R5B-Amend Ch 102 Rate Of Tax To Be Paid On Rent Of Every Occupancy -Grieco-ffiutAvonANDclTYcoMMlSSloNoFTHEclwoFMlAMlBEAcH'FLoRlDA'AMENDlNGTHE
CODE OF THE CITY OF MIAMI BEACH BY AMENDING CHAPTER 102, ENTITLED "TAXATION," BY AMENDING ARTICLE IV,
ENTITLED..RESORT TAX,,,BY AMENDING SECTION 102.307, ENTITLED..IMPOSITION OF TAX; RATE,,,BY AMENDING
SUBSECTION A THEREOF REGARDING THE RATE OF THE TAX TO BE PAID ON THE RENT OF EVERY OCCUPANCY OF A
ROOM OR ROOMS IN ANY HOTEL, MOTEL, ROOMINGHOUSE, OR APARTMENT HOUSE IN THE CITY, PURSUANT TO
SECTION 5.03(8) OF THE CITY CHARTER; PROVIDING FOR REPEALER, SEVERABILITY, CODIFICATION, AND AN
EFFECTIVE DATE.
Condensed Title:
COMMISSION ITEM SUMMARY
FIRST READING / PUBLIC HEARING
Kev lntended Outcome Supported:
Item Summary/Recommendation: FIRST READING PUBLIC HEARING
The City is entitled to impose and collect a tax on the rent of every occupancy of a room or rooms in any hotel,
motel, or apartment house, when the renting is for the period of occupancy for imposition of a transient rental tax
pursuant to Florida Statute 212.03, as amended, and Section 5.03 of the City Charter (the "Resort Tax"). The
current Resort Tax collected on transient rentals is three percent (3%).
On August 12,2012, the electorate of the City of Miami Beach voted - by over 670/o ol the voters voting - in favor of
increasing the Resort Tax on room rentals by an additional one percent (1%), with such additional 1% Reso( Tax to
be "used solely for the purposes of expanding, enlarging, renovating, and/or improving the Miami Beach Convention
Center, including payment of debt service related thereto." The election results were certified by Resolution No.
2012-28004, and subsequently codified in Section 5.03(b) of the City Charter.
The purpose of this Ordinance is to impose the additional 1o/o lax approved by the voters on August 12,2012 and lo
therefore set the new Resort Tax rate at four percent (4%). ln accordance with Section 5.03(b) of the City Charter,
the additional 1% Reso( Tax shall be used solely for the purpose of securing payment of the expansion,
enlargement, renovation and improvement of the Miami Beach Convention Center (the "MBCC Project") and debt
service related thereto.
Following public hearings held on September 30, 2015 and October 14, 2015, the Mayor and City Commission
adopted a Resolution, authorizing, subject to the passage of this ordinance, the issuance of Resort Tax Revenue
Bonds, Series 2015, in the not-to-exceed amount of $240 million, for the purpose of financing a portion of the MBCC
Project.
The Resort Tax Bonds will be issued in a par amount of approximately $207.6 million. The additional 1% Resort Tax
is anticipated to generate in excess of $12,000,000 on annual basis. Please see Exhibit A for the Resort Tax Bond
Analysis.
The additional 1% Resort Tax must be implemented before the Series 2015 Resort Tax bonds can be issued.
Although the Administration anticipates that the additional 1% Resort Tax will be sufficient to pay for all debt service
relatedto the Series 2015 bonds, all Resort Taxes will be pledged in an effort to strengthen the credit and resulting
market reception to these bonds.
. lmprove alliance with key business sectors, namely hospitality, arts, and international business with a
focus on enhanced culture, entertainment, and tourism
o Maximize the Miami Beach brand as a world-class destination
Supporting Data (Surveys, Environmental Scan, etc.):
. Environmental Scan - Convention Center Aftendance: 54% increase since 2004
o Communitv Survev - Averaqe resident attends events at the Convention Center twice
The Frnance and CItywide Projects Committee, on August 28,2015, recommended the issuance of the ResortTax
t of the Convention
Financial lnformation :
'fr*"" x runa.,
Amount Account Approved
Total
lnterim Assistant
Finance,Dlrector
MBCC Department Director
t-.^l fitv
ManaSer
AW fi MlH r[,fl(Ll JLM T U\
:\AGENDA\201 2'l\1% Resort Tal - 1st Reading
AcEtlDA ITEM RS BW MIAMIBTACH DAYE 10-21-l\-19
g MIAMIBEACH
City of Miomi Beoch, I 200 Convention Center Drive, Miomi Beoch, Florido 331 39, www.miomibeochfl.gov
COMMISSION MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
THE CITY OF MIAMI B
CODE OF THE CITY OF MIAMI BEACH BY AMENDING
GHAPTER 102, ENTITLED "TAXATION," BY AMENDING
ARTICLE IV, ENTITLED "RESORT TAX," BY AMENDING
SECTION 102-307, ENTITLED "IMPOSITION OF TAX; RATE,"
BY AMENDING SUBSECTION A THEREOF REGARDING THE
RATE OF THE TAX TO BE PAID ON THE RENT OF EVERY
OCCUPANCY OF A ROOM OR ROOMS IN ANY HOTEL,
MOTEL, ROOMINGHOUSE, OR APARTMENT HOUSE IN THE
ctry, PURSUANT TO SECTION 5.03(8) OF THE ClrY
CHARTER; PROVIDING FOR REPEALER, SEVERABILIW,
CODIFICATION, AND AN EFFECTIVE DATE.
