HomeMy Public PortalAbout1993 All93-01
Authorizing Mayor to execute agreement with Athletic Club
1/12/93
93-02
Inter -local agreement with Metro -Dade for a grant from Department of Commerce
1/12/93
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93-03
Recognizing Sally Brody as Teacher of the Year
1/12/93
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93-05
Recognizing Haydee Devaney for her efforts on behalf of the Recreation Department
1/26/93
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93-06
Indicating official intent to issue tax-exempt bonds
2/23/93
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93-07
Calling for a special election for Fire/Rescue charter amendment
3/9/93
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93-08
Exercising option to provide alternate fire service
3/9/93
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93-09
Encouraging enactment of Florida Constitutional amendment banning netting
3/9/93
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93-10
Authorizing the manager to direct 0 leary to prepare Crandon plans
3/9/93
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93-11
Adopting Money Purchase Retirement Plan for Village Employees
3/23/93
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93-12
Authorizing Village Manager to Execute Mutual Aid Agreement with Metro -Dade Police
3/23/93
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93-14
Urging County Commission to Amend Ordinance 93-14
4/13/93
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93-15
Urging F A A to Establish Key Biscayne Avoidance Policy
4/27/93
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93-16
Approving Zoning Hearing Applications Fee
4/27/93
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93-17
Approving Signage Approval Application Fee
4/27/93
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93-18
Authorizing Mayor to Execute Agreement with Av Med
4/27/93
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93-19
Dissolving Village s Insurance Committe and Commending Committee Members
5/11/93
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93-20
Authorizing Mayor to Execute Agreement with Fireworks by Grucci
5/11/93
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93-21
Authorizing Village Manager to Execute Agreement with City of Miami for Fire Aid
5/11/93
93-22
Authorizing Manager to Purchase Fire Equipment
5/11/93
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93-23
Adopting Flexible Benefits Plan
5/25/93
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93-24
Urging County Commission to Address Aircraft Noise Problem
5/25/93
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93-25
Authorizing Agreement with State for Urban and Community Forestry Grant
5/25/93
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93-26
Commending Members of the Sports Coordinator Interview Panel
5/25/93
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93-26-A
Authorizing Agreement with DOT
6/22/93
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93-27
Mutual Aid Agreement with City of Miami Police
5/28/93
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93-27-A
Authorizing Participation in NPDES
6/22/93
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93-28
Approving Roofing Permit Fee
6/22/93
93-29
Approving Lease for Fire Rescue Operations
6/22/93
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93-31
Commending SUMMERFEST Volunteers
7/13/93
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93-32
Providing for Terms of Indebtedness up to $1 000 000
7/13/93
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93-33
Determining proposed millage rate for 1993-1993
7/27/93
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93-34
Expressing sympathy in the death of Frank Mackle
8/10/93
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93-35
Adopting official seal description
8/10/93
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93-36
Authorizing the Village Manager to execute disaster mutual aid agreement
8/24/93
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93-37
Authorizing the filing of a certification request with the FCC
8/24/93
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93-38
Indicating official intent of Village to issue tax exempt bonds
8/24/93
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93-39
Authorizing the Mayor to execute agreement with School Board
9/14/93
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93-40
Recognizing City Government Week (October 3 - 9 1993)
9/14/93
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93-41
Adopting tentative millage rate for 1993-1994
9/14/93
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93-42
Adopting final millage rate for 1993-1994
9/27/93
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93-43
Adopting dental plan for Village employees
9/28/93
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93-44
Authorizing Mayor to execute agreement with Metro -Dade County for Stormwater Utility billing
10/12/93
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93-45
Authorizing the Mayor to execute agreement with Metro -Dade County for DARE grant
10/12/93
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93-46
Approving Village Manager s Administrative Order setting Stormwater Utility Fee
10/12/93
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93-47
Adopting life insurance and accidental death plan for Village employees
10/12/93
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93-48
Authorizing the Village Manager to execute agreement with Williams Hatfield & Stoner
10/12/93
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93-49
Authorizing Mayor to Execute Agreement with County for Crandon Median
10/26/93
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93-50
Expressing Appreciation to City of Miami Fire Department
10/26/93
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93-51
Authorizing Specified Persons to Execute Checks
10/26/93
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93-52
Establishing Interim Policy on Setback and Lot Coverage Requirements
10/26/93
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93-53
Expressing Support for Dade County s Proposed West Wellfield Project
11/9/93
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93-54
Expressing Desire to Achieve Safe Pedestrian and Bicycle Circulation
11/9/93
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93-55
Authorizing Mayor to Execute Agreement with C G Rebozo for Purchase of Property
11/9/93
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93-56
Authorizing Mayor to Execute Agreement with Coastal Management and Consulting
11/9/93
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93-57
Authorizing Issuance of Land Acquisition Revenue Bonds
12/14/93
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93-58
Authorizing Village Manager to Execute Agreement with C A P Relating to Sewer Construction Loan
12/14/93
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93-59
Authorizing the Village Manager to Negotiate an Agreement with University of Miami for a Study of Tree
Farm property
12/14/93
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93-60
Authorizing the Village Manager to Execute Joint Project Agreement with F D 0 T for Utility Work on
Crandon Boulevard
12/14/93
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93-LPA-04
Urging Governor to fund $450 000 public works project
1/19/93
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93-LPA-30
Opposition to the Proposed Master Plan for Crandon Park
7/8/93
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RESOLUTION NO 93-60
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, AUTHORIZING THE VILLAGE MANAGER TO
EXECUTE THE ATTACHED JOINT PROJECT AGREEMENT,
ON BEHALF OF THE VILLAGE, WITH THE FLORIDA
DEPARTMENT OF TRANSPORTATION, FOR UTILITY WORK
ON CRANDON BOULEVARD, PROVIDING FOR AN
EFFECTIVE DATE
BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY BISCAYNE AS
FOLLOWS
Section 1 The Village Manager is hereby authorized to execute
the attached Joint Project Agreement, on behalf of the Village, with
the State of Florida Department of Transportation,
for utility work
on Crandon Boulevard
Section 2 This resolution shall take effect immediately upon
adoption
PASSED AND ADOPTED this 14th day of December , 1993
GUIDO H
APPROVED
INGUANZO, JR ,
AS TO FORM AND
VILLAGE CLERK
LEGAL SUFFICIENCY
TORNEY
COVENANT FOR MAINTENANCE OF LANDSCAPING
WITHIN THE RIGHT OF WAY
WHEREAS, The Florida Department of Transportation requests
permission to install planting in the median of Crandon
Boulevard, a public road right of way in Dade County, within the
Village of Key Biscayne
IN CONSIDERATION of the approval of this permit by the Dade
County Public Works Department, the Village of Key Biscayne
agrees as follows
1 To maintain and replace when necessary the landscape
items installed within the median of the dedicated right of way
If it becomes necessary for the County to maintain landscape
items within the median of the public right of way by reason of
the Village's failure to do so, such expense shall be paid by the
municipality
2 The Village of Key Biscayne does hereby agree to
indemnify and hold Dade County harmless from any and all
liability which may arise by virtue of Dade County permitting the
installation of landscaping within the median of the public right
of way
3 The undersigned further agrees that these conditions
shall be deemed a covenant and shall remain in full force and
effect and be binding on the municipality until such time as this
obligation has been cancelled by an affidavit filed in the Public
Records of Dade County, Florida, by the director of the Dade
County Public Works Department (or his fully authorized
representative)
Signed, sealed, executed, and acknowledged on the S day
of , 1993, at Miami, Florida
Sign d sealed, and delivered in the presence of
u
4fi
Rafael Conte, Mayor (SEAL)
1)1\r; /
Guido Inguanzo, Village
ACKNOWLEDGMENT
STATE OF FLORIDA )
SS
COUNTY OF DADE )
BEFORE ME, the undersigned authority, this day personally
appeared Rafael Conte and Guido H. Inguanzo, Jr.
both being to me well known and known by me to be the
Mayor and Village Clerk
of the Village of Key Biscayne, a municipal corporation under the
laws of the State of Florida, ana in their official capacities,
such officers executed, signed, and delivered the said Covenant
as the act and deed of said municipality, and the said officers
then and there severally acknowledged to and before me that they
executed the said Covenant, acting in their said official
capacities, for and as the act and deed of the said municipality
and in its name, and impressed thereon its Seal, for the uses and
purposes therein mentioned
WITNESS my hand and official Seal at Key Biscayne
in the County and State aforesaid, on this, the Jr= day
of , A D , 1993
Notary Public, State of r2 -d ar o,.
My Commission expires
Notary Pt F. c P :tn cf fic.24e
My Com-n s ion E.., res Oct Id, 1995
Bonded Tn u T oy fa n rano Inc.
I
RESOLUTION NO 93-59
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, AUTHORIZING THE VILLAGE MANAGER TO
NEGOTIATE AN AGREEMENT, ON BEHALF OF THE
VILLAGE, WITH THE UNIVERSITY OF MIAMI SCHOOL OF
ARCHITECTURE, CENTER FOR URBAN AND COMMUNITY
DESIGN, CORAL GABLES, FLORIDA FOR A STUDY OF
OPPORTUNITIES AND OPTIONS FOR THE TREE FARM
PROPERTY, PROVIDING FOR AN EFFECTIVE DATE
BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY BISCAYNE AS
FOLLOWS
Section 1 The Village Manager is hereby authorized to
negotiate and enter into an agreement, on behalf of the Village,
with the University of Miami School of Architecture, Center for
Urban and Community Design, for services at a cost not to exceed
$4,600 00, for a study of development opportunities and options for
the tree farm property
Section 2 This resolution shall take effect immediately upon
adoption
PASSED AND ADOPTED this 14th day of December , 1993
ATTEST
GUIDO H INGUANZO, JR , VILLAGE CLERK
APPROVED AS TO FO AND LEGAL SUFFICIENCY
STEPHEN HELF VIL
E ATTORNEY
R JOHN F FESTA
RESOLUTION NO 93-58
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, AUTHORIZING THE VILLAGE MANAGER TO
EXECUTE THE ATTACHED AGREEMENT, ON BEHALF OF
THE VILLAGE, WITH C A P ENGINEERING
CONSULTANTS, INC , MIAMI, FLORIDA, FOR
PROFESSIONAL SERVICES RELATING TO DEPARTMENT OF
ENVIRONMENTAL REGULATION SANITARY SEWER
CONSTRUCTION LOAN APPLICATION, PROVIDING FOR
AN EFFECTIVE DATE
BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY BISCAYNE AS
FOLLOWS
Section 1 The Village Manager is hereby authorized to execute
the attached agreement, on behalf of the Village, with C A P
Engineering Consultants, Inc , Miami, Florida, for Professional
Engineering Services in connection with the State of Florida
Department of Environmental Regulation Application for a Sanitary
Sewer Construction Loan
Section 2 This resolution shall take effect immediately upon
adoption
PASSED AND ADOPTED this 14th day of December , 1993
ATTEST
GUIDO H INGUANZO, JR , VILLAGE CLERK
APPROVED AS TO FORM • LEGAL SUFFICIENCY
STEPHEN J HELFMAN, I LAG; ATTORNEY
RESOLUTION NO 93-57
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, AUTHORIZING THE ISSUANCE OF LAND
ACQUISITION REVENUE BONDS, SERIES 1993, OF
THE VILLAGE OF KEY BISCAYNE, FLORIDA, IN THE
AGGREGATE PRINCIPAL AMOUNT OF $9,200,000 FOR
THE PURPOSE OF ACQUIRING AND IMPROVING THE
TREE FARM PROPERTY, AWARDING THE SALE OF THE
BONDS TO NORTHERN TRUST BANK OF FLORIDA,
PROVIDING FOR SECURITY FOR THE BONDS,
PROVIDING OTHER PROVISIONS RELATING TO THE
BONDS, MAKING CERTAIN COVENANTS AND
AGREEMENTS IN CONNECTION THEREWITH, AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, the Village Council (the "Council") of the Village
of Key Biscayne, Florida (the "Village") desires to authorize
the issuance of land acquisition revenue bonds in an aggregate
principal amount of Nine Million Two Hundred Thousand Dollars
($9,200,000) for the purpose of acquiring and improving certain
undeveloped real property, commonly known as the "Tree Farm
Property", located in the Village for Village purposes (the
"Project"), and paying costs of issuance of the bonds, and
WHEREAS, pursuant to an Ordinance passed and adopted on
second reading on this day, Council has authorized bonds to be
issued to finance the Project in an amount not to exceed
$9,500,000 (the "Ordinance"), with the terms of the bonds to be
determined by supplemental resolution, and
WHEREAS, the Council hereby determines to accept a
commitment (the "Commitment") from Northern Trust Bank of
Florida, N A (the "Bank") to purchase such bonds,
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF
THE VILLAGE OF KEY BISCAYNE, FLORIDA
SECTION 1 AUTHORIZATION OF BONDS Pursuant to the
provisions of this Bond Resolution and the Ordinance, land
acquisition revenue bonds of the Village to be designated
"Village of Key Biscayne, Florida, Land Acquisition Revenue
Bonds, Series 1993" (the "Bonds"), are hereby authorized to be
issued in an aggregate principal amount of Nine Million Two
Hundred Thousand Dollars ($9,200,000) for the purpose of
financing costs of the Project and paying costs of issuance of
the Bonds
SECTION 2 TERMS OF THE BONDS The Bonds shall be issued
in fully registered form without coupons The principal of and
interest on the Bonds shall be payable when due 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 Owners of the Bonds ("Owners") or their legal
representatives at the addresses of the Owners as they appear
on the registration books of the Village
The Bonds shall be dated the date of their issuance and
delivery and shall be initially issued as one Bond in the
denomination of $9,200,000 The Bonds shall mature on
December 15, 2003
Except as otherwise provided herein, the Bonds shall bear
interest on the outstanding principal balance from their date
of issuance payable semi-annually on the fifteenth day of each
June and December (the "Interest Payment Dates"), commencing
June 15, 1994, at an interest rate equal to 4 36% per annum
Interest on the Bonds shall be computed on the basis of a
360 -day year consisting of twelve (12) thirty -day months
In the event that (1) the maximum effective federal
corporate income tax rate (the "Maximum Corporate Tax Rate"),
during any period with respect to which interest shall be
accruing on the Bonds, shall be other than thirty-five percent
(35%), or (ii) the percentage reduction to be applied to the
amount of interest expense incurred or continued to purchase
obligations the interest on which is exempt from tax (within
the meaning of Section 291(e)(1)(B) of the Internal Revenue
Code of 1986, as amended (the "Code")) allowed as a deduction
to the Owners of the Bonds (the "Preference Reduction Rate")
during any period with respect to which interest shall be
