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Home My Public Portal AboutBonds Series 1999 $7,200,000.tifADORNO 8C ZEDER A PROFESS ONAL ASSOC AT ON 260 SOUTH BAYSHORE DRIVE SUITE 600 MIAMI FLORIDA 33133 TELEPHONE (305) 858 5555 FACSIMILE (305) 858 4777 WORLD WIDE WEB http //WWW ado no corn JEFFREY D D CARLO WRITER S 0 RECT NO February 9 1999 (305) 860 7276 Sam Kissinger Village Manager Village of Key Biscayne 85 West McIntyre Street Suite 201 Key Biscayne Flonda 33149 Re Stormwater Utility Revenue Bonds Senes 1999 Dear Sam Enclosed is an mvoice for services m connection with the bond issue together with costs incurred to date Please call me if you have any questions Very truly yours JDC/clm Enclosure 3➢ / / 99 / 35 4 00 Se CA Jeffrey DeCarlo FORT LAUDERDALE ADORNO & ZEDER A PRO ESS ONA ASSOC AT ON ATTORNEYS AT LAW 2601 SOUTH BAYSHORE DRIVE SUITE 600 MIAMI FLORIDA 33133 Key Biscayne 85 West McIntyre Street Suite 201 Key Biscayne F1 33149 Attn Sam Kissinger HO (305) 858 5555 E A (305) 858 4777 D A D#592746043 February 7 1999 Invoice 103118 Page 1 For Services Through January 31 1999 Our Matter # 13524 004 Stormwater Utility Bonds 1998 09/21/98 Ordinance Drafting DMS 2 50 hrs 145 00/hr 09/22/98 Ordinance Drafting DMS 1 00 hrs 145 00/hr 09/29/98 Revising Ordinance JDC 20 hrs 250 00/hr 10/01/98 Telephone conferences with Kissinger revising Ordinance JDC 20 hrs 250 00/hr 11/11/98 Drafting Resolution DMS 1 50 hrs 145 00/hr 11/13/98 Research on engineering costs on capital projects JDC 1 20 hrs 250 00/hr $ 362 50 145 00 50 00 50 00 217 50 300 00 REMIT PAYMENT TO ADORNO S ZEDER P A 2601 SOUTH BAYSHORE DRIVE SUITE 1600 MIAMI FLORIDA 33 33 ADORNO 8e ZEDER A PROFESS ONA ASSOC AT ON ATTORNEYS AT LAW 260t SOUTH BAYSHORE DRIVE SUITE 1600 MIAMI FLORIDA 33133 Key Biscayne 85 West McIntyre Street Suite 201 Key Biscayne Fl 33149 Attn Sam Kissinger EL 0 E (305) 858 5555 EL A (305) 858 4777 D RA #592746043 11/20/98 Resolution and supporting DMS bond docs - Draft u. 00 nrs 11/23/98 Resolution and supporting DMS 145 00/nr bond docs - Draft 6 20 hrs 145 00/hr 11/24/98 Resolution and supporting 11/25/98 11/30/98 12/01/98 12/02/98 12/10/98 bond docs DMS 5 00 hrs - Draft 145 00/hr Resolution and supporting bond docs - Draft DMS 1 00 hrs 145 00/hr Resolution and supporting bond docs - Draft DMS 3 60 hrs 145 00/hr Resolution ana support -^g bond coos - Draft DMS 1 00 hrs 145 00/hr Resolution and supporting bond docs - Draft DMS 50 hrs 145 00/hr Due Diligence - Stormwater Litigation DMS 40 hrs 145 00/hr February 7 1999 Invoice 103118 Page 2 145 00 899 00 725 00 145 00 522 00 145 00 72 50 58 00 REMIT PAYMENT TO ADORNO 5 ZEDER 9 A 260 SOUTH BAYSHORE DRIVE SUITE 1600 MIAM FLORIDA 33133 ADORNO 8c ZEDER A PROFESS ONA ASSOC ATION ATTORNEYS AT LAW 2601 SOUTH BAYSHORE DRIVE SUITE 600 MIAMI FLORIDA 33133 Key Biscayne 85 West McIntyre Street Suite 201 Key Biscayne Fl 33149 Attn Sam Kissinger E ON (305) 858 5555 E E AX(305)8584777 D A #59 746043 12/15/98 Reviewing bid proposal telephone conference with Aguila JDC 1 30 hrs 250 00/hr 12/16/98 Telephone conference with Aguila regarding commitment JDC 50 hrs 250 00/hr 12/16/98 Resolution and supporting bond docs - Update DMS 5 00 hrs 145 00/hr 12/17/98 12/18/98 12/22/98 Resolution and supporting bond docs - Update DMS 30 hrs 145 00/hr Drafting Resolution telephone conference with Aguila regarding structure JDC 2 60 hrs 250 CO/hr Drafting Resolution JDC 1 60 hrs 250 00/hr 12/23/98 Telephone conference with Aguila regarding commitment litigation drafting Resolution JDC 1 70 hrs 250 00/hr February 7 1999 Invoice 103118 Page 3 325 00 125 00 725 00 43 50 650 00 400 00 425 00 REMIT PAYMENT TO ADORNO & ZEDER P A 260 SOUTH BAYSHORE DRIVE SUITE 1600 MIAMI FLORIDA 33 33 1 ADORNO & ZEDER A PRO 55 ONA ASSOC A ON ATTORNEYS AT LAW 2601 SOUTH BAYSHORE DRIVE SUITE 1600 MIAMI FLORIDA 33133 Key Biscayne 85 West McIntyre Street Suite 201 Key Biscayne F1 33149 Attn Sam Kissinger 12/24/98 Drafting Resolution CDC P ON (305) 858 5555 AX (3051 858 4777 0 A D# 59 2746043 50 nrs 250 00/hr 01/08/99 Telephone conference with Aguila Kissinger regarding bids drafting Bond Resolution JDC 1 70 hrs 250 00/hr 01/11/99 Drafting closing documents resolution JDC 2 40 hrs 250 00/hr 01/12/99 Drafting resolution and closing documents JDC 4 10 hrs 250 00/hr 01/13/99 Drafting Resolution JDC 2 20 hrs 250 00/hr February 7 1999 Invoice 103118 Page 4 01/14/99 Telephone conference with Wolpin Aguila drafting closing documents JDC 1 30 hrs 250 00/hr 01/15/99 Tax research revising Resolution drafting closing documents telephone conference with Aguila regarding debt cap ordinance and interpretation JDC 3 60 hrs 250 00/hr 125 00 425 00 600 00 1 025 00 550 00 325 00 900 00 REMIT PAYMENT TO ADORNO S ZEDER P A 260 SOUTH BAYSHORE DRIVE SUITE 600 M AMI FLORIDA 33 33 ADORNO & ZEDER A PRO SS ONA ASSOC AT ON ATTORNEYS AT LAW 2601 SOUTH BAYSHORE DRIVE SUITE 600 MIAMI FLORIDA 33133 Key Biscayne 85 West McIntyre Street Suite 201 Key Biscayne F1 33149 Attn Sam Kissinger 01/19/99 Revising Resolution CDC E ON (305) 858 5555 T AX(305)8584777 0 A DN 59 2 46043 drafting closing documents 2 60 hrs 01/20/99 Drafting closing documents 01/21/99 JDC 2 80 hrs Drafting documents JDC 50 hrs 250 00/hr 250 00/hr 250 00/hr 01/22/99 Revising closing documents telephone conference with Kissinger Rasco Aguila Lawhorn Porter regarding closing details JDC 3 30 hrs 250 00/hr 01/25/99 Revising closing documents telephone conference with Wolpin Cabrera tax research JDC 2 90 hre 2'"0 00/hr 01/26/99 Telephone conference with McDonough revising documents telephone conference with Lalla reviewing McDonough comments JDC 2 00 hrs 250 00/hr 01/26/99 Finalizing documents attend signing with Mayor attend Council meeting for passage of Resolution JDC 4 40 hrs 250 00/hr February 7 1999 Invoice 103118 Page 5 650 00 700 00 125 00 825 00 725 00 500 00 1 100 00 REMIT PAYMENT TO ADORNO & ZEDER P A 260 SOUTH SAYSHORE DRIVE SU TE 1600 MIAM FLORIDA 33133 ADORNO $c ZEDER A ROFESS ONA ASSOC AT ON ATTORNEYS AT LAW 2601 SOUTH BAYSHORE DRIVE SUITE 1600 MIAMI FLORIDA 33133 Key Biscayne 85 West McIntyre Street Suite 201 Key Biscayne F1 33149 Attn Sam Kissinger O (305) 858 5555 E A (305) 858 4777 D RA #592746043 01/27/99 Preparing documents for closing telephone conference with Aguila and Wolpin JDC 2 20 hrs 250 00/hr 01/28/99 Attend closing phone calls regarding receipt of funds 01/29/99 01/26/99 01/28/99 01/28/99 01/28/99 01/28/99 JDC 2 90 hrs Telephone conference with Zannis package for Porter JDC 60 hrs 250 00/hr preparing 250 00/hr Total Fees for Professional Services Costs Incurred Services on Site Inc Office Svcs & Copy Ctr charges for Dec 98 Courtnouse courser Inv #053989 service on 1/13/99 to Richard Weiss Courthouse courier Inv #053989 service on 1/13/99 to Sam Kisinger Courthouse courier Inv #053989 service on 1/13/99 to Percy Aguilar Courthouse courier Inv #053989 service on 1/13/99 to Charles Porter Current month s photocopy charges Total Costs Incurred February 7 1999 Invoice 103118 Page 6 $ $ 550 00 725 00 150 00 16 530 00 4 90 7 75 13 75 8 00 8 00 47 60 90 00 REMIT PAYMENT TO ADORNO 6 ZEDER P A 260 SOUTH BAYSHORE DRIVE SUITE 1600 MIAMI FLORIDA 33 33 ADORNO 8C ZEDER A PROFESS ONA ASSOC AT ON ATTORNEYS AT LAW 2601 SOUTH BAYSHORE DRIVE SUITE 1600 MIAMI FLORIDA 33133 Key Biscayne 85 West McIntyre Street Suite 201 Key Biscayne F1 33149 Attn Sam Kissinger Fees for Professional Services Costs Incurred 0 (305) 858 5555 E A (305) 858 4777 D RA # 59 2746043 Matter Summary NET CURRENT BILLING TOTAL DUE FOR THIS MATTER February 7 1999 Invoice 103118 Page 7 16 530 00 90 00 $ 16 620 00 $ 16 620 00 REMIT PAYMENT TO ADORNO & ZEDER P A 2601 SOUTH BAYSHORE DRIVE SUITE 1600 MIAMI FLORIDA 33 33 1HationsBank Fax Sheet To Tom Zanms Company Village of Bey Biscayne Telephone Number 365 8903 Fax Number 365 8936 Date 6/30/99 Number of pages ( 5 ) includes cover sheet From Department* Telephone Number 533 2675 Fax Number 633 2681 0 transmission problems occur please call Gregory M. Viejo Commercial Banking The following information contains restricted, confidential, and/or personal private information intended only for the designated recipient If you are not the designated recipient please ensure direct dehvery Do not read or copy the text to do so would be in violation of NationsBank Information Security Policy If you have received this communication in error please notify us immediately by telephone 704 386 7321 (collect) Thant you. Conunents Tom The schedule starts on page 2 If you need anything else please call me Greg Coo ,4 'ec7-- i9mogf, z./9-7904 AWc lt r wlr tutNabH < 305 533 2681. TO 93053658936 P 02/85 00/30/1999 Page 1 Compound Penod _ Exact Days Nominal Anneal Rate 4130 / Effecwe Annual Rate Undefined Penodic Rate 0 0113 T Daily Rate 001132% CASK FLOW DATA Event Stan Date Amount Number Period End Date 1 Loan 01/28/1999 720000000 1 2 Payment 04/01/1999 IntSrestOnly 1 3 Payment 07/01/1999 IntereStOnty 1 4 Payment 10/01/1999 135000 00 1 Fixed Paymen t (+ Interest) 5 Payment 01/01/2000 Interest Only 1 6 Payment 04101/2000 tnterestOnly 1 7 Payment 07/01/2000 InterestOnly 1 8 Payment 10/0112000 126,010 00 1 Fixed Payment (+ Interest) 9 Payment 01/0112001 InterestOnly 1 10 Payment 04/0112001 InteresdOnly 1 11 Payment 07/012001 lntetestOnly 1 12 Payment 10/01/2001 130000 00 1 Fixed Payment (+ Interest) 13 Payment 01/01/2002 Inter9StOnty 1 14 Payment 06/01/2002 InterestOnly 1 15 Payment 07/01/2002 InterestOnly 1 16 Payment 19/01/2002 185.000.00 1 Fixed Payment (+ interest) 17 Payment 01 /01/2003 Interest Only 1 18 Payment 1/'11003 ImarettOnly 1 19 Payment 07/01/2003 InterestOnly 1 20 Payment 10/01/2003 195,000 00 1 Fixed Payment (+ Interest) 21 Payment 01/01/2004 InterestOnly 1 22 Payment 04/12004 Interest Only 1 23 Payment 07/1/2004 tnterestOn ty 1 24 Payment 10/01/2004 205,00000 1 Fixed Payment (+ (merest) 25 Payment 01/(1112005 Interest Only 1 26 Payment 047014005 IntetestOnly 1 27 Payment 0740142005 interest Only 1 28 Payment 10/01,2006 215000 D0 1 Fixed Payment (+ 'Merest) 29 Payment 01/0112006 tnterestOnly 1 30 Payment 04/01/2006 Interest Only 1 31 Payment 07/0112006 Interest Only 1 32 Payment 10/01/2006 22500000 1 fixed Payment (+Interest) 33 Payment 01/012007 Interest Only 1 34 Payment 04/012007 Interest Only 1 35 Payment 07/012007 interest Only 1 36 Payment 10/01/2007 235 000 00 1 Fixed Payment (+ interest) 37 Payment 01/012008 Interest Only 1 38 Payment 04/412008 Interest Only 1 39 Payment 07/01, 2008 InterestOnly 1 40 Payment 10/01/2008 35000000 1 Fixed Payment (+ Interest) 41 Payment 01/44/2009 Interest Only 1 42 Payment 04101/2009 Interest Only 1 43 Payment 07/0'1/2009 Interest Only 1 44 Payment 10/0)1/2009 305 000,00 1 Fixed Payment (+ Interest) 45 Payment 01012010 Interest Only 1 46 Payment 04/012010 (ntat:tanty 1 47 Payment 07/01/2010 Interest Only 1 48 Payment 10/04/2010 385 000 00 1 Fixed Payment (+ Interest) 49 Payment O1/0p/2011 Interest Orgy 1 50 Payment 04/01/2011 Interest Only 1 51 Payment 07/01/2011 Interest only 1 52 Payment 10/01/2011 405 000 00 1 Fixed Payment (+ Interest) Jury Sb lyy9 16 45 FR NRTIONSBPNK 305 533 2681 TO 93053658936 P 03/05 06/30/1999 Page2 CASH FLOW DATA Event Start Date Amount Number Pencd End Date 53 Payment 01/01/2012 Interest Only 1 54 Payment 04/012012 Interest Only 1 55 Payment 07/01/2012 Interest Only 1 56 Payment 10/01/2012 425 000 00 1 Flied Payment (+ Interest) 57 