ADMINISTRATION RECOMM ENDATION
Approve the ordinance on first reading and schedule a second reading public hearing on
October 28,2015.
BACKGROUND
The City is entitled to impose and collect a tax on the rent of every occupancy of a room
or rooms in any hotel, motel, or apartment house, when the renting is for the period of
occupancy for imposition of a transient rental tax pursuant to Florida Statute 212.03, as
amended, and Section 5.03 of the City Charter (the "Resort Tax"). The current Resort
Tax collected on transient rentals is three percent (3%).
On August 14, 2012, the electorate of the City of Miami Beach voted - by over 670/o of
the voters voting -- to increase the Resort Tax on room rentals by an additional one
percent (1%), with such additional 1% ResortTaxto be "used solelyforthe purposes of
expanding, enlarging, renovating, and/or improving the Miami Beach Convention Center,
including payment of debt service related thereto." ln Resolution No. 2012-28004, the
City Commission adopted the certification of the official results of the August 14, 2012
special election, and subsequently codified the foregoing in Section 5.03(b) of the City
Charter.
The purpose of this Ordinance is to impose the additional 1o/o tax approved by the voters
on August 14,2012 and to therefore set the new Resort Tax rate at four percent (4%).
Mayor Philip Levine and Members the City
Jimmy L. Morales, City Manager
October 21,2015
AN ORDINANCE OF THE MA AND CITY COMMISSION OF
FLORIDA, AMENDING THE
F!RST READING
PUBLIC HEARING
20
Commission Memorandum - October 21,2015
Resort Tax 17o lncrease
Page 2 of 3
ln accordance with Section 5.03(b) of the City Charter, the additional 1% Resort Tax
shall be used solely for the purpose of securing payment of the expansion, enlargement,
renovation and improvement of the Miami Beach Convention Center (the "MBCC
Project") and debt service related thereto.
ANALYSIS
Following public hearings held on September 30, 2015 and October 14,2015, the Mayor
and City Commission adopted a Resolution, authorizing, subject to the passage of this
ordinance, the issuance of Resort Tax Revenue Bonds, Series 2015, in the not-to-
exceed amount of $240 million, for the purpose of financing a portion of the MBCC
Project.
The Resort Tax Bonds will be issued in a par amount of approximately $207.6 million.
The additional 1o/o Resort Tax is anticipated to generate in excess of $12,000,000 on
annual basis. Please see Exhibit A for the Resort Tax Bond Analysis.
The additional lo/o Resort Tax must be implemented before the Series 2015 Resort Tax
bonds can be issued. Although the Administration anticipates that the additional 1%
Resort Tax will be sufficient to pay for all debt service related to the Series 2015 bonds,
all Resort Taxes will be pledged in an effort to strengthen the credit and resulting market
reception to these bonds.
On May 21,2015, the Mayor and City Commission adopted Resolution No. 2015-29028,
approving the CM-at-Risk Agreement between the City and Clark Construction Group,
LLC (the "Agreement"), authorizing pre-construction services for the MBCC Project and
specifying the terms and conditions for the development and negotiation of a
Guaranteed Maximum Price ('GMP') Amendment to secure the delivery of the
construction phase of the MBCC Project.
On October 21,2015, the Mayor and City Commission will consider adoption of a
Resolution approving the GMP Amendment in the amount of $515,458,058.00 for the
MBCC Project, and which GMP Amendment, along with the Agreement, provides the
definitive terms and conditions of the City's agreement for the development and
expansion, enlargement, renovation and/or improvement of the MBCC Project. Once
the above-referenced agreement is approved, the requirement of Section 5.03(b) of the
City Charter that the additional 1% Resort Tax not be imposed until such time as the City
has entered into an agreement for the MBCC Project will thereby be satisfied.
City of Miami Beach businesses, engaged in transient rentals, will begin remitting the
additional 1o/o lax on January 20, 2016 for the collection period commencing on
December 1, 2015. These businesses will be sent notifications of the imposition of the
additional 1o/o Resort Tax via mail and email. The City will also publish an
announcement on our taxpayer's Resort Tax web filing and payment portal, as well as,
the City's website.