accruing on the Bonds, shall be other than twenty percent
(20%), the interest rate on the Bonds shall be adjusted as
follows, effective as of the date of any such change
The interest rate on the Bonds shall be adjusted to the
product obtained by multiplying the interest rate then in
effect on the Bonds by a fraction, the numerator of which is
equal to the sum of (1) the product of the "Fully Taxable
Equivalent" times one minus the Maximum Corporate Tax Rate in
effect as of the day of adjustment, plus (ii) the "TEFRA
Adjustment" calculated using the Maximum Corporate Tax Rate and
Preference Reduction Rate in effect as of the date of
adjustment, and the denominator of which is equal to the sum of
(1) the product of the "Fully Taxable Equivalent" times one
minus the Maximum Corporate Tax Rate in effect immediately
prior to the date of adjustment, plus (ii) the "TEFRA
Adjustment" calculated using the Maximum Corporate Tax Rate and
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Preference Reduction Rate in effect immediately prior to the
date of adjustment
As used herein (1) "TEFRA Adjustment" means an adjustment
equal to the product of the following Cost of Funds
multiplied by the applicable Maximum Corporate Tax Rate
multiplied by the applicable Preference Reduction Rate,
(2) "Cost of Funds" means three percent (3%) per annum, and
(3) "Fully Taxable Equivalent" means six and thirty-nine one
hundredths percent (6 39%) per annum
The principal of the Bonds shall be payable in ten (10)
annual installments on the following dates and in the following
amounts
Payment Dates Amounts
12-15-94 $ 755,000
12-15-95 785,000
12-15-96 820,000
12-15-97 855,000
12-15-98 895,000
12-15-99 935,000
12-15-00 975,000
12-15-01 1,015,000
12-15-02 1,060,000
12-15-03 1,105,000
In the event that any payment of principal of or interest
on the Bonds is not made at the time due hereunder, then such
unpaid amount shall bear interest from its due date until paid
at a rate equal to seventy-five percent (75%) of the
then -applicable "Prime Rate" of the Bank, adjusted on each
Interest Payment Date for changes in such "Prime Rate"
The Bonds are subject to extraordinary mandatory prepayment
in whole (1) at any time prior to June 15, 1994, in the event
that the Village determines not to acquire the Project prior to
such date, (ii) on June 15, 1994 in the event that the Project
has not been acquired by the Village on or prior to such date,
and (iii) in the event and on the date that the Project (if
acquired by the Village) is sold by the Village while the Bonds
are outstanding, each at a price of par plus accrued interest
to the date of prepayment
The Bonds are subject to optional prepayment in whole or in
part at any time, and if in part, in an aggregate principal
amount of at least $100,000 and in inverse order of the
maturity of principal installments or portions thereof, at a
redemption price equal to par plus the applicable "Prepayment
Loss Reimbursement", plus accrued interest thereon to the date
of prepayment
3
As used herein, "Prepayment Loss Reimbursement" means the
greater of (a) zero or (b) the sum of (1) the present value of
the remaining interest and principal payments due on the Bonds,
discounted at the Treasury Rate plus 1 0% multiplied by one
minus the Maximum Corporate Tax Rate in effect as of the day of
prepayment plus the "TEFRA Adjustment" calculated using the
Maximum Corporate Tax Rate and Preference Reduction Rate in
effect as of the date of prepayment, less (ii) the remaining
principal of such Bonds at par
As used herein, the "Treasury Rate" shall be determined by
reference to the Federal Reserve Statistical Release H 15(519)
which becomes publicly available at least two business days
prior to the date as of which such determination is being made
(or, if the Statistical Release is no longer published, any
publicly available source of similar market data), and shall be
the most recent weekly average yield on actively traded U S
Treasury maturities adjusted to a constant maturity equal to
the then Remaining Weighted Average Life to Retirement of the
Bonds (the "Remaining Life") If the Remaining Life is not
equal to the constant maturity of a U S Treasury security for
which a weekly average yield is given, the Treasury Rate shall
be obtained by linear interpolation (calculated to the nearest
one -twelfth of a percent) from the weekly average yields of the
actively traded U S Treasury security with the duration
closest to and greater than the Remaining Life of the Bonds,
except that if the Remaining Life is less than one year, the
weekly average yield of actively traded U S Treasury
securities adjusted to a constant maturity of one year shall be
used The Treasury Rate will be computed to one thousandth of
a percentage point and then rounded to one hundredth of a
percent point
As used herein, the "Weighted Average Life to Retirement"
means as of the time of the determination thereof the number of
years obtained by dividing the then Remaining Dollar -years of
the Bonds by the then outstanding principal amount of the
Bonds "Remaining Dollar years" of Bonds means the amount
obtained by (1) multiplying the amount of each then remaining
principal installment including the final installment due at
maturity, by the number of years (calculated to the nearest
one -twelfth) which will elapse between the date as of which the
calculation is made and the due date of that installment and
(2) totaling all the products obtained in (1)
Written notice of any such optional prepayment shall be
given by the Village to the Owners of the Bonds at least five
(5) days prior to the date fixed for prepayment
THE BONDS SHALL NOT BE DEEMED TO CONSTITUTE AN INDEBTEDNESS
OF THE VILLAGE OR A PLEDGE OF THE FAITH AND CREDIT OF THE
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VILLAGE, BUT SHALL BE PAYABLE EXCLUSIVELY FROM THE PLEDGED
REVENUES, AS DEFINED HEREIN THE ISSUANCE OF THE BONDS SHALL
NOT DIRECTLY OR INDIRECTLY OR CONTINGENTLY OBLIGATE THE VILLAGE
TO LEVY OR TO PLEDGE ANY FORM OF TAXATION WHATEVER THEREFOR NOR
SHALL THE BONDS CONSTITUTE A CHARGE, LIEN, OR ENCUMBRANCE,
LEGAL OR EQUITABLE, UPON ANY PROPERTY OF THE VILLAGE, AND THE
HOLDERS OF THE BONDS SHALL HAVE NO RECOURSE TO THE POWER OF
TAXATION
SECTION 3 EXECUTION OF BONDS The Bonds shall be signed
in the name of the Village by the Mayor and the Village Clerk,
and its seal shall be affixed thereto or imprinted or
reproduced thereon The signatures of the Mayor and Village
Clerk on the Bonds may be manual or facsimile signatures,
provided that the signature of one of such officers shall be a
manual signature In case any one or more of the officers who
shall have signed or sealed any of the Bonds shall cease to be
such officer of the Village before the Bonds so signed and
sealed shall have been actually sold and delivered, such Bonds
may nevertheless be sold and delivered as herein provided and
may be issued as if the person who signed and sealed such Bonds
had not ceased to hold such office Any Bonds may be signed
and sealed on behalf of the Village by such person as at the
actual time of the execution of such Bonds shall hold the
proper office, although at the date of such Bonds such person
may not have held such office or may not have been so
authorized
SECTION 4 NEGOTIABILITY, REGISTRATION AND CANCELLATION
The Village shall serve as Registrar and as such shall keep
books for the registration of Bonds and for the registration of
transfers of Bonds 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 Bonds may be exchanged for one or
more Bonds of the same aggregate principal amount and maturity
and in denominations in integral multiples of $250,000 No
transfer or exchange of any Bond shall be effective until
entered on the registration books maintained by the Village
The Village may deem and treat the person in whose name any
Bond shall be registered upon the books kept by 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
5
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
In all cases in which Bonds are transferred or exchanged in
accordance with this Section, the Village shall execute and
deliver Bonds in accordance with the provisions of this
Resolution All Bonds surrendered in any such exchanges or
transfers shall forthwith be cancelled by the Village There
shall be no charge for any such exchange or transfer of Bonds,
but the Village may require the 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 15 days next preceding an interest payment date on
such Bonds
All Bonds, the principal and interest of which has been
paid, either at or prior to maturity, shall be delivered to the
Village when such payment is made, and shall thereupon be
cancelled
In case a portion but not all of an outstanding Bond shall
be prepaid, 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
SECTION 5 BONDS MUTILATED, DESTROYED, STOLEN OR LOST In
case any Bond shall become mutilated or be destroyed, stolen or
lost, the Village may in its discretion issue and deliver a new
Bond of like tenor as the Bond so mutilated, destroyed, stolen
or lost, in the case of a mutilated Bond, in exchange and
substitution for such mutilated Bond upon surrender of such
mutilated Bond or in the case of a destroyed, stolen or lost
Bond in lieu of and substitution for the Bond destroyed, stolen
or lost, upon the Owner furnishing the Village proof of his
ownership thereof, satisfactory proof of loss or destruction
thereof and satisfactory indemnity, complying with such other
reasonable regulations and conditions as the Village may
prescribe and paying such expenses as the Village may incur
The Village shall cancel all mutilated Bonds that are
surrendered If any mutilated, destroyed, lost or stolen Bond
shall have matured or be about to mature, instead of issuing a
substitute Bond, the Village may pay the principal of and
interest on such Bond upon the Owner complying with the
requirements of this paragraph
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Any such duplicate Bonds issued pursuant to this section
shall constitute original, additional contractual obligations
of the Village whether or not the lost, stolen or destroyed
Bonds be at any time found by anyone, and such duplicate Bonds
shall be entitled to equal and proportionate benefits and
rights as to lien on and source and security for payment from
the funds, as hereinafter pledged, to the extent as all other
Bonds issued hereunder
SECTION 6 FORM OF BONDS The text of the Bonds shall be
of substantially the following tenor, with such omissions,
insertions and variations as may be necessary and desirable and
authorized or permitted by this Resolution
7
UNITED STATES OF AMERICA
STATE OF FLORIDA
VILLAGE OF KEY BISCAYNE
LAND ACQUISITION REVENUE BOND
SERIES 1993
Registered Owner
Principal Amount
Dollars
KNOW ALL MEN BY THESE PRESENTS, that the Village of Key
Biscayne, Florida (the "Village"), for value received, hereby
promises to pay in installments to the Registered Owner shown
above, or registered assigns, on the dates set forth below,
from the sources hereinafter mentioned, the Principal Amount
specified above Subject to the rights of prior prepayment and
amortization described in this Bond, this Bond shall mature on
December 15, 2003
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 duly adopted by Village Council of the
Village on 1993 (the "Ordinance") and
Resolution No duly adopted by the Village Council of the
Village on 1993 (the "Resolution", and
collectively with the Ordinance, the "Bond Ordinance")
subject to the terms of said Bond Ordinance This
issued for the purpose of acquiring and improving
undeveloped real property in the Village for Village
and paying costs of issuance of the Bonds
and is
Bond is
certain
purposes
Except as otherwise provided herein, this Bond shall bear
interest on the outstanding principal balance from its date of
issuance payable semi-annually on the fifteenth day of each
June and December (the "Interest Payment Dates"), commencing
June 15, 1994, at an interest rate equal to 4 36% per annum
Interest on this Bond shall be computed on the basis of a
360 -day year consisting of twelve (12) thirty -day months
In the event that (1) the maximum effective federal
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corporate income tax rate (the "Maximum Corporate Tax Rate"),
during any period with respect to which interest shall be
accruing on the Bonds, shall be other than thirty-five percent
(35%), or (ii) the percentage reduction to be applied to the
amount of interest expense incurred or continued to purchase
obligations the interest on which is exempt from tax (within
the meaning of Section 291(e)(1)(B) of the Internal Revenue
Code of 1986, as amended (the "Code")) allowed as a deduction
to the Owners of the Bonds (the "Preference Reduction Rate")
during any period with respect to which interest shall be
accruing on the Bonds, shall be other than twenty percent
(20%), the interest rate on the Bonds shall be adjusted as
follows, effective as of the date of any such change
The interest rate on the Bonds shall be adjusted to the
product obtained by multiplying the interest rate then in
effect on the Bonds by a fraction, the numerator of which is
equal to the sum of (1) the product of the "Fully Taxable
Equivalent" times one minus the Maximum Corporate Tax Rate in
effect as of the day of adjustment, plus (ii) the "TEFRA
Adjustment" calculated using the Maximum Corporate Tax Rate and
Preference Reduction Rate in effect as of the date of
adjustment, and the denominator of which is equal to the sum of
(1) the product of the "Fully Taxable Equivalent" times one
minus the Maximum Corporate Tax Rate in effect immediately
prior to the date of adjustment, plus (ii) the "TEFRA
Adjustment" calculated using the Maximum Corporate Tax Rate and
Preference Reduction Rate in effect immediately prior to the
date of adjustment
As used herein (1) "TEFRA Adjustment" means an adjustment
equal to the product of the following Cost of Funds
multiplied by the applicable Maximum Corporate Tax Rate
multiplied by the applicable Preference Reduction Rate,
(2) "Cost of Funds" means three percent (3%) per annum, and
(3) "Fully Taxable Equivalent" means six and thirty-nine one
hundredths percent (6 39%) per annum
The principal of this Bond shall be payable in ten (10)
annual installments on the following dates and in the following
amounts
9
Payment Dates Amounts
12-15-94 $ 755,000
12-15-95 785,000
12-15-96 820,000
12-15-97 855,000
12-15-98 895,000
12-15-99 935,000
12-15-00 975,000
12-15-01 1,015,000
12-15-02 1,060,000
12-15-03 1,105,000
In the event that any payment of principal of or interest
on the Bonds is not made at the time due hereunder, then such
unpaid amount shall bear interest from its due date until paid
at a rate equal to seventy-five percent (75%) of the
then -applicable "Prime Rate" of Northern Trust Bank of Florida,
N A , adjusted on each Interest Payment Date for changes in
such "Prime Rate"
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
This Bond is payable from and secured by a pledge and
assignment of proceeds of the public service tax authorized by
Part III, Chapter 166, Florida Statutes and received by the
Village pursuant to Section 8 04 of the Charter of the Village,
and any other revenues received by the Village which are
intended to replace all or any portion of such taxes, such as
emergency state or federal grants intended for such purpose
(the "Pledged Revenues")
THIS BOND SHALL NOT BE DEEMED TO CONSTITUTE AN INDEBTEDNESS
OF THE VILLAGE OR A PLEDGE OF THE FAITH AND CREDIT OF THE
VILLAGE, BUT SHALL BE PAYABLE EXCLUSIVELY FROM THE PLEDGED
REVENUES THE ISSUANCE OF THIS BOND SHALL NOT DIRECTLY OR
INDIRECTLY OR CONTINGENTLY OBLIGATE THE VILLAGE TO LEVY OR TO
PLEDGE ANY FORM OF TAXATION WHATEVER THEREFOR NOR SHALL THIS
BOND CONSTITUTE A CHARGE, LIEN, OR ENCUMBRANCE, LEGAL OR
EQUITABLE, UPON ANY PROPERTY OF THE VILLAGE, AND THE HOLDER OF
THIS BOND SHALL HAVE NO RECOURSE TO THE POWER OF TAXATION
The Bonds are subject to extraordinary mandatory prepayment
in whole (1) at any time prior to June 15, 1994, in the event
that the Village determines not to acquire the Project prior to
such date, (ii) on June 15, 1994 in the event that the Project
has not been acquired by the Village on or prior to such date,
10
and (iii) in the event and on the date that the Project (if
acquired by the Village) is sold by the Village while the Bonds
are outstanding, each at a price of par plus accrued interest
to the date of prepayment
The Bonds are subject to optional prepayment in whole or in
part at any time, and if in part, in an aggregate principal
amount of at least $100,000 and in inverse order of the
maturity of principal installments or portions thereof, at a
redemption price equal to par plus the applicable "Prepayment
Loss Reimbursement", plus accrued interest thereon to the date
of prepayment.
