HomeMy Public PortalAbout2017-21 Amending resolution 2012-38 which authorized the Village's School Improvement Revenue Bonds Series 2012RESOLUTION NO. 2017-21
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, AMENDING RESOLUTION NO. 2012-38
WHICH AUTHORIZED THE VILLAGE'S $5,575,000
SCHOOL IMPROVEMENT REVENUE BONDS, SERIES
2012, IN ORDER TO LOWER THE INTEREST RATE ON
SUCH BONDS; APPROVING AND AUTHORIZING THE
EXECUTION AND DELIVERY OF AN AMENDMENT TO
THE BONDS; AUTHORIZING THE MAYOR, THE
VILLAGE MANAGER AND OTHER VILLAGE OFFICIALS
TO EXECUTE ANY AND ALL DOCUMENTS IN
CONNECTION THEREWITH; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, on July 10, 2012, the Village Council adopted Ordinance No. 2012-7 (the
"Ordinance"), and on October 23, 2012, the Village Council adopted Resolution No. 2012-38
(the "Bond Resolution" and, collectively with the Ordinance, the "Bond Ordinance") authorizing
the issuance of $5,575,000 Village of Key Biscayne, Florida School Improvement Revenue
Bonds, Series 2012 (the "Bonds") for the purpose of financing a portion of the costs of a
permanent secondary educational facility and recreational fields for Village residents located at
the MAST Academy Campus as well as necessary renovations of the Key Biscayne K-8 Center
(the "Project"), financing architectural, engineering, environmental, legal and other planning
costs related thereto, and paying costs of issuance of the Bonds; and
WHEREAS, on October 24, 2012, the Village issued the Bonds, and the Bonds were
purchased by TotalBank (the "Purchaser"); and
WHEREAS, the Bonds bear interest at the fixed rate of 3.35%; and
WHEREAS, due to the current low interest rate environment, the Village's Financial
Advisor, Estrada Hinojosa & Co., was able to negotiate with the Purchaser a lower rate of
interest on the Bonds of 2.70%; and
WHEREAS, the Village Council hereby determines that it is in the best interest and
welfare of the residents of the Village to amend the Bond Resolution and the Bonds (such
amended Bond is hereinafter referred to as the "New Bond", and the date of delivery of the New
Bond is hereinafter referred to as the "New Bond Delivery Date"), in order to provide for the
lower interest rate and revise the amortization schedule accordingly;
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF
THE VILLAGE OF KEY BISCAYNE AS FOLLOWS:
Section 1. Findings. The foregoing "Whereas" clauses are hereby ratified and
incorporated as the legislative intent of this Resolution.
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Section 2. Amendment of the Bond Resolution. The Bond Resolution is hereby
amended as follows:
(a) The first three paragraphs of Section 2(b) of the Bond Resolution are hereby
amended to read as follows:
"(b) Interest Rate. Subject to adjustment as provided below, the Bonds shall
bear interest on the outstanding principal balance from their date of issuance payable
semiannually on each April 1 and October 1 (the "Interest Payment Dates"),
commencing April 1, 2013, at an interest rate equal to (1) 3.35% per annum through
the day prior to the New Bond Delivery Date (the "First Interest Rate Period") and (2)
2.70% per annum beginning on the New Bond Delivery Date until the maturity date
of the Bonds (the "Second Interest Rate Period").
Interest on the Bonds shall be computed on the basis of a 360 -day year consisting
of twelve 30 -day months.
(i) Adjustment of Interest Rate For Full Taxability. Upon a Determination of
Taxability (as defined below), (i) the rate of interest on the Bonds shall be adjusted
upward to 5.16% per annum with respect to the interest payable during the First
Interest Rate Period, and (ii) the rate of interest on the Bonds shall be adjusted upward
to a rate per annum equal to 4.16% per annum with respect to the interest payable
during the Second Interest Rate Period (as applicable, the "Taxable Rate"), retroactive
as of the date of the Determination of Taxability event. In addition to the payments of
principal and interest on the Bonds required to be paid pursuant to the terms of this
Resolution and the Bonds, the Village hereby agrees to pay to the Owner an amount
equal to any interest, penalties on overdue interest and additions to tax (as referred to
in Subchapter A of Chapter 68 of the of the Internal Revenue Code of 1986, as
amended (the "Code")) owed by the Owner as a result of the occurrence of a
Determination of Taxability. All such interest, penalties on overdue interest, and
additions to tax shall be paid by the Village on the next succeeding Interest Payment
Date following the Determination of Taxability. A "Determination of Taxability"
shall mean a final decree or judgment of any Federal court or a final action of the
Internal Revenue Service determining that interest paid or payable on any Bond is or
was includable in the gross income of an Owner of the Bonds for Federal income tax
purposes; provided, that no such decree, judgment, or action will be considered final
for this purpose, however, unless the Village has been given written notice and, if it is
so desired and is legally allowed, has been afforded the opportunity to contest the
same, either directly or in the name of any Owner of a Bond, and until the conclusion
of any appellate review, if sought.
