HomeMy Public PortalAbout1) Certified Copy of Resolution No. 2016-30.pdfOffice of the Village Clerk
Village Council
Mayra P. Lindsay, Mayor
Edward London, Vice Mayor
Franklin H. Caplan
Luis E. de la Cruz
Gary R. Gross
Theodore Holloway
Michael E. Kelly
Village Clerk
Conchita H.Alvarez, MMC
CERTIFICATION
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
1, Jennifer Duque, Deputy Village Clerk of the Village of Key Biscayne, Florida, do hereby certify
that the attached is a true and correct copy of:
Resolution No. 2016-30 adopted by the Village Council on October 4, 2016.
IN WITNESS WHEREOF, I hereunto set my hand and affix the Seal of the Village of Key Biscayne,
Florida, this 5th day of October, 2016.
fen D/ ue,
eputy Village Clerk
Village of Key Biscayne, Florida
88 West McIntyre Street • Suite 220 • Key Biscayne, Florida 33149 • (305) 365-5506 •. Fax (305) 365-8914
MISSION STATEMENT:"TO PROVIDEA SAFE, QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROUGH RESPONSIBLE GOVERNMENT."
www keybiscayne.fl.gov
RESOLUTION NO. 2016-30
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, AMENDING RESOLUTION NO. 2013-42
WHICH AUTHORIZED THE VILLAGE'S $6,575,000
STORMWATER UTILITY REFUNDING AND
IMPROVEMENT REVENUE BONDS, SERIES 2013, IN
ORDER TO LOWER THE INTEREST RATE ON SUCH
BONDS; APPROVING AND AUTHORIZING THE
EXECUTION AND DELIVERY OF AN AMENDMENT TO
THE BONDS; AUTHORIZING THE MAYOR, THE
VILLAGE MANAGER AND OTHER VILLAGE OFFICIALS
TO EXECUTE ANY AND ALL DOCUMENTS IN
CONNECTION THEREWITH; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, on December 3, 2013, the Village Council adopted Ordinance No. 2013-9
(the "Ordinance") and Resolution No. 2013-42 (the "Bond Resolution" and, collectively with the
Ordinance, the "Bond Ordinance") authorizing the issuance of $6,575,000 Village of Key
Biscayne, Florida Stormwater Utility Refunding and Improvement Revenue Bonds, Series 2013
(the "Bonds") for the purpose of refunding the Village's $4,450,000 Stormwater Utility
Revenue Refunding Bonds, Series 2011, financing the 2013 Project (as defined in the Bond
Resolution) and paying costs of issuance of the Bonds; and
WHEREAS, on January 7, 2013, the Village issued the Bonds and the Bonds and the
Bonds were purchased by Pinnacle Public Finance, Inc. (the "Purchaser"); and
WHEREAS, the Bonds bear interest at the fixed rate of 3.35%; and
WHEREAS, due to the current low interest rate environment, the Village's Financial
Advisor, Estrada Hinojosa & Co., was able to negotiate with the Purchaser a lower rate of
interest on the Bonds of 2.35%; and
WHEREAS, the Village Council hereby determines that it is in the best interest and
welfare of the residents of the Village to amend the Bond Resolution and the Bonds (such
amended Bond is hereinafter referred to as the "New Bond", and the date of delivery of the New
Bond is hereinafter referred to as the "New Bond Delivery Date"), in order to provide for the
lower interest rate and revise the amortization schedule accordingly;
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF
THE VILLAGE OF KEY BISCAYNE AS FOLLOWS:
Section 1. Findings. The foregoing "Whereas" clauses are hereby ratified and
incorporated as the legislative intent of this Resolution.
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Section 2. Amendment of the Bond Resolution. The Bond Resolution is hereby
amended as follows:
(a) The first four paragraphs of Section 2(b) of the Bond Resolution are hereby
amended to read as follows:
"(b) Interest Rate. Subject to adjustment as provided below, the Bonds shall
bear interest on the outstanding principal balance from their date of issuance payable
semiannually on each April 1 and October 1 (the "Interest Payment Dates"),
commencing April 1, 2014, at an interest rate equal to (1) 3.35% per annum through
the day prior to the New Bond Delivery Date (the "First Interest Rate Period") and (2)
2.35% per annum beginning on the New Bond Delivery Date until the maturity date
of the Bonds (the "Second Interest Rate Period").