As used herein, "Prepayment Loss Reimbursement" means the
greater of (a) zero or (b) the sum of (1) the present value of
the remaining interest and principal payments due on the Bonds,
discounted at the Treasury Rate plus 1 0% multiplied by one
minus the Maximum Corporate Tax Rate in effect as of the day of
prepayment plus the "TEFRA Adjustment" calculated using the
Maximum Corporate Tax Rate and Preference Reduction Rate in
effect as of the date of prepayment, less (ii) the remaining
principal of such Bonds at par
As used herein, the "Treasury Rate" shall be determined by
reference to the Federal Reserve Statistical Release H 15(519)
which becomes publicly available at least two business days
prior to the date as of which such determination is being made
(or, if the Statistical Release is no longer published, any
publicly available source of similar market data), and shall be
the most recent weekly average yield on actively traded U S
Treasury maturities adjusted to a constant maturity equal to
the then Remaining Weighted Average Life to Retirement of the
Bonds (the "Remaining Life") If the Remaining Life is not
equal to the constant maturity of a U S Treasury security for
which a weekly average yield is given, the Treasury Rate shall
be obtained by linear interpolation (calculated to the nearest
one -twelfth of a percent) from the weekly average yields of the
actively traded U S Treasury security with the duration
closest to and greater than the Remaining Life of the Bonds,
except that if the Remaining Life is less than one year, the
weekly average yield of actively traded U S Treasury
securities adjusted to a constant maturity of one year shall be
used The Treasury Rate will be computed to one thousandth of
a percentage point and then rounded to one hundredth of a
percent point
As used herein, the "Weighted Average Life to Retirement"
means as of the time of the determination thereof the number of
years obtained by dividing the then Remaining Dollar -years of
the Bonds by the then outstanding principal amount of the
Bonds "Remaining Dollar years" of Bonds means the amount
obtained by (1) multiplying the amount of each then remaining
11
principal installment including the final installment due at
maturity, by the number of years (calculated to the nearest
one -twelfth) which will elapse between the date as of which the
calculation is made and the due date of that installment and
(2) totaling all the products obtained in (1)
Written notice of any such optional prepayment shall be
given by the Village to the Owners of the Bonds at least five
(5) days prior to the date fixed for prepayment
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 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 15 days next preceding an interest payment date
on such Bonds
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4 All Bonds, the principal and interest of which has
been paid, either at or prior to maturity, shall be delivered
to the Village when such payment is made, and shall thereupon
be cancelled In case part, but not all of an outstanding Bond
shall be prepaid, such Bond shall not be surrendered in
exchange for a new Bond
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, Florida or a facsimile thereof
to be affixed hereto or imprinted or reproduced hereon, all as
of the day of , 1993
VILLAGE OF KEY BISCAYNE,
FLORIDA
Mayor
Village Clerk
(SEAL)
13
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
Signature Guaranteed Social Security Number
of Assignee
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
14
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 under Uniform Gifts to Minors
the entirety Act of
JT TEN - as joint tenants
with right of
survivorship and
-got as tenants
in common
(State)
I
Additional abbreviations may also be used though not in the
list above
15
SECTION 7 PLEDGE OF REVENUES
(a) The Village hereby pledges, and to the extent
permitted by law, assigns and grants a security interest to the
Owners of the Bonds, in order to secure the payment of the
principal of and interest on the Bonds, in the proceeds of the
public service tax authorized by Part III, Chapter 166, Florida
Statutes (the "Public Service Tax") and received by the Village
pursuant to Section 8 04 of the Charter of the Village, and any
other revenues received by the Village which are intended to
replace all or any portion of such taxes, such as emergency
state or federal grants intended for such purpose (the "Pledged
Revenues") The Village represents and warrants that there are
no pledges or liens on the Pledged Revenues that are prior to
or on a parity with the pledge and lien granted hereby to the
Bondowners The Village covenants that in any emergency
situation involving a disruption or permanent loss of any
portion of the Public Service Tax revenues, it will pursue all
available sources to replace such revenues, such as emergency
state or federal grants
(b) The Village covenants that for so long as the
Bonds are outstanding it will not repeal or modify the
provisions of Section 8 04 of its Charter or take any other
action so as to reduce the rate at which the Public Service Tax
is levied, or otherwise modify the provisions of Section 8 04
of its Charter or take any other action in any manner so as to
impair or adversely affect the ability of the Village to levy
and collect the Public Service Tax
(c) The Village covenants that it will not hereafter
issue any other obligations payable from the Pledged Revenues,
nor voluntarily create or cause to be created any debt, lien,
pledge, assignment, encumbrance or any other charge, on a
parity with or having priority to, the lien held by the Owners
of the Bonds upon the Pledged Revenues, or any part thereof
(d) The Village may issue obligations with a lien on
the Pledged Revenues subordinate to the lien of the Bonds
However, any such obligations issued by the Village and payable
from a subordinate lien on the Pledged Revenues shall contain
an express statement that such obligations are junior and
subordinate in all respects to the Bonds as to lien on and
source and security for payment from the Pledged Revenues,
provided that no such subordinated indebtedness may be issued
if there has occurred and is continuing an Event of Default
under this Resolution
SECTION 8 BOND FUND There is hereby created a fund
entitled "Village of Key Biscayne, Florida Land Acquisition
Revenue Bonds, Series 1993 Bond Fund" (the "Bond Fund") There
shall be deposited into the Bond Fund on each Interest Payment
16
Date sufficient amounts of Pledged Revenues or other available
revenues which, together with the amounts already on deposit
therein, will enable the Village to pay the principal of and
interest on the Bonds on each Interest Payment Date Moneys in
the Bond Fund shall be applied on each Interest Payment Date to
the payment of principal of and interest on the Bonds coming
due on each such date
SECTION 9 INVESTMENT OF BOND FUND Subject to Section 12
hereof, funds in the Bond Fund may be invested in the following
investments, maturing at or before the time such funds may be
needed to pay principal of or interest on Bonds, to the extent
such investments are legal for investment of municipal funds
("Authorized Investments")
(a) The Local Government Surplus Funds Trust Fund,
(b) Negotiable direct obligations of, or obligations
the principal of and interest on which are unconditionally
guaranteed by, the United States Government at the then
prevailing market price for such securities,
(c) Interest -bearing time deposits or savings
accounts in banks organized under the laws of the State of
Florida (the "State"), in national banks organized under
the laws of the United States and doing business and
situated in the State, in savings and loan associations
which are under State supervision, or in federal savings
and loan associations located in the State and organized
under federal law and federal supervision, provided that
any such deposits are secured by collateral as may be
prescribed by law,
(d) Obligations of the federal farm credit banks, the
Federal Home Loan Mortgage Corporation, including Federal
Home Loan Mortgage Corporation participation certificates,
or the Federal Home Loan Bank or its district banks or
obligations guaranteed by the Government National Mortgage
Association,
(e) Obligations of the Federal National Mortgage
Association, including Federal National Mortgage
Association participation certificates and mortgage
pass -through certificates guaranteed by the Federal
National Mortgage Association,
(f) Securities of, or other interests in, any
open-end or closed -end management type investment company
or investment trust registered under the Investment Company
Act of 1940, 15 U S C ss 80a-1 et seq , as amended from
time to time, provided the portfolio of such investment
company or investment trust is limited to United States
17
Government obligations and to repurchase agreements fully
collateralized by such United States Government obligations
and provided such investment company or investment trust
takes delivery of such collateral either directly or
through an authorized custodian, or
(g) Any other investments that at the time are legal
investments for municipal funds
SECTION 10 APPLICATION OF BOND PROCEEDS The proceeds
received upon the sale of the Bonds shall be applied
simultaneously with the delivery of the Bonds, as follows
1 The Village shall first use the moneys to pay costs of
issuance of the Bonds
2 The remainder of the proceeds of the sale of the Bonds
shall be deposited in the "Village of Key Biscayne, Land
Acquisition Revenue Bonds, Series 1993 Project Fund" (the
"Project Fund"), hereby created, and used only in connection
with the Project
Pending their use, the proceeds in the Project Fund may be
invested in Authorized Investments, maturing not later than the
date or dates on which such proceeds will be needed for the
purposes of this Bond Resolution Subject to Section 12
hereof, any income received upon such investment shall be
deposited in the Project Fund and applied to costs of the
Project or, at the option of the Village, deposited in the Bond
Fund and used to pay interest on the Bonds until completion of
the Project Subject to Section 12 hereof, after the
completion of the Project, any remaining balance of proceeds of
the Bonds shall be deposited into the Bond Fund and used solely
to pay principal of the Bonds
Such funds shall be kept separate and apart from all other
funds of the Village and the moneys on deposit therein shall be
withdrawn, used and applied by the Village solely for the
purposes set forth herein
The registered Owners shall have no responsibility for the
use of the proceeds of the Bonds, and the use of such Bond
proceeds by the Village shall in no way affect the rights of
such registered Owners The Village shall be obligated to
apply the proceeds of the Bonds solely for financing costs of
the Project However, the Village shall be irrevocably
obligated to continue to pay the principal of and interest on
the Bonds notwithstanding any failure of the Village to use and
apply such Bond proceeds in the manner provided herein
SECTION 11 FUNDS Each of the funds and accounts herein
established and created shall constitute trust funds for the
18
purposes provided herein for such funds and accounts
respectively The money in such funds and accounts shall be
continuously secured in the same manner as deposits of Village
funds are authorized to be secured by the laws of the State of
Florida. Except as otherwise provided in Sections 9 and 10
hereof, earnings on any investments in any amounts on any of
the funds and accounts herein established and created shall be
credited to such respective fund or account
The designation and establishment of the funds and accounts
in and by this Bond Resolution shall not be construed to
require the establishment of any completely independent,
self -balancing funds, as such term is commonly defined and used
in governmental accounting, but rather is intended solely to
constitute an earmarking of certain revenues and assets of the
Village for the purposes herein provided and to establish
certain priorities for application of such revenues and assets
SECTION 12 INVESTMENTS AND USE OF PROCEEDS TO COMPLY WITH
INTERNAL REVENUE CODE OF 1986 The Village covenants to the
Owners of the Bonds that it will take all actions and do all
things necessary and desirable in order to maintain the
exclusion from gross income for federal income tax purposes of
interest on the Bonds, and shall refrain from taking any
actions that would cause interest on the Bonds to be included
in gross income for federal income tax purposes. In
particular, the Village will not make or direct the making of
any investment or other use of the proceeds of the Bonds which
would cause such Bonds to be "private activity bonds" as that
term is defined in Section 141 (or any successor provision
thereto) of the Code or "arbitrage bonds" as that term is
defined in Section 148 (or any successor provision thereto) of
the Code, and all applicable regulations promulgated under the
Code, and that it will comply with the applicable requirements
of Section 148 of the Code and the aforementioned regulations
throughout the term of the Bonds
SECTION 13 DESIGNATION UNDER SECTION 265(b)(3) OF THE
CODE The Village hereby designates the Bonds as qualified
tax-exempt obligations under Section 265(b)(3) of the Code, and
shall make all necessary filings in order to effectuate such
election The Village represents that neither the Village nor
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 have issued tax-exempt
obligations during calendar year 1993 and neither the Village
nor any such entities expect to issue tax-exempt obligations
during calendar year 1993, other than (1) the Bonds and (ii)
$350,000 drawn under a line of credit represented by a Term
Note, dated September 7, 1993, payable to Key Biscayne Bank and
Trust Company
19
SECTION 14 ARBITRAGE REBATE COVENANTS There is hereby
created and established a fund to be held by the Village,
designated the "Village of Key Biscayne Land Acquisition
Revenue Bonds, Series 1993, Rebate Fund" (the "Rebate Fund")
The Rebate Fund shall be held by the Village separate and apart
from all other funds and accounts held by the Village under
this Resolution and from all other moneys of the Village
Notwithstanding anything in this Resolution to the
contrary, the Village shall transfer to the Rebate Fund the
amounts required to be transferred in order to comply with the
Rebate Covenants, if any, attached as an Exhibit to the
Arbitrage Certificate to be delivered by the Village on the
date of delivery of the Bonds (the "Rebate Covenants"), when
such amounts are so required to be transferred The Village
Manager shall make or cause to be made payments from the Rebate
Fund of amounts required to be deposited therein to the United
States of America in the amounts and at the times required by
the Rebate Covenants The Village covenants for the benefit of
the Owners of the Bonds that it will comply with the Rebate
Covenants. The Rebate Fund, together with all moneys and
securities from time to time held therein and all investment
earnings derived therefrom, shall be excluded from the pledge
and lien of this Resolution The Village shall not be required
to comply with the requirements of this Section 14 in the event
that the Village obtains an opinion of nationally recognized
bond counsel that (1) such compliance is not required in order
to maintain the federal income tax exemption of interest on the
Bonds and/or (ii) compliance with some other requirement is
necessary to maintain the federal income tax exemption of
interest on the Bonds
SECTION 15 SPECIAL COVENANTS The Village shall, within
thirty (30) days of the end of each fiscal quarter of the
Village, deliver to the Bondowners a report showing the amount
of Pledged Revenues received by the Village during the
preceding fiscal quarter of the Village
SECTION 16 COVENANTS BINDING ON VILLAGE AND SUCCESSOR
All covenants, stipulations, obligations and agreements of the
Village contained in this Resolution shall be deemed to be
covenants, stipulations, obligations and agreements of the
Village to the full extent authorized or permitted by law, and
all such covenants, stipulations, obligations and agreements
shall be binding upon the successor or successors thereof from
time to time and upon the officer, board, body or commission to
whom or to which any power or duty affecting such covenants,
