HomeMy Public PortalAbout12) Certificate regarding Compliance with Debt Cap.pdfCERTIFICATE 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 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, 2014, is
$6,114,492,056. One percent (1%) of such amount is $61,144,921 (the "Assessed Value
Limitation").
(2) Total general fund expenditures of the Village for the fiscal year ended September
30, 2012 were $24,364,006, and 15% of such amount is $3,654,602 (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. The Assessed Value Limitation is the higher number.
(4) The following constitute the only outstanding Debt of the Village within meaning
of the Debt Cap Ordinance:
(a) $10,000,000 Land Acquisition and Capital Improvement Revenue Bonds, Series 1999
(the "1999 Capital Improvement Bonds");
(b) the State Revolving Sewer Loan;
(c) $3,500,000 Transportation Tax Revenue Bonds, Series 2005 (the "2005
Transportation Tax Bonds");
(d) $4,000,000 Road Improvement Revenue Bonds, Series 2006 (the "2006 Road
Improvement Bonds");
(e) $5,150,000 Loan from the State Revolving Loan program for Pointe Source Water
Pollution Control (the "2009 State Pollution Control Loan");
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(f) $6,890,000 Village of Key Biscayne, Florida, Capital Improvement Revenue
Refunding Bonds, Series 2011A (the "2011A Capital Improvement Refunding Bonds");
(g) $7,130,000 Village of Key Biscayne, Florida, Capital Improvement Revenue
Refunding Bonds, Series 2011B (the "2011B Capital Improvement Refunding Bonds;
(h) $1,865,000 Village of Key Biscayne, Florida, Capital Improvement and Land
Acquisition Revenue Refunding Bonds, Series 2011 (the "2011 Capital Improvement and Land
Acquisition Refunding Bonds; and
(i) $5,575,000 Village of Key Biscayne, Florida, School Improvement Revenue
Bonds, Series 2012 (the "2012 School Improvement Bonds").
(5) The currently outstanding amount of the above -listed Debt (the "Outstanding
Debt") is as follows:
1999 Capital Improvement Bonds: $4,345,000
State Sewer Loan: $203,190
2005 Transportation Tax Bonds: $2,273,126
2006 Road Improvement Bonds: $2,371,051
2009 State Pollution Control Loan: $3,791,272
2011A Capital Improvement Refunding Bonds: $5,035,000
2011B Capital Improvement Refunding Bonds: $5,415,000
2011 Capital Improvement and Land Acquisition Refunding Bonds:
$1,425,000
2012 School Improvement Bonds: $5,575,000
TOTAL OUTSTANDING DEBT: $ 30,433,639
(6) The Outstanding Debt does not exceed the Assessed Value Limitation.
IN WITNESS WHEREOF, the undersigned has set his hand this 7th day of January,
2014.
PLOW
VILLAGE OF KEY BISCAYNE, FLORIDA
lin Caplan, Mayor
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