RESOLUTION 87-18767 RESOLUTION NO. 87-18767
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, WITH REGARD
TO, I. THE ISSUANCE IN AN AGGREGATE PRIN—
CIPAL AMOUNT NOT TO EXCEED $3,000,000 CITY
OF MIAMI BEACH, FLORIDA, GENERAL OBLIGATION
BONDS, SERIES 1987 (THE "OCEAN DRIVE BONDS" )
PURSUANT TO CHAPTER 166, FLORIDA STATUTES,
AS AMENDED, AND OTHER APPLICABLE LAW, PAYA—
BLE ALL OR IN PART FROM SPECIAL ASSESSMENTS
AGAINST ABUTTING PROPERTY BENEFITTED
THEREBY; COVENANTING TO LEVY SUCH SPECIAL
ASSESSMENTS; PROVIDING FOR THE LEVY OF TAXES
FOR THE PAYMENT OF PRINCIPAL OF AND INTEREST
ON THE OCEAN DRIVE BONDS; PROVIDING FOR THE
PLEDGE OF THE FULL FAITH AND CREDIT AND
TAXING POWER OF THE CITY OF MIAMI BEACH AS
SECURITY FOR THE OCEAN DRIVE BONDS; PROVID—
ING FOR THE APPLICATION OF THE PROCEEDS OF
THE OCEAN DRIVE BONDS; AMENDING AND RESTAT—
ING RESOLUTION NO. 86-18692 OF THE CITY
COMMISSION OF MIAMI BEACH, FLORIDA WITH
REGARD TO THE ISSUANCE IN AN AGGREGATE PRIN—
CIPAL AMOUNT NOT TO EXCEED $39,885,000 CITY
OF MIAMI BEACH, GENERAL OBLIGATION REFUNDING
BONDS, SERIES 1986A, TO PROVIDE FOR THE CON—
CURRENT ISSUANCE BY NEGOTIATED SALE OF THE
OCEAN DRIVE BONDS; RENAMING THE BONDS
AUTHORIZED BY RESOLUTION NO. 86-18692 IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$39,885,000 CITY OF MIAMI BEACH, GENERAL
OBLIGATION REFUNDING BONDS, SERIES 1986A
PREVIOUSLY REFERRED TO AS THE "1986A BONDS"
(HEREINAFTER REFERRED TO AS THE "REFUNDING
BONDS" )
OND) e ) ( THE OC rN DRIVE
RIbE BONDS AND T H T
REFUNDING BONDS WILL BE REFERRED TO IN THIS
1986A RESOLUTION, AS AMENDED (HEREINAFTER,
THE "1987 RESOLUTION" ) , COLLECTIVELY AS THE
"1987 BONDS" ) ; FINDING THAT A NEGOTIATED
SALE OF THE OCEAN DRIVE BONDS IS IN THE BEST
INTERESTS OF THE CITY; APPROVING CHANGES TO
THE PREVIOUSLY APPROVED FORM OF BOND AND
FORMS OF BOND PURCHASE CONTRACT AND THE
FINANCING PLAN ATTACHED THERETO, PRELIMINARY
OFFICIAL STATEMENT AND OFFICIAL STATEMENT,
ESCROW DEPOSIT AGREEMENT AND ARBITRAGE
REBATE AGREEMENT AS ARE NECESSARY TO INCOR—
PORATE THE ISSUANCE OF THE OCEAN DRIVE BONDS
WITHIN THE ISSUANCE OF THE 1987 BONDS,
INCLUDING AMENDING THE AGGREGATE PRINCIPAL
AMOUNT TO NOT TO EXCEED $42,885,000; AUTHOR—
IZING THE CREATION OF SUCH OTHER FUNDS AND
ACCOUNTS AS ARE NECESSARY TO IMPLEMENT THE
FINANCING OF THE OCEAN DRIVE PROJECT; MAKING
CERTAIN OTHER COVENANTS AND AGREEMENTS IN
CONNECTION WITH THE ISSUANCE OF THE 1987
BONDS; FIXING OTHER DETAILS OF THE 1987
BONDS; AUTHORIZING OTHER REQUIRED ACTION AND
PROVIDING FOR AN EFFECTIVE DATE; II. REAF—
FIRMING AND READOPTING RESOLUTION 86-18489
OF THE CITY COMMISSION OF THE CITY OF MIAMI
BEACH, FLORIDA, AUTHORIZING THE ISSUANCE OF
CITY OF MIAMI BEACH, FLORIDA, GENERAL OBLI—
GATION 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 AGREE—
MENTS IN CONNECTION THEREWITH; AUTHORIZING
VALIDATION AND PROVIDING AN EFFECTIVE DATE;
AND III . REAFFIRMING AND READOPTING RESOLU-
TION NO. 86-18514 AUTHORIZING THE NEGOTIATED
SALE OF NOT EXCEEDING $65,000,000 GENERAL
OBLIGATION REFUNDING BONDS, SERIES 1986, OF
THE CITY OF MIAMI BEACH, FLORIDA, AND ESTA-
BLISHING THE MAXIMUM MATURITIES AND INTEREST
RATES ON THE SAID BONDS; FINDING THAT A
NEGOTIATED SALE OF THE BONDS IS IN THE BEST
INTEREST OF THE CITY; APPROVING THE FORM AND
THE EXECUTION OF A PURCHASE CONTRACT TO
EFFECT THE NEGOTIATED SALE OF SUCH BONDS;
APPROVING THE FORM OF THE PRELIMINARY OFFI-
CIAL STATEMENT AND OFFICIAL STATEMENT;
AUTHORIZING THE APPOINTMENT OF THE ESCROW
AGENT, BOND REGISTRAR AND PAYING AGENT;
AUTHORIZING OTHER REQUIRED ACTIONS, INCLU-
DING OBTAINING MUNICIPAL BOND INSURANCE;
DESIGNATING THE AUTHORIZED OFFICERS OF THE
CITY; AND PROVIDING FOR AN EFFECTIVE DATE;
AND FURTHER PROVIDING FOR THE ISSUANCE OF
THE SERIES 1986A BONDS; APPROVING THE FINAN-
CING PLAN FOR THE BONDS; APPROVING THE FORM
AND EXECUTION OF A PURCHASE CONTRACT TO
EFFECT THE NEGOTIATED SALE OF SUCH 1986A
BONDS; APPROVING THE FORM OF THE PRELIMINARY
OFFICIAL STATEMENT AND OFFICIAL STATEMENT;
APPROVING THE FORM OF THE ESCROW DEPOSIT
AGREEMENT; APPROVING THE FORM OF THE ARBI-
TRAGE REBATE AGREEMENT; AUTHORIZING THE
APPOINTMENT OF THE ESCROW AGENT; AUTHORIZING
OTHER REQUIRED ACTIONS, AND PROVIDING FOR AN
EFFECTIVE DATE;
WHEREAS, the City Commission ( the "Commission" ) of the City
of Miami Beach, Florida ( the "City" ) , has heretofore authorized
by Resolution No. 86-18489 on June 18 , 1986 , ( the "Authorizing
Resolution" ) , the issuance of not in excess of $65 , 000 , 000
General Obligation Refunding Bonds , Series 1986 ( the "Bonds" ) for
the purpose of advance refunding 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" ) ; and
WHEREAS, the Commission has heretofore authorized by Reso-
lution No. 86-18514 on July 23 , 1986 , ( the "Negotiated Sale Reso-
lution" ) ( the Authorizing Resolution and the Negotiated Sale
Resolution will be referred to herein collectively as the "Reso-
lutions" ) , the negotiated sale of the Bonds ; established the
maximum maturities and interest rate on the Bonds ; found that a
negotiated sale was in the best interest of the City ; approved