stipulations, obligations and agreements shall be transferred
by or in accordance with law
Except as otherwise provided in this Resolution, all
rights, powers and privileges conferred and duties and
20
liabilities imposed upon the Village or upon the Village
Council by the provisions of this Resolution shall be exercised
or performed by the Village Council or by such officers, board,
body or commission as may be required by law to exercise such
powers or to perform such duties
No covenant, stipulation, obligation or agreement herein
contained shall be deemed to be a covenant, stipulation,
obligation or agreement of any present or future member of the
Village Council or officer, agent or employee of the Village in
his or her individual capacity, and neither the members of the
Village Council nor any officer, agent or employee of the
Village executing the Bonds shall be liable personally on the
Bonds or be subject to any personal liability or accountability
by reason of the issuance thereof
SECTION 17 EVENTS OF DEFAULT Each of the following
events is hereby declared an "event of default"
(a) payment of the principal 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
(c) the Village shall default in the due and punctual
performance of any covenant, condition, agreement or
provision contained in the Bonds or in this Resolution
(except for a default described in subsection (a) or (b) of
this Section) 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
Bondholders 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 the
consent of the Village 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 such proceedings shall not have been dismissed
within thirty (30) days after the institution of the same
SECTION 18 REMEDIES, RIGHTS OF BONDHOLDERS Upon the
occurrence and continuance of any event of default specified in
21
Section 17 hereof, 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 Bank 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 this Resolution and the
Bonds
SECTION 19 DEFEASANCE The covenants, liens and pledges
entered into, created or imposed pursuant to this Resolution
may be fully discharged and satisfied with respect to the Bonds
in any one or more of the following ways
(a) by paying the principal of, redemption premium,
if any, and interest on the Bonds when the same shall
become due and payable, or
(b) by depositing with an escrow agent certain moneys
irrevocably pledged to the payment of the Bonds, which
together with other moneys lawfully available therefor, if
any, shall be sufficient at the time of such deposit with
the escrow agent to pay when due the principal, redemption
premium, if any, and interest due and to become due on said
Bonds on or prior to the redemption date or maturity date
thereof, or
(c) by depositing with an escrow agent moneys
irrevocably pledged to the payment of the Bonds, which
together with other moneys lawfully available therefor,
when invested by the escrow agent in direct obligations of
the United States of America which shall not be subject to
redemption prior to their maturity other than at the option
of the holder thereof, will provide moneys which shall be
sufficient (as evidenced by a verification report of an
independent certified public accountant or firm of
accountants) to pay when due the principal, redemption
premium, if any, and interest due and to become due on said
22
Bonds on or prior to the redemption date or maturity date
thereof
Upon such payment or deposit with an escrow agent in
the amount and manner provided in this Section 19, the
Bonds shall be deemed to be paid and shall no longer be
deemed to be Outstanding for the purposes of this
Resolution and the lien on and pledge of the Pledged
Revenues and all liability of the Village with respect to
said Bonds shall cease, terminate and be completely
discharged and extinguished and the holders thereof shall
be entitled to payment solely out of the moneys or
securities so deposited with the escrow agent, provided,
however, that (1) if any Bonds are to be redeemed prior to
the maturity thereof, notice of the redemption thereof
shall have been duly given in accordance with the
provisions of Section 2 hereof and (ii) in the event that
any Bonds are not by their terms subject to redemption
within the next succeeding sixty (60) days following a
deposit of moneys with the escrow agent in accordance with
this Section, the Village shall have given the escrow agent
in form satisfactory to it irrevocable instructions to mail
to the Owners of such Bonds at their addresses as they
appear on the registration books of the Village, a notice
stating that a deposit in accordance with this Section has
been made with the escrow agent and that the Bonds are
deemed to have been paid in accordance with this Section
and stating such maturity or redemption date upon which
moneys are to be available for the payment of the principal
of, premium, if any, and interest on said Bonds
(d) Notwithstanding the foregoing all references to
the discharge and satisfaction of Bonds shall include the
discharge and satisfaction 3f any portion of the Bonds
(e) If any portion of the moneys deposited with an
escrow agent for the payment of the principal of,
redemption premium, if any, and interest on any portion of
the Bonds is not required for such purpose, the escrow
agent shall transfer to the Village the amount of such
excess and the Village may use the amount of such excess
free and clear of any trust, lien, security interest,
pledge or assignment securing said Bonds or otherwise
existing under this Resolution
(f) Notwithstanding any of the foregoing, the
requirements of Sections 12 and 14 hereof relating to use
and investment of proceeds and rebate amounts due to the
United States pursuant to the Rebate Covenants shall
survive the payment of principal and interest with respect
to the Bonds or any portion thereof
23
SECTION 20 SALE OF BONDS Based upon the need for
immediate financing in order to acquire the Project within the
period specified in the purchase contract with the seller of
the land and the uncertainty of the interest rate environment
if sale of the Bonds is delayed, the Village hereby determines
the necessity for a negotiated sale of the Bonds. The Village
has been provided all applicable disclosure information
required by Section 218 385, Florida Statutes The negotiated
sale of the Bonds is hereby approved to the Bank at a purchase
price of par
SECTION 21 AUTHORITY OF OFFICERS The Mayor, the Vice
Mayor, 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 any and all documents and instruments and to do and
cause to be done any and all acts and things necessary or
proper for carrying out the transaction contemplated by this
Resolution and the other documents identified herein
SECTION 22 SEVERABILITY In case any one or more of the
provisions of this Resolution or of any Bonds issued hereunder
shall for any reason be held to be illegal or invalid, such
illegality or invalidity shall not affect any other provision
of this Resolution or of the Bonds, but this Resolution and the
Bonds shall be construed and enforced as if such illegal or
invalid provision had not been contained therein The Bonds
are issued and this Resolution is adopted with the intent that
the laws of the State shall govern their construction
SECTION 23 PAYMENTS DUE ON SATURDAYS, SUNDAYS AND
HOLIDAYS In any case where the date of maturity of interest
on or principal of the Bonds shall be a Saturday, Sunday or a
day on which the banks in the State are required, or authorized
or not prohibited, by law (including executive orders) to close
and are closed, then payment of such interest or principal need
not be made by the Village on such date but may be made on the
next succeeding business day on which the banks in the State
are open for business
SECTION 24 OPEN MEETING FINDINGS It is hereby found and
determined that all official acts of the Village Council
concerning and relating to the adoption of this Resolution and
all prior resolutions affecting the Village Council's ability
to issue the Bonds were taken in an open meeting of the Village
Council and that all deliberations of the Village Council or
any of its committees that resulted in such official acts were
in meetings open to the public, in compliance with all legal
requirements, including Section 286 011, Florida Statutes
SECTION 25 REPEALING CLAUSE All resolutions or orders
and parts thereof in conflict herewith, to the extent of such
conflicts, are hereby superseded and repealed
24
SECTION 26 EFFECTIVE DATE This Resolution shall take
effect immediately upon its passage and adoption
PASSED AND ADOPTED this 14th day of December, 1993
Attest
Village Clerk
Mayo. John F Festa
APPROVED AS TO LEGAL FORM AND SUFFICIENCY
Village ttorne
M/540JDD/12 15 93
25
RESOLUTION NO 93-56
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, AUTHORIZING THE MAYOR TO EXECUTE THE
ATTACHED AGREEMENT ON BEHALF OF THE VILLAGE
WITH COASTAL MANAGEMENT AND CONSULTING, DELRAY
BEACH, FLORIDA FOR DUNE MANAGEMENT CONSULTANT
SERVICES, PROVIDING FOR AN EFFECTIVE DATE
BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY BISCAYNE, FLORIDA
AS FOLLOWS
Section 1. The mayor is hereby authorized to execute the
attached agreement on behalf of the Village with Coastal Management
and Consulting of Delray Beach, Florida for dune management
consultant services
Section 2. This resolution shall take effect immediately upon
adoption
PASSED AND ADOPTED this 9th day of November , 1993
GUIDO H INGUANZO, JR , VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY
RICHARD J WEISS, VILLAGE ATTORNEY
RESOLUTION NO 93-55
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, AUTHORIZING THE MAYOR TO EXECUTE THE
ATTACHED AGREEMENT ON BEHALF OF THE VILLAGE
WITH C G REBOZO AND PRECISION VALVE CORP FOR
THE PURCHASE OF THOSE CERTAIN PARCELS OF REAL
PROPERTY LOCATED IN KEY BISCAYNE, DADE COUNTY,
FLORIDA, AS MORE PARTICULARLY DESCRIBED IN
SCHEDULE "A" ATTACHED TO AND MADE PART OF THE
AGREEMENT, AND PROVIDING FOR AN EFFECTIVE
DATE
BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY BISCAYNE, FLORIDA,
AS FOLLOWS
SECTION 1 The mayor is hereby authorized to execute the
attached agreement on behalf of the Village with C G Rebozo and
Precision Valve Corp for the purchase of real property located in
Key Biscayne, Dade County, Florida at a cost not to exceed
$9,098,518 00
SECTION 2 This resolution shall take effect immediately upon
adoption
PASSED AND ADOPTED this 9th DAY OF November , 1993
,a ad‘.____
R JOHN F FESTA
VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY
411•01.00., VIP
VILLAGE ATTORNEY
PURCHASE AND SALE AGREEMENT
THIS AGREEMENT is made and entered into by and between C G
Rebozo, and Precision Valve Corp , a New York Corporation
(collectively referred to herein as "Seller"), and the Village of
Key Biscayne ("Purchaser") In consideration of the mutual
covenants and promises set forth in this Agreement and other good
a'id alsable consideration, the receiot and sufficiency oz which
are acknowledged by the parties to this Agreement, the parties
agree to the following terms and conditions
1 PURCHASE AND SALE Seller agrees to sell to Purchaser
and Purchaser agrees to purchase from Seller those certain parcels
of real property located in Key Biscayne, Dade County, Florida, as
more particularly described in Exhibit "A" attached to and made a
part of this Agreement (the "Realty"), together with the following
other property
1 1 All equipment and other items of property (if any)
whatsoever used or useful in the operation, repair and maintenance
of the Realty, situated on the Realty, and owned by Seller,
1 2 All deposits, licenses, permits, and contract rights
pertaining to ownership and/or operation of the Realty,
1 3 All strips, gores, easements, privileges, rights -of -
way, riparian and other water rights, rights to lands underlying
any adjacent streets or roads, and other tenements, hereditament
and appurtenances, if any, pertaining to or accruing to the benefit
of the Realty All of the Realty, other property, and rights
described in this Section 1 are collectively referred to herein as
the "Property"
2 TIME AND EFFECTIVE DATE If this Agreement is not
executed and delivered by Seller on or before , at
5 00 p m , this Agreement shall, after that time, be null and void
and of no further force and effect The date of this Agreement,
for purposes of performance, shall be the date when the last one of
Seller and Purchaser has executed this Agreement, and this
Agreement has been formally approved by the Village of Key Biscayne
Council (the "Effective Date")
3 PURCHASE PRICE The total purchase price (the "Purchase
Price") to be paid by Purchaser to Seller for the Property is Nine
Million Ninety Eight Thousand, Five Hundred Eighteen and No/100
Dollars ($9,098,518 00) The Purchase Price is based upon $22 00
per square foot calculated on a property size consisting of
approximately 413,569 square feet of Property If pursuant to a
survey of the Property performed by Purchaser pursuant to paragraph
5 2 herein, it is determined that the square footage of the
Property is greater than or less than 413,569 square feet, the
Purchase Price shall be adjusted accordingly based on $22 00 per
square foot
4 DEPOSIT
4 1 To secure the performance by Purchaser of
Purchaser's obligations under this Agreement, Purchaser shall
deliver, upon execution of this Agreement by both parties, to the
lair firm of Weiss Serota & Helfman, P A Trust Account, as escrow
agent (the "Escrow Agent"), the sum of Twenty Five Thousand and
2
No/100 Dollars ($25,000 00) by check Upon expiration of the
Inspection Period as defined in paragraph 13 2 hereinbelow,
Purchaser shall deliver to Escrow Agent an additional deposit in
the sum of Three Hundred Seventy Five Thousand and No/100 Dollars
($375,000 00), the proceeds of which together with the initial
deposit shall be held in trust as an earnest money deposit (the
"Deposit") by Escrow Agent, and disbursed only in accordance with
the terms of this Agreement No4-v',*-hstanding the foregoing, if
requested by Seller in writing, Purchaser shall pay the deposit to
Chicago Title Insurance Company as Escrow Agent, Seller shall pay
all fees and costs charged by Chicago Title Insurance Company for
its services as Escrow Agent Escrow Agent shall use its good
efforts to invest the Deposit in an interest bearing account,
certificate of deposit or repurchase agreement maintained with or
issued by a commercial bank or savings and loan association doing
business in Dade County, Florida All interest accrued or earned
on the Deposit shall be paid or credited to Purchaser except in the
event of a default by Purchaser, without any default of Seller, in
which event the interest shall be disbursed to Seller, together
with the Deposit, as liquidated damages in accordance with Section
8 below Purchaser and Seller acknowledge that if the Deposit is
at any time in excess of $100,000 then it shall not be insured, and
both parties hold Escrow Agent harmless from all losses and costs
and liabilities which may accrue or be incurred related to such
lack of insurance
4 2 The Purchase Price shall be paid to Seller as
3
follows
$ 400,000 00
$ 8,698,518 00
the Deposit described in Section 4
of this Agreement, which shall be
paid to Seller at Closing,
approximately, in cash at Closing,
subject to prorations and
adjustments as provided in this
Agreement, to be paid by cashier's
check [drawn on a Dade County,
Florida, bank or savings
institution] or by federal wire
transfer
$9,098,518 00 Total Purchase Price
5 TITLE
5 1 Within twenty (20) days of the Effective Date,
Seller shall, at Seller's expense, deliver to Purchaser's
attorneys, Weiss Serota & Helfman, P A , Attention Stephen J
Helfman, Esq a complete Abstract of Title setting forth all
matters of record affecting the title to the Realty from the
earliest public records to a date subsequent to the date of this
Agreement The Abstract shall, at Seller's expense, be recontinued
or, at Purchaser's election, a computer title update shall be
obtained, within ten (10) days before Closing The Abstract and
update shall show Seller to be vested with good, marketable and
insurable fee simple title to the Realty, free and clear of all
liens, encumbrances, leases and tenancies, except the following
permitted exceptions (the "Permitted Exceptions")
5 1 1 Ad valorem real estate taxes for 1993 and
subsequent years,
4
5 1 2 All applicable zoning ordinances and
regulations, and
5 1 3 Covenants, conditions, restrictions,
rights -of -way and easements which do not affect the marketability