Interest on the Bonds shall be computed on the basis of a 360 -day year consisting
of twelve 30 -day months.
(i) Adjustment of Interest Rate For Full Taxability. In the event a
Determination of Taxability shall have occurred (i) the rate of interest on the Bonds
shall be increased to a rate per annum equal to 5.4472% per annum with respect to the
interest payable during the First Interest Rate Period, and (ii) the rate of interest on the
Bonds shall be increased to a rate per annum equal to 3.62% per annum with respect to
the interest payable during the Second Interest Rate Period (as applicable, the
"Taxable Rate"), effective retroactively to the date on which the interest payable on
the Bonds is includable for federal income tax purposes in the gross income of the
Owners thereof. In addition, the Owners of the Bonds or any former Owners of the
Bonds, as appropriate, shall be paid an amount equal to any additions to tax, interest
and penalties, and any arrears in interest that are required to be paid to the United
States by the Owners or former Owners of the Bonds as a result of such Determination
of Taxability. All such additional interest, additions to tax, penalties and interest shall
be paid by the Village on the next succeeding Interest Payment Date following the
Deteituination of Taxability. A "Determination of Taxability" shall mean (i) the
issuance by the Internal Revenue Service of a statutory notice of deficiency or other
written notification which holds in effect that the interest payable on the Bonds is
includable for federal income tax purposes in the gross income of the Owners thereof,
which notice or notification is not contested with the Internal Revenue Service by
either the Village or any Owners of the Bonds, or (ii) a determination by a court of
competent jurisdiction that the interest payable on the Bonds is includable for federal
income tax purposes in the gross income of the Owners thereof, which determination
either is final and non -appealable or is not appealed within the requisite time period
for appeal, or (iii) the admission in writing by the Village to the effect that interest on
Bonds is includable for federal income tax purposes in the gross income of the Owners
thereof, or (iv) receipt by the Village of an opinion of bond counsel to the Village to
the effect that interest on the Bonds is includable for federal income tax purpose in the
gross income of the Owners thereof.
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(ii) Adjustment of Interest Rate for Change in Maximum Corporate Tax Rate.
In the event that the maximum effective federal corporate tax rate under Section 11(b)
of the Internal Revenue Code of 1986, as amended (the "Code"), without adjustment
based on the paragraph following Section 11(b)(1)(D) of the Code (the "Maximum
Corporate Tax Rate") during any period with respect to which interest shall be
accruing on the Bonds on a tax-exempt basis, shall be other than thirty-five percent
(35%), the interest rate on the Bonds that are bearing interest on a tax-exempt basis
shall be adjusted to the product obtained by multiplying the interest rate then in effect
on the Bonds by a fraction equal to (1-A divided by 1-B), where A equals the
Maximum Corporate Tax Rate in effect as of the date of adjustment and B equals the
Maximum Corporate Tax Rate in effect immediately prior to the date of adjustment;
provided, however, that in no event shall the interest rate on the Bonds be adjusted to
an interest rate that is less than (i) 3.35% per annum with respect to the interest
payable during the First Interest Rate Period and (ii) 2.35% per annum with respect to
the interest payable during the Second Interest Rate Period."
(b) Section 2(c)(i) of the Bond Resolution is hereby amended to read as follows:
"(i) Mandatory Prepayment. The principal of the Bonds shall be
subject to mandatory prepayment in annual installments on each October 1,
commencing October 1, 2014 in the amounts set forth below:
Principal
Year Installment Due*
2014 $310,000.00
2015 300,000.00
2016 310,000.00
2017 348,645.75
2018 354,618.89
2019 362,952.44
2020 371,481.82
2021 380,211.64
2022 389,146.62
2023 398,291.56
2024 407,651.41
2025 417,231.22
2026 427,036.16
2027 437,071.51
2028 447,342.69
2029 457,855.24
2030** 468,614.84
*Payments may change slightly to reflect the final issuance date of the Bonds.