the form of and the execution of a purchase contract ; approved
the form of the Preliminary Official Statement and Official
Statement ; authorized the appointment of the Bond Registrar and
Paying Agent ; authorized other required actions , including
obtaining municipal bond insurance; and designated the authorized
officers of the City;
WHEREAS, the City has heretofore, under this provision of
the Resolutions , issued its $25 , 115 , 000 City of Miami Beach,
Florida General Obligation Refunding Bonds , Series 1986 ;
WHEREAS, the Commission has heretofore authorized by Reso-
lution No. 86-18692 on December 4 , 1986 , ( the "1986A Resolution" )
the issuance not in excess of $39,885 , 000 General Obligation
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Refunding Bonds, Series 1986A ( the "Refunding Bonds" ) for the
purpose of advance refunding the outstanding portion of the Prior
Bonds ( the "Outstanding Prior Bonds" ) ; reaffirmed and readopted
the Resolutions ; approved the financing plan for the Refunding
Bonds; approved the form and execution of a purchase contract to
effect the negotiated sale of the Refunding Bonds ; approved the
forms of the Preliminary Official Statement and Official State-
ment, the Escrow Deposit Agreement and the Arbitrage Rebate
Agreement ; authorized the appointment of the Escrow Agent ; autho-
rized other required actions; and provided for an effective date;
WHEREAS, pursuant to Resolution No . 86-18529 duly adopted by
the Commission on July 23 , 1986 ( the "Election Resolution" ) , a
special election was held on November 4 , 1986 , wherein a majority
of the qualified voters in the City voted favorably in response
to the following question: "Shall the City issue general
obligation bonds , payable all or in part from special assessments
against abutting property benefited thereby, in an amount not to
exceed $3 , 000 , 000 , bearing interest at rate( s ) to be determined
at the time of sale , not exceeding the maximum legal rate, for
the purpose of street , sidewalk improvements , including widening
thereof , on Ocean Drive from 5th to 15th Streets , 15th Street
from Ocean Drive to Collins Avenue, and Lummus Park improve-
ments?" ( the "Ocean Drive Project" ) ;
WHEREAS, on November 19 , 1986 the Commission duly adopted
Resolution No. 86-18674 entitled "A RESOLUTION ADOPTING THE CER-
TIFICATION OF THE METROPOLITAN DADE COUNTY CANVASSING BOARD AS TO
THE RESULTS OF THE CITY OF MIAMI BEACH SPECIAL ELECTION HELD ON
NOVEMBER 4 , 1986 ; DECLARING RESULTS THEREOF" ;
WHEREAS, in order for the Commission to effectuate the
desires of the residents of the City, it is necessary and appro-
priate for the Commission to fix the form, details and the
pro-
vide for the payment of the principal and interest on the Ocean
Drive Bonds and the Refunding Bonds ;
WHEREAS the Commission now deems it to be in the best inter-
est of the City to issue the Ocean Drive Bonds concurrently with
the Refunding Bonds in one or more series of bonds ;
NOW, THEREFORE, BE IT RESOLVED by the City Commission of
Miami Beach, Florida as follows :
SECTION 1 . This Resolution is adopted pursuant to Chapter
166, Florida Statutes , and other applicable provisions of law.
The Resolutions and the 1986A Resolution are hereby restated and
readopted, as amended hereby ( this Resolution and the 1986A Reso-
lution, as amended hereby, will be referred to hereinafter as the
"1987 Resolution" ) . All references to the 1986A Resolution shall
mean the 1987 Resolution. All references to the 1986A Bonds in
this 1987 Resolution shall include both the Refunding Bonds and
the Ocean Drive Bonds ( the "1987 Bonds" ) .
SECTION 2 . There are hereby authorized to be issued General
Obligation Ocean Drive Bonds , Series 1987 ( the "Ocean Drive
Bonds" ) in the aggregate principal amount not to exceed
$3 ,000 , 000 , heretofore approved by a majority vote of qualified
electors voting at an election held in the City for the purpose
of financing the costs of the Ocean Drive Project , payable all or
in part from special assessments against abutting property bene-
fitted thereby in an amount not to exceed $3 , 000 , 000 , bearing
interest at rate ( s ) not to exceed the maximum legal rate ( s ) .
SECTION 3 . It is hereby determined that the maximum
aggregate principal amount of the Refunding Bonds equal to
$39,885 , 000 does not exceed the limitation imposed by Section
132.35 , Florida Statutes . All provisions with regard to the 1987
Bonds and the issuance thereof shall be as set forth in the
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Financing Plan attached hereto as Exhibit A and in the Reso-
lutions and this 1987 Resolution; except that the Ocean Drive
Bonds shall not be subject to the requirements of Sections 132 . 33
- 132 . 47, Florida Statutes . The Ocean Drive Bonds and the
Refunding Bonds will be issued concurrently as one or more series
of bonds as provided in the Financing Plan attached hereto as
Exhibit A, which Financing Plan is hereby approved.