Conclusion
The Administration recommends that the Mayor and City Commission of the City of
Miami Beach, Florida, approve the ordinance on first reading and schedule a second
reading public hearing on October 28,2015.
21
JLM/JWARWmmw%
Commission Memorandum - October 21,2015
Resort Tax 1% lncrease
Page 3 of 3
Attachment (presented in draft form):
T:\AGENDA\201S\October\MBCC Oct 21\1% Resort Tax - 1st Reading
22
ORDINANCE NO.
AN ORDINANCE OF THE MAYOR AND GITY COMMISSION OF
THE CITY OF MIAM! BEACH, FLORIDA, AMENDING THE CODE
OF THE CIry OF MIAMI BEACH BY AMENDING CHAPTER 102,
ENTITLED "TAXATION," BY AMENDING ARTICLE IV, ENTITLED..RESORT TAX," BY AMENDING SECTION 102.307, ENTITLED
"IMPOSIflON OF TAX; RATE," BY AMENDING SUBSECTION A
THEREOF REGARDING THE RATE OF THE TAX TO BE PAID
ON THE RENT OF EVERY OCCUPANCY OF A ROOM OR
ROOMS !N ANY HOTEL, MOTEL, ROOMINGHOUSE, OR
APARTMENT HOUSE IN THE CITY, PURSUANT TO SECTION
5.03(8) OF THE CITY CHARTER; PROVIDING FOR REPEALER,
SEVERABILITY, CODIFICATION, AND AN EFFECTIVE DATE.
WHEREAS, the City is entitled to impose and collect a tax on the rent of every
occupancy of a room or rooms in any hotel, motel, or apartment house when the renting
is for the period of occupancy for imposition of a transient rental tax pursuant to Florida
Statute 212.03, as amended, and Section 5.03 of the City Charter (the "Resort Tax"); and
WHEREAS, in Resolution No. 2012-28004, the City Commission adopted the
certification of the official results of the August 14, 2012, special election, whereby the
electorate of the City of Miami Beach voted to impose an additional one percent (1%) on
the Resort Tax, to be "used solely for the purposes of expanding, enlarging, renovating,
and/or improving the Miami Beach Convention Center, including payment of debt service
related thereto," which provisions were subsequently codified in Section 5.03(b) of the
City Charter; and
WHEREAS, on May 21, 2015, the Mayor and City Commission adopted
Resolution No. 2015-29028, approving the CM-at-Risk Agreement between the City and
Clark Construction Group, LLC (the "Agreement"), authorizing pre-construction services
for the expansion, enlargement, renovation and improvement of the Miami Beach
Convention Center (the "MBCC Project") and specifying the terms and conditions for the
development and negotiation of a Guaranteed Maximum Price ("GMP') Amendment to
secure the delivery of the construction phase of the MBCC Project; and
WHEREAS, on October 21, 2015, the Mayor and City Commission adopted a
Resolution approving the GMP Amendment in the amount of $515,458,058.00 for the
MBCC Project, and which GMP Amendment, along with the Agreement, provides the
definitive terms and conditions of the City's agreement for the development and
expansion, enlargement, renovation and/or improvement of the MBCC Project, thereby
satisfying the requirement of Section 5.03(b) of the City Charter that the additional 1oh
Resort Tax not be imposed until such time as the City has entered into an agreement for
the MBCC Project; and
23
WHEREAS, on October 14, 2015, the Mayor and City Commission adopted a
Resolution, authorizing, subject to the passage of this ordinance, the issuance of Resort
Tax Revenue Bonds, Series 2015, in the not-to-exceed amount of $240 million, for the
purpose of financing a portion of the MBCC Project; and
WHEREAS, in accordance with Section 5.03(b) of the City Charter, the additional
1% Resort Tax shall be used solely for the purpose of securing payment of the MBCC
Project and debt service related thereto.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND C!ry
GOMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA as follows:
SECTION 1. That Article lV of Chapter 102 of the Miami Beach City Code is hereby
amended as set forth below.
CHAPTER 102
TAXATION
Article lV. Resort Tax.
Division lV. Tax.
Section 102-307. lmposition of tax; rate.
(a) There is hereby levied and there shall be paid a tax of thr€e four percent on
the rent of every occupancy of a room or rooms in any hotel, motel, roominghouse, or
apartment house in the city, and two percent upon the total sales price of all items of
food, beverages, alcoholic beverages or wine sold at retail of any restaurant.
(b) Such tax shall constitute a debt owed by the occupant or guest to the city,
extinguished only by payment to the operator or to the city. The occupant or guest shall
pay the tax to the operator of the hotel, motel, roominghouse, apartment house or
restaurant at the time the rent or sales price is paid. If the rent is paid in installments, a
proportionate share of the tax shall be paid with each installment. The unpaid tax shall be
due upon the occupant's ceasing to occupy space in the hotel, motel, roominghouse or
apartment house.