and insurability of the Property,
Title shall be deemed good, marketable and insurable only if
Purchaser can obtain, at Purchaser's expense, a commitment for an
Owner's ALTA Marketability Policy from Attorneys' Title Insurance
Fund, Inc , or otter national title insurer reasonably acceptable
to Purchaser, at standard rates, containing no exceptions other
than the Permitted Exceptions
5 2 Within the time period for examining title,
Purchaser may order, at Purchaser's expense, a survey (the
"Survey") of the Realty meeting the minimum technical standards of
the Florida Board of Land Surveyors, certified to Purchaser and to
Purchaser's title insurer and prepared (or recertified) as of a
date subsequent to the date of this Agreement, setting forth the
total number of square feet and acres in the Realty and the
location of all improvements, utility and other easements, either
visible or recorded, and recording references of them, and
elevation and flood zone information If the Survey shall reflect
any encroachment, overlaps, unrecorded easements or similar rights
in third parties, or any other adverse matter not specifically
provided for in this Agreement, then the same shall be deemed a
"title defect" to be dealt with as provided in Section 5 3
hereinbelow The legal description on the Survey shall become
Exhibit "B" which shall be attached and become part of this
Agreement and which shall control in the event of any discrepancies
between it and Exhibit "A"
5 3 Purchaser shall examine the Abstract and the Survey,
and if Purchaser finds title to be defective, Purchaser shall,
timely notify Seller in writing specifying the title defect(s)
If Purchaser has given Seller timely written notice of defect(s)
and the defect(s) render the title other than as represented in
this Agreement, Seller shall use Seller's best efforts to cause
such defects to be cured by the date of Closing Seller agrees to
remove by payment, bonding, or otherwise any lien against the
Property capable of removal by the payment of money or bonding At
either party's option, the date of Closing may be extended, if
necessary, for a period not to exceed sixty (60) days for the
purpose of eliminating any title defects In the event that Seller
does not eliminate such defects as of the date of Closing as the
same may be extended under the preceding sentence, or if any new
"title defects" appear from the date of certification of the
Abstract through the date of Closing, which Seller does not
eliminate as of the date of Closing, Purchaser shall have the
option of either (i) closing and accepting the title "as is,"
without reduction in the Purchase Price (except for any lien or
title defect that can be removed by the payment of money or bonding
by Seller) and without claim against Seller for such title defects,
in which event Closing shall take place ten (10) days after notice
of such election, or on the Closing Date, whichever is later, or
(ii) canceling this Agreement, in which event Escrow Agent shall
return the Deposit together with all interest earned thereon to
6
Purchaser Upon such return of the Deposit, both parties shall be
released from all further obligations under this Agreement, unless
such defects were caused by Seller's willful act or willful
omission, in which event Seller shall remain liable to Purchaser
for damages caused by the defects
5 4 The Closing shall be in escrow unless Seller shall
execute at Closing an affidavit and indemnification agreement,
acceptable to Purchaser's tit?? insurer, for "gap coverage " If
such "gap coverage" is not obtained, the following shall be the
escrow procedure The deed shall be recorded and the Abstract
continued at Purchaser's expense, to show title in Purchaser,
without any encumbrances or change from the date of the last
certification on the Abstract which would render Seller's title
unmarketable and the proceeds of the sale shall be held in escrow
by Escrow Agent for a period of not longer than five (5) business
days from and after Closing If Seller's title is found to be
unmarketable, Purchaser shall, within said five (5) day period,
notify Seller in writing of the defect and Seller shall have thirty
(30) days from date of receipt of such notification to cure the
defect In the event Seller fails to timely cure said defect, all
monies paid under this Agreement shall, within five (5) days after
written demand from Purchaser, be returned to Purchaser and,
simultaneously with such repayment, Purchaser shall vacate the
Property and reconvey it to Seller by special warranty deed In
the event Purchaser fails to give timely notice of title defects,
Purchaser shall take title as is but without waiving any rights
7
against Seller as may be available to Purchaser by virtue of
warranties contained in the deed
5 5 The provisions of this Section 5 shall survive the
Closing
6 SELLER'S REPRESENTATION, WARRANTIES AND COVENANTS
6 1 Seller represents and warrants to Purchaser and
covenants and agrees with Purchaser as follows
6 1 Seller has not entered into any r ortracts,
subcontracts, arrangements, licenses, concessions, easements, or
other agreements, either recorded or unrecorded, written or oral,
affecting all or any portion of the Property, or the use of it
6 1 2 There are no (i) existing or pending
improvement liens to be made by any governmental authority
affecting the Property, (11) violations of building codes and/or
zoning ordinances or other governmental or regulatory laws,
ordinances, regulations, orders or requirements affecting the
Property, (iii) existing, pending or threatened lawsuits or appeals
of prior lawsuits affecting the Property, (iv) existing, pending or
threatened condemnation proceedings affecting the Property, or (v)
existing, pending or threatened zoning, building, downzoning
petitions, proceedings, restrictive allocations or similar matters
that could affect Purchaser's use of the Property,
6 1 3 Seller is vested with good and marketable
and insurable fee simple title to the Property subject only to the
Permitted Exceptions listed in Section 5 hereinabove
6 1 4 Seller shall comply prior to Closing with
all laws, rules, regulations, and ordinances of all governmental
authorities having jurisdiction over the Property,
6 1 5 To the best of Seller's knowledge, Seller
has not done nor allowed anything which could cause toxic or
hazardous materials or waste to be present in, on or about the
Property, and has no knowledge of any such materials or waste being
or ever having been in, on, or about the Property or adjacent
properties To the best of Seller's knowledge, no toxic or
hazardous materials or wastes have been, are or shall be stored on
or under the Property or on or under property adjacent to it, which
have or will have an adverse effect upon the use, development
and/or value of the Property, all trash, if any, located on the
Property shall be removed prior to Closing
6 1 6 All impact fees, user fees and assessments
relating to the Property have been paid and the benefits of them
are assignable to Purchaser without additional cost to Purchaser,
6 1 7 The number of acres comprising the
Property, net of all existing and pending dedications, easements,
rights -of -way and deed restrictions is approximately 413,569 square
feet,
6 1 8 There are no agreements currently in
effect which restrict the sale of the Property,
6 1 9 Seller has the right, power and authority
to execute and deliver this Agreement and to consummate the
transactions contemplated by it, neither the execution and delivery
of this Agreement nor the consummation of the transactions
contemplated by it nor the fulfillment of nor the compliance with
the terms, conditions and provisions of this Agreement will
conflict with or result in a violation or breach of any relevant
law, or any other instrument or agreement of any nature to which
Seller is a party or by which it is bound or may be affected, or
constitute (with or without the giving of notice or the passage of
time) a default under such an instrument or agreement, no consent,
approval, authorization or order of any person is required with
respect to the consummation of the transactions contemplated by
this Agreement,
6 1 10 No commitments or agreements have been or
will be made to any governmental authority, utility company, school
board, church or other religious body, any homeowners or
homeowners' association, or any other organization, group or
individual, relating to the Property which would impose an
obligation upon Purchaser to make any contributions or dedications
of money or land to construct, install or maintain any improvements
of a public or private nature on or off the Property, or otherwise
impose liability on Purchaser,
6 1 11 At all times during the term of this
Agreement and as of Closing, all of Seller's representations,
warranties and covenants in this Agreement shall be true and
correct, no representation or warranty by Seller contained in this
Agreement and no statement delivered or information supplied to
Purchaser pursuant to this Agreement contains any untrue statement
of a material fact or omits to state a material fact necessary in
order to make the statements of information contained in them or in
this Agreement not misleading
6 2 The provisions of this Section 6 and all other
representations, warranties and covenants of Seller shall survive
the Closing
9
7 CONDITIONS PRECEDENT
7 1 An express condition precedent to Purchaser's
obligation to close this transaction is the truth and correctness
of all of Seller's representations and warranties and the
fulfillment of all of Seller's covenants at all times during the
term of this Agreement and as of Closing, and no inquiry, analysis
or examination made by Purchaser (or the results of them) shall
reduce, limit or otherwise affect said representations, warranties
and covenants
7 2 The following item is an additional condition
precedent to Purchaser's obligation to close this transaction
7 2 1 Purchaser shall have obtained the necessary
approval of this Agreement from the Village of Key Biscayne
Council
7 3 In the event (a) any of Seller's representations and
warranties are not true and correct or (b) Seller's covenants are
not fulfilled or (c) all other conditions precedent are not met as
of Closing (or earlier specified date, if any), then Purchaser
shall have the option of either (1) in the event of (a) or (b)
above, holding Seller in default under this Agreement, or (ii) in
the event of (c) above, waiving the condition precedent and closing
"as is" without equitable reduction in the Purchase Price
7 4 The provisions of this Section 7 shall survive the
Closing
8 DEFAULT PROVISIONS
8 1 In the event of the failure or refusal of Purchaser
to close this transaction, without fault on Seller's part and
- 10 -
without failure of title or any conditions precedent to Purchaser's
obligations under this Agreement, Seller shall have the right to
receive the Deposit together with all interest earned thereon as
agreed and liquidated damages for said breach, as Seller's sole and
exclusive remedy for the default of Purchaser, whereupon the
parties shall be relieved of all further obligations under this
Agreement
8 2 In the event of a default by Seller under this
Agreement, Purchaser at Purchaser's option shall (1) have the right
to receive the return of the Deposit together with all interest
earned thereon or, alternatively, (ii) Purchaser shall have the
right to seek specific performance of Seller's obligations under
this Agreement, without thereby waiving damages
9
PRORATIONS
9 1 Real estate taxes, interest, cost and
all other proratable items shall be prorated as of
Closing In the event the taxes for the year of
revenues
and
the date of
Closing are
unknown, the tax proration will be based upon such taxes for the
prior year and, at the request of either party, such taxes for the
year of Closing shall be reprorated and adjusted when the tax bill
for the year of Closing is received and the actual amount of taxes
is known
9 2 The provisions of this Section 9 shall survive the
Closing
10 IMPROVEMENT LIENS
10 1 Certified, confirmed or ratified liens for
governmental improvements or special assessments as of the date of
Closing, if any, shall be paid in full by Seller, and pending liens
for governmental improvements or special assessments as of the date
of Closing shall be assumed by Purchaser, provided that where the
improvement has been substantially completed as of the date of
Closing, such pending lien shall be considered certified
10 2 The provisions of this Section 10 shall survive the
Closing
11 DOCUMENTARY STAMPS AND INTANGIBLE TAXES At Closing,
Seller and Purchaser shall each pay one-half (1/2) of the
documentary stamps and surtax, if any, due on the warranty deed of
conveyance Each party shall bear the recording costs of any
instruments received by that party, except that Seller shall pay
the recording costs on documents necessary to clear title
12 CLOSING
12 1 Subject to other provisions of this Agreement for
extension, closing on the transaction described in this Agreement
(the "Closing") shall be ten (10) days from the date (a) the
Purchaser has obtained a commitment for an Owner's ALTA
Marketability Policy subject only to the Permitted Exceptions, and
(b) the Purchaser has received and approved the results of all
environmental tests or investigations performed on the Property
(the "Closing Date"), at the offices of the attorneys for
Purchaser, Weiss Serota & Helfman, P A , at 2665 South Bayshore
Drive, Suite 204, Miami, Florida 33133
12 2 Seller shall convey title to the Property by good
- 12 -
and sufficient Statutory Warranty Deed subject only to the
Permitted Exceptions described in Section 5 above Seller shall
also deliver at Closing to Purchaser
12 2 1 a mechanic's lien affidavit in form
acceptable to Purchaser's title insurer to delete the standard
exception relating to such liens in Purchaser's owner's title
insurance policy,
12 2 2 an affidavit that there are no unrecorded
easements and that Seller has exclusive possession of the Property,
in a form acceptable to the title insurer to delete the standard
exception relating to such liens in Purchaser's owner's title
insurance policy,
12 2 3 an affidavit that Seller has done nothing
to change the state of facts shown on the Survey,
12 2 4 the gap affidavit and indemnification
described in Section 6 above, if applicable,
12 2 5 instruments necessary to clear title, if
any, including those required to remove standard exceptions from
the title policy,
12 2 6 appropriate assignments of all leases,
deposits, licenses, easements, rights -of -way, contract rights,
intangible rights and other property rights included in this
transaction,
12 2 7 appropriate restatements of Seller's
covenants, representations and warranties which are to survive
Closing,
12 2 8 an affidavit that the Property is not the
sole asset of Seller or essential to its business, or satisfactory
evidence that the shareholders of Seller have ratified this
transaction,
12 2 9 evidence that there are no state or county
security interest filings or sheriff's writs of execution against
any of the property,
12 2 10 appropriate evidence of Seller's corporate
or partnership existence and authority to sell and convey the
Property, including without limitation a certified copy of
Seller's articles of incorporation, or a certificate from the
Secretary of State of Florida of qualification to transact business
in Florida together with certified copies of any document filed
with such articles, a certificate of due incorporation and good
standing from the appropriate governmental authorities, a
- 13 -
certificate from the Secretary of State of Florida that Seller has
registered under the RICO Act, and a certified copy of the
resolution of Seller's board of directors identifying Seller's
officers and authorizing this transaction and authorizing its
officer(s) to execute all requisite documents, including the
Statutory Warranty Deed,
12 2 11 any an all guarantees and warranties on
all property (if any) conveyed pursuant to this Agreement, with
assignment of all rights under the guarantees and warranties,
12 2 12 a non -foreign certificate and other
documentation as may be appropriate and satisfactory to Purchaser
to meet the non -withholding requirements under FIRPTA and any other
federal statute or regulations (or, in the alternative, Seller
shall cooperate with Purchaser in the withholding of funds pursuant
to FIRPTA regulations),
12 2 13 an appropriate reporting form to be