(b) Section 2(c)(i) of the Bond Resolution is hereby amended to read as follows:
"(i) Mandatory Prepayment. The principal of the Bonds shall be
subject to mandatory prepayment in annual installments on each October 1,
commencing October 1, 2015 in the amounts set forth below:
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Principal Principal
Year Installment Due* Year Installment Due*
2015 $267,941.64 2024 $314,825.05
2016 272,429.66 2025 318,113.58
2017 282,738.94 2026 321,403.60
2018 295,197.39 2027 324,693.72
2019 298,450.39 2028 327,982.41
2020 301,712.19 2029 331,268.12
2021 304,981.72 2030 334,549.27
2022 308,257.82 2031 337,824.15
2023 311,539.36 2032 341,090.99
*Payments may change slightly to reflect the final issuance date of the Bonds.
A revised principal amortization schedule will be attached to the final executed Bond.
In the event that there is more than one Owner of the Bonds, (A) each
Bond shall be redeemed on a pro rata basis, and (B) the Village shall give notice
to each Owner of the Bonds at least three (3) days prior to the date of mandatory
redemption of the amount of each Bond to be redeemed."
(c) Exhibit "A" to the Resolution is hereby deleted in its entirety and replaced with
the new Exhibit "A" attached to this Resolution.
Section 3. Designation under Section 265(B)(3) of the Code. In the Bond
Resolution, the Village designated the Bonds as qualified tax-exempt obligations under Section
265(b)(3)(B) of the Internal Revenue Code of 1986, as amended (the "Code"). The outstanding
principal amount of the Bonds is $5,034,628.70 (the "Current Principal Outstanding"). The
average maturity date of the New Bond is not later than the average maturity date of the Bonds,
and the New Bond has a maturity date that is not later than 30 years after the issue date of the
Bonds. Accordingly, pursuant to the provisions of Section 265(b)(3)(D)(ii) of the Code, the
portion of the New Bond equal to the Current Principal Outstanding is treated as a qualified tax-
exempt obligations.
The Village hereby designates the portion of the New Bond that exceeds the Current
Principal Outstanding ($20,000) as qualified tax-exempt obligations under Section 265(b)(3)(B)
of the Code, and shall make all necessary filings in order to effectuate such election. The Village
represents that the reasonably anticipated amount of tax-exempt obligations which have been or
will be issued by the Village and any subordinate entities or entities issuing tax-exempt
obligations on behalf of the Village within the meaning of Section 265(b)(3) of the Code during
2017 does not exceed $10,000,000.
Section 4. Authorization to Execute Documents. The Village Council hereby
authorizes the Village Manager or Finance Director to deliver the New Bond to the Purchaser
upon receipt from the Purchaser of the original Bond for cancellation, in substantially the form
attached hereto as Exhibit "A". The New Bond shall be signed in the name of the Village by the
Mayor or Vice Mayor (or, in their absence, any other member of the Village Council), with such
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changes, modifications, deletions and insertions as the person signing such New Bond, with the
advice of the Village Attorney and Bond Counsel, may deem necessary and appropriate. Such
execution and delivery shall be conclusive evidence of the approval thereof by the Village. The
Village Clerk is hereby authorized to attest such signature. The Mayor, the Vice Mayor, any
member of the Council, the Village Manager, the Village Clerk, the Finance Director and any
other proper official of the Village, are and each of them is hereby authorized and directed to
execute and deliver such other documents as are necessary to accomplish the foregoing and to
effectuate the intent and purpose of this Resolution.
Section 4. Ratifications All terms and provisions of the Bond Resolution not
specifically amended by this Resolution are hereby ratified and shall remain in full force and
effect.
