Commission may approve by resolution other Improvements as part of the Series
2011 Project in addition to and /or in lieu of one or more of the above Improvements.
MIAMI /4269400.3 A -1
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