HomeMy Public PortalAbout11-Debt Cap Certificate.pdf
1
CERTIFICATE REGARDING COMPLIANCE WITH DEBT CAP
The undersigned, Mayor of the Village of Key Biscayne, Florida (the “Village”) hereby
certifies as follows pursuant to the requirement of Section 4.10 of the Village Charter (the “Debt
Cap Ordinance Requirement”).
Capitalized terms used and not defined herein shall have the meanings given to them in
Section 4.10 of the Village Charter.
The Debt Cap Ordinance Requirement is as follows: The total Debt of the Village,
including amounts authorized but still not drawn down under existing loan agreements and other
contractual arrangements with banks and other financial institutions, underwriters, brokers and/or
intermediaries, shall not exceed the greater of (i) one percent (1%) of the total assessed value of
all property within the Village, as certified by the Miami-Dade County Property Appraiser for the
current fiscal year, or (ii) that amount which would cause annual Debt Service to equal fifteen
percent (15%) of General Fund expenditures for the previous fiscal year.
(1) The total assessed value of all property within the Village, as certified to the Village
by the Miami-Dade County Property Appraiser, for the fiscal year ended September 30, 2021, is
$8,202.651,483. One percent (1%) of such amount is $82,026,515 (the “Assessed Value
Limitation”).
(2) Total general fund expenditures of the Village for the fiscal year ended September
30, 2020, based on unaudited financial statements that are subject to any audit adjustments, were
$33,601,207, and 15% of such amount is $5,040,181 (the “General Fund Expenditure Limitation”).
(3) Pursuant to Debt Cap Ordinance Requirement, the Outstanding Debt (as defined in
paragraph (5) below) cannot exceed the greater of the Assessed Value Limitation or the General
Fund Expenditure Limitation.
(4) The following constitute the only outstanding Debt of the Village within meaning
of the Debt Cap Ordinance:
(a) $887,983 State Revolving Loan, Series 1996 (the “1996 State Revolving Loan”);
(b) $4,000,000 Road Improvement Revenue Bonds, Series 2006 (the “2006 Road
Improvement Bonds”);
(c) $2,808,952 Transportation Tax Revenue Refunding Bonds, Series 2011 (the “2011
Transportation Tax Refunding Bonds”);
(d) $11,238,000 Capital Improvement Revenue Refunding Bond, Series 2021 (the
“2021 Capital Improvement Refunding Bonds”), which are being issued on the date hereof.
(5) The currently outstanding amount of the above-listed Debt (the “Outstanding
Debt”) is as follows:
2
1996 State Revolving Loan: $54,513
2006 Road Improvement Bonds: $350,067
2011 Transportation Tax Refunding Bonds: $1,023,690
2021 Capital Improvement Refunding Bonds: $11,238,000
TOTAL OUTSTANDING DEBT: $12,666,270
(6) Annual Debt Service on the Debt listed in paragraph (4) is $2,296,791 (“Annual
Debt Service”).
(7) The Outstanding Debt does not exceed the Assessed Value Limitation.
(8) Annual Debt Service does not exceed the General Fund Expenditure Limitation.
[Signature Page Follows]
IN WITNESS WHEREOF, the undersigned has set his hand this 15th day of January,
2021.
VILLAGE OF KEY BISCAYNE, FLORIDA
By: l,(/
Michael Davey, Mayor
Signature Page to
Debt Cap Certificate
3