Section 5. Severability. If any section, clause, sentence, or phrase of this
Resolution is for any reason held invalid or unconstitutional by a court of competent jurisdiction,
the holding shall not affect the validity of the remaining portions of this Resolution.
Section 6. Effective Date. This Resolution shall take effect immediately upon
adoption.
PASSED AND ADOPTED this 9th day of May, 2017.
ATTEST:
4i/A,"
HITA H. ALVAREZ, MMC
VILLAGE CLERK
APPROVED AS TO LEGAL FORM AND
LEGALSUFFICIENCY:
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MA
LINDSAY, MA OR
EXHIBIT "A"
No. R-2 $5,575,000
UNITED STATES OF AMERICA
STATE OF FLORIDA
VILLAGE OF KEY BISCAYNE
SCHOOL IMPROVEMENT REVENUE BONDS
SERIES 2012
Registered Owner: TotalBank
Principal Amount: Five Million Five Hundred Seventy -Five Thousand Dollars ($5,575,000)
KNOW ALL MEN BY THESE PRESENTS, that the Village of Key Biscayne, Florida
(the "Village"), for value received, hereby promises to pay to the Registered Owner shown
above, or registered assigns (the "Owner"), from the sources hereinafter mentioned, the Principal
Amount specified above, together with interest on the Principal Amount outstanding at the rate
of interest hereinafter provided. Subject to the rights of prior prepayment and redemption
described in this Bond, the Bonds shall mature on October 1, 2032. Payments due hereunder
shall be made no later than 2:00 p.m., Eastern time, on the date due, free and clear of any
defenses, set -offs, counterclaims, or withholding or deductions for taxes.
This Bond is issued under authority of and in full compliance with the Constitution and
laws of the State of Florida, including particularly Part II of Chapter 166, Florida Statutes, as
amended, the Charter of the Village, Ordinance No. 2012-07 duly adopted by the Village
Council (the "Council") of the Village on July 10, 2012 (the "Ordinance"), and Resolution No.
2012-38 adopted on October 23, 2012, as amended by Resolution No. 2017-_ adopted on May
9, 2017 (collectively, the "Resolution," and collectively with the Ordinance, the "Bond
Ordinance"), and is subject to the terms of said Bond Ordinance. This Bond is issued for the
purpose of providing a portion of the financing of a permanent secondary educational facility and
recreational fields for Village residents located at the MAST Academy Campus as well as
necessary renovations of the Key Biscayne K-8 Center, financing architectural, engineering,
environmental, legal and other planning costs related thereto, and paying costs of issuance of the
Bonds. This Bond shall be payable only from the sources identified herein. All terms used
herein in capitalized form and not otherwise defined herein shall have the meanings ascribed
thereto in the Resolution.
Subject to adjustment as provided below, this Bond shall bear interest on the outstanding
principal balance from its date of issuance payable semiannually on each April 1 and October 1
(the "Interest Payment Dates"), commencing April 1, 2013, at an interest rate equal to (i) 3.35%
per annum through May , 2017 (the "First Interest Rate Period") and (ii) 2.70% beginning
May _, 2017 until the maturity date of this Bond (the "Second Interest Rate Period").
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Interest on this Bond shall be computed on the basis of a 360 -day year consisting of
twelve (12) thirty -day months for the actual number of days elapsed.
The principal of and interest on this Bond are payable in lawful money of the United
States of America by wire transfer or by certified check delivered on or prior to the date due to
the registered Owner or his legal representative at the address of the Owner as it appears on the
registration books of the Village.