A revised principal amortization schedule will be attached to the final executed Bond.
**Final Maturity
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In the event that there is more than one Owner of the Bonds, (A) the
amount of each Bond to be redeemed shall be pro rata based on the respective
aggregate principal amount of Bonds then held by each Owner as a percentage of
the total aggregate principal amount of Bonds then outstanding, and (B) the
Village shall give notice to each Owner of the Bonds at least three (3) days prior
to the date of mandatory redemption of the amount of Bonds owned by such
Owner to be redeemed."
(c) Exhibit "A" to the Resolution is hereby deleted in its entirety and replaced with
the new Exhibit "A" attached to this Resolution.
Section 3. Authorization to Execute Documents. The Village Council hereby
authorizes the Village Manager or Finance Director to deliver the New Bond to the Purchaser
upon receipt from the Purchaser of the original Bond for cancellation, in substantially the form
attached hereto as Exhibit "A". The New Bond shall be signed in the name of the Village by the
Mayor or Vice Mayor (or, in their absence, any other member of the Village Council), with such
changes, modifications, deletions and insertions as the person signing such New Bond, with the
advice of the Village Attorney and Bond Counsel, may deem necessary and appropriate. Such
execution and delivery shall be conclusive evidence of the approval thereof by the Village. The
Village Clerk is hereby authorized to attest such signature. The Mayor, the Vice Mayor, any
member of the Council, the Village Manager, the Village Clerk, the Finance Director and any
other proper official of the Village, are and each of them is hereby authorized and directed to
execute and deliver such other documents as are necessary to accomplish the foregoing and to
effectuate the intent and purpose of this Resolution.
Section 4. Ratification. All terms and provisions of the Bond Resolution not
specifically amended by this Resolution are hereby ratified and shall remain in full force and
effect.
Section 5. Severability. If any section, clause, sentence, or phrase of this
Resolution is for any reason held invalid or unconstitutional by a court of competent jurisdiction,
the holding shall not affect the validity of the remaining portions of this Resolution.
Section 6. Effective Date. This Resolution shall take effect immediately upon
adoption.
[Remainder of page intentionally left blank]
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PASSED AND ADOPTED this 4th day of October, 2016.
ATTEST:
VILLAGE CLERK
APPROVED AS LEGAL FORM AND
VILLAGE ATT
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EXHIBIT "A"
No. R-2 $6,575,000
UNITED STATES OF AMERICA
STATE OF FLORIDA
VILLAGE OF KEY BISCAYNE
STORMWATER UTILITY REFUNDING AND IMPROVEMENT
REVENUE BONDS
SERIES 2013
Registered Owner: Pinnacle Public Finance, Inc.
Principal Amount: Six Million Five Hundred Seventy -Five Thousand Dollars ($6,575,000)
KNOW ALL MEN BY THESE PRESENTS, that the Village of Key Biscayne, Florida
(the "Village"), for value received, hereby promises to pay to the Registered Owner shown
above, or registered assigns (the "Owner"), from the sources hereinafter mentioned, the Principal
Amount specified above. Subject to the rights of prior prepayment and redemption described in
this Bond, the Bonds shall mature on October 1, 2030. Payments due hereunder shall be made
no later than 2:00 p.m., Eastern time, on the date due, free and clear of any defenses, set -offs,
counterclaims, or withholding or deductions for taxes.
This Bond is issued under authority of and in full compliance with the Constitution and
laws of the State of Florida, including particularly Part II of Chapter 166, Florida Statutes, as
amended, the Charter of the Village, Ordinance No. 2013-9 duly adopted by the Village Council
(the "Council") of the Village on December 3, 2013 (the "Ordinance"), and Resolution No.