SECTION 4 . There is hereby authorized the creation of such
funds and accounts , including but not limited to a Construction
Fund and a Sinking Fund for the Ocean Drive Bonds , as shall be
necessary to implement the financing of the Ocean Drive Pro-
ject . The proceeds received upon the sale of the Ocean Drive
Bonds (except an amount equal to accrued interest , which shall be
deposited in the Sinking Fund and used to pay such interest )
shall be deposited into the Construction Fund for the Ocean Drive
Project and used solely to pay the cost of issuance of the Ocean
Drive Bonds and the cost of acquisition and construction of the
Ocean Drive Project . Pending their authorized use, such proceeds
may be invested in any investment which is permitted by the Reso-
lutions and by Chapter 166 , Florida Statutes, as amended; pro-
vided however , that such investments shall mature, or be subject
to redemption by the holder thereof at the option of the holder ,
not later than the date or dates on which such proceeds will be
needed for the purposes set forth herein and in the Resolu-
tions . Any income received upon such investments shall be
applied to the Construction Fund and used for the construction of
the Ocean Drive Project . After the completion of the improve-
ments , any remaining balance of the proceeds of the Ocean Drive
Bonds , or investment earnings thereon, shall be deposited into
the Sinking Fund to be administered by the City and used solely
to pay principal and interest on the Ocean Drive Bonds as the
same becomes due.
SECTION 5 . The Finance Director of the City is hereby
directed to apply the proceeds of the Ocean Drive Bonds as set
forth above and to hold such funds separate and apart from all
other funds and accounts to be applied solely as provided herein.
Moneys on deposit in the Construction Fund shall be applied to
the costs of construction of the Ocean Drive Project , upon proper
requisition therefor . Any requisition for such moneys shall be
in form and substance and shall be upon the terms and conditions
as shall be satisfactory to the Finance Director .
SECTION 6 . The City covenants to expeditiously take all
actions necessary to assess , levy and collect special assessments
in the same manner and at the same time as other City taxes are
assessed, levied and collected, in such amount as shall be
required by subsequent resolution or resolutions of the Commis-
sion, against abutting property benefited by the Ocean Drive
Project ( the "Special Assessments" ) and to pledge the Special
Assessments so collected to pay all or part of the costs of the
Ocean Drive Project . Until such Special Assessments are
assessed, levied and collected by the City, there shall be levied
an annual special tax without limit as to rate or amount upon all
taxable property within the City, sufficient in amount to pay the
principal and interest on the Ocean Drive Bonds as the same
becomes due and payable . The proceeds of such taxes shall be
paid into the Ocean Drive Improvement Bond Fund and together with
any moneys available in the Sinking Fund, shall be used for no
other purpose than payment of the principal of and interest on
the Ocean Drive Bonds ; provided however , that the amount of such
annual tax levy may be reduced by any amount then contained in
such fund or in the Sinking Fund and by the amount of Special
Assessments as and when actually collected.
SECTION 7 . In addition to those special taxes levied for
their discharge and such other sources as may be provided for
their payment or pledged as security therefor , the full faith and
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credit and taxing powers of the City are pledged for payment of
the principal and interest on the Ocean Drive Bonds . The holders
of the Ocean Drive Bonds shall have no responsibility for the use
of the proceeds of said Ocean Drive Bonds , and the use thereof by
the City shall in no way affect the rights of such holders . The
City shall be irrevocably obligated to continue to levy and
collect the taxes provided herein and to pay the principal of and
interest on the Ocean Drive Bonds notwithstanding any failure of
the City to use and apply the proceeds thereof in the manner
provided herein.
SECTION 8 . There are hereby authorized any changes, inser-
tions or omissions as shall be approved by the Mayor or Vice
Mayor to the previously approved form of bond, forms of Bond
Purchase Contract and the financing plan attached thereto, Pre-
liminary Official Statement and Official Statement, Escrow Depo-
sit Agreement and Arbitrage Rebate Agreement (whose signature
thereon shall be conclusive evidence of such approval ) as are
necessary to incorporate the issuance of the Ocean Drive Bonds
within the issuance of the 1987 Bonds ; and the Finance Director
is hereby directed to certify, on or before the issuance and
delivery of the 1987 Bonds , that the total indebtedness of the
City, including the 1987 Bonds , does not exceed any constitu-
tional or statutory limitation; and further to certify with res-
pect to the Refunding Bonds as to such matters as are required by
Sections 132 . 33 - 132 . 47 , Florida Statutes , for the issuance of
the 1987 Bonds .
SECTION 9 . The City hereby finds , ascertains , determines
and declares that a negotiated sale of the 1987 Bonds is in the
best interest of the City and is necessary on the basis of the
following reasons , as to which specific findings are hereby made :
the complex character of the issuance of the 1987 Bonds requires
lengthy and detailed structuring which could be unreasonably
restricted by the lack of flexibility of bidders at competitive
sale; and prevailing market conditions have resulted in rapidly
changing and broadly varying interest rates , the negative effects
of which on the issuance of the 1987 Bonds will be minimized by a
negotiated sale.
SECTION 10 . The City covenants not to take or cause or per-
mit to be taken, or fail to take or fail to cause or permit to be
taken, any action which would result in the interest payable on
the 1987 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 City
also certifies and further covenants with the purchasers and
registered owners of the 1987 Bonds from time to time outstanding
that , so long as any of the 1987 Bonds remain outstanding, moneys
on deposit in any fund or account in connection with the 1987
Bonds, whether or not such moneys were derived from the proceeds
of the sale of the 1987 Bonds or from any other sources , will not
be used in a manner which will cause such 1987 Bonds to be "arbi-
trage bonds" within the meaning of Section 148 of the Internal
Revenue Code of 1986 , as amended ( the "Code" ) and any regulations
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 1987 Bonds) shall execute on the behalf of the City
an arbitrage certificate for the purpose of assuring the pur-
chasers of the 1987 Bonds that the 1987 Bonds herein authorized
are not "arbitrage bonds" within the meaning of Section 148 of
the Code and regulations proposed or promulgated thereunder .
Such certificate shall constitute a certificate and representa-
tion of the City and no investment shall be made of the proceeds
of the 1987 Bonds in violation of the expectations expressed in
said arbitrage certificate.
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SECTION 11 . The City hereby reaffirms and ratifies the
appointment of Southeast Bank , N.A. , Miami , Florida, as Escrow
Agent , Trustee, Paying Agent and Registrar for the 1987 Bonds .
SECTION 12 . All resolutions , or parts of resolutions or
other proceedings in conflict herewith shall be and are repealed
insofar as such conflicts exist .
SECTION 13 . This 1987 Resolution shall take effect imme-
diately upon its adoption in the manner provided by law.
PASSED AND ADOPTED this 18th day of February, 1987 .