24
(c) The tax due on a transaction calling for the payment of rent or sales price
ef from:
Cenfs
$0.50 to $0.99 ..... +Z
1.00 to 1.49 ..... 2 4
1.50 to 1.99 ..... 3 0
2.00 to 2.49 ..... 49
2.50 to 2.99 ..... 5 10
or on rents or sales in amounts of more than $3.00. hAro four percent shall be charged
upon each dollar of price or rent, plus the above bracket charges upon any fractional part
of a dollar in excess of even dollars.
SECTION 2. SEVERABILITY.
lf any section, sentence, clause, or word of this section is for any reason
declared to be unenforceable or unconstitutional by a court of competent jurisdiction, the
remaining portions shall not be affected.
SECTION 3. REPEALER.
Any ordinance, or part thereof, and/or any resolution, or part thereof, which is in
conflict with this Ordinance, is hereby repealed to the extent of such conflict.
SECTION 4. CODIFICATION.
It is the intention of the Mayor and City Commission of the City of Miami Beach,
and it is hereby ordained that the provisions of this ordinance shall become and be made
part of the Code of the City of Miami Beach, Florida, as amended. The sections of this
ordinance may be renumbered or re-lettered to accomplish such intention, and the word
"ordinance" may be changed to "section" or other appropriate word.
SECTION 5. EFFEGTIVE DATE.
This Ordinance shall take effect the _ day of ,2015.
25
PASSED and ADOPTED this day of
ATTEST:
Rafael E. Granado, City Clerk
Underline denotes additions
S+ri*e+nrcugn d enotes deletio ns
(Sponsored by Commissioner Michael Grieco)
,2015.
Philip Levine, Mayor
APPNOVEDASTO
FORM & I.ANGUAGE
lFon ExEqJilor{
,-[Atr ro-l
-
Weibmq iAr Dsb
4
26
BankofAm erba*
Merrill Lynch
EXHIBIT A
TABLE OF CONTENTS
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminary Numbers
Page
Sources and Uses of Funds 1
2Bond Summary
Bond Pricing
Statistics
Bond Debt Service
Form 8038 Statistics
Debt Service Reserve Fund
Annual Debt Service Coverage
Oct 1"3, 2015 4:28 pm Prepared by Bank of America Merrill Lynch
27
Bankof Am erica*
Merrill Lynch
EXHIBIT A
SOURCES AND USES OF FUNDS
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminary Numbers
Dated Date t2/L7120L5
Delivery Date L21t712015
Sources:
Bond Proceeds:
Par Amount
Premium
207,570,000.00
23,962,700.95
23t,532,700.9s
Uses:
Project Fund Deposits:
Project Fund 2L6,632,193.00
Other Fund Deposits:
Debt Service Reserve Fund 13,665,500'00
Delivery Date Expenses:
Cost of lssuance 350,000.00
Underwriter's Discount 881,528'32
t,231,528.32
3,479.63
231,532,700.95
Other Uses of Funds:
Additional Proceeds
Notes:
Structured based on a fixed project amount of $2L6,632,t93, assumes no earnings.
Cash funded DSRF, assumes no earnings.
Assumes ratings of A/A.
Oct 13, 2015 4:28 pm Prepared by Bank of America Merrill Lynch Page 1
28
Bankof America
Merrill Lynch
-*EXHIBIT A
BOND SU MMARY STATISTICS
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminaf- Numbers
Bond Component
Par
Value Price
PVoflbp
chanSe
0ated Date
0elivery Date
First Coupon
Last Maturity
ArbitraSe Yield
True lnterest Cost (TlC)
Net lnterest Cost (NlC)
All-ln TIC
Average Coupon
Average Life (years)
Duration of lssue (years)
Par Amount
Bond Proceeds
Total lnterest
Net Interest
Total Debt Service
Maximum Annual Debt Service
Average Annual Debt Service
Underwriter's Fees (per S1000)
Average Takedown
Other Fee
Total Underwriter's Discount
Bid Price
D/r7l2o7s
12177/2,ts
06lotl2076
72/011204s
3.51792L%
4.t11332%
4.41891004
4.1237630/.
4.998037%
19.201
12.472
207,570,000.00
231,532,700.95
199,197,263.33
776,rL6,O90.70
406,767,263.33
13,665,500.00
13,579,025.85
4.746497
4.246897
111.119705
Average Average
Coupon Life
Bond Component
Term Bond 2040
Term Bond 2045
102,065,000.00 114.344
46,350,000.00 709.174
59,155,000.00 108.571
4.994% 12.321
5.000% 23.053
5.000% 28.053
81,648.90
39,861.00
50,281.75
207.570.000.00 19.201 L7L,79L.65
Trc
All-ln
TIC
Arbitrage
Yield
Par Value
r Accrued lnterest
+ Premium (oiscount)
- Underwriter's Discount
- Cost of lssuance Expense
- Other Amounts
Target Value
Target Date
Yield
Notes:
Structured based on a fixed proiect amount of 5216,632,193, assumes no earnings.