submitted with the deed at time of recordation
12 3 Seller and Purchaser shall execute such other
documents as are reasonable necessary to consummate this
transaction
13 INSPECTIONS
13 1 Purchaser, and Purchaser's agents and representatives
shall have the right during the term of this Agreement to enter
upon the Property at all reasonable times for the purpose of
inspecting or testing the Property for toxic or hazardous wastes or
materials Purchaser agrees to promptly order all environmental
testing on the Property within ten (10) working days of the
Effective Date of this Agreement In the event that the
investigations or tests indicate the presence of hazardous wastes
or materials on or affecting the Property, or that any hazardous or
toxic materials disposal activities have been conducted on the
Property, the Purchaser shall have the right, at its sole option,
upon proper notice to Seller, up to and including the Closing Date,
- 14 -
to declare this Agreement null and void by giving written notice to
Seller
13 2 During the Inspection Period, as defined below, Purchaser
shall also have the right to conduct, at Purchaser's expense,
u hatever reasonable investigations, analyses and studies of the
Property that Purchaser may deem appropriate to satisfy Purchaser
with regard to
13 2 1 the physical condition of the land and any
improvements located on the Property,
13 2 2 the physical condition of any fixtures,
equipment, furnishings and other items of property referred to in
Subsection 1 1 above,
13 2 3 the permitted uses of and improvements to the
Property under applicable building and zoning ordinances and the
present compliance or non-compliance with the same,
13 2 4 all existing contracts, agreements, leases and
tenancies affecting the Property, if any, and
13 3 If Purchaser is dissatisfied, for any reason and in
Purchaser's exclusive judgment, with the result of Purchaser's
investigations, then Purchaser may cancel this Agreement by
notifying Seller of such cancellation on or before 5 00 p m on the
thirtieth (30) day (assuming it is a business day, otherwise on the
next ensuing business day) following the Effective Date (the
"Inspection Period"), whereupon Escrow Agent shall return the
Deposit together with all interest earned thereon to Purchaser and
both parties shall be released from all further obligations under
- 15 -
this Agreement No inquiry, examination, or analysis made by
Purchaser (or the results of them) shall reduce, limit or otherwise
affect the representations and warranties made by Seller in this
Agreement
13 4 Notwithstanding any provisions in this Agreement to
the contrary, Purchaser does and shall indemnify and hold harmless
Seller, its agents, employees, successors and assigns, against all
losses, clams, damages, liability, attorneys' and accountants'
fees and costs of litigation and all other expenses related to,
growing out of, or arising from the inspection of or entry upon the
Property, or other acts undertaken by Purchaser, its agents,
employees or assigns, under this Agreement If Purchaser does not
close on the purchase of the Property under this Agreement, it
shall return the Property to the condition in which it existed
prior to
employees
any inspections undertaken by Purchaser, its
and assigns pursuant to this Agreement
13 5 The provisions of this section shall survive
Closing or the termination or cancellation of this Agreement
14 NOTICES Any notices required or permitted to be given
under this Agreement shall be delivered by hand or mailed by
certified or registered mail, return receipt requested, in a
postage prepaid enveloge or delivered by a nationally recognized
overnight delivery service, and addressed as described below,
notices shall be deemed effective only upon receipt or refusal of
delivery
Notices to Purchaser Village of Key Biscayne
85 West McIntyre Street
- 16 -
agents,
the
Key Biscayne, Florida 33149
Attn C Samuel Kissinger,
Village Manager
With a Copy to
Notices to Seller
Weiss Serota & Helfman, P A
2665 South Bayshore Drive
Suite 204
Miami, Florida 33133
Attention Stephen J Helfman, Esq
C G Rebozo
524 Fernwood Road
Key Biscayne, Florida 33149
Precision Valve Corporati.or, a
New York Corporation
51 Pondfield Road
Boxville, NY 10708
Notices to Escrow Agent Weiss Serota & Helfman, P A
2665 South Bayshore Drive
Suite 204
Miami, Florida 33133
Attention Stephen J Helfman, Esq
15 FINANCING Seller acknowledges that Purchaser may seek
a loan to purchase and/or develop the Property from a financial
institution of Purchaser's choice Such loan may be for the
acquisition, development or construction of improvements to the
Property While this Agreement is not subject to financing, Seller
agrees to fully cooperate with Purchaser and Purchaser's lender in
Purchaser's efforts to obtain such financing
16 ESCROW AGENT
16 1 Escrow Agent undertakes to perform only such duties
as are expressly set forth in this Agreement Escrow Agent shall
not be deemed to have any implied duties or obligations under or
related to this Agreement Escrow Agent is the law firm
representing Purchaser In the event of a dispute between the
parties, the parties consent to Escrow Agent continuing to
- 17 -
represent Purchaser, notwithstanding that Escrow Agent shall
continue to have the duties provided for in this Agreement
16 2 Escrow Agent may (a) act in reliance upon any
writing or instrument or signature which it, in good faith,
believes to be genuine, (b) assume the validity and accuracy of any
statement or assertion contained in such a writing or instrument,
and (c) assume that any person purporting to give any writing,
notice, advice or instructions in connect ir-i a,th the provisions of
this Agreement has been duly authorized to do so Escrow Agent
shall not be liable in any manner for the sufficiency or
correctness as to form, manner of execution, or validity of any
instrument deposited in escrow, nor as to the identity, authority,
or right of any person executing any instrument, Escrow Agent's
duties under this Agreement are and shall be limited to those
duties specifically provided in this Agreement
16 3 The parties to this Agreement do and shall indemnify
Escrow Agent and hold it harmless from any and all claims,
liabilities, losses, actions, suits or proceedings at law or in
equity, or other expenses, fees, or charges of any character or
nature, including attorneys' fees and costs including appellate
proceedings, which it may incur or with which it may be threatened
by reason of its action as Escrow Agent under this Agreement,
except for such matters which are the result of Escrow Agent's
gross negligence or willful malfeasance Escrow Agent shall be
vested with a lien on all property deposited under this Agreement
for the purpose of such indemnification, and for any other expense,
- 18 -
fees or charges or any character or nature, which may be incurred
by Escrow Agent in its capacity as escrow agent Escrow Agent has
and shall have the right, regardless of any instructions, to hold
the property deposited in escrow until and unless said additional
expenses, fees and charges shall be fully paid
16 4 If the parties (including Escrow Agent) shall be in
disagreement about the interpretation of this Agreement, or about
their respective rights and obligations, or about the propriety of
any action contemplated by Escrow Agent, Escrow Agent may, but
shall not be required to, file an action in interpleader to resolve
the disagreement, upon filing such action, Escrow Agent shall be
released from all obligations under this Agreement Escrow Agent
shall be indemnified for all costs and reasonable attorneys' fees,
including those for appellate matters and for paralegals and
similar persons, incurred in its capacity as escrow agent in
connection with any such interpleader action and charge its usual
and customary legal fees for such representation, and the court
shall award such attorneys' fees, including those for appellate
matter and for paralegals and similar persons, to Escrow Agent from
the losing party Escrow Agent shall be fully protected in
suspending all or part of its activities under this Agreement until
a final judgment in the interpleader action is received
16 5 Escrow Agent may consult with counsel of its own choice,
including counsel within its own firm, and shall have full and
complete authorization and protection in accordance with the
opinion of such counsel Escrow Agent shall otherwise not be
- 19 -
liable for any mistakes of fact or errors of judgment, or for any
acts or omissions of any kind unless caused by its gross negligence
or willful misconduct
16 6 Escrow Agent may resign upon five (5) days' written
notice to Seller and Purchaser If a successor escrow agent is not
appointed jointly by Seller and Purchaser within the five (5) day
period, Escrow Agent may petition a court of competent jurisdiction
to name a successor
16 7 The provisions of this Section 16 shall survive the
Closing and also the cancellation of this Agreement
17 RISK OF LOSS
17 1 The Property shall be conveyed to Purchaser in the
same condition as on the date of this Agreement, ordinary wear and
tear excepted Seller shall not remove anything from the Property
between the date of this Agreement and Closing
17 2 Upon receipt of an offer or any notice or
communications from any governmental or quasi -governmental body
seeking to take under its power of eminent domain all or any
portion of the Property, Seller shall promptly notify Purchaser of
the receipt of same and shall send such communication, or a copy of
it, to Purchaser Upon receipt of such notice, Purchaser shall
have the right to rescind this Agreement by delivery of written
notice to Seller within sixty (60) days of Purchaser's receipt of
the communication from Seller In the event Purchaser elects to
rescind, the Purchaser shall receive a refund of the Deposit
together with all interest earned thereon, in which case both
- 20 -
parties shall be relieved of all further obligations under this
Agreement In the event Purchaser elects not to rescind, then
Purchaser shall be entitled to all condemnation awards and
settlements and the property so taken or sold shall not be subject
to this Agreement Seller and Purchaser agree to cooperate with
each other to obtain the highest and best price for the condemned
property
17 3 ..n the event that the Property is damaged or
destroyed by fire or other casualty prior to Closing, Seller shall
repair and restore the Property to the same condition as before the
fire or casualty, and the Closing shall be deferred for up to sixty
(60) days to permit such repair and restoration If Seller is
unable to repair and restore within such sixty (60) day period,
then Purchaser shall have the option of extending the (60) day
period for an additional thirty (30) days, or canceling this
Agreement and receiving a refund of the Deposit together with all
interest earned thereon, in which case both parties shall be
released from all further obligations under this Agreement, or
proceeding with the Closing, in which case Purchaser shall be
entitled to all insurance proceeds (subject to the rights of the
holder(s) of the Existing Mortgage), and to a credit equal to the
insurance deductibles, and to a credit equal to the replacement
cost not covered by insurance proceeds and deductibles
18 INDEMNITY
18 1 Seller shall and does indemnify and hold Purchaser
harmless from any and all liability, including costs and attorneys'
- 21 -
fees, including those for appellate proceedings,
18 2 for services rendered prior to Closing under any
contracts for services to the Property existing now or at any time
prior to Closing,
18 3 The provisions of this Section 18 shall survive the
Closing
19 MISCELLANEOUS
19 1 This Agreement has been negotiated and executed in
Florida, it shall be construed and governed in accordance with the
laws of the State of Florida, without application of conflicts of
laws principles
19 2 In the event any term or provision of this Agreement
is determined by appropriate judicial authority to be illegal or
otherwise invalid, such provision shall be given its nearest legal
meaning or be construed as deleted as such authority determines,
and the remainder of this Agreement shall be construed to be in
full force and effect
19 3 In the event of any litigation between the parties
under this Agreement, the prevailing party shall be entitled to
reasonable accountants' and attorneys' fees and court costs,
including those for appellate proceedings and for paralegals and
similar persons Wherever provision is made in this Agreement for
"attorneys' fees," such term shall be deemed to include
accountants' and attorneys' fees and court costs, whether or not
litigation is commenced, including those for appellate proceedings
and for paralegals and similar persons
19 4 Whenever used in this Agreement, the singular shall
include the plural, the plural shall include the singular, any
- 22 -
gender shall include every other and all genders, and captions and
paragraph headings shall be disregarded
19 5 The captions in this Agreement are for the
convenience of reference only and shall not be deemed to alter any
provision of this Agreement
19 6 Any reference in this Agreement to time periods less
than six (6) days shall, in the computation thereof, exclude
Saturdays, Sundays, and legal holidays, any timQ period provided
for in this Agreement which shall end on a Saturday, Sunday or
legal holiday shall extend to 5 00 p m of the next full business
day
19 7 This Agreement constitutes the entire agreement
between the parties and may not be changed, altered or modified
except by an instrument in writing signed by the party against whom
enforcement of such change would be sought
19 8 All of the terms of this Agreement, including but
not limited to the representations, warranties and covenants of
Seller, shall be binding upon and shall inure to the benefit of the
parties to this Agreement and their respective successors and
assigns
19 9 Typewritten or handwritten provisions which are
inserted in or attached to this Agreement as addenda or riders
shall control all printed or pretyped provisions of this Agreement
with which they may be in conflict
19 10 Time is of the essence as to all material terms of
this Agreement
- 23 -
EXECUTED as of the date first written above in several
counterparts, each of which shall be deemed an original, but all of
which constitute only one agreement
Signed, sealed and delivered
in the presence of
(As to Seller)
--T
Yt_ t.Z ey
(As to Seller)
(As to Purchaser)
SELLER
C G Rebozo `, /
Date Executed , 7 )9
SELLER
Precision Valve Corporation, a
New York corporation
By
Its
Date Executed
/4e-4-i.?ii 7/ 4 91/
PURCHASER
Village of Key Biscayne
By
�' J%hn Festal Mayor
Da Executed
RECEIPTS
The undersigned Escrow Agent acknowledges receipt of a check,
subject to clearance, in the amount of Twenty Five Thousand and
No/100 Dollars ($25,000 00) to be held as the Deposit pursuant to
the foregoing Agreement
ESCROW AGENT
WEISS SEROTA & HELFMAN
2665 South Bayshore Drive
Suite 204
Miami, Florida 33131
(305) fr54-0800
/
/
A aC?TiC1t CF TRACT SifiTh iSCA - +'QNi uN ✓ MA►w w
ESTATE, ABC TO 114E RAT THEREOF RECORDED 1N FAA- sw, £6
AT PACE 8A, OF DE PLIBUC RECORDS OF DADE COUNTY, FLORIN, 8
MOT PARiiCUU.Rl.Y 9m AS MOWS:
BEGN18NG AT THE SOUTHEAST CORNS TWO IRACT 5; Inr-N� 11F.S
(S90 W) ALONG T1£ SOUTH CIE Cf SAID TRACT 5.A DISTANC. o
40277 rEi7 TO A POINT OF /11FRSECTION TAM A CIROLAP EVE
CONCAVE TO 1E NORTHWEST SAID POINT BEARS S.8221 OH'E. FROM I'S
CENTER THENC NORTHERLY ALONG SAID CUM HAVING FOR ITS FLEL N'S
A RADIUS OF 1365.00 FEET.A CELTA ANGLE OF 1w2712' FOR AN ARC
DISTANCE Cr 439.68 FEET TO A POINT OF REVERSE QJRVATURE. THFNCF
ALDNG A CIRCULAR cum? CAVE 1D DE NORTHEAST tiAWNG tOR IT5
ELnJENTS A RADIUS Cr 2635.001ET A DELTA ANGLE OF 00'D' 2r FOR
AN ARC DISTANCE OF 1'12 F T, THENCE N8110141. -OR '06.59
FEET THENCE S2r46'01` E. FOR 288.82 FEET TO ITS INTERSECTOI
%/MH A CRCAAR a1R'C CONCAVE TO THE KV ON THE WESTERLY R1{7i T
OF RAY UNE Cr CSSXDOK wawa SAID PONT &ARS 5.81"-'374111
MOATS CaiTEIb- THENCE hE Y /LONG SAM IIGi' OF WAY AND
CURL 11%104101M ANGLE OF 14 36'5O' A RADIUS Q"r 175500 FF T
FOR A14 ARC DISTANCE OF 4IC.111 FEET TO T4 POINT OF BEGINkiNC
C ITAINNG- 100,954.2 SCORE FEET OR 41541 ACRES MORE OR :ASS
AND
THAT PORAON Or TRACT 7, SUBDIVISION OF A Pt8i110N OF MATI'fSON
ESTATE. AEG Tai THE PLAT -THEREOF RECORDED IN PUTT BOOM 46
AT PANE 88, OF DE PUBIC RECCRDS OF DADE COUNTY FLOf6DA. 6_ING
MORE PARTICULARLY 9ESCRlSEl1 AS FCLLOM&
AT THE ACINfRatiRLX CO(E R OF SAID TRACT 7. SAID KO.