CITY OF MIAMI BEACH, FLORIDA
( SEAL) '
Il&Lm.}7
May r
ATTEST:
/t6t4:NL )21 rd-fr?
City Clerk
APPROVED AS TO FORM
p-L-City Attorney
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1987 CITY OF MIAMI BEACH GENERAL OBLIGATION REFUNDING BONDS
REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS
AMBAC INSURED SCALE ("AAA" RATED)
SOURCES AND USES OF FUNDS
DELIVERY DATE: 3/17/87
SOURCES
PAR AMOUNT OF BONDS $37,270,000.00
+PREMIUM /-DISCOUNT $0.00
BOND PROCEEDS 37,270,000.00
ACCRUED INTEREST 93,861.11
$37,363,861.11
USES OF FUNDS
DEPOSIT TO ESCROW:
SLGS PURCHASES 36,255,700.00
ESCROW BEGINNING CASH BALANCE 34.31
UNDERWRITERS DISCOUNT + COST OF ISSUANCE( 2.000000%) 745,400.00
BOND INSURANCE ( 0.450000%)... 268,178.27
ACCRUED INTEREST 93,861.11
CONTINGENCY 687.42
$37,363,861.11
RUNDATE: 02-19-1987 a 15:41:14 FILENAME: MIAMI KEY: PIBPOIREFUND02I
1987 CITY OF MIAMI BEACH GENERAL OBLIGATION REFUNDING BONDS
REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS
AMBAC INSURED SCALE ("AAA" RATED)
SAVINGS REPORT
PROPOSED DEBT SERVICE PRIOR CUMULATIVE
DATE PRINCIPAL COUPON INTEREST TOTAL D/S SAVINGS SAVINGS
9/ 1/87 1,020,000.00 3.500000 1,055,937.50 2,075,937.50 2,127,337.50 51,400.00 51,400.00
3/ 1/88 1,038,087.50
9/ 1/88 1,320,000.00 4.000000 1,038,087.50 3,396,175.00 3,450,487.50 54,312.50 105,712.50
3/ 1/89 1,011,687.50
9/ 1/89 1,400,000.00 4.250000 1,011,687.50 3,423,375.00 3,482,237.50 58,862.50 164,575.00
3/ 1/90 981,937.50
9/ 1/90 1,465,000.00 4.500000 981,937.50 3,428,875.00 3,485,000.00 56,125.00 220,700.00
3/ 1/91 948,975.00
9/ 1/91 1,560,000.00 4.750000 948,975.00 3,457,950.00 3,516,162.50 58,212.50 278,912.50
3/ 1/92 911,925.00
9/ 1/92 1,625,000.00 5.000000 911,925.00 3,448,850.00 3,502,900.00 54,050.00 332,962.50
3/ 1/93 871,300.00
9/ 1/93 1,740,000.00 5.150000 871,300.00 3,482,600.00 3,543,037.50 60,437.50 393,400.00
3/ 1/94 826,495.00
9/ 1/94 1,860,000.00 5.300000 826,495.00 3,512,990.00 3,571,687.50 58,697.50 452,097.50
3/ 1/95 777,205.00
9/ 1/95 1,950,000.00 5.500000 777,205.00 3,504,410.00 3,558,850.00 54,440.00 506,537.50
3/ 1/96 723,580.00
9/ 1/96 2,090,000.00 5.700000 723,580.00 3,537,160.00 3,591,937.50 54,777.50 561,315.00
3/ 1/97 664,015.00
9/ 1/97 2,235,000.00 5.850000 664,015.00 3,563,030.00 3,615,912.50 52,882.50 614,197.50
3/ 1/98 598,641.25
9/ 1/98 2,340,000.00 6.000000 598,641.25 3,537,282.50 3,595,112.50 57,830.00 672,027.50
3/ 1/99 528,441.25
.9/ 1/99 2,565,000.00 6.150000 528,441.25 3,621,882.50 3,676,637.50 54,755.00 726,782.50
3/ 1/ 0 449,567.50
9/ 1/ 0 6,235,000.00 6.300000 449,567.50 7,134,135.00 3,686,750.00 -3,447,385.00 -2,720,602.50
3/ 1/ 1 253,165.00
9/ 1/ 1 4,895,000.00 6.400000 253,165.00 5,401,330.00 3,709,762.50 -1,691,567.50 -4,412,170.00
3/ 1/ 2 96,525.00
9/ 1/ 2 2,970,000.00 6.500000 96,525.00 3,163,050.00 3,773,200.00 610,150.00 -3,802,020.00
3/ 1/ 3
9/ 1/ 3 3,786,925.00 3,786,925.00 -15,095.00
3/ 1/ 4
9/ 1/ 4 1,068,187.50 1,068,187.50 1,053,092.50
3/ 1/ 5
9/ 1/ 5 1,140,562.50 1,140,562.50 2,193,655.00
37,270,000.00 22,419,032.50 59,689,032.50 61,882,687.50 2,193,655.00
ACCRUED 93,861.11 93,861.11 93,861.11
37,270,000.00 22,325,171.39 59,595,171.39 61,882,687.50 2,287,516.11
1987 CITY OF MIAMI BEACH GENERAL OBLIGATION REFUNDING BONDS
REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS
AMBAC INSURED SCALE ("AAA" RATED)
SAVINGS REPORT
DATED 3/ 1/87 WITH DELIVERY OF 3/17/87
BOND YEARS 372,390.000
AVERAGE COUPON 6.020
AVERAGE LIFE 9.992
N I C % 6.221197 % USING 97.9928044
T I C % 6.258612 % USING 97.9928044 From Delivery Date
BOND INSURANCE: ... 0.450000 % OF
(TOTAL DEBT SERVICE - ACCRUED - CAP. INT.) = 268,178.27
NET PRESENT VALUE SAVINGS AT : 6.1000% EQUALS 819,413.37 OR 2.1986% OF PAR
1987 CITY OF MIAMI BEACH GENERAL OBLIGATION REFUNDING BONDS
REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS
AMBAC INSURED SCALE ("AAA" RATED)
SAVINGS REPORT
PROPOSED DEBT SERVICE PRIOR CUMULATIVE
DATE PRINCIPAL COUPON INTEREST TOTAL D/S SAVINGS SAVINGS
9/ 1/87 1,020,000.00 3.500000 1,055,937.50 2,075,937.50 2,127,337.50 51,400.00 51,400.00
3/ 1/88 1,038,087.50
9/ 1/88 1,320,000.00 4.000000 1,038,087.50 3,396,175.00 3,450,487.50 54,312.50 105,712.50
3/ 1/89 1,011,687.50
9/ 1/89 1,400,000.00 4.250000 1,011,687.50 3,423,375.00 3,482,237.50 58,862.50 164,575.00
3/ 1/90 981,937.50
9/ 1/90 1,465,000.00 4.500000 981,937.50 3,428,875.00 3,485,000.00 56,125.00 220,700.00
3/ 1/91 948,975.00
9/ 1/91 1,560,000.00 4.750000 948,975.00 3,457,950.00 3,516,162.50 58,212.50 278,912.50
3/ 1/92 911,925.00
9/ 1/92 1,625,000.00 5.000000 911,925.00 3,448,850.00 3,502,900.00 54,050.00 332,962.50
3/ 1/93 871,300.00
9/ 1/93 1,740,000.00 5.150000 871,300.00 3,482,600.00 3,543,037.50 60,437.50 393,400.00
3/ 1/94 826,495.00