2013-42 adopted on December 3, 2013, as amended by Resolution No. 2016 -RD adopted on
October 4, 2016 (collectively, the "Resolution," and collectively with the Ordinance, the "Bond
Ordinance"), and is subject to the terms of said Bond Ordinance. This Bond is issued for the
purpose of refunding the Village's $4,450,000 Stormwater Utility Revenue Refunding Bonds,
Series 2011, financing improvements and replacements of drainage wells and outfalls for the
Village's Stormwater Utility System and paying costs of issuance of the Bonds. This Bond shall
be payable only from the sources identified herein.
Subject to adjustment as provided below, this Bond shall bear interest on the outstanding
principal balance from its date of issuance payable semiannually on each April 1 and October 1
(the "Interest Payment Dates"), commencing April 1, 2014, at an interest rate equal to (i) 3.35%
per annum through October _, 2016 (the "First Interest Rate Period") and (ii) 2.35% beginning
October _, 2016 until the maturity date of this Bond (the "Second Interest Rate Period").
Interest on this Bond shall be computed on the basis of a 360 -day year consisting of
twelve 30 -day months.
A-1
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, in either case in immediately available
funds, delivered on or prior to the date due to the Owner or its legal representative at the address
of the Owner as it appears on the registration books of the Village.
Adjustment of Interest Rate For Full Taxability. In the event a Determination of
Taxability shall have occurred (i) the rate of interest on this Bond shall be increased to a rate per
annum equal to 5.4472% per annum with respect to the interest payable during the First Interest
Rate Period, and (ii) the rate of interest on this Bond shall be increased to a rate per annum equal
to 3.62% per annum with respect to the interest payable during the Second Interest Rate Period
(as applicable, the "Taxable Rate"), effective retroactively to the date on which the interest
payable on the Bonds is includable for federal income tax purposes in the gross income of the
Owners thereof. In addition, the Owners of the Bonds or any former Owners of the Bonds, as
appropriate, shall be paid an amount equal to any additions to tax, interest and penalties, and any
arrears in interest that are required to be paid to the United States by the Owners or former
Owners of the Bonds as a result of such Determination of Taxability. All such additional interest,
additions to tax, penalties and interest shall be paid by the Village on the next succeeding Interest
Payment Date following the Determination of Taxability. A "Determination of Taxability" shall
mean (i) the issuance by the Internal Revenue Service of a statutory notice of deficiency or other
written notification which holds in effect that the interest payable on the Bonds is includable for
federal income tax purposes in the gross income of the Owners thereof, which notice or
notification is not contested with the Internal Revenue Service by either the Village or any
Owners of the Bonds, or (ii) a determination by a court of competent jurisdiction that the interest
payable on the Bonds is includable for federal income tax purposes in the gross income of the
Owners thereof, which determination either is final and non -appealable or is not appealed within
the requisite time period for appeal, or (iii) the admission in writing by the Village to the effect
that interest on Bonds is includable for federal income tax purposes in the gross income of the
Owners thereof, or (iv) receipt by the Village of an opinion of bond counsel to the Village to the
effect that interest on the Bonds is includable for federal income tax purpose in the gross income
of the Owners thereof.
Adjustment of Interest Rate for Change in Maximum Corporate Tax Rate. In the event
that the maximum effective federal corporate tax rate under Section 11(b) of the Internal
Revenue Code of 1986, as amended, without adjustment based on the paragraph following
Section 11(b)(1)(D) of such Code (the "Maximum Corporate Tax Rate") during any period with
respect to which interest shall be accruing on the Bonds on a tax-exempt basis, shall be other
than thirty-five percent (3 5%), the interest rate on the Bonds that are bearing interest on a tax-
exempt basis shall be adjusted to the product obtained by multiplying the interest rate then in
effect on the Bonds by a fraction equal to (1-A divided by 1-B), where A equals the Maximum
Corporate Tax Rate in effect as of the date of adjustment and B equals the Maximum Corporate
Tax Rate in effect immediately prior to the date of adjustment; provided, however, that in no
event shall the interest rate on the Bonds be adjusted to an interest rate that is less than (i) 3.3 5%
per annum with respect to the interest payable during the First Interest Rate Period and (ii)
2.35% per annum with respect to the interest payable during the Second Interest Rate Period.
