LTC 307-2023 Opportunity for Residents to Purchase Arts & Culture G.O. BondsM IAM I BEACH
OFFICE OF THE CITY MANAGER
NO. LTC # 307-2023 LETTER TO COMMISSION
TO:
FROM:
DATE:
Mayor Dan G elber and Mem bers of the City Commission
Ana T. Hudak, ci y Mana ~k($}
00y 6. 202s \}"
SUBJECT: Opportunity for Residents to Purchase Arts & Culture G.O. Bonds
T he purpose of this L TC is to advise you of info rm ation being disseminated regarding the opportunity
fo r residents to purchase the City's Arts & Culture G .O . Bonds.
The City of M iam i Beach is announcing a $10 1,700,000 G eneral O bligation Bond offering. The
planned sale is to offer bonds to investors during an order period on the m orn ing of W ednesday, July
12, 2023. Investors will have the opportunity to purchase the City of M iami Beach General Obligation
bonds in m inim um denom inations of $5,000 on that date.
T he pro ceeds of the Arts & Culture G .O . bonds will be used to finance the cost of impro ving facilities
fo r resiliency of arts and cultural institutions throughout the City of M iami Beach including museums,
perform ance venues, artistic playgro unds, senior/cultural centers, a botanical garden, an aquatic
sculpture park and related artist/w orkforce housing, as appro ved by the voters of the City on
Novem b er 8, 2022.
Bonds cannot be purchased directly from the City of Miami Beach. For more info rmation about these
bonds, incl uding a copy of the Prelim inary O fficial Statem ent, investors can call any of the firms
below . O rders may be placed thro ugh these financial services firm s working with the City of Miami
Beach.
W ells Fargo Securities
Estrada H inojosa & Com pany, Inc.
G oldm an Sachs & Co., LLC
1-866-287-3221
1-800-676-5352
1-917-343- 7900
O n the next page you w ill find a flyer w ith additional info rm ation. This info rm ation has also been made
available on the G O Bond-A rts2022 website. If you have any questions, please contact Jason D.
G reene, Chief Financial O fficer.
Attachments
Flyer
"g
City of M iami Beach, Florida General Obligation Bonds (Arts
and Cultural Facilities), Series 2023A&B
Investors will have the opportunity to purchase City of Miami Beach General Obligation Bonds (the
"Bonds") during an order period currently expected to occur on the morning of July 12, 2023*. The
proceeds of the Bonds will be used to finance the cost of improving facilities for resiliency of arts
and cultural institutions throughout the City of Miami Beach (the "City"), including museums,
performance venues, artistic playgrounds, senior/cultural centers, a botanical garden, an aquatic
sculpture park and related artist/workforce housing, as approved by the voters of the City on
November 8, 2022. A detailed description of matters relevant to the Bonds and the specific projects
to be financed is provided in the Preliminary Official Statement relating to the Bonds dated July 5,
2023 (the "Preliminary Official Statement").
Specifics of the Bonds, as more particularly described in the Preliminary Official Statement,
include:
$43,515,000 of City of Miami Beach, Florida General Obligation Bonds (Arts and Cultural
Facilities), Series 2023A (the "Series 2023A Bonds")
$54,035,000 of City of Miami Beach, Florida General Obligation Bonds (Arts and Cultural
Facilities), Taxable Series 2023B (the "Series 2023B Bonds")
All Bonds secured by the full faith and credit of the City
Ratings on Bonds from Moody's and S&P are Aa2 (stable) and AA+ (stable), respectively
Bonds are available for purchase in minimum denominations of $5,000
Interest on the Series 2023A Bonds is excluded from gross income for federal income tax purposes
and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on
individuals. Interest on the Series 2023A Bonds may be subject to certain federal taxes imposed
only on certain corporations. Interest on the Series 2023B Bonds is not excluded from gross income
for federal income tax purposes. For a more complete discussion of the tax aspects relating to the
Bonds, please see "TAX MATTERS" in the Preliminary Official Statement.
Bonds cannot be purchased directly from the City. For more information about the Bonds,
including a copy of the Preliminary Official Statement, please contact your financial advisor or
investment broker. Your advisor or broker can contact any of the financial services firms listed
below. Orders to purchase Bonds may be placed through such firms.
Wells Fargo Securities
Estrada Hinojosa & Company, Inc.
Goldman Sachs & Co. LLC
1-866-287-3221
1-800-676-5352
1-917-343-7900
This announcement is not intended to be nor does it constitute an offer to sell, an attempt to effect a
sale, or a solicitation of an offer to buy any of the Bonds. The Bonds may only be purchased
through the financial services firms listed above or through entities working with such firms to
facilitate offers and sales of the Bonds. The Preliminary Official Statement provides information as
of its date relating to the proposed offer and sale of the Bonds, but is subject to amendment and
completion. Offers and sales of the Bonds will be made solely by means of a final Official
Statement containing the actual terms of the Bonds preliminarily described in the Preliminary
Official Statement. A purchase of the Bonds may not be suitable for all investors. Potential
investors should consult with their advisors as to the suitability of an investment in the Bonds.
Preliminary, subject to change and availability.