Payment 01/01/2013 Interest Only 1 58 Payment 04/01/2013 Interest Only 1 59 Payment 07/012013 Interest Only 1 60 Payment 10/0112013 445 000 00 1 Feted Payment (4 Interest) 61 Payment 01/01/2014 Interest Only 1 62 Payment 047012014 Interest Only 1 63 Payment 07/012014 Interest Only 1 64 Payment 10/012014 465 000 00 1 Fixed Payment (4 Interest) 65 Payment 01/01/2015 Interest Only 1 66 Payment 0 4101 /2 01 5 Interest Only 1 67 Payment 07/01/2015 Interest Only 1 68 Payment 10/01/2015 490 000.00 1 Fixed Payment (4 Interest) 69 Payment 01/012016 InlerestOnly 1 70 Payment 04/01/2016 interest Only 1 71 Payment 07/01/2018 Interest Only 1 72 Payment 10/012016 515 000 00 1 Fixed Payment (+ Interest) 73 Payment 01/0112017 Interest Only 1 74 Payment 04/0112017 Interest Only 1 75 Payment 07/01/2017 interest Only 1 76 Payment 10/01/2017 540000.00 1 Fixed Payment (+ Interest) 77 Payment 01/012018 Interest Only 1 7e Payment 04/01/2018 Interest Only 1 79 Payment 07/012018 Interest Only 1 80 Payment 10/01/2018 57000000 1 Fried Payment (+ Interest) 81 Payment 01/01/2019 Interest Only 1 82 Payment 041012019 Interest Only 1 83 Payment 07/012019 Interest Only 1 54 Payment 10/012019 59500000 1 Fixed Payment (4 Interest) AMORTIZATION SCHEDULE Normal Amaram6°n Data Payment Interest Principal Balance Loan 0128/1999 7 200 000 00 1 04/01/1999 51 325.15 51 325 15 0 00 7 200 000 00 2 07/01/1999 74136 33 74136.33 0 00 720000000 3 10/01/1999 209 95101 74 95101 135 000 00 7 065 00000 1999 Totals 335 412.49 200 412.49 135 000 00 4 01/01/2000 73 54568 73 545,68 0.00 7 065 00000 5 04/01/2000 72.746 27 72 746 27 0 00 7 065 000 00 6 07/01/2000 72 746.27 72 748 27 000 7 055 000.00 7 10/012000 198 545.65 73 545 68 125 000 00 6 940 000 00 2000 Totals 417 583 90 292 583.90 125 00000 8 01/0112001 72,244 45 72 244 45 0 00 6 940 000.00 9 04/012001 70 673 92 70 673 92 0 00 6 940 000 00 10 07/012001 71459.18 71 459.18 0.00 6 940 00000 11 10/012001 202 244.45 72244.45 130 000 00 6 810 000 00 2001 Totals 416 622.00 286,62200 130 000 00 12 01/012002 70 891 17 70,891 17 000 6 810 000 00 13 04/01/2002 89 350 05 69 350 05 000 6 810000 00 14 07/01/2002 70 120.61 70120 61 000 6 810 000 00 15 10/01/2002 255 891 17 70 891 17 185 000 00 6 625,000 00 2002 Totals 466 253 00 281,253 00 185 000,00 15 01/012003 68 96534 68 985.34 0 00 6 625 000 0o 17 04/01/2003 67 468.10 67 46610 0 00 6 625 000 00 ->C_i�77 to 4J t -K NH11UNSBRNK 305 533 2691 TO 93053658936 P 04/05 Date 18 07/01/2003 19 10(01/2003 2003 Totals 20 01/01/2004 21 04/01/2004 22 07/0112004 23 10/01/2004 2004 Totals 24 01/01/2005 25 04/01/2005 26 07/01/2005 27 10/01/2005 2005 Totals 28 01/01/2006 29 04/01/2006 30 07/01/2005 31 10/01/2006 2006 Totals 32 01/012007 33 04/01/2007 34 07/01/2007 35 10/01/2007 2007 Totals 35 01/01/2008 37 04/01/2008 38 07/01/2008 39 10/01/2008 2008 Totals 40 01/01/2009 41 04/01/20os 42 07/01/2009 43 10/01/2009 2008 Totals 06/30/1999 Page 3 Payment Interest Principal Balance 68,21572 68 215 72 000 6 625 000 00 203 965 34 68 06934 195 00000 6 430 000 00 468 612 50 273 512.50 195 00000 66 935 42 66 935.42 000 6,430 000 00 86 207136 66 20786 000 8 430 000 00 66 207 86 66207 86 000 8 430 000 00 271 935 42 66 93542 205 00000 6 225 000 00 471286 56 288 200 66 205 000 00 64 80140 64 001 40 0.00 6 225 000 00 63 392 67 63 392.67 0 00 6,225 000 00 64997 03 64 097 03 000 6,225 000 00 279 801 40 64 801 40 215 000 00 6 010 000 00 472 092 50 257 092.50 215 00000 62 563 26 62,56326 000 6 010 000 00 61,20321 61,20321 000 6 010 000 00 61 883 24 61 863 24 0.00 6010 000 00 287 563 28 62,56328 225 00090 5 785 000 00 473 213 01 248 213 01 225 000.00 80 22106 60 221 06 0 00 5 785 000.00 58 91150 58 91100 0 00 5 785000 00 5956548 59 556 48 0.00 5 785 000 00 295 22106 60 221 06 235,000 00 5 550 00000 473 92050 239 920 50 235000 00 57 774 74 57146 75 57 14675 407 774 74 579 842.98 54 131 29 52,954 52 53 542 90 419 131 29 579 76000 57 774 74 000 555000000 57 14675 0 00 5 550 000 00 51 146.75 000 5550 000 00 57 774 74 350 000 00 520000000 229 842 98 350 000 00 54 13129 0 00 5 200 000.00 52 954 52 0 00 5 200000 00 53 542 90 000 520000000 54 131 29 365 000 00 4 835 000 00 214 780 00 365 000 00 44 01/01/2010 50 331 69 5033169 000 4.835 000.00 45 04/01/2010 49 237 52 49.237 52 000 4 835 000 00 46 07/01/2010 49 784 60 49 784 60 000 4 835 000 00 47 10/01/2010 435 33169 50,331 69 385,000 00 4,450 000 00 2010 Totals 584 686 50 199 685 50 385,000 00 48 01/01/2011 49 04/01/2011 50 07/01/2011 51 10/01/2011 20t1 Totals 46 323 89 45 31685 4582037 451 323 89 588 785 00 46 323 89 0 00 4 450 000 00 45 316.85 090 4 450 00000 45 820 37 0 00 4450 00000 46323.89 405 000 00 4 045 00000 183 785 00 405 000 00 52 91/01/2012 42,107 90 42 107 90 000 4 045 000 00 53 04/012012 41 650.20 41 650 20 000 4 045 000 00 54 07/01/2012 41 650.20 41 650.20 000 4 045 000 00 55 10/01/2012 467 107 90 42,107 90 425 000.00 3 620 000 00 2012 Totals 592 516 20 187 516.20 425 000 00 56 01/01)2013 37 683 70 37 683.70 0 00 3 620 000 00 57 04/01/2013 36 084 49 30 86449 0 00 3 620,00000 59 07/01/2013 37,274.10 37 274 10 0 00 3 620 000 00 59 10/01/2013 482,683 70 37 883 70 445 000 00 3 175 000.00 2013 Totals 594 505 99 149 505.99 445 00000 60 01/01/2014 33 05132 33 051 32 0 00 3 175,000 00 61 04/01/2014 32,332.81 32,332 81 0 00 3,175 000 00 62 07/01/2014 32,692-06 32.69206 0 00 3 175 00000 63 10/01/2014 496 051.32 33 051 32 465 000 00 2,710 000 00 2014 Totals 596 127 51 131 127 51 465 000 00 64 01/01/2015 65 04/01/2015 66 07/01/2015 67 10/01/2015 2821073 27 59745 27 904 09 516,210 73 28 210 73 000 2 710 00000 27 597 a5 0 00 2 710 00000 21 904 08 0 00 2.710 000 00 28 210 73 49000000 2 220 000 00 u r, 9.i3 2681 TO 93053658936 P 05/05 06/30/1899 Pa9e 4 Dale Payment Interest Princlpal Balance 2015 Totals 601 923 00 111 923 00 490 000 00 60 01/01/2016 23 108 90 23 109 90 0 00 2 220 000 00 89 04/01/2016 22,858 70 22 858 70 0 00 2 220 000 00 70 07/01/2016 22,858 70 22 85870 000 2,220 000 00 71 10/01/2016 538 109 90 23 109 90 515 000 00 1 705 000 00 2016 Totals 606 937 20 91 937 20 515 000 00 72 01/01/2017 17748 02 17 748 82 0 00 1 705 000 00 73 04/01/2017 17 362,97 17 36227 0 00 1 705 000 00 74 07/01/2017 17,555 89 17 55589 0 00 1 705 000 00 75 10/01/2017 557 748 82 17 748 62 540 000 00 1 165 000 00 2017 Totals 610 416 50 7041650 540 000 00 76 0x0112018 12 127 49 12 127 49 0 00 1 165 000 00 77 04/01/2018 11 883 85 11 883 85 0 00 1 165 000 00 76 07/0172016 11 99567 11 99557 0 00 1 165 000 00 79 10/01/2018 582 127 49 12 127 49 570 000 00 595 000 00 2018 Totals 618 114 50 48 11450 570 000 00 80 01/01/2019 6 193 87 6 193 87 000 595 000 00 81 04/01/2019 6 059.22 8 05922 0 00 595 000 00 82 07/01/2019 6 126 54 6 126 54 0 00 595 000 00 83 10/012019 601 193 87 6 193 87 595 000 00 0 00 2019 Totals 619 573 50 24 573 50 595 000 00 Grand Totals 11 168 184 34 395i8434 7 200 000 00 ** TOTAL PA66 05 ** January 28 1999 $7,200,000 VILLAGE OF KEY BISCAYNE, FLORIDA Stormwater Uhhty Revenue Bonds, Series 1999 CLOSING INDEX 1 Certified copy of Ordinance No 95 3 2 Certified copy of Ordinance No 97 9 amending Ordmance No 95 3 3 Certified copy of Ordmance No 98 2 4 Certified copy of Ordmance No 98 9 authonzing the issuance of the Bonds 5 Certified copy of Resolution No 99 9 authonzmg the issuance of the Bonds 6 Certified copy of Ordmance No 93 11 creating a stormwater uhhty m the Village 7 Certified copy of Ordinance No 93 11 A amendmg Ordinance No 93 11 8 Certified copy of Resolution No 92 23 required under Article IV Chapter 24 Dade County Code regardmg the stormwater utihty 9 Certified copy of Ordinance No 97 1 ( Debt Cap Ordinance ) 10 Specimen of Bond 11 Cancelled Note dated March 31 1998 12 Acknowledgment of payment of Note from SunTrust Bank Miami National Association 13 Copy of letter from NationsBank N A (the Bank') dated January 26 1999 disclosing the mformation required by the provisions of Section 218 385 Flonda Statutes as amended 14 Copy of notice to the Division of Bond Fmance of the impending sale of the Bonds required by Section 218 38 Flonda Statutes as amended 15 Incumbency Certificate 16 Signature and No Litigation Certificate 17 Pnvate Placement Certificate of the Bank WS/ G L/19 981 2/13524 004 18 Arbitrage Certificate 19 IRS Form 8038 G 20 Certificate regarding Comphance with Debt Cap 21 Certificate of Village as to Computation of Interest Rate in Comphance with Section 215 84(3) Flonda Statutes 22 Bank s Receipt for the Bonds F 23 Opimon of Adorno & Zeder P A 24 Opimon of Weiss Serota Helfman Pastonza & Guedes P A Village Attorney 25 Division of Bond Finance Form 2003/2004 / EGIS / 81 2/135 2 AllAN Office of the Village Clerk Villag C unc 1 Joe I Ra o May Gregory C Han Vice May Scott Bass Martha Fde L n Broucek Alan H F is M tmet Fld Rob t Old kowskl Vitas CI k C n h to H Alvar CMC CERTIFICATION STATE OF FLORIDA COUNTY OF MIAMI DADE I Conchita H Alvarez duly appointed Village Clerk of the Village of Key Biscayne Florida, do hereby certify that the attached is a true and correct copy of Ordinance 95 3 adopted by the Village Council on March 28, 1995 IN WITNESS WHEREOF I hereunto set my hand and affix the Seal of the Village of Key Biscayne Flonda this 22nd day of January 1999 %/a/Ng a H Alvarez CMC Clerk of Key Biscayne Florida 85 West McIntyre Street Key Biscayne Florida 33149 (305) 365 5511 Fax (305) 365 8936 MISSION STATEMENT TO PROVIDE A SAFE QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROUGH RESPONSIBLE GOVERNMENT ORDINANCE NO 95-3 AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE FLORIDA AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $7 200 000 00 OF STORMWATER UTILITY REVENUE BOND ANTICIPATION NOTES OF THE VILLAGE OF KEY BISCAYNE FLORIDA PROVIDING FOR A SUPPLEMENTAL RESOLUTION SETTING FORTH THE DETAILS OF SAID NOTES 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 not exceeding $7 200 000 00 Stormwater Utility Revenue Bond Anticipation Notes (the "Notes") for the purpose of expanding and improving the Stormwater Utility System within the Village and paying costs of issuance of the Notes, and WHEREAS the Council desires that the Notes be secured by a covenant to budget and appropriate from legally available Non -Ad Valorem revenues of the Village as further specified by subsequent resolution of the Council, and by Bonds of the Village to be issued upon the maturity of the Notes and WHEREAS it is the expressed commitment of the Council to finance the entire financing cost of the Basins 1 - 8 project from the proceeds of stormwater utility fees NOW THEREFORE BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE FLORIDA AS FOLLOWS Section 1 In accordance with the provisions of the Charter of the Village of Key Biscayne Florida and Chapter 166 Florida Statutes, there are hereby authorized to be issued Stormwater Utility Revenue Bond Anticipation Notes of the Village in an aggregate principal amount not to exceed $7,200,000 00 for the purpose of expanding and improving the Stormwater Utility System within the Village and paying costs of issuance of the Notes The Notes shall be designated "Village of Key Biscayne Florida Stormwater Utility Revenue Bond Anticipation Notes or such other designation as may be approved by supplemental resolution shall be dated such date shall be in such denominations shall be stated to mature in such year or years not later than three (3) years from their date of issuance, shall bear interest from their dated date at