9/ 1/94 1,860,000.00 5.300000 826,495.00 3,512,990.00 3,571,687.50 58,697.50 452,097.50
3/ 1/95 777,205.00
9/ 1/95 1,950,000.00 5.500000 777,205.00 3,504,410.00 3,558,850.00 54,440.00 506,537.50
3/ 1/96 723,580.00
9/ 1/96 2,090,000.00 5.700000 723,580.00 3,537,160.00 3,591,937.50 54,777.50 561,315.00
3/ 1/97 664,015.00
9/ 1/97 2,235,000.00 5.850000 664,015.00 3,563,030.00 3,615,912.50 52,882.50 614,197.50
3/ 1/98 598,641.25
9/ 1/98 2,340,000.00 6.000000 598,641.25 3,537,282.50 3,595,112.50 57,830.00 672,027.50
:3/ 1/99 528,441.25
9/ 1/99 2,565,000.00 6.150000 528,441.25 3,621,882.50 3,676,637.50 54,755.00 726,782.50
3/ 1/ 0 449,567.50
9/ 1/ 0 6,235,000.00 6.300000 449,567.50 7,134,135.00 3,686,750.00 -3,447,385.00 -2,720,602.50
3/ 1/ 1 253,165.00
9/ 1/ 1 4,895,000.00 6.400000 253,165.00 5,401,330.00 3,709,762.50 -1,691,567.50 -4,412,170.00
3/ 1/ 2 96,525.00
9/ 1/ 2 2,970,000.00 6.500000 96,525.00 3,163,050.00 3,773,200.00 610,150.00 -3,802,020.00
3/ 1/ 3
9/ 1/ 3 3,786,925.00 3,786,925.00 -15,095.00
3/ 1/ 4
9/ 1/ 4 1,068,187.50 1,068,187.50 1,053,092.50
3/ 1/ 5
9/ 1/ 5 1,140,562.50 1,140,562.50 2,193,655.00
37,270,000.00 22,419,032.50 59,689,032.50 61,882,687.50 2,193,655.00
ACCRUED 93,861.11 93,861.11 93,861.11
37,270,000.00 22,325,171.39 59,595,171.39 61,882,687.50 2,287,516.11
1987 CITY OF MIAMI BEACH GENERAL OBLIGATION REFUNDING BONDS
REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS
AMBAC INSURED SCALE ("AAA" RATED)
SAVINGS REPORT
DATED 3/ 1/87 WITH DELIVERY OF 3/17/87
BOND YEARS 372,390.000
AVERAGE COUPON 6.020
AVERAGE LIFE 9.992
N I C % 6.221197 % USING 97.9928044
T I C % 6.258612 % USING 97.9928044 From Delivery Date
BOND INSURANCE: ... 0.450000 % OF
(TOTAL DEBT SERVICE - ACCRUED - CAP. INT.) = 268,178.27
NET PRESENT VALUE SAVINGS AT : 6.7500% EQUALS 750,864.32 OR 2.0147% OF PAR
1987 CITY OF MIAMI BEACH GENERAL OBLIGATION REFUNDING BONDS
REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS
AMBAC INSURED SCALE ("AAA" RATED)
DEBT SERVICE SCHEDULE
DELIVERY DATE: 3/17/87
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/87 1,020,000.00 3.500000 1,055,937.50 2,075,937.50 2,075,937.50
3/ 1/88 1,038,087.50 1,038,087.50
9/ 1/88 1,320,000.00 4.000000 1,038,087.50 2,358,087.50 3,396,175.00
3/ 1/89 1,011,687.50 1,011,687.50
9/ 1/89 1,400,000.00 4.250000 1,011,687.50 2,411,687.50 3,423,375.00
3/ 1/90 981,937.50 981,937.50
9/ 1/90 1,465,000.00 4.500000 981,937.50 2,446,937.50 3,428,875.00
3/ 1/91 948,975.00 948,975.00
9/ 1/91 1,560,000.00 4.750000 948,975.00 2,508,975.00 3,457,950.00
3/ 1/92 911,925.00 911,925.00
9/ 1/92 1,625,000.00 5.000000 911,925.00 2,536,925.00 3,448,850.00
3/ 1/93 871,300.00 871,300.00
9/ 1/93 1,740,000.00 5.150000 871,300.00 2,611,300.00 3,482,600.00
3/ 1/94 826,495.00 826,495.00
9/ 1/94 1,860,000.00 5.300000 826,495.00 2,686,495.00 3,512,990.00
3/ 1/95 777,205.00 777,205.00
9/ 1/95 1,950,000.00 5.500000 777,205.00 2,727,205.00 3,504,410.00
3/ 1/96 723,580.00 723,580.00
9/ 1/96 2,090,000.00 5.700000 723,580.00 2,813,580.00 3,537,160.00
3/ 1/97 664,015.00 664,015.00
9/ 1/97 2,235,000.00 5.850000 664,015.00 2,899,015.00 3,563,030.00
3/ 1/98 598,641.25 598,641.25
9/ 1/98 2,340,000.00 6.000000 598,641.25 2,938,641.25 3,537,282.50
3/ 1/99 528,441.25 528,441.25
9/ 1/99 2,565,000.00 6.150000 528,441.25 3,093,441.25 3,621,882.50
3/ 1/ 0 449,567.50 449,567.50
9/ 1/ 0 6,235,000.00 6.300000 449,567.50 6,684,567.50 7,134,135.00
3/ 1/ 1 253,165.00 253,165.00
9/ 1/ 1 4,895,000.00 6.400000 253,165.00 5,148,165.00 5,401,330.00
3/ 1/ 2 96,525.00 96,525.00
9/ 1/ 2 2,970,000.00 6.500000 96,525.00 3,066,525.00 3,163,050.00
37,270,000.00 22,419,032.50 59,689,032.50
ACCRUED 93,861.11 93,861.11
37,270,000.00 22,325,171.39 59,595,171.39
DATED 3/ 1/87 WITH DELIVERY OF 3/17/87
BOND YEARS 372,390.000
AVERAGE COUPON 6.020
AVERAGE LIFE 9.992
N I C % 6.221197 % USING 97.9928044
T I C % 6.258612 % USING 97.9928044 From Delivery Date
BOND INSURANCE: ... 0.450000 % OF
(TOTAL DEBT SERVICE - ACCRUED - CAP. INT.) = 268,178.27
RUNDATE: 02-19-1987 a 15:28:29 FILENAME: MIAMI KEY: PIBPOIREFUND02I
1987 CITY OF MIAMI BEACH GENERAL OBLIGATION REFUNDING BONDS
REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS
AMBAC INSURED SCALE ("AAA" RATED); LEGAL REFUNDING YIELD
DELIVERY DATE: 3/17/87
Par 37,270,000.00
Accrued Interest 93,861.11
Underwriters Discount ( 0.000000 %) 0.00
Original Issue (+Premium/-Discount) 0.00
Bond Insurance ( 0.450000 %) -268,178.27
% of (Total D/S -Accrued - 0.00 Cap. Interest)
All Other Cost of Issuance expenses 0.00
NON recoverable portion of Cost of Issuance expenses 0.00
Gross Yield Target Value 37,095,682.84
GROSS YIELD 6.07449004 %
MAXIMUM REFUNDING YIELD 6.07858384 %
6.07858384 % = 6.07449004 % + ...