Adjustment of Interest Rate For Full Taxability. Upon a Determination of Taxability (as
defined below), (i) the rate of interest on the Bonds shall be adjusted upward to 5.16% per
annum with respect to the interest payable during the First Interest Rate Period, and (ii) the rate
of interest on the Bonds shall be adjusted upward to a rate per annum equal to 4.16% per annum
with respect to the interest payable during the Second Interest Rate Period (as applicable, the
"Taxable Rate"), retroactive as of the date of the Determination of Taxability event. In addition
to the payments of principal and interest on the Bonds required to be paid pursuant to the terms
of this Resolution and the Bonds, the Village hereby agrees to pay to the Owner an amount equal
to any interest, penalties on overdue interest and additions to tax (as referred to in Subchapter A
of Chapter 68 of the of the Internal Revenue Code of 1986, as amended (the "Code")) owed by
the Owner as a result of the occurrence of a Determination of Taxability. All such interest,
penalties on overdue interest, and additions to tax shall be paid by the Village on the next
succeeding Interest Payment Date following the Determination of Taxability. A "Determination
of Taxability" shall mean a final decree or judgment of any Federal court or a final action of the
Internal Revenue Service determining that interest paid or payable on any Bond is or was
includable in the gross income of an Owner of the Bonds for Federal income tax purposes;
provided, that no such decree, judgment, or action will be considered final for this purpose,
however, unless the Village has been given written notice and, if it is so desired and is legally
allowed, has been afforded the opportunity to contest the same, either directly or in the name of
any Owner of a Bond, and until the conclusion of any appellate review, if sought.
Adjustment of Interest Rate for Change in Maximum Corporate Tax Rate. In the event
that the maximum effective federal corporate tax rate (the "Maximum Corporate Tax Rate")
during any period with respect to which interest shall be accruing on the Bonds on a tax-exempt
basis, shall be other than thirty-five percent (35%), the interest rate on the Bonds that are bearing
interest on a tax-exempt basis shall be adjusted to the product obtained by multiplying the
interest rate then in effect on the Bonds by a fraction equal to (1-A divided by 1-B), where A
equals the Maximum Corporate Tax Rate in effect as of the date of adjustment and B equals the
Maximum Corporate Tax Rate in effect immediately prior to the date of adjustment. The interest
rate otherwise borne by the Bonds shall be adjusted automatically as of the effective date of each
change in the Maximum Federal Corporate Tax Rate.
Mandatory Prepayment. The principal of this Bond shall be subject to mandatory
prepayment in annual installments on each October 1, commencing October 1, 2015 in the
amounts set forth below:
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Principal Principal
Year Installment Due* Year Installment Due*
2015 $267,941.64 2024 $314,825.05
2016 272,429.66 2025 318,113.58
2017 282,738.94 2026 321,403.60
2018 295,197.39 2027 324,693.72
2019 298,450.39 2028 327,982.41
2020 301,712.19 2029 331,268.12
2021 304,981.72 2030 334,549.27
2022 308,257.82 2031 337,824.15
2023 311,539.36 2032 341,090.99
*Payments may change slightly to reflect the final issuance date of the Bonds.
A revised principal amortization schedule will be attached to the final executed Bond.
In the event that there is more than one Owner of the Bonds, (i) each Bond shall be
redeemed on a pro rata basis, and (ii) the Village shall give notice to each Owner of the Bonds at
least three (3) days prior to the date of mandatory redemption of the amount of each Bond to be
redeemed.
This Bond is subject to optional prepayment, upon three (3) Business Days written notice
to the Bank, in whole or in part at any time, at a price of par plus accrued interest to the date of
prepayment. Any partial prepayments shall be applied to installments of principal in inverse
order of maturity and shall not postpone any due dates of, or relieve the amounts of, any
scheduled installment payments due hereunder. As used herein, "Business Day" shall mean any
day other than a Saturday, Sunday or a day on which the banks in the State of Florida are
required, or authorized or not prohibited, by law (including executive orders) to close and are
closed.
The Village has covenanted and agreed in the Bond Ordinance to appropriate in its
annual budget, by amendment, if necessary, from Non -Ad Valorem Revenues (as defined below)
lawfully available in each fiscal year, amounts sufficient to pay the principal and interest due on
the Bonds in accordance with their terms during such fiscal year. "Non -Ad Valorem Revenues"
means all revenues of the Village derived from any source other than ad valorem taxation on real
or personal property and which are legally available to make the payments required under this
Resolution, but only after provision has been made by the Village for the payment, to the extent
are not otherwise provided for by ad valorem taxes, of (a) all services necessary for conducting
of the public safety and general governmental obligations of the Village, as shown in the
Village's audited Statement of Revenues, Expenditures and Changes in Fund Balances
(Governmental Funds) as "Current" Expenditures (i.e., the Expenditure subheadings "General
government," "Fire," "Police," "Public works," "Building, zoning and planning" and "Parks and
recreation") and (b) all legally mandated services. Such covenant and agreement on the part of
the Village to budget and appropriate such amounts of Non -Ad Valorem Revenues shall be
cumulative to the extent not paid, and shall continue until such Non -Ad Valorem Revenues or
other legally available funds in amounts sufficient to make all such required payments shall have
been budgeted, appropriated and actually paid. Notwithstanding the foregoing covenant of the
Village, the Village does not covenant to maintain any services or programs, now provided or
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maintained by the Village, which generate non -ad valorem revenues.