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Adjustment of Interest Rate for Other Changes Affecting After -Tax Yield. So long as
any portion of the principal amount of the Bonds or interest thereon remains unpaid (a) if any
law, rule, regulation or executive order is enacted or promulgated by any public body or
governmental agency which changes the basis of taxation of interest on the Bonds or causes a
reduction in yield on the Bonds (other than by reason of a change described above) to the
Owners or any former Owners of the Bonds, including without limitation the imposition of any
excise tax or surcharge thereon, or (b) if, as a result of action by any public body or
governmental agency, any payment is required to be made by, or any federal, state or local
income tax deduction is denied to, the Owners or any former Owners of the Bonds (other than by
reason of a change described above or by reason of any action or failure to act on the part of any
Owner or any former Owner of the Bonds) by reason of the ownership of the Bonds, the Village
shall reimburse any such Owner within five (5) days after receipt by the Village of written
demand for such payment, and the Village agrees to indemnify each such Owner against any
loss, cost, charge or expense with respect to any such change, action or failure to qualify. The
determination of the after-tax yield calculation shall be verified by a firm of certified public
accountants regularly employed by the Owner and acceptable to the Village, and such
calculation, in the absence of manifest error, shall be binding on the Village and the Owners.
Mandatory Prepayment. The principal of this Bond shall be subject to mandatory
prepayment in annual installments on each October 1, commencing October 1, 2014 in the
amounts set forth below:
Principal
Year Installment Due*
2014 $310,000.00
2015 300,000.00
2016 310,000.00
2017 348,645.75
2018 354,618.89
2019 362,952.44
2020 371,481.82
2021 380,211.64
2022 389,146.62
2023 398,291.56
2024 407,651.41
2025 417,231.22
2026 427,036.16
2027 437,071.51
2028 447,342.69
2029 457,855.24
2030** 468,614.84
*Payments may change slightly to reflect the final issuance date of the Bonds.
A revised principal amortization schedule will be attached to the final executed Bond.
**Final Maturity
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In the event that there is more than one Owner of the Bonds, (i) the amount of each Bond
to be redeemed shall be pro rata based on the respective aggregate principal amount of Bonds
then held by each Owner as a percentage of the total aggregate principal amount of Bonds then
outstanding, and (ii) the Village shall give notice to each Owner of the Bonds at least three (3)
days prior to the date of mandatory redemption of the amount of Bonds owned by such Owner to
be redeemed.
This Bond is subject to optional prepayment upon seven (7) days written notice to the
Owner, (a) in whole at any time, at a price of par plus accrued interest to the date of prepayment
and (b) in part on each October 1, in a principal amount not less than $150,000, at a price of par
plus accrued interest to the date of prepayment plus a fee of $500.
This Bond is secured primarily by a pledge of the Stormwater Utility Fees as defined by
Section 403.0893(3), Florida Statutes and imposed pursuant to Ordinance No. 93-11 adopted by
the Council on June 22, 1993 (as amended by Ordinance No. 93-11-A).
To the extent the Stormwater Utility Fees are insufficient to pay principal of and interest
on the Bonds when due, the Village has covenanted and agreed in the Bond Ordinance to
appropriate in its annual budget, by amendment, if necessary, from Non -Ad Valorem Revenues
(as defined below) lawfully available in each fiscal year, amounts sufficient to pay the principal
and interest due on the Bonds in accordance with their terms during such fiscal year. "Non -Ad
Valorem Revenues" means all revenues of the Village derived from any source other than ad
valorem taxation on real or personal property and which are legally available to make the
payments required under the Bond Ordinance, but only after provision has been made by the
Village for the payment of all essential or legally mandated services not otherwise provided for
by ad valorem taxes. Such covenant and agreement on the part of the Village to budget and
appropriate such amounts of Non -Ad Valorem Revenues shall be cumulative to the extent not
paid, and shall continue until such Non -Ad Valorem Revenues or other legally available funds in
amounts sufficient to make all such required payments shall have been budgeted, appropriated
and actually paid. Notwithstanding the foregoing covenant of the Village, the Village does not
covenant to maintain any services or programs, now provided or maintained by the Village,
which generate non -ad valorem revenues.