(25,000 * 6.07449004 %)
••. 37,270,000.00 93,861.11 0.00 0.00 268,178.27
Par +Accrued -Underwriter +Prem/-Disc -Allowable Exp
RUNDATE: 02-19-1987 bl 15:27:04 FILENAME: MIAMI KEY: PIBPOIREFUND02I
CITY OF MIAMI BEACH
REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS
AMBAC INSURED SCALE ("AAA" RATED)
ESCROW CASH BALANCING REPORT
DELIVERY DATE: 3/ 1/87
ESCRO W CANDIDATE PURCHASE T OTAL CASH
DATE REQUIREMENT RECEIPTS RECEIPTS RECEIPTS BALANCE
3/ 1/87 34.31
9/ 1/87 2,127,337.50 2,127,337.27 2,127,337.27 34.08
3/ 1/88 1,305,243.75 1,305,237.27 1,305,237.27 27.60
9/ 1/88 2,145,243.75 2,145,237.27 2,145,237.27 21.12
3/ 1/89 1,271,118.75 1,271,137.27 1,271,137.27 39.64
9/ 1/89 2,211,118.75 2,211,137.27 2,211,137.27 58.16
3/ 1/90 1,232,500.00 1,232,537.27 1,232,537.27 95.43
9/ 1/90 2,252,500.00 2,252,437.27 2,252,437.27 32.70
3/ 1/91 1,190,581.25 1,190,637.27 1,190,637.27 88.72
9/ 1/91 2,325,581.25 2,325,537.27 2,325,537.27 44.74
3/ 1/92 1,143,950.00 1,143,937.27 1,143,937.27 32.01
9/ 1/92 2,358,950.00 2,358,937.27 2,358,937.27 19.28
3/ 1/93 1,094,018.75 1,094,012.06 1,094,012.06 12.59
9/ 1/93 19,891,018.75 19,891,075.49 19,891,075.49 69.33
3/ 1/94 332,968.75 332,907.39 332,907.39 7.97
9/ 1/94 732,968.75 733,025.20 733,025.20 64.42
3/ 1/95 316,718.75 316,654.34 316,654.34 0.01
9/ 1/95 7,856,718.75 7,856,718.74 7,856,718.74
49,788,537.50 49,788,503.19 49,788,503.19
RUNDATE: 02-19-1987 a 15:38:46 FILENAME: MIAMI KEY: PIBPOICALL
CITY OF MIAMI BEACH
REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS
AMBAC INSURED SCALE ("AAA" RATED)
COST OF CANDIDATES FOR ESCROW PORTFOLIO
DELIVERY DATE: 3/ 1/87
MATURITY PAR ACCRUED
TYPE DATE COUPON AMOUNT PRICE TOTAL
COST INTEREST COST
SLGS 9/ 1/87 0.000000 1,169,800 100.000000 1,169,800.00
SLGS 3/ 1/88 0.000000 347,700 100.000000 347 700.00 0.00 1,169,800.00
SLGS 9/ 1/88 0.000000 1,187,700 100.000000 1 187 700. 0.00 347,700.00
SLGS 3/ 1/89 0.000000 313,600 100.000000 � � 00 0.00 1,187,700.00
313,600.00 0.00 313,600.00
SLGS 9/ 1/89 0.000000 1,253,600 100.000000 1,253,600.00
0.00 1,253,600.00
SLGS 3/ 1/90 0.000000 275,000 100.000000 275,000.00
SLGS 9/ 1/90 0.000000 1,294,900 100.000000 1 294 900.0 0.00 275,000.00
SLGS 3/ 1/91 0.000000 233,100 100.000000 � � 0 0.00 1,294,900.00
233,100.00 0.00 233,100.00
SLGS 9/ 1/91 0.000000 1,368,000 100.000000 1,368,000.00
SLGS 3/ 1/92 0.000000 186,400 100.000000 186 400.00 0.00 1,368,000.00
0.00 186,400.00
SLGS 9/ 1/92 1.602000 1,401,400 100.000000 1,401,400.00
SLGS 3/ 1/93 6.820000 147,700 100.000000 147 700.00 0.00 1,401,400.00
SLGS 9/ 1/93 6.900000 18,949,800 100.000000 18 949 800. 0 0.00 147,700.00
SLGS 3/ 1/94 6.970000 45,400 100.000000 � � 0 0.00 18,949,800.00
45,400.00 0.00 45,400.00
SLGS 9/ 1/94 7.010000 447,100 100.000000 447,100.00
0.00 447,100.00
SLGS 3/ 1/95 7.050000 46,400 100.000000 46,400.00
SLGS 9/ 1/95 7.080000 7,588,100 100.000000 7,588,100.00 p'00 46,400.00
0.00 7,588,100.00
SUBTOTAL 36,255,700 36,255,700.00
0.00 36,255,700.00
BEGINNING CASH 34.31
COST OF SECURITIES 36,255,700.00
TOTAL COST OF ESCROW 36,255,734.31
RUNDATE: 02-19-1987 0 15:39:00 FILENAME: MIAMI KEY: PIBPOICALL
CITY OF MIAMI BEACH
REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS
AMBAC INSURED SCALE ("AAA" RATED)
CANDIDATES DEBT SERVICE REPORT
DELIVERY DATE: 3/ 1/87
TOTAL PRICE COST ACCRUED TOTAL COST
DATE PRINCIPAL COUPON INTEREST REVENUE OF SECURITIES OF SECURITIES INTEREST OF SECURITIES
9/ 1/87 1,169,800.00 957,537.27 2,127,337.27 100.000000 1,169,800.00 1,169,800.00