L 1NG CN A CIRCU 'CURIE CONCIAE TO lit NORTHWEST SAID POINT
Ems Sloran_ E. raw fit CENTER Cr SAID CURVE THENCE
SCURF -STEW WANG 1HE MERV BOUNDARY Cr SAM TRACT ' ALONG
SAID CURVE HAVING FOR US 13118115 A RADIUS OF 17E5.00 FAT A
DOA MET 11'05 ' FOC MIX DISTANCE of 34175 car
1I N t N kraria t Fit 424.0 FEET TO A POINT Cr 1NEMEC"110h
CH A CIR ULAR CURVE CONCAVE TO THE NORTHWEST SAID POINT BEARS
t6T4T44" E. FROM THE CENTER a SAID CURE. THENCE NORD-ETU
/LONG THE WESTERLY BOUNDARY CF SAUL1RACT 7 AND SAID CARVE
HAVING FOR 115. ELEMENTS A RADIUS O 1365.00 FTC A DELTA ANGLE
(F 142374s FOR AN ARC DISTN4CE T 346.79 FEET THENCE EAST
(N 90 E.) /LONG DE sNORTH U E Cr SAM TRACT 7 FOR 402 77 FEET
TO TIE POINT -OF iimaticoximaimc 137,51413 SQUARE FEET OR
3.1369 ACM UO OR 11511
AND
A m'R' ON or I RAC' 7 s J6O i v i S 1 ON OF + PORTION OF MA- r+c ..ON : S'ATE
A:.^Jo elr T4 'HE Ai A' T.4EREOF RFCCROED 1 N PLAT WOK 46 AT PAGE ,8c
OF 3i- PUBLIC RECORDS OF DACE CC UN,T'r FLORIDA 8E' 1G M„RE
PAR' s4,1.AgL ti 3ESCR t EED A6 FOLLOW
:0M N -E „T THE NOR T dL. S'CRL. V CO"r " '' £"D TRAC' i SA I O POINT
L 4G JN A Ci RCULAIF CURVE CONCAVE .A ThE NORTHWEST SA I0 POINT
BEARS S de -OS 33' FROM ,THE CENTER 00 SAID CURVE THENCE
SOUIONE STtR4 Y ALONG THE EASTERLY SDUMDAR' OF SAID TRACT 7 AND ALONG
SA C1 CJRVE HAV I NQ FOR ITS CLetiENTS. A RAMS OF 1785 00 FED. A
OE_ TA ANGLE OF 11'-05 38" FOA AN ARC ,S 1 STANCE 3F 341 75 FEET TO THE
PO 'AT OF EEC i HR 1 AIA t 'Y IiENCE CQNT1 H,Ut ALONG 5310 CURVE NA1r MG A
RAOIU OF 1765 00 FEET A DECTA ANGLE OF 7=35 02 FOR AN ARC
0 STANCE OF Z3.. 63 FEE' THENCE WEST tS 90 R ALONG H£ NORM L NE
Oc 11,E IlJTH 247 33 FEET OF S.M O ERA& 7 FOP 44G A? -EET TO TS
i h=ERNEC' ION WI'H A CURVE OONCAVE TV THE SOUZHEASZ SAID PO i NT BEARS
6T -S1 W FROM THE :ENTER of SAIC CURVE: TMENCt NOR'HEASTERLY
ALCM(' ,A10 CURVE ANC THE WESTERLY :.INE Of SAID TRAC' T HAVING FOR
ITS E_J MENTS A RAC I US OF 1~8I6 77 FEET A DELTA ANGLE OF 4t34 36 TO
A POINT Of REVERSE CURvATURE SA 1'Q POINT BEARS S OW -18 30"E FROM
I' S CENTER THENCE NORTMEAGT1ERLY ALONG THE WESTERLY 8'JLNOARV op
SA 1 C - R *CT 7 ALONG A C 1 R( LAR COR.VE CONCAVE TO THE r.IPT f+WEST
HA. I NO FOR ITS ELEMER'S A RAMS OF 13851.00 FEET A DELTA ANGLE OF
4Z'9 • FOR AN ARC DISTANCE OF 107 ill FEET' THENCE s 89=5- 13'E
PO.4 A4A 03 FEET TO THE PAINT OF BEGINNING CON"7►UNtNO 95 100 S
S1OANE FEET OR 2 1632 AOAES MQOE OR LESS
EXHIBIT "k"
RESOLUTION NO 93-54
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, EXPRESSING ITS DESIRE TO ACHIEVE SAFE
PEDESTRIAN AND BICYCLE CIRCULATION WITHIN THE
VILLAGE, AUTHORIZING THE MAYOR TO APPLY FOR
FUNDS FROM THE DADE COUNTY METROPOLITAN
PLANNING ORGANIZATION (MPO) FOR A STUDY TO
ACCOMPLISH SAME, PROVIDING FOR AN EFFECTIVE
DATE
WHEREAS, pedestrian movement and bicycling are two important
forms of transportation within the Village of Key Biscayne, and
WHEREAS, maintaining safe pedestrian and bicycle circulation
within the Village of Key Biscayne is instrumental to assuring a
high quality of life for Village residents, and
WHEREAS, the proposed Comprehensive Plan for the Village of Key
Biscayne highlights Crandon Boulevard, Fernwood Road, Harbor Drive,
Ocean Drive, East Heather Drive and West Mashta Drive as suitable
roadway segments for bicycle/pedestrian corridors, provided that
streetscape improvements and speed control techniques are prepared
for the aforementioned roadways, and
WHEREAS, the continued lack of physical safeguards such as
dedicated pedestrian/bicycle corridors may compromise the safety of
pedestrians, bicyclists and motorists in the Village, and
WHEREAS, the Dade County Metropolitan Planning Organization
(MPO) approved the establishment of a fund to be made available to
Dade County municipalities for transportation planning and
coordination
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY
BISCAYNE, FLORIDA AS FOLLOWS
Section 1 That the Village of Key Biscayne desires to plan
for and achieve safe pedestrian and bicycle circulation along
Crandon Boulevard, Fernwood Drive, Harbor Drive, Ocean Drive, East
Heather Drive and West Mashta Drive, as stated in the proposed .
Comprehensive Plan for the Village
Page 1 of 2
Section 2 That the Mayor is hereby authorized to apply for
funds from the Dade County Metropolitan Planning Organization for
the purpose of studying and developing a plan to ensure safe
pedestrian and bicycle circulation on the herein stated roadways and
within the Village
Section 3 This resolution shall become effective upon
adoption
PASSED AND ADOPTED this 9th day of November , 1993
Attest
R JOHN F FESTA
GUIDO H INGUANZO, JR , VILLAGE CLERK
APPROVED AS TO LEGAL SUFFICIENCY
RI D J WEISS, VILLAGE ATTORNEY
Page 2 of 2
RESOLUTION NO 93-53
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, EXPRESSING SUPPORT FOR DADE COUNTY'S
PROPOSED WEST WELLFIELD PROJECT, URGING
APPROVAL OF PHASE I OF THE WEST WELLFIELD
PROJECT BY THE SOUTH FLORIDA WATER MANAGEMENT
DISTRICT GOVERNING BOARD, PROVIDING FOR AN
EFFECTIVE DATE
WHEREAS, there is a demonstrated need for safe drinking water
in the Village including a reserve capacity for contingencies as
required by the Federal Safe Drinking Water Act, and
WHEREAS, environmental safeguards and concerns have been and
will be addressed by wellfield planning, construction and
monitoring, and
WHEREAS, the operation of the wellfield shall be limited to 40
million gallons per day and will be subject to further reduction if
any adverse environmental impact is detected,
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY
BISCAYNE AS FOLLOWS
Section 1 The recitals and findings contained in the Preamble
to this Resolution are hereby adopted by reference and incorporated
herein as if fully set forth in this section
Section 2 The Village Council hereby declares its support for
the construction of the proposed Dade County West Wellfield Phase
I project
Section 3 The Village Council hereby urges approval of the
West Welifield Phase I project application submitted by Metropolitan
Dade County to the South Florida Water Management District Governing
Board
Page 1 of 2
Section 4 This resolution shall take effect immediately upon
adoption
PASSED AND ADOPTED this 9th day of November , 1993
R JOHN F FESTA
GUIDO H INGUANZO, JR , VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY
RICHARD J WEISS, VILLAGE ATTORNEY
Page 2 of 2
RESOLUTION NO 93-52
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, ESTABLISHING AN INTERIM POLICY ON
SETBACK AND LOT COVERAGE REQUIREMENTS FOR
EXTERIOR STEPS, SLABS AND DECKS, AND PROVIDING
AN EFFECTIVE DATE
WHEREAS, from time to time, functional and aesthetic
characteristics necessitate the construction of exterior steps which
extend into minimum setback areas for single family homes, and
WHEREAS, existing regulations controlling the construction and
maintenance of uncovered or unenclosed slabs and decks within the
rear yards of single family homes are unclear, and
WHEREAS, the Village is in the process of formulating
comprehensive land development regulations, which will among other
things address each of the foregoing issues, and
WHEREAS, the Village wishes to establish an interim policy on
each of these issues,
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY
BISCAYNE AS FOLLOWS
Section 1 Exterior steps attached to and providing ingress
ft -
and egress to and from single family residences shall not be
considered as part of the principal structure for purposes of
setback and lot coverage regulations
Section 2 Uncovered or unenclosed slabs or decks located
within the rear yard area of a single family residence shall not be
considered as part of the principal structure for purposes of
setback and lot coverage regulations Additionally, no such slab
or deck or appurtenance thereto shall be higher than two (2) feet
below the Base Flood Elevation, as defined in Section 10-21 of Code
of Key Biscayne, Florida
Page 1 of 2
Section 3 Effective Date This resolution shall become
effective upon its adoption
PASSED AND ADOPTED this 26th day of October , 1993
VICE MAYOR CLIFFORD BR
VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY
VILLAGE ATTORNEY
Page 2 of 2
RESOLUTION NO 93-51
A RESOLUTION OF THE VILLAGE JF KEY BISCAYNE,
FLORIDA, AUTHORIZING SPECIFIED PERSONS TO
EXECUTE CHECKS, REPEALING PRIOR AUTHORIZATION
TO EXECUTE CHECKS, PROVIDING FOR AN EFFECTIVE
DATE
BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY BISCAYNE AS
FOLLOWS
Section 1 That the Village Clerk is hereby authorized to
execute checks on behalf of the Village in an amount not to exceed
$10,000 00 per check
Section 2 That the Village Cleric together with the Mayor,
Vice Mayor or any other Councilmember are hereby authorized to
execute checks on behalf of the Village without limitation on the
amount of said check
Section 3 This Resolution specifically supersedes Resolution
No 92-51
Section 4 This resolution shall take effect immediately upon
adoption
PASSED AND ADOPTED this 26th day of October , 1993
Le'
GUIDO H INGUANZO, JR , VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY
RICHARD J WEISS, VILLAGE ATTORNEY
VICE MAYOR CLIFFORD BRO
RESOLUTION NO 93-50
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, EXPRESSING APPRECIATION TO CHIEF C A
GIMENEZ AND THE CITY OF MIAMI FIRE RESCUE
DEPARTMENT FOR ASSISTANCE IN THE ESTABLISHMENT
OF THE VILLAGE'S FIRE RESCUE DEPARTMENT,
PROVIDING FOR AN EFFECTIVE DATE
WHEREAS, the Village Council voted to establish a Village fire
department on March 9, 1993, and
WHEREAS, the Village's Fire Rescue Department became
operational on October 1, 1993, and
WHEREAS, the City of Miami Fire Rescue Department provided
invaluable assistance in the creation of the Village's department
during that time period,
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY
BISCAYNE AS FOLLOWS
41.