Such covenant to budget and appropriate does not create any lien upon or pledge of such
Non -Ad Valorem Revenues, nor does it preclude the Village from pledging in the future its Non -
Ad Valorem Revenues, nor does it require the Village to levy and collect any particular Non -Ad
Valorem Revenues, nor does it give the Bondholders a prior claim on the Non -Ad Valorem
Revenues as opposed to claims of general creditors of the Village. Such covenant to appropriate
Non -Ad Valorem Revenues is subject in all respects to the payment of obligations secured by a
pledge of such Non -Ad Valorem Revenues heretofore or hereinafter entered into (including the
payment of debt service on bonds and other debt instruments). However, the covenant to budget
and appropriate in its general annual budget for the purposes and in the manner stated herein
shall have the effect of making available in the manner described herein Non -Ad Valorem
Revenues and placing on the Village a positive duty to appropriate and budget, by amendment, if
necessary, amounts sufficient to meet its obligations under the Bond Ordinance, subject,
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however, in all respects to the terms of the Bond Ordinance and the restrictions of Section
166.241(3), Florida Statutes, which provides, in part, that the governing body of each
municipality make appropriations for each fiscal year which, in any one year, shall not exceed
the amount to be received from taxation or other revenue sources; and subject, further, to the
payment of services and programs which are for essential public purposes affecting the health,
welfare and safety of the inhabitants of the Village or which are legally mandated by applicable
law.
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 STORMWATER UTILITY FEES AND
FROM LEGALLY AVAILABLE NON -AD VALOREM REVENUES OF THE VILLAGE.
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 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 $100,000 (except that an odd lot is permitted to complete the outstanding principal
balance). No transfer or exchange of any Bond shall be effective until entered on the
registration books maintained by the Village.
2. The Village may deem and treat the person in whose name any Bond shall
be registered upon the books of the Village as the absolute Owner of such Bond, whether
such Bond shall be overdue or not, for the purpose of receiving payment of, or on account
of, the principal of and interest on such Bond as they become due, and for all other
purposes. All such payments so made to any such Owner or upon its 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
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provisions of the Resolution. There shall be no charge for any such exchange or transfer
of Bonds, but the Village may require payment of a sum sufficient to pay any tax, fee or
other governmental charge required to be paid with respect to such exchange or transfer.
The Village shall not be required to transfer or exchange Bonds for a period of fifteen
(15) days next preceding an interest payment date on such Bonds.
4. All Bonds, the principal of and interest on which have been paid, either at
or prior to maturity, shall be delivered to the Village when such full payment is made,
and shall thereupon be cancelled. In case a portion but not all of an outstanding Bond
shall be prepaid, such Bond shall not be surrendered in exchange fora 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.
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 perfoiined 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 t14Pday of OciP h, , 20/4.
VILLAGE OF KEY BISCAYNE, FLORIDA
(SEAL)
1
/). Avo
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Mayor
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned (the
"Transferor"), hereby sells, assigns and transfers unto
(Please insert name and Social Security or Federal Employer identification number of assignee)
the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints
(the "Transferee") as attorney to register the transfer of the
within Bond on the books kept for registration thereof, with full power of substitution in the
premises.
Date
Social Security Number of Assignee
Signature Guaranteed:
NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange
or
a commercial bank or a trust company
NOTICE: No transfer will be registered and no new Bond will be issued in the name of the
Transferee, unless the signature(s) to this assignment corresponds with the name as it appears
upon the face of the within Bond in every particular, without alteration or enlargement or any
change whatever and the Social Security or Federal Employer Identification Number of the
Transferee is supplied.
The following abbreviations, when used in the inscription on the face of the within Bond,
shall be construed as though they were written out in full according to applicable laws or
regulations:
TEN COM - as tenants in common UNIF GIF MIN ACT -
(Cust.)
Custodian for
(Minor)
TEN ENT - as tenants by under Uniform Gifts to Minors
the entirety Act of
(State)
JT TEN - as joint tenants with
right of survivorship and
not as tenants in common
Additional abbreviations may also be used though not in the list above.
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