a rate or rates not exceeding the maximum rate permitted by law at the time of issuance of the Notes shall be subject to redemption at the option of the Village at such times and prices and shall have such other details all as shall hereafter be determined by the Council by supplemental resolution C G Office of the Village Clerk Vtllag C un 1 Joe I Ras Mayor GregoryC H n Vice May S ott Bass Marth Fd Leon B oucek Al nH F n M rm r Fried R b rt Oldakowskt V llag Clerk C nduta H Mva ez CMC CERTIFICATION STATE OF FLORIDA COUNTY OF MIAMI DADE I Conchita H Alvarez duly appointed Village Clerk of the Village of Key Biscayne Florida, do hereby certify that the attached is a true and correct copy of Ordinance 97 9 adopted by the Village Council on March 11, 1997 IN WITNESS WHEREOF I hereunto set my hand and affix the Seal of the Village of Key Biscayne Florida this 22nd day of January 1999 %easy H Alvarez CMC lerk f Key Biscayne Florida 85 West McIntyre Street Key Biscayne Florida 33149 (305) 365 5511 Fax (305) 365 8936 MISSION STATEMENT TO PROVIDE A SAFE QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROUGH RESPONSIBLE GOVERNMENT ORDINANCE NO 97 9 AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE FLORIDA AUTHORIZING THE EXTENSION OF THE MATURITY DATE OF ITS STORMWATER UTILITY REVENUE BOND ANTICIPATION NOTES SERIES 1995 AMENDING ORDINANCE NO 95 3 TO CLARIFY THAT THE MATURITY DATE LIMITATIONS ON THE BOND ANTICIPATION NOTES ISSUED PURSUANT THERETO DO NOT APPLY TO ANY EXTENSIONS OR RENEWALS AND PROVIDING AN EFFECTIVE DATE WHEREAS on March 28 1995 the Village Council (the Council ) of the Village of Key Biscayne Florida (the Village ) adopted Ordinance No 95 3 (the Ordinance ) authonzmg the issuance of $7 200 000 Village of Key Biscayne Florida Stormwater Utility Revenue Bond Anticipation Notes Series 1995 (the Notes ) and on April 11 1995 the Council adopted Resolution No 95 11 setting forth the details of the Notes (the 'Note Resolution ) and WHEREAS on Apnl 17 1995 the Village issued the Notes and the Notes were purchased by Key Biscayne Bank and Trust Company now known as SunTrust Bank Miami N A and First Umon National Bank of Flonda (collectively the Bank ) and WHEREAS the Notes mature on Apnl 1 1997 and the Bank, as the sole holder of the Notes has agreed to extend the term of the Notes an additional 364 days at an interest rate equal to seventy- eight percent (78%) or less of the one year U S Treasury Note rate as of the redelivery date of the amended Notes and WHEREAS the Ordinance states that the Notes shall mature not later than three (3) years from their date of issuance and the Council desires to clarify that such maturity limitation not be deemed to apply to any extensions or renewals of the Notes and WHEREAS the Council hereby determines it to be in the best interests of the Village to extend the term of the Notes and in furtherance thereof to amend the Ordinance to clarify that extending the original matunty of the Notes for more than one year will not conflict with the Ordinance NOW THEREFORE BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE FLORIDA SECTION 1 AUTHORIZATION TO EXTEND NOTES The Council hereby determines it to be in the best interests of the Village to extend the term of the Notes an additional 364 days The details of such extension shall be determined by this Council by supplemental resolution (which may be an amendment to the Note Resolution) SECTION 2 AMENDMENT OF ORDINANCE In order to clan& that the three (3) year limitation on the maturity of the Notes was not intended to apply to any renewals or extensions of the Notes there is hereby added to the end of Section 1 of the Ordinance the following MIA 4950? 1 C The three (3) year limitation on the maturity date of the Notes referenced in the preceding paragraph shall apply only to the term of the Notes as ongmally issued Any renewals or extensions of the Notes may be for a term not in excess of that authorized under Florida law and as otherwise determined by the Council by supplemental resolution SECTION 3 OTHER PERMS All provisions of the Ordinance other than those specifically amended hereby shall remain the same SECTION 4 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 aurhonzed and directed to execute and deliver any and all documents and instruments (including amended forms of Notes) and to do and cause to be done any and all acts and things necessary or proper for carrying out the actions contemplated by this Resolution. SECTION 5, EFFECTIVE DATE This Ordinance will become effective immediately upon adoptibn on second reading PASSED AND ADOPTED on first reading this 25th day of February 1997 PASSED AND ADOPTED on second reading this 1 l th day of March, 1997 Attest A yas CONCHITA H ALVAREZ VILLAGE CLERK APPROVED AS TO FORM AND LEGAL SUFFICIENCY RICHARD J WEISS VILLAGE ATTORNEY MIA 49507 1 2 C Q 0 Section 2 The Village Manager is hereby authorized to negotiate with banks or other financial institutions for the purchase of the Notes and with respect to the terms of the Notes The Village Attorney Bond Counsel and the Financial Advisor to the Village are hereby authorized to draft documents and to do all other things necessary to accomplish the issuance and sale of the Notes C c Section 3 This Ordinance will become effective immediately upon adoption. on second reading 1995 1995 PASSED AND ADOPTED on first reading this 27th day of March PASSED AND ADOPTED on second reading this 28th day of March ATTEST GUIDO H INGUANZO JR , VILLAGE CLERK APPROVED AS TO FORM AND LEGAL SUFFICIENCY NIJ 1 aL_ RI •� J W SS V�LLAGE ATTORNEY _2_ OR JOHN F FESTA 0 0 C C Office of the Village Clerk Villag C unc 1 J e I Ras May ca Greg ryC Hn Vic May Scott B March Fdez Le n B oucek Al n H Fein Mo um Fried Rob t Old kowskt Vllag CI k C ncluta H Alvarez CMC CERTIFICATION STATE OF FLORIDA COUNTY OF MIAMI DADE I Conchita H Alvarez duly appointed Village Clerk of the Village of Key Biscayne Florida do hereby certify that the attached is a true and correct copy of Ordinance 98 2 adopted by the Village Council on March 10, 1998 IN WITNESS WHEREOF I hereunto set my hand and affix the Seal of the Village of Key Biscayne Florida this 22nd day of January 1999 to H Alvarez CMC Clerk age of Key Biscayne Florida 85 West McIntyre Street Key Biscayne Honda 33149 (305) 365 5511 Fax (305) 365 8936 MISSION STATEMENT TO PROVIDE A SAFE QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROUGH RESPONSIBLE GOVERNMENT ORDINANCE NO 98 2 AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AUTHORIZING THE EXTENSION OF THE MATURITY DATE OF ITS STORMWATER UTILITY REVENUE BOND ANTICIPATION NOTES, SERIES 1995, AND PROVIDING AN EFFECTIVE DATE WHEREAS on March 28 1995 the Village Council (the Council') of the 'Village of Key Biscayne Florida (the Village ) adopted Ordinance No 95-3 (the Ordinance ) authonzng the issuance of $7 200 000 Village of Key Biscayne Florida, Stormwater Utility Revenue Bond Anticipation Notes Series 1995 (the Notes ) and on Apnl 11 1995 the Council adopted Resolution No 95 11 setting forth the details of the Notes (the Note Resolution ) and WHEREAS on Apnl 17 1995 the Village issued the Notes and the Notes were purchased by Key Biscayne Bank and Trust Company now known as SunTrust Bank Miami N A and First Union National Bank of Florida (collectively the Bank ) and WHEREAS on March 11 1997 the Council adopted Ordinance No 97-9 and Resolution No 97-11 authorizing and setting forth the terms of an extension of the Notes for an additional 364 days and WHEREAS the Notes mature on March 31 1998 and the Bank as the sole holder of the Notes has agreed to extend the term of the Notes an additional 364 days at an interest rate equal to eighty percent (80%o) or less of the one year U S Treasury Note rate as of the redelivery date of the amended Notes and C WHEREAS the Council hereby determines it to be in the best interests of the Village to extend the term of the Notes NOW THEREFORE BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE FLORIDA SECTION 1 AUTHORIZATION TO EXTEND NOTES The Council hereby determnes it to be in the best interests of the Village to extend the term of the Notes for up to an additional 364 days and in an amount up to the entire $7,200 000 pnncipal amount outstanding The details of such extension the pnncipal amount to be renewed and the extension term shall be determined by this Council by supplemental resolution (which may be an amendment to the Note Resolution) SECTION 2. OTHER TERMS All provisions of the Ordinance as amended by Ordinance No 97 9 shall remain the same SECTION 3 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 (including amended forms of Notes) and to do and cause to be done any and all acts and things necessary or proper for carrying out the actions contemplated by this Ordinance SECTION 4 EFFECTIVE DA 1E This Ordinance will become effective immediately upon adoption on second reading PASSED AND ADOPTED on first reading this 24th day of February 1998 PASSED AND ADOPTED on second reading this 10th day of March, 1998 AYOR JOHN F FESTA Al1'EST tWasece CONCHITA H ALVAREZ VILLAGE CLERK APPROVED AS TO FORM AND LEGAL SUFFICIENCY RICHARD J WEISS VILLAGE ATTORNEY 0 C Office of the Village Clerk Vllage Counc 1 J e I Ras o May G go y C H n Vice Mayor S ott Bas Ma tha Fdez L n B oucek Alan H Fe n Mo t me Fried Rob rt Oldakowski Village Clerk C n h ra H Alvarez CMC CERTIFICATION STATE OF FLORIDA COUNTY OF MIAMI DADE I Conchita H Alvarez duly appointed Village Clerk of the Village of Key Biscayne Flonda do hereby certify that the attached is a true and correct copy of Ordinance 98 9 adopted by the Village Council on October 27, 1998 IN WITNESS WHEREOF I hereunto set my hand and affix the Seal of the Village of Key Biscayne Florida, this 22nd day of January 1999 to H Alvarez CMC e Clerk e of Key Biscayne Flonda 85 West McIntyre Street Key Biscayne Florida 33149 (305) 365 5511 Fax (305) 365 8936 MISSION STATEMENT TO PROVIDE A SAFE QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROUGH RESPONSIBLE GOVERNMENT ORDINANCE NO 98-9 AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $7,200,000 OF STORMWATER UTILITY REVENUE BONDS OF THE VILLAGE OF KEY BISCAYNE, FLORIDA PROVIDING FOR A SUPPLEMENTAL RESOLUTION SETTING FORTH THE DETAILS OF SAID BONDS, AND PROVIDING FOR AN EFFECTIVE DATE WHEREAS on March 28 1995 the Village Council (the Council ) of the Village of Key Biscayne Florida (the Village ) adopted Ordinance No 95 3 (the Ordinance ) authorizing the issuance of $7 200 000 Village of Key Biscayne Florida, Stormwater Utility Revenue Bond Anticipation Notes Senes 1995 (the Notes ) for the purpose of expanding and improving the Stormwater Utility System within the Village (the Project ) and paying costs of issuance of the Notes and on April 11 1995 the Council adopted Resolution No 95 11 setting forth the details of the Notes (the 'Note Resolution ) and WHEREAS on April 17 1995 the Village issued the Notes and the Notes were purchased by Key Biscayne Bank and Trust Company now known as SunTrust Bank, Miami N A and First Union National Bank of Florida, and Cc WHEREAS on March 11 1997 the Council adopted Ordinance No 97-9 and Resolution No 97-11 authonzmg and setting forth the terms of an extension of the Notes for an additional 364 days and WHEREAS on March 10 1998 the Council adopted Ordinance No 98 2 and Resolution No 98 6 