Cash funded DSRF, assumes no earnings.
Assumes ratings of A/A.
207,570,000.00
23,962,700.95
-88 1,528.32
207,570,000.00
23,962,700.95
-881,528.32
-350,000.00
207,570,000.00
23,962,700.95
230,65L,L72.63
L2lL7l20ts
4-1173320/.
230,30t,L72.63
L2l17l20LS
4.L23763%
231,532,700.95
L2h7/20ts
3.5L7921%
Oct 13, 2015 4:28 pm Prepared by Bank of America Merrill Lynch Page 2
29
Bankof Am erica*
illerrill Lynch
EXHIBIT A
BOND PRICING
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminary Numbers
Sond Component
Maturity
Date Amount Rate Yield
Yield to
Price Maturity
Call
Dat€
call
Price
Premium
(-Discount)
Bond Component:
Term Bond 2040:
Term Bond 2045:
16,272.55
207,s55.00
397,394.55
514,339.80
614,431.00
711,088.05
787,879.40
847,502.50
914,946.40
978,988.95
943,995.00
909,121.00
875,368.75
842,803.60
834,145.00
834,051.50
72/OU2O2s
72l0tl2O2s
72/0L/202s
t2/01/202s
L2l07/2O2s
L2lOu2O2s
t2/0L/202s
t2loL/202s
12/0L/202s
12/0L1202s
L2l07l2l2s
12/o7l2O2s
L2lO7l2O2s
t2l0rl202s
t2/0L1202s
L2lOuzl2s
L2/07/202s
L2/07/2025
1210L12025
7210L1202s
L2/0L/2O16 56s,000 3.000%
L2l0Ll2Ot7 3,350,000 4.0oo%
t2l0tl2o78 3,48s,000 s.000%
12101120L9 3,660,000 s.000%
7210712020 3,84s,000 s.000%
t2/0L/2027 4,035,000 5.000%
r210u2022 4,23s,000 s.000%
L2l0t/2o23 4,450,000 s.000%
L2l0tl2i24 4,670,000 5.000%
L2l0r/2O25 4,905,000 5.000%
L2loll2o26 5,1so,0oo s.000%
1210112027 5,405,000 5.000%
t210112028 s,67s,000 s.000%
12/0712029 s,960,000 s.000%
L2/O7/2030 6,260,000 5.000%
L2l0Ll203L 6,s70,000 s.000%
L2l0t/2o32 6,900,000 s.000%
t2l0t/2o33 7,245,000 s.000%
12/01/2034 7,610,000 s.000%
12/0t/2035 7,990,000 5.000%
102,065,000
L2l0L/2036 8,390,000 s.000%
L2lotl2g37 8,805,000 s.000%
t2l0L/2038 9,250,000 s.000%
1210712039 9,710,000 s.000%
t2lol/204o 10,195,000 5.000%
45,350,000
L2loLlzML 10,705,000 s.oo0%
1210L12042 11,240,000 5.000%
12107/2043 11,80s,000 s.000%
7210712044 12,395,000 s.000%
72/0L/2045 13,010,000 s.ooo%
59,155,000
o.430%
0.800%
L.O70%
1340%
1.630%
1.860%
2.1L0%
2.360%
2s40%
2.700%
2.870%
3.030%
3.L80%
3.320%
3.4L0%
3.480%
3.540%
3.590%
3.640%
3.690%
3.880%
3.8400/0
3.880%
3.880%
3.880%
3.950%
3.950%
3.950%
3.950%
3.9s0%
100.000
100.000
100.000
100.000
100.000
100.000
102.447
106.196
111.403
114.053
115.980
tt7.623
118.604
119.045
119.592
119.9S9
118.330 C 3.022%
116.820 C 3.287%
115.425 C 3.508%
114.L4r C 3.694%
113.325 C 3.822%
112.695 C 3.9220/6
112.158 C 4.0050/0
111.713 C 4.074%
111.270 C 4.136%
110.830 C 4.t93%
109.174 C 4.397%
109.174 C 4.39L%
109.174 C 4.39Lo
109.174 C 4.39Lo
109.174 C 4.39r%
108.571 C 4.477%
108.571 C 4.477%
108.571 C 4.477%
108.571 C 4.477%
108.571 C 4.477%
100.000 838,902.00
100.000 848,606.85
100.000 857,647.00
100.000 86s,317.00
74,640,376.90
100.000 759,698.60
100.000 807,770.70
100.000 848,595.00
100.000 890,795.40
100.000 935,289.30
4,252,L49.00
100.000 917,525.55
100.000 963,380.40
100.000 1,011,806.s5
100.000 L,062,375.45
100.000 1,11s,087.10
5,070,175.05
207,570,000 23.962,700.95
Oated Date
Oelivery Date
First Coupon
Par Amount
Premium
Production
LJnderuriter's Oiscount
Purchase Price
Accrued lnterest
Net Proceeds
Notes:
structured based on a fixed project amount of 5216,632,193, assumes no earnings.
cash funded osRF, assumes no earnings.