Section 1 That the Village Council expresses its appreciation
to Chief C A Gimenez and the City of Miami Fire Rescue Department
for their assistance in the establishment of the Village's Fire
Rescue Department
Section 2 This resolution shall take effect immediately upon
adoption
PASSED AND ADOPTED this 26th day of October , 1993
VICE MAYOR CLIFFORD BRODY
ATTEST
GUIDO H INGUANZO, JR , VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY
RICHARD J WEISS, VILLAGE ATTORNEY
RESOLUTION NO 93-49
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, AUTHORIZING THE MAYOR TO EXECUTE THE
ATTACHED AGREEMENT ON BEHALF OF THE VILLAGE
WITH METRO-DADE COUNTY, FLORIDA FOR MAINTENANCE
OF THE CRANDON BOULEVARD MEDIAN, PROVIDING FOR
AN EFFECTIVE DATE
BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY BISCAYNE AS
FOLLOWS
Bection 1 The mayor is hereby authorized to execute the
attached agreement on behalf of the Village with Metro -Dade County,
Florida for maintenance of the Crandon Boulevard median
Section 2 This resolution shall take effect immediately upon
adoption
PASSED AND ADOPTED this 26th day of October , 1993
c--e---
VICE MAYOR CLIFFORD BRODY
ATTEST
GUIDO H INGUANZO, JR , VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY
RICHARD J WEISS, VILLAGE ATTORNEY
COVENANT FOR MAINTENANCE OF LANDSCAPING
WITHIN THE RIGHT OF WAY
WHEREAS, The Florida Department of Transportation requests
permission to install planting in the median of Crandon
Boulevard, a public road right of way in Dade County, within the
Village of Key Biscayne
IN CONSIDERATION of the approval of this permit by the Dade
County Public Works Department, the Village of Key Biscayne
agrees as follows
1 To maintain and replace when necessary the landscape
items installed within the median of the dedicated right of way
If it becomes necessary for the County to maintain landscape
items within the median of the public right of way by reason of
the Village's failure to do so, such expense shall be paid by the
municipality
2 The Village of Key Biscayne does hereby agree to
indemnify and hold Dade County harmless from any and all
liability which may arise by virtue of Dade County permitting the
installation of landscaping within the median of the public right
of way
3 The undersigned further agrees that these conditions
shall be deemed a covenant and shall remain in full force and
effect and be binding on the municipality until such time as this
obligation has been cancelled by an affidavit filed in the Public
Records of Dade County, Florida, by the director of the Dade
County Public Works Department (or his fully authorized
representative)
Signed, sealed, executed, and acknowledged on the Ste` day
of , 1993, at Miami, Florida
Sign 4c , sealed, and delivered in the presence of
1
Rafael Conte, Mayor (SEAL)
Guido Inguanzo, Village
r
ACKNOWLEDGMENT
STATE OF FLORIDA )
SS
COUNTY OF DADE )
BEFORE ME, the undersigned authority, this day personally
appeared Rafael Conte and Guido H. Inguanzo, Jr.
both being to me well known and known by me to be the
Mayor and Village Clerk
of the Village of Key Biscayne, a municipal corporation under the
laws of the State of Florida, ana in their official capacities,
such officers executed, signed, and delivered the said Covenant
as the act and deed of said municipality, and the said officers
then and there severally acknowledged to and before me that they
executed the said Covenant, acting in their said official
capacities, for and as the act and deed of the said municipality
and in its name, and impressed thereon its Seal, for the uses and
purposes therein mentioned
WITNESS my hand and official Seal at Key Biscayne
in the County and State aforesaid, on this, the Jr=" day
of 1/4%1-0-cw,-x,�iuh---
Notary Public, State of 'L.d *t v4.
My Ccmmission expires
, A D , 1993
Wary c, St ;ta of F!c. �•ta
My Comm s ton Lrres Oct 14, 199S
Bonded Tn u T oy Fain anco Inc
VILLAGE CLERK
RESOLUTION NO 93-48
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, AUTHORIZING THE VILLAGE MANAGER TO
EXECUTE THE ATTACHED AGREEMENT ON BEHALF OF THE
VILLAGE WITH WILLIAMS, HATFIELD & STONER, INC ,
MIAMI, FLORIDA, FOR PROFESSIONAL SERVICES,
PROVIDING FOR AN EFFECTIVE DATE
WHEREAS, the Village Council supports Village -wide Stormwater
Improvements, and
WHEREAS, Williams, Hatfield & Stoner, Inc , Miami, Florida, has
submitted the attached agreement to perform certain professional
services in conjunction with the preparation of said project,
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY
BISCAYNE AS FOLLOWS
Section 1 The Village Manager is hereby authorized to execute
the attached agreement on behalf of the Village with Williams,
Hatfield & Stoner, Inc , Miami, Florida, for professional services
Section 2 This resolution shall take effect immediately upon
adoption
PASSED AND ADOPTED this 12th day of October , 1993
VICE MAYOR CLIFFORD BR
APPROVED AS TO FORM AND LEGAL SUFFICIENCY
VILLAGE ATTORNEY
RESOLUTION NO 93-47
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, ADOPTING A LIFE INSURANCE AND
ACCIDENTAL DEATH PLAN FOR VILLAGE EMPLOYEES,
AUTHORIZING THE VILLAGE MANAGER TO NEGOTIATE AN
AGREEMENT, AUTHORIZING THE MAYOR TO EXECUTE
ALL THE NECESSARY AGREEMENTS, PROVIDING FOR AN
EFFECTIVE DATE
WHEREAS, the Village has employees rendering valuable services,
and
WHEREAS, the establishment of a life insurance and accidental
death plan benefits employees and their beneficiaries,
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY
BISCAYNE AS FOLLOWS
Section 1 That the Village Manager is hereby authorized to
negotiate an employee life insurance and accidental death plan with
North American Life Insurance Company
Section 2 That the Village Council hereby authorizes the
Mayor to execute all necessary agreements for the implementation and
administration of the plan
Section 3 That the life insurance and accidental death plan
will be paid for by the employee
Section 4 This resolution shall take effect immediately upon
adoption
PASSED AND ADOPTED this 12th day of October , 1993
VICE MAYOR CLIFFORD
VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY
VILLAGE ATTORNEY
ilk
RESOLUTION NO 93-46
RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, APPROVING THE VILLAGE MANAGER'S
ADMINISTRATIVE ORDER SETTING THE STORMWATER
UTILITY FEE, PROVIDING FOR AN EFFECTIVE DATE
WHEREAS, on June 22, 1993, the Village of Key Biscayne adopted
Ordinance No 93-11 (the "Ordinance") establishing a Stormwater
Utility in the Village of Key Biscayne, and
WHEREAS, the Ordinance provides that Stormwater Utility Fees
shall be set by Administrative Order of the Village Manager after
approval by the Village Council, and
WHEREAS, this Council wishes to approve the attached
Administrative Order setting the Stormwater Utility Fee for the
Village of Key Biscayne,
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY
BISCAYNE AS FOLLOWS
Section 1 That the attached Administrative Order setting the
Stormwater Utility Fee for the Village of Key Biscayne is hereby
approved
Section 2 This resolution shall take effect immediately upon
adoption
PASSED AND ADOPTED this 12th day of October , 1993
VICE MAYOR CLIFFORD BR
VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY
V LAGE ATTORNEY
OFFICE OF THE VILLAGE MANAGER
VILLAGE OF KEY BISCAYNE
ADMINISTRATIVE ORDER NO
Pursuant to the Stormwater Utility Ordinance No 93-11
adopted on June 22, 1993, the Stormwater Utility Fee for the
Village of Key Biscayne is hereby set at $5.00 per ERE per year
This administrative Order is approved on October 12, 1993
and will be effective on October 12, 1993
0
C SAMUEL KISSII ER, VILLAGE MANAGER
Od-/A-e--,- /2- t 9, 3
DATE
RESOLUTION NO 93-45
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, AUTHORIZING THE MAYOR TO EXECUTE AN
AGREEMENT ON BEHALF OF THE VILLAGE WITH METRO-
DADE COUNTY TO RECEIVE AN ELEMENTARY SCHOOL
DRUG ABUSE RESISTANCE (D A R E) PROGRAM GRANT,
PROVIDING FOR AN EFFECTIVE DATE
WHEREAS, the Village's Police Department is desirous of
establishing a DARE program at the Key Biscayne Elementary
School and St Agnes School,
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY
BISCAYNE AS FOLLOWS
Section 1 The mayor is hereby authorized to execute an
agreement on behalf of the Village with Metro -Dade County to receive
a DAR E program grant in the amount of $3,917 00
Section 2 This resolution shall take effect immediately upon
adoption
PASSED AND ADOPTED this 12th day of October , 1993
VICE MAYOR CLIFFORD BRODY
ATTESTi^��
rJ
VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY
VI GE ATTORNEY
RESOLUTION NO 93-44
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, AUTHORIZING THE MAYOR TO EXECUTE THE
ATTACHED AGREEMENT ON BEHALF OF THE VILLAGE
WITH METRO-DADE COUNTY, FLORIDA FOR STORMWATER
UTILITY FEES BILLING, COLLECTION AND
ADMINISTRATION, PROVIDING FOR AN EFFECTIVE
DATE
WHEREAS, the Village adopted Ordinance 93-11, establishing a
stormwater utility system, and
WHEREAS, the Village is desirous of having Metro -Dade County
(the "County"), through the Miami -Dade Water and Sewer Authority,
administer, bill and collect fees from said utility, and
WHEREAS, the County has agreed to so undertake such services
for and on behalf of the Village and as agent for the Village,
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY
BISCAYNE AS FOLLOWS
Section 1 The mayor is hereby authorized to execute the
attached agreement on behalf of the Village with Metro -Dade County,
Florida for the billing, collection and administration of stormwater
utility fees
Section 2 This resolution shall take effect immediately upon
adoption
PASSED AND ADOPTED this 12th day of October , 1993
VICE MAYOR CLIFFORD BRODY
VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY
jaIVIAt'l
ATTORNEY
MIAMI DADE WATER AND SEWER DEPART -NT
4200 Salzedo Street Coral Gables Florida 33146 Tel 305 669 3700 Fax 669 3788
SERVE CONSERVE
August 24, 1994
Carlos Penin
CAP Engineering
7400 S W 50 Terrace
Suite 201
Miami, FL 33155
Dear Mr Penin
lY � Fur.; �1rd'hAY( I , �1' i, ti,
I )
AL16 L' ': 1ynt'
Enclosed for your records is a copy of Metropolitan Dade County
Resolution No R-1235-94, authorizing execution of interlocal
agreement with the Village of Key Biscayne providing for the
rendering of administrative, billing and collection services for
the Village's stormwater utility fee Also enclosed is a signed,
executed agreement between the Village and Dade County
Please call me at 669-7610 if you have any questions or need
further information
Sincerely,
60dtiQeX
David A O'Neal
Assistant Director - Finance
DAO bh
Enclosures (2)
cc Deborah Viera-Rodriguez
Wilson P Ross
C
Agenda Item No 3(A)(45)
7-26-94
RESOLUTION NO R-1235-94
RESOLUTION AUTHORIZING EXECUTION OF INTERLOCAL
AGREEMENT WITH THE VILLAGE OF KEY BISCAYNE
PROVIDING FOR DADE COUNTY TO RENDER
ADMINISTTATIVE, BILLING AND COLLECTION
SERVICES FOR THE VILLAGE'S STORMWATER UTILITY
FEE, AND AUTHORIZING COUNTY MANAGER TO
EXERCISE CANCELLATION PROVISION CONTAINED
THEREIN
WHERhAS, L.nis Board desires to accomplish the purposes
outlirea in the accompanying memorandum, a copy of which is
incorporated herein by reference,
NOW, `IHEREFORE BE IT RESOLVED BY T -E BOARD OF COUNTY
COMMISSIONERS OF DADF COUNTY, FLORIDA, that the Boaza r_Leby
approves the Interlocal Agreement for Administration, Billing and
Collection of Stormwater Utility Fee between ✓etropolitan Dade
County and the Village of Key Biscayne, in substantially the form
attached hereto and made a part hereof, and autrorizes the County
Manager to execute same for and on behalf of Daae County, Florida
The foregoing resolution was offered by Commissioner
Bruce Kaplan
who moved its ado:tion The motion
was seconded by Commissioner James Burke
upon being put to ct vote, the vote was as fofloi s
James Burke aye
Betty T Ferguson aye
Larry Hawkins aye
Natacha S Milian aye
Alexander Penelas aye
Javier D Souto aye
Arthur
Miguel Diaz de la
Maurice A Ferre
Bruce Kaplan
Dennis C Moss
Pedro Reboredo
Sherman S Winn
E Teele Jr
and
Portilla aye
aye
aye
aye
aye
absei
ave
tgenda Item No 3(A)(45)
Page No 2
The Chairperson thereupon declared the resolution duly passed
and adopted this 26th day of July, 1994
DADE COUNTY, FLORIDA
BY ITS BOARD OF COUNTY
COMMISSIONERS
HARVEY RUVIN, CLERK
Approved by County Attorney as to
form and legal sufficiency
408.
N
c0 ' r�
C,,, QL )
lDeputy`Clerk
f t t.
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