authorization and setting forth the terms of a further extension of the Notes for an additional 364 days and WHEREAS the Notes mature on March 30 1999 and WHEREAS the Village Council (the Council') of the Village of Key Biscayne Honda (the `Village ) desires to authonze the issuance of not exceedmg $7 200 000 Stormwater Utility Revenue Bonds (the Bonds ) for the purpose of providing funds together with other available funds of the Village to pay the principal of the Notes fund a debt service reserve fund if necessary and pay costs of issuance of the Bonds, all m order to provide permanent financing for the Project, and WHEREAS the Council desires that the Bonds be secured pnmanly by Stormwater Utility Fees as defined in Ordmance No 93-11 adopted by the Village on June 22 1993 (as amended by Ordinance No 93-11 A) and secondanly by a covenant to budget and appropnate from legally available Non Ad Valorem Revenues of the Village as defined m the Note Resolution, all as further specified by subsequent resolution of the Council NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA AS FOLLOWS Section L In accordance with the provisions of the Charter of the Village of Key Biscayne Florida and Chapter 166 Florida Statutes there are hereby authorized to be issued Stormwater Utility Revenue Bonds of the Village, m an aggregate pnncipal amount not to exceed $7 200 000 in one or more series for the purpose of providuig funds together with other available funds of the Village, to pay the principal of the Notes fund a debt service reserve fund if necessary and pay costs of issuance of the Bonds all in order to provide permanent financing for the Project The Bonds shall be,designated "Village of Key Biscayne Honda Stormwater Utility Revenue Bonds Series , or such other designation as may be approved by supplemental resolution shall be dated such date, shall be m such denominations shall be stated to mature in such year or years not hter than. thirty (30) years from their date of issuance shall bear interest from their dated date at a rate pr rates not exceeding the maximum rate permitted by law at the tune of issuance of the Bonds Shall be ,subject to redemption,at the option of the Village at suc1a times and prices and shall have such other details all as shall hereafter be determined by the,Council by suppletnental res$p'utron. The supplemental resolution may beadopted and. the Bondsdsnay be issued, at any time aftet the effective date of this Ordinance Section 2. The Village Manger is hereby authorized to negotiate with banks or other financial institutions for the purchase of the Bonds and with respect to the terms of the Bonds The Village Attorney Bond Counsel and the Financial Advisor to the Village are hereby authonzed to draft documents and to do all other things necessary to accomplish the issuance and sale of the Bonds Section 3 This Ordinance will become effective immediately upon adoption on second reading PASSED AND ADOPTED on first reading this 13th day of October 1998 PASSED AND ADOPTED on second reading this 27th day of October , 1998 CONCHITA H ALVAREZ VILLAGE CLE APPROVED AS TO FORM AND LEGAL SUFFI RIC ISS VILLAGE ATTORNEY t G r� rn Q 0 Office of the Village Clerk Vilag Co n 1 Joe I Rasco May Gregory C H n V May Scott B ss Martha Fdez Leon B ouc k A1nHFn Mort m F d Robert Old k w k Village Clerk C nch ta H Alvarez CMC CERTIFICATION STATE OF FLORIDA COUNTY OF MIAMI-DADE I Conchita H Alvarez duly appointed Village Clerk of the Village of Key Biscayne Florida do hereby certify that the attached is a true and correct copy of 94 - Resolution 9 adopted by the Village Council on January 26, 1999 e IN WITNESS WHEREOF I hereunto set my hand and affix the Seal of the Village of Key Biscayne Flonda this 27th day of January 1999 hAdadieer ita H Alvarez CMC e Clerk ge of Key Biscayne Florida 85 West McIntyre Street Key Biscayne Florida 33149 (305) 365 5511 Fax (305) 365 8936 MISSION STATEMENT TO PROVIDE A SAFE QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROUGH RESPONSIBLE GOVERNMENT RESOLUTION NO 99 9 eat A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE FLORIDA, AUTHORIZING THE ISSUANCE OF STORMWATER UTILITY REVENUE BONDS, SERIES 1999, OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, IN THE AGGREGATE PRINCIPAL AMOUNT OF $7,200,000 FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE PRINCIPAL OF THE VILLAGE'S $7,200,000 STORMWATER UTILITY REVENUE BOND ANTICIPATION NOTES, IN ORDER TO PROVIDE PERMANENT FINANCING FOR THE STORMWATER UTILITY SYSTEM WITHIN THE VILLAGE, AWARDING THE SALE OF THE BONDS TO NATIONSBANK, N A , 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 on March 28 1995 the Village Council (the Council ) of the Village of Key Biscayne Flonda (the Village ) adopted Ordinance No 95 3 authorizing the issuance of $7,200 000 Village of Key Biscayne Florida Stormwater Utility Revenue Bond Anticipation Notes Senes 1995 (the Notes") for the purpose of expanding and improving the Stormwater Utility System within the Village (the Project ) and paying costs of issuance of the Notes and on ApnI 11 1995 the Council adopted Resolution No 95 11 setting forth the details of the Notes (the 'Note Resolution) and WHEREAS on April 17 1995 the Village issued the Notes and the Notes were purchased by Key Biscayne Bank and Trust Company now known as SunTrust Bank Miami N A and First Union National Bank of Flonda and WHEREAS on March 11 1997 the Council adopted Ordinance No 97 9 and Resolution No 97-11 authonzmg and setting forth the terms of an extension of the Notes for an additional 364 days (the "1997 Note Extension) and WHEREAS Resolution No 97-11 amended the Note Resolution to provide for the 1997 Note Extension and WHEREAS on March 10 1998 the Council adopted Ordinance No 98 2 and Resolution No 98-6 authorizing and setting forth the terms of a further extension of the Notes for an additional 364 days (the 1998 Note Extension 7 and WHEREAS Resolution No 98-6 amended the Note Resolution as amended by Resolution No 97 11 to provide for the 1998 Note Extension, and W] / LEGISL/189500 3/13524 4 WHEREAS the Notes mature on March 30 1999 and WHEREAS on October 27 1998 the Council adopted Ordinance No 98 9 authonzing the issuance of not exceeding $7 200 000 of Stormwater Utility Revenue Bonds for the purpose of providing funds to pay the principal of the Notes in order to provide permanent financing for the Project and WHEREAS on January 12 1999 the Council accepted a commitment (the Commitment ) from NationsBank N A (the Bank ) to purchase such Bonds, and WHEREAS the Council desires to set forth the details of the Bonds in this Bond Resolution, 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 stormwater uhhty revenue bonds of the Village to be designated Village of Key Biscayne Florida Stormwater Utrhty Revenue Bonds Series 1"999' (the Bonds ) are hereby authorized to be issued in an aggregate principal amount of $7,200 000 for the purpose of providing funds 1n pay the prmetpal, of the Notesim order to provide permanent financing for the Proj ect SECTION 2 1 ERMS OF THE BONDS The Bonds shall be issued mfidly registered form without coupons The principal of and interest on the Bonds shall be payable when due m lawful money of the United Siatesiof America by wire transfer or by certified check delivered onor pnor to thedate due to"the registere'd Owners of the Bonds (' Owners" )nor their Fa,a1 representatives at the addresses of thh,Dwners'asthey appear on the registration books of the Allaget The Bonds shall be dated the date of their issuance and delivery and shall be initially issued as one Bond in the denomination of $7 200 000 The Bonds shall mature on October 1 2019 Subject to adjustment as provided below the Bonds shall bear interest on the outstanding pnneipal balance from their date of issuance payable quarterly on the first day ofeach January Apnl July and October (the ' Interest Payment Dates' ), commencing April 1 1999 at an interest rate equal to 4 13% per annum Interest on the Bonds shall be computed on the basis of actual number of days elapsed using a 365 or 366 -day year Adjustment of Interest Rate Upon Determinationof Taxability In the event a Determmation of Taxability shall have occurred the rate of interest on the Bonds shall be adjusted to a rate equal to a fraction (0 the numerator of which is equal to the interest rate otherwise borne by the Bonds and (n) the denominator of which is equal to one (1) mmus the Maximum Corporate Tax Rate in DMSIB LEGI$L/189590 3J13524 004 2 effect as of the date of such Determination of Taxability (the Adjusted Interest Rate ) as of and from the date such determination would be apphcable with respect to the Bonds (the Accrual Date) The Village shall on the next interest payment date pay to the Owners of the Bonds or any former Owners of the Bonds as may be appropnately allocated, an amount equal to the sum of (1) the difference between (A) the total interest that would have accrued on the Bonds at the Adjusted Interest Rate from the Accrual Date to the date of the Determination of Taxability and (B) the actual interest paid by the Village on the Bonds from the Accrual Date to the date of the Deternunation of Taxability and (2) any interest and penalties required to be paid as a result of any additional State of Flonda and federal income taxes imposed upon such Owner arising as a result of such Determination of Taxability From and after the Determination of Taxability the Bonds shall continue to bear interest at the Adjusted Interest Rate for the period such determination continues to be applicable with respect to the Bonds This adjustment shall survive payment of the Bonds until such time as the federal statute of limitations under which the interest on the Bonds could be declared taxable under the Code shall have expired 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 disputed by either the Village or any Owners of the Bonds or (n) a determmation by a court of competent junsdiction 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 (m) the admission in writing by the Village to the effect that mterest on Bonds is includable for federal income tax purposes 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 Corporate Tax Rate decreases or increases from thirty-five percent (35%) the interest rate otherwise borne by the Bonds shall be adjusted to the product obtained by multiplymg the interest rate otherwise borne by the Bonds by a fraction (i) the numerator of which is equal to one (1) minus the Maximum Corporate Tax Rate m effect as of the date of adjustment and (n) the denominator of which is equal to 0 65 The interest rate otherwise borne by the Bonds shall be adjusted automatically as of the effective date of each change in the Maximum Corporate Tax Rate As used herein (1) Code means the Internal Revenue Code of 1986 as amended, and any Treasury Regulations whether temporary proposed or final promulgated thereunder or applicable thereto and (2) Maximum Corporate Tax Rate means as of any date of determination the highest margmal tax rate (expressed as a decimal) applicable to the taxable income of corporations (as currently set forth m Section 11 of the Code) without regard to any increase m tax designated to normalize the rate for all income at the highest marginal tax rate or to phase out the benefit of graduated tax rates and