Assumes ratings of A/A.
t2h7l20Ls
L2l17lz,Ls
06/01/20t6
207,s70,000.00
23,962,700.95
23L,532,700.95 111.544395%
-881.528.32 -0.424690%
230,6sr,172.53 7L7.Lr9705%
230,651,172.53
Oct 13, 2015 4:28 pm Prepared by Bank of America Merrill Lynch Page 3
30
Bankof Am erica*
Merrill Lynch
EXHIBIT A
BOND DEBT SERVICE
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminary Numbers
Dated Date
Delivery Date
Principal Coupon lnterest Debt Service
tzlL7l20Ls
12/17/20Ls
Period
Ending
L2/0L120L6
L2/oLl20t7
L2/oL/20!8
L2/OL/2019
l2lOLl2020
t2l0L/202L
L2/0112022
L2lOu2023
L2/Otl2024
t2lor/202s
L2lOrl2026
L2/Orl2027
L2/0t12028
L2/0L12029
t2loLl2030
L2/OLl203]-
t2loll2032
7210L/2033
L2/01/2034
L2l0t/203s
L2l0u2036
12/0L/2037
L210t12038
tzl0u2039
t2/otl2040
L2107/2041
L2l0u2042
L2/0L/2043
t2/oLl2044
12/0L/204s
665,000
3,3s0,000
3,485,000
3,660,000
3,845,000
4,035,000
4,23s,000
4,450,000
4,670,000
4,905,000
5,150,000
5,405,000
5,675,000
5,950,000
6,260,000
6,570,000
6,900,000
7,245,000
7,610,000
7,990,000
8,390,000
8,80s,000
9,250,000
9,710,000
10,195,000
10,70s,000
r.1,240,000
11,805,000
12,395,000
13,010,000
3.000% 9,872,513.33 10,537,s13.33
4.000% 10,311,750.00 13,661,750.00
5.000% 10,177,750.00 13,662,750.00
5.000% 10,003,500.00 13,663,s00.00
5.000% 9,820,500.00 13,665,500.00
5.000% 9,628,250.00 13,653,250.00
5.000% 9,426,500.00 13,661,500.00
5.000% 9,2L4,750.00 13,564,7s0.00
s.000% 8,992,250.00 t3,662,250.00
5.000% 8,7s8,750.00 13,653,750.00
s.000% 8,s13,s00.00 13,563,500.00
s.000% 8,2s6,000.00 13,661,000.00
5.000% 7,985,750.00 13,650,7s0.00
5.000% 7,702,000.00 13,662,000.00
5.000% 7,404,000.00 13,664,000.00
5.000% 7,091,000.00 13,661,000.00
s.000% 6,762,s00.00 13,662,s00.00
5.000v. 5,417,500.00 13,652,500.00
5.000% 5,055,250.00 13,665,250.00
5.000% 5,674,750.00 13,664,750.00
s.000% 5,275,2s0.00 13,66s,250.00
5.000% 4,8s5,7s0.00 13,650,750.00
5.000% 4,415,500.00 13,66s,500.00
5.000% 3,9s3,000.00 13,563,000.00
s.000% 3,467,s00.00 13,662,500.00
5.000% 2,9s7,7s0.00 L3,662,750.00
5.000% 2,422,s00.00 13,662,500.00
5.000% 1,850,500.00 13,665,500.00
s.000% 1,270,250.00 13,665,250.00
5.000% 5s0,500.00 13,560,500.00
207,570,000
Notes:
Structured based on a fixed project amount of 5216,632,L93, assumes no earnings,
Cash funded DSRF, assumes no earnings.
Assumes ratings of A/A.
199,t97,263.33 406,767,263.33
Oct 13, 2015 4:28 pm Prepared by Bank of America Merrill Lynch Page 4
31
Bankof Am erica*
Merrill Lynch
EXHIBIT A
DEBT SERVICE RESERVE FUND
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminary- Numbers
Deposit lnterest Principal Debt Service Balance
t2ltTlzols 13,56s,s00
L2/OLl204s - ,.a,uur,roo -13,66s,s0;
13'66s's00
13,665,500 0 13,665,500 -13,66s,500
Arbitrage Yield: 3.5L79206%
Value of Negative Arbitrage: 8,857,781.95
Notes:
Structured based on a fixed project amount of 5216,632,L93, assumes no earnings'
Cash funded DSRF, assumes no earnings.
Assumes ratings of A/A.