3/ 1/88 347,700.00 957,537.27 1,305,237.27 100.000000 347,700.00 347,700.00
9/ 1/88 1,187,700.00 957,537.27 2,145,237.27 100.000000 1,187,700.00 1,187,700.00
3/ 1/89 313,600.00 957,537.27 1,271,137.27 100.000000 313,600.00 313,600.00
9/ 1/89 1,253,600.00 957,537.27 2,211,137.27 100.000000 1,253,600.00 1,253,600.00
3/ 1/90 275,000.00 957,537.27 1,232,537.27 100.000000 275,000.00 275,000.00
9/ 1/90 1,294,900.00 957,537.27 2,252,437.27 100.000000 1,294,900.00 1,294,900.00
3/ 1/91 233,100.00 957,537.27 1,190,637.27 100.000000 233,100.00 233,100.00
9/ 1/91 1,368,000.00 957,537.27 2,325,537.27 100.000000 1,368,000.00 1,368,000.00
3/ 1/92 186,400.00 957,537.27 1,143,937.27 100.000000 186,400.00 186,400.00
9/ 1/92 1,401,400.00 1.602000 957,537.27 2,358,937.27 100.000000 1,401,400.00 1,401,400.00
3/ 1/93 147,700.00 6.820000 946,312.06 1,094,012.06 100.000000 147,700.00 147,700.00
9/ 1/93 18,949,800.00 6.900000 941,275.49 19,891,075.49 100.000000 18,949,800.00 18,949,800.00
3/ 1/94 45,400.00 6.970000 287,507.39 332,907.39 100.000000 45,400.00 45,400.00
9/ 1/94 447,100.00 7.010000 285,925.20 733,025.20 100.000000 447,100.00 447,100.00
3/ 1/95 46,400.00 7.050000 270,254.34 316,654.34 100.000000 46,400.00 46,400.00
9/ 1/95 7,588,100.00 7.080000 268,618.74 7,856,718.74 100.000000 7,588,100.00 7,588,100.00
36,255,700.00 13,532,803.19 49,788,503.19 36,255,700.00 36,255,700.00
RUNDATE: 02-19-1987 a1 15:39:18 FILENAME: MIAMI KEY: PIBPOICALL
CITY OF MIAMI BEACH
REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS
AMBAC INSURED SCALE ("AAA" RATED); PROOF OF ESCROW YIELD
PV DATE: 3/ 1/1987 WITH 2 COMPOUNDINGS / 360 DAY YEAR
PV RESULTS: PV TOTAL = 36,255,700.00 PV RATE = 6.0744339103
CASH - FLOW SUBTOTAL = 49,788,503.19
DATE AMOUNT RATE PV FACTOR PV AMOUNT
9/ 1/1987 2,127,337.27 6.0744339 0.97052311 2,064,629.98
3/ 1/1988 1,305,237.27 6.0744339 0.94191510 1,229,422.70
9/ 1/1988 2,145,237.27 6.0744339 0.91415037 1,961,069.45
3/ 1/1989 1,271,137.27 6.0744339 0.88720406 1,127,758.15
9/ 1/1989 2,211,137.27 6.0744339 0.86105204 1,903,904.26
3/ 1/1990 1,232,537.27 6.0744339 0.83567090 1,029,995.53
9/ 1/1990 2,252,437.27 6.0744339 0.81103792 1,826,812.04
3/ 1/1991 1,190,637.27 6.0744339 0.78713104 937,187.56
9/ 1/1991 2,325,537.27 6.0744339 0.76392887 1,776,545.05
3/ 1/1992 1,143,937.27 6.0744339 0.74141062 848,127.24
9/ 1/1992 2,358,937.27 6.0744339 0.71955614 1,697,387.79
3/ 1/1993 1,094,012.06 6.0744339 0.69834586 763,998.79
9/ 1/1993 19,891,075.49 6.0744339 0.67776079 13,481,391.09
3/ 1/1994 332,907.39 6.0744339 0.65778251 218,980.66
9/ 1/1994 733,025.20 6.0744339 0.63839313 467,958.25
3/ 1/1995 316,654.34 6.0744339 0.61957528 196,191.20
9/ 1/1995 7,856,718.74 6.0744339 0.60131213 4,724,340.26
SUBTOTAL 49,788,503.19 36,255,700.00
RUNDATE: 02-19-1987 a 15:39:51 FILENAME: MIAMI KEY: PIBPOICALL
CITY OF MIAMI BEACH
NEW MONEY BONDS SERIES 1987
AMBAC INSURED SCALE ("AAA" RATED); LEVEL PRINCIPAL AMORT.
SOURCES AND USES OF FUNDS
DELIVERY DATE: 3/17/87
SOURCES
PAR AMOUNT OF BONDS $3,000,000.00
+PREMIUM /-DISCOUNT $0.00
BOND PROCEEDS 3,000,000.00
ACCRUED INTEREST 7,231.11
$3,007,231.11
USES OF FUNDS
UNDERWRITERS DISCOUNT + COST OF ISSUANCE( 2.000000%) 60,000.00
NET CONSTRUCTION FUND AMOUNT 2,919,000.00
BOND INSURANCE ( 0.450000%)... 20,138.93
ACCRUED INTEREST 7,231.11
CONTINGENCY 861.07
$3,007,231.11
RUNDATE: 02-19-1987 a 16:04:48 FILENAME: MIAMI KEY: NEWMONEYINS
CITY OF MIAMI BEACH
NEW MONEY BONDS SERIES 1987
AMBAC INSURED SCALE ("AAA" RATED); LEVEL PRINCIPAL AMORT.