impose a flat -tax at a specified rate (for example the tax unposed by the last DMS/ EGISL/189500 3/13524 004 3 two sentences of Section 11(b)(1) of the Code as in effect on the original issue date of the Bonds) which rate on the ongmal issue date of the Bonds is 35 The principal of the Bonds shall be payable in twenty one (21) annual installments on each October 1 commencing October 1 1999 The amount of each such Installment shall be as follows Principal Year Installment Due 1999 $135,000 2000 125 000 2001 130000 2002 18'5 000 2003 1'954100 2004 205 000 2005 215,000 2006 225,"000 20Q7 235;100 2008 350,000 7009 365,000 201,0 385,000 2011 405;000 2012 4256000 2013 445,000 2014 465x000 2015 490,000 2016 515 000 2017 541010 1018 570,000 2019 595 000 The Bonds are subject to prepayment in whole or in part at any time on at a price of par plus accrued interest to the date of prepayment upon written notice to the Owners thereof given by the Village at least three (3) days prior to the date fixed for prepayment Partial prepayments shall be applied m inverse order of the matunty of principal installments. THE BONDS 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 BOTH AS DEFINED IN THIS RESOLUTION 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 CONSTITU iE A CHARGE, LIEN OR ENCUMBRANCE LEGAL OR EQUITABLE UPON DMS/B LEGISL/159500 3113524 004 4 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 or Vice Mayor and the Village Clerk, and its seal shall be affixed thereto or imprinted or reproduced thereon The signatures of the Mayor or Vice 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 authonzed 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 wntten 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 beneficianes 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 prmeipal amount and maturity and m denommations in integral multiples of $250 000 (except that an odd lot is permitted to complete the outstanding principal balance) No transfer or exchange of any Bond shall be effective until entered on the registration books mamtamed by the Village The Village may deem and treat the person m 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 pnncipal 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 In all cases m 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 m 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 MS/ &GIS /1995 /13 24 004 5 All Bonds the principal and interest of which has been fully paid either at or pnor 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 pnncipal 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 denommation of the outstanding principal balance, which shall be an authorized denomination SEC 1 fON 5 BONDS MUTILATED, DESTROYED, S OLEN 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? m exchange and substitution for such mutilated Bond upon surrender of such mutillatedi$ondd or mdliecase of a destroyed stolen ortost Bond in lien of and substitution for the Bond desttrbyed, stolentrlost uponthe Owner furnishing the Village -proof ofhisownership thereof satisfactory proof of lots or destruction thereof and satisfactory indemnity complying with such other reatSonahle regal, ns and conditions as The Village may prescribe and paying such expenses as the Village may&ear The Village shall 'epncol all mutilated Bonds that are surrendered If any mutilated,idestroyed4'Jbsf or staled Borldshall3iave matured of beabout to matiite, instead of issuing a subsfitule Bond alb ' "d1age mit pay the piincipal of and interest nnsikrch Bond Ripon the Owner complying St Ole regiiii'cnientsiof this paragraph. Any such duplicate Bonds issued pursuant to this section shall constitute original additional contrac1Sd oiiiigatfbns of the Village whether or not the lost, stolen or destroyed Bonds be at any time faWM bb'anyi e, tid sushi thiplicate Bonds shall be entitled to equal and proportionate benefits andrights aste.ketis iandsourceandsecurity for payment from the funds as hereinafter pledged to the extent as all ot`iet Bonds issued hereunder SECTION 6 FORM OF BONDS The text of the Bonds shall be of substantially the followmg tenor with such omissions, insertions and variations as may be necessary and desirable and authorized or pekrmitted by this Resolution WMS/ L L/189300 3/1352 0 6 act ne, Jan. No R $ UNITED STATES OF AMERICA STATE OF FLORIDA VILLAGE OF KEY BISCAYNE STORMWATER UTILITY REVENUE BONDS SERIES 1999 Registered Owner Principal Amount Dollars KNOW ALL MEN BY THESE PRESENTS that the Village of Key Biscayne Flonda (the Village) for value received hereby promises to pay to the Registered Owner shown above or registered assigns from the sources hereinafter mentioned the Pnncipal Amount specified above Subject to the nghts of pnor prepayment descnbed m this Bond, this Bond shall mature on October 1 2019 This Bond is issued under authonty of and in full compliance with the Constitution and laws of the State of Flonda including particularly Part II of Chapter 166 Florida Statutes as amended the Charter of the Village Ordinance No 98 9 duly adopted by the Village Council of the Village on October 27 1998 (the 'Ordinance ) and Resolution No 99 adopted on January 26 1999 (the "Resolution and collectively with the Ordinance, the Bond Ordinance `) and is subject to the terms of said Bond Ordinance This Bond is issued for the purpose of providing funds to pay the principal of the Village s $7,200 000 Stormwater Utility Revenue Bond Anticipation Notes Senes 1995 This Bond shall be payable only from the sources identified herein Subject to adjustment as provided below this Bond shall bear interest on the outstandmg pnncipal balance from its date of issuance payable quarterly on the first day of each January Apnl July and October (the Interest Payment Dates") commencing Apnl 1 1999 at an interest rate equal to 4 13% per annum Interest on this Bond shall be computed on the basis of actual number of days elapsed using a 365 or 365 -day year Adjustment of Interest Rate Upon Determination of Taxability In the event a Determination of Taxability shall have occurred the rate of interest on the Bonds shall be adjusted to a rate equal to a fraction (i) the numerator of which is equal to the interest rate otherwise borne by the Bonds and (u) the denominator of which is equal to one (1) mmus the Maximum Corporate Tax Rate m effect as of the date of such Determination of Taxability (the Adjusted Interest Rate) as of and DMS/ / 9 / 2 04 7 from the date such determination would be applicable with respect to the Bonds (the "Accrual Date ) The Village shall on the next interest payment date pay to the Owners of the Bonds or any former Owners of the Bonds as may be appropriately allocated an amount equal to the sum of (1) the difference between (A) the total interest that would have accrued on the Bonds at the Adjusted Interest Rate from the Accrual Date to the date of the Determination of Taxability and (B) the actual interest paid by the Village on the Bonds from the Accrual Date to the date of the Determination of Taxability and (2) any interest and penalties required to be paid as a result of any additional State of Florida and federal income taxes imposed upon such Owner arising as a result of such Determination cif Taxability From and after the Determinaalion of Taxability the Bonds shall continue to bear interest at the Adjusted Interest Rate for the period such determination continues to be applicable with respect to the Bonds This adjustment shall survive payment of the Bonds until such time as the federal statute of lmrttations under which the interest on the Bonds could be declared taxable under the Code shall have expired A ' Determination of Taxability° shall mean (1) the issuance by the Internal Revenue Service of a statutory notice of deficiency or other listen notification which holds in effect that the interest payable on the Bonds is meludable for federal income tax purposesin the gross income of the Owners thereof which notice dr notification ts.not disputed. by either the Village or .any Owners of the Bends, ori(5) a detenmrmtronalay a court of competent junsdiction that the interest payable on the Bonds rs+aneltidable for *der$ income tax purposes in -The gross income of the Owners therea% which determination either is final and non - appealable or is not appealed within the requisite time period for appeal, or (m) the admission in writing by the Village to the effect that mterest on Bonds is includable for federal income tax purposes, in the gross income of the Owners thereat Adjustment of Interest Rate for Change Sri Maximum Corporate Tax Rate an the event that the Maximum Corporate Tax Rate decreases or mcreases from third -five percent (35%) the interest rate atherwise borne by the Bonds shall be adjusted to the produet obtamedl{Ityynattitplymg the interest rate otherwise borne by the Bonds by a fraction 0) the numerator of wjirrch is eq:ital to one (1) minus the Malumpm Corporate Wax Rate in effectas pf the date ofatstniei and (ii) the denommator of which is lequal to 0 651 The interest rate otherwise home by The Bontist shall be adjusted automatipally}as of the effective date of each change in the Mangum -1 Corporate 'fax Rate As used here1ni C C (1) Code" means the Internal Revenue Code of 1986 as amended and any C Treasury Regulations whether temporary proposed or final promulgated thereunder or apphcable thereto and (2) ' Maximum Corporate Tax Rate means as of any date of determination the highest marginal tax rate (expressed as a decimal) applicable to the taxable income of corporations (as currently set forth in Section 11 of the Code) without regard to any increase in tax designated to normalize the rate for all income at the highest marginal tax rate or to phase out the benefit of graduated tax rates and impose a flat tax at a specified rate (for example the tax unposed by the last two sentences of Section 11(b)(1) of the Code as in effect on the ongmal issue date of the Bonds) DM5/B L /189500 3/13524 004 8 which rate on the ongmal issue date of the Bonds is 35 ,Th The principal of this Bond shall be payable in twenty one (21) annual installments on each October 1 commencing October 1 1999 The amount of each such installment shall be as follows Principal Year Installment Due 1999 $135 000 2000 125 000 2001 130 000 2002 185 000 2003 195 000 2004 205 000 2005 215 000 2006 225 000 2007 235 000 2008 350 000 2009 365 000 2010 385 000 2011 405 000 2012 425 000 2013 445 000 2014 465 000 2015 490 000 2016 515 000 2017 540 000 2018 570 000 2019 595 000 The pnncipal of and interest on this Bond are payable in lawful money of the Umted States of Amenca by wine transfer or by certified check delivered on or pnor 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 subject to prepayment in whole or in part at any time at a price of par plus accraed interest to the date of prepayment, upon written notice to the Owners thereof given by the Village at least three (3) days pnor to the date fixed for prepayment Partial prepayments shall be applied m inverse order of the matunty of principal mstalhnents This Bond is secured pnmanly by a pledge of the Stormwater Utility Fees as defined by Section 403 0893(3) Flonda Statutes and imposed pursuant to Ordinance No 93 11 adopted by the Village Council on June 22 1993 (as amended by Ordinance No 93 11 A) MS/6 LEG /189500 3/13524 