Such covenant to budget and appropriate does not create any lien upon or pledge of such
Non -Ad Valorem Revenues, nor, except to the extent provided in Section 14 of the Resolution,
does it preclude the Village from pledging in the future its Non -Ad Valorem Revenues, nor does
it require the Village to levy and collect any particular Non -Ad Valorem Revenues, nor does it
give the Bondholders a prior claim on the Non -Ad Valorem Revenues as opposed to claims of
owners of other bonds of the Village secured in the same manner as the Bonds. Such covenant
to budget and appropriate Non -Ad Valorem Revenues is subject in all respects to the payment of
obligations secured by a pledge of such Non -Ad Valorem Revenues heretofore or hereinafter
entered into (including the payment of debt service on bonds and other debt instruments).
However, the covenant to budget and appropriate in its general annual budget for the purposes
and in the manner stated herein shall have the effect of making available in the manner described
herein Non -Ad Valorem Revenues and placing on the Village a positive duty to appropriate and
budget, by amendment, if necessary, amounts sufficient to meet its obligations under the Bond
Ordinance, subject, however, in all respects to the terms of the Bond Ordinance and the
restrictions of Section 166.241(3), Florida Statutes, which provides, in part, that the governing
body of each municipality make appropriations for each fiscal year which, in any one year, shall
not exceed the amount to be received from taxation or other revenue sources; and subject,
further, to the payment, to the extent are not otherwise provided for by ad valorem taxes, of (a)
all services necessary for conducting of the public safety and general governmental obligations
of the Village, as shown in the Village's audited Statement of Revenues, Expenditures and
Changes in Fund Balances (Governmental Funds) as "Current" Expenditures (i.e., the
Expenditure subheadings "General government," "Fire," "Police," "Public works," "Building,
zoning and planning" and "Parks and recreation") and (b) all legally mandated services.
THIS BOND SHALL NOT BE DEEMED TO CONSTITUTE A GENERAL
OBLIGATION OR INDEBTEDNESS OF THE VILLAGE OR A PLEDGE OF THE FAITH
AND CREDIT OF THE VILLAGE WITHIN THE MEANING OF ANY PROVISION OF THE
CONSTITUTION OF THE STATE OF FLORIDA, BUT SHALL BE A SPECIAL, LIMITED
OBLIGATION OF THE VILLAGE PAYABLE EXCLUSIVELY FROM LEGALLY
AVAILABLE NON -AD VALOREM REVENUES OF THE VILLAGE, AS DEFINED IN THE
RESOLUTION. THE ISSUANCE OF THIS BOND SHALL NOT DIRECTLY OR
INDIRECTLY OR CONTINGENTLY OBLIGATE THE VILLAGE TO LEVY OR TO
PLEDGE ANY FORM OF AD VALOREM TAXATION WHATEVER THEREFOR NOR
SHALL THIS BOND CONSTITUTE A CHARGE, LIEN, OR ENCUMBRANCE, LEGAL OR
EQUITABLE, UPON ANY PROPERTY OF THE VILLAGE, AND THE HOLDERS OF THIS
BOND SHALL HAVE NO RECOURSE TO THE POWER OF AD VALOREM TAXATION.