Oct 13, 2015 4:28 pm Prepared by Bank of America Merrill Lynch Page 5
32
BankofAm erica*
Merrill Lynch
EXHIBIT A
Date
ANNUAL DEBT SERVICE COVERAGE
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminaf Numbers
Debt Service Revenues Coverage
t2/0L12076
L2IOLl2077
]-2/otl2oL8
L2/01,120L9
L2/0L/2020
t2l0L/202L
L2lot/2022
7210L12023
L2l0L/2024
t2loLl202s
t2l0L/2026
t210L12027
L2lOtl2028
t2loLl2029
].,2101,12030
L2l0t/2031
L2l0t/2032
72lOLl2033
12/0u2034
t2l0u203s
L2l0t/2036
12lOLl2037
L2/0L12038
L2loLl2039
L2IOL/2040
tzloLl2o4L
L2/0],/2042
L2loL/2043
12lOLl2044
L2lOLl2O4s
10,537,513.33
13,661,750.00
13,662,750.00
13,663,500.00
13,655,500.00
13,663,250.00
13,561,s00.00
13,664,750.00
13,662,250.00
13,663,750.00
13,653,500.00
13,561,000.00
13,660,750.00
13,662,000.00
13,664,000,00
13,661,000.00
13,662,500.00
13,662,500.00
13,665,250.00
13,664,750.00
13,665,250.00
13,660,750.00
13,565,500.00
13,653,000.00
13,662,500.00
13,662,750.00
13,552,500.00
13,665,500.00
13,665,2s0.00
13,660,s00.00
11,066,590.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,715.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,715.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,715.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,715.00
83,308,716.00
83,308,716.00
83,308,716.00
83,308,715.00
83.308,716.00
L05.02t%
609.795%
609.757%
609.777%
609.628%
609.728/o
609.807/o
609.66L%
609.773%
609.706%
609.7t7y.
609.829%
609.840%
609.784/o
609.695%
609.829%
609.762%
609.7620/o
609.639%
609.66t%
609.639%
609.840%
609.628%
609.740%
609.762%
609.75L%
609.762%
609.628%
609.639%
609.851%
406,767,263.33 2,427,0L9,354.00
Notes:
Structured based on a fixed project amount of 5216,632,L93, assumes no earnings.
Cash funded DSRF, assumes no earnings.
Assumes ratings of A/A.
Oct 13, 2015 4:28 pm Prepared by Bank of America Merrill Lynch Page 6
33
Bankof Am erica'?
Merrill Lynch
EXHIBIT A
Bond Component 0ate
FORM 8038 STATISTICS
CITY OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 20L5
Preliminary Numbers
Dated Date 72117/20L5
Delivery Date L2lL7l20L5
Principal Coupon lssue Price
Redemption
at Maturity
Bond Component:
Term Bond 2040:
Term Bond 2045:
12107/2Ot6
L2l0L/2017
t2/0L/2018
L2lOL/2079
t2lot/2020
t2/0u2021
72/O112022
721OL12023
L2lOtl2024
L2lOLl202s
12loL/2026
12/O112027
t2/0112028
12/0112029
72/0112O3O
L2l0rl2037
L2107/2032
L2l0L/2033
t2/0L/2034
t2/0t1203s
66s,000.00
3,3s0,000.00
3,485,000.00
3,660,000.00
3,845,000.00
4,035,000.00
4,23s,000.00
4,450,000.00
4,670,000.00
4,905,000.00
5,150,000.00
5,405,000.00
5,675,000.00
5,960,000.00
6,260,000.00
6,570,000.00
6,900,000.00
7,245,000.00
7,610,000.00
7,990,000.00
3.000% 702.M7
4.000% 106.196
5.000% 111.403
5.000% 114.053
5.000% 11s.980
5.000% 117.623
5.000% 118.604
5.000% 119.045
5.000% 7L9.592
5.000% 119.959
5.OO0% 118.330
s.000% 115.820
5.000% 115.425
5.000% 114.141
5.000% 113.325
5.000% 112.695
5.000% 112.158
5.000% 111.713
5.000% Ltt.270
5.000% 110.830
5.000% 109.174
5.000% Lo9.L74
5.000% r09.L74
5.000% 109.L74
5.@0% 709.L74
5.000% 108.571
5.000% 108.571
5.000% 108.571
5.000% 108.571
5.000% 108.571
68t,272.55
3,557,566.00
3,882,394.55
4,L74,339.80
4,459,431.00
4,746,088.05
5,022,879.40
5,297,sO2.50
5,584,946.40
5,883,988.95
6,093,995.00
6,314,121.00
6,550,368.75
6,802,803.60
7,O94,745.OO
7,404,061.50
7,73AP02.00
8,093,605.8s
8,467,647.O0
8,855,317.00
9,159,698.60
9,6L2,770.70
10,098,595.00
10,600,795.40
11,130,289.30
Ll,622,525.55
12,203,380.40
r2,816,806.55
73,457,375.45
14,125,087.10
665,000.00
3,350,000.00
3,48s,000.00
3,660,000.00
3,845,000.00
4,03s,000.00
4,235,000.00
4,4s0,000.00
4,670,000.00
4,905,000.00
5,150,000.00
5,405,000.00
5,575,000.00
s,960,000.00
6,260,000.00
6,570,000.00
5,900,000.00
7,245,000.00
7,610,000.00
7,990,000.00
8,390,000.00
8,805,000.00
9,250,000.00
9,710,000.00
10,195,000.00
10,705,000.00
11,240,000.00
r1,805,000.00
12,395,000.00
13,010,000.00
L2l0tl2o36 8,390,000.00
L2lorl203? 8,80s,000.00
t2lou2038 9,2s0,000.00
t2/0112039 9,710,000.00
72107120p,0 10,19s,000.00
t2/oLl204L 10,70s,000.00
t2/oL12042 11,240,000.00
t2/0t/2043 11,805,000.00
l2lot/2044 12,39s,000.00
72/01/2045 13,010,000.00