04 9 ,e46. V To the extent the Stormwater Utility Fees are insufficient to pay debt service on this Bond the Village has covenanted to appropriate in its annual budget by amendment if necessary from Non -Ad Valorem Revenues lawfully avertable 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 which are legally available to make the payments required under the Bond Ordinance other than Public Service Taxes authorized by Part III, Chapter 166 Flonda Statutes and received by the Village pursuant to Section 25-50 et seq of the Village Code• but only after provision has been made by the Village for the payment of all essential or legally mandated services. Such covenant and agreement on the part of the Village to budget and appropriate such amounts ofNon-Ad Valorem Revenues shall be cumulative to the extent not paid and shall,eonflnue until such Non -Ad Valorem Revenues -or other legally available funds m amounts sufficient to make all such required payments shall have'been budgeted, appropnated and actually paid NotwnhStandmg the foregoing covenant of the Village, the Village does not covenant to mantamany services or programs, now provided or maintained by the Vilage which generate Non Ad Valorem Revenues Such covenant to budget and appropriate does not create any lien upon or pledge of such Non Ad Valoicuu Revenues nor does it preclude the Village from pledging m 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 si3'blect m all respects to the payment of obligations secured by a pledge of such Non Ad Valorem Revenues heretofore or hereinafter entered into (mcludmg the payment of debt service on bonds and other debt instruments) However the covenant to budget and appropnate m its general annual budget for the purposes and in the manner stated m the Bond Ordinance shall have the effect of making available m the manner descnbed herein Non Ad Valorem Revenues and placing on the VUUYagea positive duty to appropriateand budget by amendment, if necessary amounts sufficient to meet its obligations under the Bond Ordinance subject, however m all respects to the terms olthe Bond Ordinance and the restrictions of Section 166 241(3) Flonda Statutes which provides m pact, that the govenung body of each mumcipahty make appropnations for each fiscal year which mi anyone year shall not exceed the amount to be received from taxation or other revenue sources, ancksltbject further to the payment of services and programs which are for essential public purposes affecting the health, welfaie 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 NOTDIREC 1 LY 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 SI LEGISL/18950 /13524 4 10 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 r -h 0 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 wntten 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 secunty or federal tax identification numbers of the settlor and beneficiaries of the trust the date of the trust and the name of the trustee The Bonds may be exchanged for Bonds of the same principal amount and maturity and denominations in integral multiples of $250 000 (except that an odd lot is permitted to complete the outstandmg principal balance) No transferor 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 pnncipal 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 pnvilege of exchanging Bonds or transfernng 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 penod of fifteen (15) days next precedmg an interest payment date on such Bonds 4 All Bonds the principal and interest of which has been paid, either at or pnor 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 outstandmg Bond shall be prepaid such Bond shall not be surrendered m 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 m due time form and manner as required by the Constitution and the laws of the State of Flonda applicable thereto DM / 1/18950 / 2 11 as 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 , 1999 VILLAGE OF KEY BISCAYNE FLORIDA Village Clerk (SEAL) 0 DM /3 LEGLSL/139500 3/13524 004 12 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 m 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 m the inscnption on the face of the within Bond shall be construed as though they were written out m full accordmg to applicable laws or regulations TEN COM as tenants m common UNIF GIF MIN ACT - (Cust ) Custodian for (Minor) TEN ENT as tenants by the entirety JT TEN - as joint tenants with right of survivorship and not as tenants m common under Uniform Gifts to Minors Act of (State) Additional abbreviations may also be used though not in the list above DI /E LEG 5 /189500 3/1 524 004 13 SECTION 7 PLEDGE OF STORMWATER UTILITY FEES Pursuant to Ordinance No 93 11 adopted by the Council on June 22 1993 (as amended by Ordinance No 93 11 A) the Village established and assesses and collects Stormwater Utility Fees as defined by Section 403 0893(3) Honda Statutes (the Stormwater Utility Fees") upon all residential developed property and all nonresidential developed property m the Village The Village hereby pledges such Stormwater Utthty Fees to the payment of the principal and interest due on the Bonds SECTION 8 COVENANT TO BUDGET AND APPROPRIATE To the extent the Stormwater Utility Fees are insufficient to pay debt service on the Bonds the Village hereby covenants and agrees to appropriate intts annual budget by amendment if necessary fromNon-Ad Valorem Revenues lawfully available in each fiscal year amounts sufficient to pay the principal and interestdue on the Bonds in accordance with their Willis during such fiscal year "Non -Ad Valorem Revenues" means all revenues of the Village derived from any source other than advalorem taxation on real or personal property and which are legally available to make the payments required under this Resolutton other than Public Service Taxes authortzed by Part III Chapter 166 Florida Statutes and received by the Village pursuant to Section 25-50 et seq of the Village Code, but only after provision has been made by the Village forthe payment of all essential or legally mandated services Such covenant and: agreement on the part of the Village to budget and appropriate such amounts of Non -Ad Valorem Revenues shall be cumulative to the extent not paid and shall continue until such Non Ad Valorem Revenues or other legally available funds' in amounts sufficient to make all such required payments shall have been budgeted appropriated and actually Part Notwithstanding the foregoing coveriaat of the Village the Village does not covenant to maintain any services or program's now provided or nlaintained by the Village whioh+generateNotiad Valorem Revenues Sueh covenant to budget and appropriate does not create any lien upon or pledge of such Non -Ad Vakrem Revenues nor does it preelude 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 Bo'ndho'lders a prior claim on the 3Non-Ad Valorem Retennues asOpposed to!elanns of general creditors of the Village Such cotenant to appropriate Non Ad Valorem Revenues is subject in all respects to the payment ofoblilgations secured by a pledge of such Non Ad Valorem Revenues heretofore or hereinafter entered nito (including the payment of debt service on bonds and other debt instruments) However the covenant to budget and appropriate m its general annual budget for the purposes and in the manner stated"liere,m 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 thts Resolution subject however in all respects to the terms of this *esolution and the restrictions of Section 166 241(3)? Honda Statutes which provides m part, that the governing body of each municipality make apprropriations 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 andiprograins which are for essential public purposes affectmg the health welfare and safety of the inhabitants of the Village or wluch are legally mandated by applicable law DMS/E LE 5L/189500 3/13524 004 14 SECTION 9 BOND FUND There is hereby created a fund entitled Village of Key Biscayne Flonda Stormwater Utility Revenue Bonds Series 1999 Bond Fund (the Bond Fund ) There shall be deposited into the Bond Fund on each Interest Payment Date sufficient amounts of Stormwater Utility Fees and as necessary Non Ad Valorem Revenues as specified in Section 8 hereof which together with the amounts already on deposit therein will enable the Village to pay the principal of and mterest 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 pnncipal of and interest on the Bonds coming due on each such date SECTION 10 INVESTMENT OF BOND FUND Subject to Section 13 hereof funds m 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 Flonda (the State) in national banks organized under the laws of the United States and doing business and situated in the State m savings and loan associations which are under State supervision, or m 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 prescnbed 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 m 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 Umted States Government obligations and to repurchase agreements fully collateralized by such United States Government obligations and provided such investment company or mvestment trust takes delivery of such collateral either directly or through an authorized custodian, or OMS/ L/1 5 /13524 004 15 (g) Any other investments that at the time are legal investments for mumeipal funds C SECTION 11 APPLICATION OF BOND PROCEEDS The proceeds received upon the sale of the Bonds shall be applied immediately upon the date of issuance of the Bonds to pay the principal of the Notes SECTION 12 FUNDS Each of the funds and accounts herein established and created shall constitute trust funds for the purposes provided herein for such funds and accounts respectively The money in such finds and accounts shall be continuously secured in the same manner as deposits of Village funds are authonzed to be secured by the laws of the State of Florida Earnings on any investments in any amounts en any of the funds and accounts herein established and treated 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 estabhshment of any completely independent self balancmg funds as such term is cvnvnonlyde hielt and used m governmental accounting, but rather is intended solely to constitute an earmarking of certain revenues and assets of the Village for the purposes herein provided Rand to establish certain pnontres for application ofsuch revenues and assets SECTION 13 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 m order to maintain the exclusion from gross income for federal income tax purposes of interest on the Bonds, and shall refrain from talang 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 ' pnvate activity bonds+ as that term is defined in Section 141 (or any successor provision thereto) of the Code or ' arbitrage bonds" asthat 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 Sections 141 and 148 of the Cade and the aforementioned regulations throughout the term of the Bonds SECTION 14 DESIGNATION UNDER SECTION 265(11)(3) OF THE CODE In the Note Resolution the Village designated the Notes as qualified tax exempt obligations under Section 265(b)(3)(B) of the Code, and made all necessary fihngs in order to effectuate such election. The 1997 Note Extension hnd the 1998 Note Extension were treated as qualified tax-exempt obligations under Section 265(b)(3)(D)(ii) ofthe