Each of the following events is hereby declared an "event of default" hereunder:
(a) payment of the principal of or amortization installments of any of the Bonds shall
not be made when the same shall become due and payable; or
(b) payment of any installment of interest on any of the Bonds shall not be made
when the same shall become due and payable; or
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(c) the Village shall default in the due and punctual performance of any covenant,
condition, agreement or provision contained in the Bonds or in the Resolution (except for a
default described in subsection (a) or (b) of Section 16 of the Resolution) on the part of the
Village to be performed, and such default shall continue for sixty (60) days after written notice
specifying such default and requiring same to be remedied shall have been given to the Village
by any Owner of any Bond; provided that it shall not constitute an event of default if the default
is not one that can be cured within such sixty (60) days, as agreed by the Owners and the Village,
and the Village commences within such sixty (60) days and is proceeding diligently with action
to correct such default; or
(d) any proceeding shall be instituted with or without the consent of the Village under
federal bankruptcy laws or other federal or state laws affecting creditors' rights or any
proceeding shall otherwise be instituted for the purpose of effecting a composition between the
Village and its creditors or for the purpose of adjusting the claims of such creditors pursuant to
any federal or state statute now or hereafter enacted and any such proceeding shall not have been
dismissed with prejudice within thirty (30) days after the institution of the same;
(e) a payment default occurs under any other debt obligation of the Village secured
by a covenant to budget and appropriate Non -Ad Valorem Revenues which results in an
acceleration of such debt; or
(f) a default (other than a payment default) occurs under any other debt obligation of
the Village secured by a covenant to budget and appropriate Non -Ad Valorem Revenues.
Upon the occurrence and continuance of any event of default specified in paragraph (e)
above, the Owners of the Bonds may declare all payments of principal and accrued interest to be
immediately due and payable, whereupon the same shall become immediately due and payable.
Upon the occurrence and continuance of any event of default specified in paragraphs (a),
(b), (c), (d) or (f) above, the Owners of the Bonds may pursue any available remedy by suit, at
law or in equity, to enforce the payment of the principal of and interest on the Bonds then
outstanding.
No delay or omission to exercise any right or power accruing upon any default or event
of default shall impair any such right or power or shall be construed to be waiver of any such
default or event of default or acquiescence therein; and every such right and power may be
exercised from time to time and as often as may be deemed expedient. No waiver of any event of
default hereunder shall extend to or shall affect any subsequent event of default or shall impair
any rights or remedies consequent thereon.
The Village agrees, to the extent permitted by law, to indemnify the Owner and its
directors, officers, employees and agents from and against any losses, claims, damages, liabilities
and expenses (including, without limitation, counsel fees and expenses) which may be incurred
in connection with enforcement of the provisions of the Resolution and the Bonds.
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The original registered Owner, and each successive registered Owner of this Bond shall
be conclusively deemed to have agreed and consented to the following terms and conditions:
1. The Village shall keep books for the registration of Bonds and for the
registration of transfers of Bonds as provided in the Resolution. Bonds may be transferred
or exchanged upon the registration books kept by the Village, upon delivery to the
Village, together with written instructions as to the details of the transfer or exchange, of
such Bonds in form satisfactory to the Village and with guaranty of signatures
satisfactory to the Village, along with the social security number or federal employer
identification number of any transferee and, if the transferee is a trust, the name and
social security or federal tax identification numbers of the settlor and beneficiaries of the
trust, the date of the trust and the name of the trustee. The Bonds may be exchanged for
Bonds of the same principal amount and maturity and denominations in integral multiples
of $250,000 (except that an odd lot is permitted to complete the outstanding principal
balance). No transfer or exchange of any Bond shall be effective until entered on the
registration books maintained by the Village.
2. The Village may deem and treat the person in whose name any Bond shall
be registered upon the books of the Village as the absolute Owner of such Bond, whether
such Bond shall be overdue or not, for the purpose of receiving payment of, or on account
of, the principal of and interest on such Bond as they become due, and for all other
purposes. All such payments so made to any such Owner or upon his order shall be valid
and effectual to satisfy and discharge the liability upon such Bond to the extent of the
sum or sums so paid.
3. In all cases in which the privilege of exchanging Bonds or transferring
Bonds is exercised, the Village shall execute and deliver Bonds in accordance with the
provisions of the Resolution. There shall be no charge for any such exchange or transfer
of Bonds, but the Village may require payment of a sum sufficient to pay any tax, fee or
other governmental charge required to be paid with respect to such exchange or transfer.
The Village shall not be required to transfer or exchange Bonds for a period of fifteen
(15) days next preceding an interest payment date on such Bonds.
4. All Bonds, the principal of and interest on which have been paid, either at
or prior to maturity, shall be delivered to the Village when such full payment is made,
and shall thereupon be cancelled. In case a portion but not all of an outstanding Bond
shall be prepaid pursuant to mandatory prepayment provisions, such Bond shall not be
surrendered in exchange for a new Bond, but the Village shall make a notation indicating
the remaining outstanding principal of the Bonds upon the registration books. The Bond
so redesignated shall have the remaining principal as provided on such registration books
and shall be deemed to have been issued in the denomination of the outstanding principal
balance, which shall be an authorized denomination.