DEBT SERVICE SCHEDULE
DELIVERY DATE: 3/17/87
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/87 81,350.00 81,350.00 81,350.00
3/ 1/88 81,350.00 81,350.00
9/ 1/88 200,000.00 4.000000 81,350.00 281,350.00 362,700.00
3/ 1/89 77,350.00 77,350.00
9/ 1/89 200,000.00 4.250000 77,350.00 277,350.00 354,700.00
3/ 1/90 73,100.00 73,100.00
9/ 1/90 200,000.00 4.500000 73,100.00 273,100.00 346,200.00
3/ 1/91 68,600.00 68,600.00
9/ 1/91 200,000.00 4.750000 68,600.00 268,600.00 337,200.00
3/ 1/92 63,850.00 63,850.00
9/ 1/92 200,000.00 5.000000 63,850.00 263,850.00 327,700.00
3/ 1/93 58,850.00 58,850.00
9/ 1/93 200,000.00 5.150000 58,850.00 258,850.00 317,700.00
3/ 1/94 53,700.00 53,700.00
9/ 1/94 200,000.00 5.300000 53,700.00 253,700.00 307,400.00
3/ 1/95 48,400.00 48,400.00
9/ 1/95 200,000.00 5.500000 48,400.00 248,400.00 296,800.00
3/ 1/96 42,900.00 42,900.00
9/ 1/96 200,000.00 5.700000 42,900.00 242,900.00 285,800.00
3/ 1/97 37,200.00 37,200.00
9/ 1/97 200,000.00 5.850000 37,200.00 237,200.00 274,400.00
3/ 1/98 31,350.00 31,350.00
9/ 1/98 200,000.00 6.000000 31,350.00 231,350.00 262,700.00
3/ 1/99 25,350.00 25,350.00
9/ 1/99 200,000.00 6.150000 25,350.00 225,350.00 250,700.00
3/ 1/ 0 19,200.00 19,200.00
9/ 1/ 0 200,000.00 6.300000 19,200.00 219,200.00 238,400.00
3/ 1/ 1 12,900.00 12,900.00
9/ 1/ 1 200,000.00 6.400000 12,900.00 212,900.00 225,800.00
3/ 1/ 2 6,500.00 6,500.00
9/ 1/ 2 200,000.00 6.500000 6,500.00 206,500.00 213,000.00
3,000,000.00 1,482,550.00 4,482,550.00
ACCRUED 7,231.11 7,231.11
3,000,000.00 1,475,318.89 4,475,318.89
DATED 3/ 1/87 WITH DELIVERY OF 3/17/87
BOND YEARS 25,500.000
AVERAGE COUPON 5.814
AVERAGE LIFE 8.500
N I C % 6.050005 % USING 97.9932870
T I C % 6.075029 % USING 97.9932870 From Delivery Date
BOND INSURANCE: ... 0.450000 % OF
(TOTAL DEBT SERVICE - ACCRUED - CAP. INT.) = 20,138.93
RUNDATE: 02-19-1987 a 16:05:02 FILENAME: MIAMI KEY: NEWMONEYINS
CITY OF MIAMI BEACH
SERIES 1987 REFUNDING AND NEW MONEY BONDS
AMBAC INSURED SCALE ("AAA" RATED)
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
9/ 1/87 1,020,000.00 3.500000 1,137,287.50 2,157,287.50 2,157,287.50
3/ 1/88 1,119,437.50 1,119,437.50
9/ 1/88 1,520,000.00 4.000000 1,119,437.50 2,639,437.50 3,758,875.00
3/ 1/89 1,089,037.50 1,089,037.50
9/ 1/89 1,600,000.00 4.250000 1,089,037.50 2,689,037.50 3,778,075.00
3/ 1/90 1,055,037.50 1,055,037.50
9/ 1/90 1,665,000.00 4.500000 1,055,037.50 2,720,037.50 3,775,075.00
3/ 1/91 1,017,575.00 1,017,575.00
9/ 1/91 1,760,000.00 4.750000 1,017,575.00 2,777,575.00 3,795,150.00
3/ 1/92 975,775.00 975,775.00
9/ 1/92 1,825,000.00 5.000000 975,775.00 2,800,775.00 3,776,550.00
3/ 1/93 930,150.00 930,150.00
9/ 1/93 1,940,000.00 5.150000 930,150.00 2,870,150.00 3,800,300.00
3/ 1/94 880,195.00 880,195.00
9/ 1/94 2,060,000.00 5.300000 880,195.00 2,940,195.00 3,820,390.00
3/ 1/95 825,605.00 825,605.00
9/ 1/95 2,150,000.00 5.500000 825,605.00 2,975,605.00 3,801,210.00
3/ 1/96 766,480.00 766,480.00
9/ 1/96 2,290,000.00 5.700000 766,480.00 3,056,480.00 3,822,960.00
3/ 1/97 701,215.00 701,215.00
9/ 1/97 2,435,000.00 5.850000 701,215.00 3,136,215.00 3,837,430.00
3/ 1/98 629,991.25 629,991.25
9/ 1/98 2,540,000.00 6.000000 629,991.25 3,169,991.25 3,799,982.50
3/ 1/99 553,791.25 553,791.25
9/ 1/99 2,765,000.00 6.150000 553,791.25 3,318,791.25 3,872,582.50
3/ 1/ 0 468,767.50 468,767.50
9/ 1/ 0 6,435,000.00 6.300000 468,767.50 6,903,767.50 7,372,535.00
3/ 1/ 1 266,065.00 266,065.00
9/ 1/ 1 5,095,000.00 6.400000 266,065.00 5,361,065.00 5,627,130.00
3/ 1/ 2 103,025.00 103,025.00
9/ 1/ 2 3,170,000.00 6.500000 103,025.00 3,273,025.00 3,376,050.00
40,270,000.00 23,901,582.50 64,171,582.50
ACCRUED 101,092.22 101,092.22
40,270,000.00 23,800,490.28 64,070,490.28
DATED 3/ 1/87 WITH DELIVERY OF 3/17/87
BOND YEARS 397,890.000
AVERAGE COUPON 6.007
AVERAGE LIFE 9.881
N I C % 6.210225 % USING 97.9928404
T I C % 6.246430 % USING 97.9928404 From Delivery Date
ORIGINAL
RESOLUTION NO® 87-18767
(Authorizing the issuance in an aggregate
principal amount not to exceed $3,000,000
City of Miami Beach, Fla. General Obligation
Bonds, Series 1987 (Ocean Drive Bonds)