Code The principal amount of the Bonds does not exceed the outstanding ptmcipalsamo'unt of the Notes, each of the average maturity of the 1998 Note Extension the 1997*Note Extensinriand the Notes did not exceed three years and the Bonds have a matunty date Which &not later than thirty (30) years after the date of issuance of the Notes Accordingly the Bonds are treated as gilalifred tax exempt obligations under Section 265(b)(3)(D)(ii) of the Code e H / LEGLSL/1&9500 3/13524 16 SECTION 15 ARBITRAGE REBAIL COVENANTS There is hereby created and established a fund to be held by the Village designated the Village of Key Biscayne Stormwater Utility Revenue Bonds Series 1999 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 anythmg 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 secunties from time to time held therein and all investment earnings denved therefrom shall be excluded from the pledge and hen of this Resolution. The Village shall not be required to comply with the requirements of this Section 15 in the event that the Village obtains an opinion of nationally recognized bond counsel that (i) such compliance is not required in order to maintain the federal mcome tax exemption of interest on the Bonds and/or (n) compliance with some other requirement is necessary to maintam the federal income tax exemption of interest on the Bonds SECTION 16 SPECIAL COVENANTS The Village shall within one hundred eighty (180) days of the end of each fiscal year of the Village deliver to the Bondholders a copy of the annual audited financial statements of the Village SECTION 17 COVENANTS BINDING ON VILLAGE AND SUCCESSOR All covenants stipulations obhgations 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 authonzed or permitted by law and all such covenants stipulations obhgations 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 m accordance with law Except as otherwise provided m this Resolution all rights powers and privileges conferred and duties and 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 m his or her individual rapacity and neither the members of the Village Council nor any officer agent or employee of the Village executing the Bonds shall be hable personally 011 the Bonds or be subject to any personal liabihty or accountability ➢MS/B L /18 SO / 4 17 fly by reason of the issuance thereof SECTION 18 EVENTS OF DEFAULT Each of the followmg 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 mstalhnent 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 itshall not constitute an event Of default if the default is notone that can be cured within such sixty (60) days as agreed by the Bondholders and the Village and the Village -commences within such sixty (613) 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 SECT ION 19 REMEDIES, RIGHTS OF BONDHOLDERS Upon the occurrence and continuance of any event of default specified m Section 18 hereof the Owners of the Bonds may pursue any available remedy by suit, at law or in equity to enforce the payment of the pnncipal 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 suchnght 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 tune 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 ofdefault or shall impair any nghts 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 m connection with enforcement of the provisions of this Resolution and the Bonds MS/ G SL/ /13524 004 18 SECTION 20 DEFEASANCE Upon the payment in full of all principal and interest due on the Bonds the Bonds shall be deemed to be paid and shall no longer be deemed to be outstanding for the purposes of this Resolution and all covenants and pledges hereunder and all liability of the Village with respect to said Bonds shall cease terminate and be completely discharged and extinguished provided however that the requirements of Section 15 hereof to rebate any 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 SECTION 21 SALE OF BONDS Based upon 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 Flonda Statutes The negotiated sale of the Bonds is hereby approved to the Bank at a purchase price of par SECTION 22 AUTHORITY OF OFFICERS 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 authonzed 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 23 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 constmed and enforced as if such illegal or mvalid provision had not been contamed therem The Bonds are issued and this Resolution is adopted with the intent that the laws of the State shall govern their construction SECTION 24 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 mterest 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 25 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 pnor 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 m such official acts were m meetings open to the public m comphance with all legal requirements including Section 286 011 Florida Statutes SECTION 26 REPEALING CLAUSE All resolutions or orders and parts thereof in conflict DM / L/1. 9 3/ 3 4 4 19 Q c VILLAGE OF KEY BISCAYNE Office of the Village Clerk Village Cou al Joe I Rasco May G gory C Han V May Scott Bass M th Fdez Le n B u k Al n H Fein Momm F ed Rb cOld kwk Villag Clerk Con hua H Alvarez CMC CERTIFICATION STATE OF FLORIDA COUNTY OF MIAMI DADE I Conchita H Alvarez duly appointed Village Clerk of the Village of Key Biscayne Florida do hereby certify that the attached is a true and correct copy of Ordinance 93-11 adopted by the Village Council on June 22, 1993 IN WITNESS WHEREOF I hereunto set my hand and affix the Seal of the Village of Key Biscayne Flonda this 22nd day of January 1999 a) 0 ita H Alvarez CMC Clerk e of Key Biscayne Florida 85 West McIntyre Street Key Biscayne Florida 33149 (305) 365 5511 Fax (305) 365 8936 MISSION STATEMENT TO PROVIDE A SAFE QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROUGH RESPONSIBLE GOVERNMENT ORDINANCE NO 93-11 AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, ESTABLISHING A STORMWATER UTILITY SYSTEM FOR THE VILLAGE, PROVIDING FOR DEFINITIONS, MAKING CERTAIN FINDINGS AND DETERMINATIONS, ESTABLISHING A STORMWATER UTILITY FEE, ESTABLISHING A METHOD AND PROCEDURE FOR THE COLLECTION OF STORMWATER UTILITY FEES, DIRECTING THE VILLAGE MANAGER TO MAINTAIN CERTAIN RECORDS, PROVIDING FOR REPEAL OF CONFLICTING ORDINANCES, PROVIDING FOR SEVERABILITY, INCLUSION IN THE CODE AND AN EFFECTIVE DATE WHEREAS, the Village is responsible for the ownership, maintenance and expansion of an existing stormwater management system that has been developed over a number of years for the purpose of collecting water, and WHEREAS, the and disposing of storm and other surface points of discharge for numerous stormwater drainage systems serving the Village of Key Biscayne are Biscayne Bay and its tributaries, and WHEREAS, the waters of Biscayne Bay and its tributaries are protected under the provisions of the Biscayne Bay Aquatic Preserve Act (the Act') as adopted by the Florida State Legislature, and WHEREAS, pollution abatement requirements of the Act are among the most stringent in the State, resulting in higher capital and maintenance costs for storm drainage facilities, and WHEREAS, the South Florida Water Management District has recently adopted rules and regulations with respect to groundwater protection that result in higher capital costs for the construction 0 of ground water protection devices in conjunction with storm drainage improvement, and WHEREAS, the Village desires to address such various environmental issues which will further burden its infrastructure requirements, and WHEREAS, the Village finds that although each developed property on Key Biscayne has varying degrees of water retention, all properties contribute to some extent to the Village s stormwater problems and that all citizens will benefit from the establishment of a Stormwater Utility, and WHEREAS, the Village finds that from both a financial and administrative perspective, it would be unpractical to measure each property s impervious area and to calculate with mathematical precision each Stormwater Utility fee, and WHEREAS, the fee structure set forth herein represents a reasonable and rational basis for allocating the need for a Stormwater Utility to the developed property owners of the Village, and WHEREAS, therefore the Village finds that it is necessary and essential to establish a Stormwater Utility to ensure that the collection and disposal of stormwater within the Village of Key Biscayne adequately protects the health, safety and welfare of the citizens of the Village, NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS 2 Section 1 That the Code of the Village of Key Biscayne is hereby amended by adding a new chapter which shall read as follows STORMWATER UTILITY SYSTEM Sec 1 Purpose, Authority The purpose of this article is to implement the provisions of Section 403 0893(1), Florida Statutes, by creating a Village -wide Stormwater Utility and adopting stormwater utility fees sufficient to plan, construct, operate and maintain the stormwater management system required by Section 403 0891(3), Florida Statutes Sec 2 Definitions The following, when used in this article, shall have the meanings ascribed in this section, except where the context clearly indicates a different meaning (a) Developed Property shall mean any parcel of land that contains an impervious area (b) 'Dwelling shall mean any building that is wholly or partly used or intended to be used for living, sleeping, cooking and eating (c) "Dwelling Unit" shall mean any room or group of rooms located within a dwelling and forming a single habitable unit with facilities used or intended to be used for living, sleeping, cooking and eating (d) ERU shall mean 'Equivalent Residential Unit " (e) "Impervious Area' shall mean the horizontal ground surface that is incapable of being penetrated by rainwater This shall include, but not be limited to, all structures, roof extensions, slabs, patios, porches, driveways, sidewalks, parking areas, swimming pools, athletic courts and decks (f) "Nonresidential Developed Property shall mean any parcel of land that contains an impervious area and that is classified by the Dade County Property Appraiser as land use types 10 through and including 99, as set forth in Florida Administrative Code Rule 12D-8 008(2)(c), as amended from time to time (g) Residential Developed Property shall mean any parcel of land that contains an impervious area and is 3 classified by the Dade County Property Appraiser as land use types 00 through and including 09 as set forth in Florida Administrative Code Rule 12D-8 008(2)(c), as amended from time to time (h) "Stormwater Infrastructure" shall mean the structural, non-structural or natural features of a parcel of land or Watershed which collect, convey, store, absorb, inhibit,, treat, use, reuse, or otherwise affect the quantity or quality of stormwater (i) Stormwater' shall mean the water that results from rainfall. (j) "Stormwater Management System" (or the "System") shall have the meaning specified by Section 403 031(16), Florida Statutes, as amended from time to time. (k) "Stormwater Utility shall have the meaning specified by Section 403 031(17), Florida Statutes, as amended from time to time, 6 (1) "Stormwater Utility Trust Fund" shall mean that separate bank account established by the Village for the deposit and use of all