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It is hereby certified and recited that all acts, conditions and things required to happen, to
exist and to be performed precedent to and for the issuance of this Bond have happened, do exist
and have been performed in due time, form and manner as required by the Constitution and the
laws of the State of Florida applicable thereto.
IN WITNESS WHEREOF, the Village of Key Biscayne, Florida has caused this Bond
to be executed by the manual or facsimile signature of its Mayor and of its Village Clerk, and the
Seal of the Village of Key Biscayne, FloridL99r a facsimile thereof to be affixed hereto or
imprinted or reproduced hereon, all as of the eMday of May, 2017.
VILLAGE OF KEY BISCAYNE, FLORIDA
(SEAL)
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Mayor
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Village Clerk
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned (the
"Transferor"), hereby sells, assigns and transfers unto
(Please insert name and Social Security or Federal Employer identification number of assignee)
the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints
(the "Transferee") as attorney to register the transfer of the
within Bond on the books kept for registration thereof, with full power of substitution in the
premises.
Date
Social Security Number of Assignee
Signature Guaranteed:
NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange
or a commercial bank or a trust company
NOTICE: No transfer will be registered and no new Bond will be issued in the name of the
Transferee, unless the signature(s) to this assignment corresponds with the name as it appears
upon the face of the within Bond in every particular, without alteration or enlargement or any
change whatever and the Social Security or Federal Employer Identification Number of the
Transferee is supplied.
The following abbreviations, when used in the inscription on the face of the within Bond,
shall be construed as though they were written out in full according to applicable laws or
regulations:
TEN COM - as tenants in common UNIF GIF MIN ACT -
(Cust.)
Custodian for
(Minor)
TEN ENT - as tenants by
the entirety
JT TEN - as joint tenants with
right of survivorship and
not as tenants in common
under Uniform Gifts to Minors
Act of
(State)
Additional abbreviations may also be used though not in the list above
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AMORTIZATION SCHEDULE
Total
Date Principal Interest Debt Service
04/01/2013 81,449.20 81,449.20
10/01/2013 93,381.25 93,381.25
04/01/2014 93,381.25 93,381.25
10/01/2014 93,381.25 93,381.25
04/01/2015 93,381.25 93,381.25
10/01/2015 267,941.64 93,381.25 361,322.89
04/01/2016 88,893.23 88,893.23
10/01/2016 272,429.66 88,893.23 361,322.89
04/01/2017 84,330.03 84,330.03
Total
Date Principal Interest Debt Service
10/01/2017 282,738.94 51,557.21 334,296.15
04/01/2018 64,420.51 64,420.51
10/01/2018 295,197.39 64,420.51 359,617.90
04/01/2019 60,435.35 60,435.35
10/01/2019 298,450.39 60,435.35 358,885.74
04/01/2020 56,406.27 56,406.27
10/01/2020 301,712.19 56,406.27 358,118.46
04/01/2021 52,333.15 52,333.15
10/01/2021 304,981.72 52,333.15 357,314.87
04/01/2022 48,215.90 48,215.90
10/01/2022 308,257.82 48,215.90 356,473.72
04/01/2023 44,054.42 44,054.42
10/01/2023 311,539.36 44,054.42 355,593.78
04/01/2024 39,848.64 39,848.64
10/01/2024 314,825.05 39,848.64 354,673.69
04/01/2025 35,598.50 35,598.50
10/01/2025 318,113.58 35,598.50 353,712.08
04/01/2026 31,303.97 31,303.97
10/01/2026 321,403.60 31,303.97 352,707.57
04/01/2027 26,965.02 26,965.02
10/01/2027 324,693.72 26,965.02 351,658.74
04/01/2028 22,581.65 22,581.65
10/01/2028 327,982.41 22,581.65 350,564.06
04/01/2029 18,153.89 18,153.89
10/01/2029 331,268.12 18,153.89 349,422.01
04/01/2030 13,681.77 13,681.77
10/01/2030 334,549.27 13,681.77 348,231.04
04/01/2031 9,165.35 9,165.35
10/01/2031 337,824.15 9,165.35 346,989.50
04/01/2032 4,604.73 4,604.73
10/01/2032 341,090.99 4,604.73 345,695.72
A-9