207,570,000.o0 231,532,700.95 207,570,000.00
Maturity
0ate
lnterest
Rate
stated weighted
lssue Redemption Average
Price at Maturity Maturity Yield
Final Maturity
Entire lssue
t2/0t/204s 5.000% 14,125,087.10 13,010,000.00
- 237,532,700.95 207,570,000.00 19.0035 1.5t79%
Proceeds used for accrued interest
Proceeds used for bond issuance costs (including underwriters'discount)
Proceeds used for credit enhancement
Proceeds allocated to reasonably required reserue or replacement fund
0.00
1,237,52432
0.00
13,665,500.00
Notes:
Structured based on a fixed project amount of S216,632,193, assumes no earnings
Cash funded DSRF, assumes no earnings.
Assumes ratings ofAlA.
Oct 13, 2015 4:28 pm Prepared by Bank of America Merrill Lynch Page 7
34
Bankof Am erica*
Merrill Lynch
EXHIBIT A
DISCLAIMER
CIW OF MIAMI BEACH, FLORIDA
Resort Tax Revenue Bonds, Series 2015
Preliminary Numbers
BofAML lS NOT YOUR MUN|CIPAL ADVISOR OR F|DUCIARY. Bank of America Merrill Lynch ('BofAML') is providing the information contained herein for
discussion purposes only either as an underwriter or in anticipation of being engaged to serve as an underwriter. By providing the information
contained herein pursuant to the underwriter exclusion provided under SEC Rule 15Ba1-1(d)(2)(i), BofAML is not acting as your'municipal advisor'
within the meaning of Section 158 of the Securities Exchange Act of 1934, as amended (the 'Act'), and does not owe a fiduciary duty to you pursuant to
the Act with respect to the information and material contained in this communication. BofAML is either serving as an underwriter or is seeking to serve
as an underwriter on a future transaction and not as a financial advisor or municipal advisor. The primary role of BofAML, as an underwriter, is to
purchase securities with a view to distribution in an arm's-length commercial transaction between you and BofAML and BofAML has financial and other
interests that differ from yours. BofAML is acting for its own interests. You should discuss any information and material contained in this
communication with any and all of your own internal or external municipal and/or financial, legal, accounting, tax and other advisors and experts, as
applicable, to the extent you deem appropriate before acting on this information or material.
This material has been prepared by the Public Finance Group and is not a research report and is not a product ofthe fixed income research department
of BofAML. This material is for information purposes only, is intended solely for your use, and may not be reproduced, disseminated, quoted or
referred to in whole or in part, without our written consent. This material does not constitute an offer or solicitation to sell or purchase any securities
and is not a commitment by BofAML or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in
connection therewith. The calculations contained herein are based upon assumptions and information that either you or your advisors provided to
BofAML or which BofAML deems in its sole discretion to be appropriate. BofAML makes no representation or warranty as to the accuracy or
completeness of this material or these calculations and any and all liability to you or any third parties relating to this material or the calculations is
expressly disclaimed. The material and calculations made available to you may not be similar to the information generated by BofAML's or its affiliates
proprietary models or valuations that are used for its own purposes or to the models or valuations available from other sources including from other
dealers. BofAML assumes no obligation to update or otherwise revise these materials. Values generated by the data or calculations may not reflect
actual prices or values that can be obtained in the market at that time and the calculations should not be relied upon for any tax, accounting, legal or
other purpose.
Notes:
Structured based on a fixed project amount of 5216,632,193, assumes no earnings.
Cash funded DSRF, assumes no earnings.
Assumes ratings of A/A.
Oct 13, 2015 4:28 pm Prepared by Bank of America Merrill Lynch Page 8
35
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