Stormwater Utility Fees collected (m) "Stormwater Utility Fee' shall have the meaning specified by Section 403 0893(3), Florida Statutes, as amended from time to time (n) 'Watershed" shall have the meaning specified by Section 403 031(18), Florida Statutes, as amended from time to time Sec 3 Findings and Determinations It is hereby determined and declared as follows (a) The Village desires to create a Stormwater Management System to maintain and improve water quality, to control flooding that results from rainfall events, to deter unmanaged rainwater from eroding sandy soils, to deter the disruption of the habitat of aquatic plants and animals and to provide for the collection of Stormwater Utility Fees for those expenses connected with the planning, constructing, operating and maintaining of a Stormwater Management System (b) The collection of and disposal of stormwater and regulation of groundwater are of benefit to all property within the Village including property not currently served by the System 4 11 (c) The cost of operating and maintaining the System should, to the extent practicable, be allocated in relationship to benefits enjoyed and services received Sec 4 Stormwater Utility Fee (a) A Stormwater Utility Fee is hereby assessed against each Developed Property within the Village for services and facilities provided by the Stormwater Management System The rate per ERU to be used in calculating Stormwater Utility Fees shall be set by an administrative order of the Village Manager after approval by the Village Council The Village Manager or his/her designee is directed to prepare a list of lots and parcels within the Village and to assign a classification of Single-family Dwelling Unit, Multi -family Dwelling Unit, 'Place of Worship" or Nonresidential Developed Property to each lot or parcel (b) ERUs shall be assigned as follows (1) Single Family Dwelling Units 1 5 ERU (2) Multi -family Dwelling Units 1 0 ERU per Dwelling Unit (3) Place of Worship 0 ERU (4) Non -Residential Developed Properties, excluding Places of Worship, shall be assigned ERUs on the basis of one ERU per 1083 square feet of Impervious Area (c) The following procedures and criteria are to be used to calculate Stormwater Utility Fees (1) Each Single -Family Dwelling Unit, Multi -family Dwelling Unit and Nonresidential Developed Property shall be assessed a Stormwater Utility Fee calculated by multiplying the rate for one ERU by the number of ERUs provided in Sections 4(b)(1), (2) and (4), respectively (2) The Stormwater Utility Fees payable to the Village pursuant to this article shall be deposited in a separate Village Stormwater Utility Trust Fund account and shall be used exclusively by the Village, together with accrued interest thereon, to pay for the costs of planning, financing, constructing, operating and maintaining the 5 Stormwater Management System required pursuant to Section 403 0891(3), Florida Statutes l Sec 5 Collection of Stormwater Utility Fee, Liens (a) The Stormwater Utility Fee shall be billed to the owner of each Developed Property If the Stormwater Utility Fee is not fully paid by the owner on or before the past due date set forth on the owner s bill, a ten percent late charge may be added to the bill Any unpaid balance of the pwner for a Stormwater Utility Fee shall be subject to an interest charge at a rate of eight percent per annum Imposition of this interest charge shall commence 60 .days after the past due date of the fees set forth on the bill of the owner of the Developed Property (b) Fees and late charges, together with any interest charges, shall be debts due and owing the Village s Stormwater Utility and all of same shall be recoverable by the Village in a court of competent Jurisdiction (c) The Village Manager shall establish procedures to notify owners or managers of Developed Property of delinquent Stormwater Utility Fee accounts (d) All Stormwater Utility Fees, late charges and interest accruing thereupon, due and owing to the Village s Stormwater Utility which remain unpaid 60 days after the past due date shall become a lien against and upon the Developed Property for which the Stormwater Utility Fees are due and owing to the same extent and character as a lien for a special assessment Until fully paid and discharged, such fees, late charges, and interest accrued shall constitute a special assessment lien equal in rank and dignity with the liens of Village ad valorem taxes and superior in rank and dignity to all other liens, encumbrances, titles, and claims in, to or against the Developed Property involved for the period of five years from the date such Stormwater Utility Fees, late charges, and interest accrued thereupon became a lien as set forth in this ordinance This lien may be enforced and satisfied by the Village pursuant to Chapter 173; Fldrida`'Statutes, as amended from time to time, or by any other method permitted by law The lien provided for in this sub -section shall net be deemed to be in lieu of any other legal remedies for recovery of such fee, late charges,, and accrued Interest available to the Village (e) For Stormwater Utility Fees which become more than 60 days past due and unpaid, the Village shall cause to 6 11 K be filed in the office of the Clerk of the Circuit Court of Dade County, Florida, a notice of lien or statement showing a legal description of the Developed Property against which the lien is claimed its location by street and number, the name of the owner, and an accurate statement of the fees and late charges then unpaid A copy of such notice of lien shall be mailed within a reasonable time to the owner of the Developed Property involved as shown by the records of the tax collector of Metropolitan Dade County No such lien shall be enforceable by the Village unless this notice is filed within six months from the date the fees and late charges become a lien as established in this section (f) Liens may be discharged and satisfied by payment to the Village of the aggregate amounts specified in the notice of lien, together with interest accrued, and all filing and recording fees When any such lien has been fully paid or discharged, the Village shall cause evidence of the satisfaction and discharge of such lien to be filed with the office of the Clerk of the Circuit Court of Dade County, Florida (g) Notwithstanding other provisions to the contrary, the Village shall have the discretion not to file notices of lien for fees late charges, and interest accrued in an amount less than fifty dollars ($50 00) If the Village elects not to file a notice of lien, such fees, late charges, and accrued interest shall remain as debts due and owing in accordance with Section (b) above (h) The Village Manager or his designee is authorized and directed to certify upon request the amount of fees, late charges and interest accrued, which are due and owing to the Village for any Developed Property which is subject to payment of said fees, or the Village Manager may certify that no fees, late charges or accrued interest are due and owing Section 2 Repeal of Conflicting Ordinances Article IV of Chapter 24 of the Dade County Code made applicable to the Village by Article VIII, Sections 8 03 of the Village Charter is hereby repealed Section 3 Severability The provisions of this Ordinance are declared to be severable and if any section, sentence, clause or phrase of this Ordinance shall for any reason be held to be 7 0 Office of the Village Clerk Vlage C nal Jo 1 Rasco May G e oryC Han Vice Mayor Scott B ss Ma ill Fdez L n Bro k Alan H F n Mo rim Fried Rob r Oldak wsk Vitas Clerk Concha H Alvarez CMC CERTIFICATION STATE OF FLORIDA COUNTY OF MIAMI DADE I Conchrta H Alvarez duly appointed Village Clerk of the Village of Key Biscayne Florida do hereby certify that the attached is a true and correct copy of Ordinance 93 11 A adopted by the Village Council on October 12, 1993 IN WITNESS WHEREOF I hereunto set my hand and affix the Seal of the Village of Key Biscayne Florida this 22nd day of January 1999 H Alvarez CMC Clerk of Key Biscayne Florida 85 West McIntyre Street Key Biscayne Florida 33149 (305) 365 5511 Fax (305) 365 8936 MISSION STATEMENT TO PROVIDE A SAFE QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROUGH RESPONSIBLE GOVERNMENT F'". r^. ORDINANCE NO 93 -i1 -A AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AMENDING ORDINANCE NO 93-11, RELATING TO THE VILLAGE STORMWATER UTILITY SYSTEM PROVIDING FOR BILLING OF STORMWATER UTILITY FEES, AUTHORIZING MIAMI-DADE WATER AND SEWER AUTHORITY DEPARTMENT TO ACT AS BILLING AND COLLECTING AGENT FOR THE VILLAGE, PROVIDING FOR SEVERABILITY, INCLUSION IN THE CODE AND AN EFFECTIVE DATE WHEREAS, the Village has determined that the most practical and economic method for billing and collecting the Stormwater Utility Fees is to include the fee as part of the water and sewer bills, and WHEREAS, Miami Dade Water and Sewer Authority Department ("WASAD ) is responsible for billing and collecting water and sewer charges from the residents of the Village, and WHEREAS, WASAD is willing to bill and collect the Stormwater Utility fees on behalf of the Village NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS Section 1 That Sec 2 of Ordinance No 93-11 of the Village of Key Biscayne is hereby amended to read as follows 1 Sec 2 Definitions Aeks ' %items are additions to the text items stxusk through�re deletions to text 0 Stormwater Utility Pee shal charge at a rate of eight percent per annum Imposition of this interest charge shall commence 60 days after the papa due date of the fees set forth an the bill of the per oP the Developed Property ur Section 2 That Sec 5 of Ordinance No 93-11 of the Village of Key Biscayne is hereby amended to read as follows 0 Sec 5 Collection of Stormwater Utility Fee, Liens (a) The Stormwater Utility Fee shall be billed to the owner the tormwa er a� owner set forth on e owner s` ten percent late charge may unpaid balance of the owner of each Developed Property If y Fee is not fully paid by the on or before the past due date rs bill, a acde to the lblii Any ti a� for a e" u" Jett to an interest e s (b) Fees and late charges, together with any interest charges, shall be debts due and owing the Village s Stormwater Utility ,and Tli of same shah be recoverable by the VrWgearn, a, cpurt of competent Jurisdiction (c) The Village Manager shall establish procedures to notify owners "• or managers of Developed Propert o e inquen ormwater Utility Fee accounts Section 3 Severabilaty The provisions of this Ordinance are declared to be severable and if any section, sentence, clause or phrase of this Ordinance shall for any reason be held to be invalid or unconstitutional, such decision shall not affect the validity -of the remaining sections, sentences, clauses, and phrases of this ordinance but they shall remain in effect, it being the legislative intent that this Ordinance shall stand notwithstanding the a.nvalidity of any part 2 0 0 0 Q c c c c 4 Section 4 Inclusion in the Code It is the intention of the Board of Trustees, and it is hereby ordained that the provisions of this Ordinance shall become and made a part of the Code of the Village of Key Biscayne, that the sections of this Ordinance may be renumbered or relettered to accomplish such intentions and that the word Ordinance' shall be changed to 'Section or other appropriate word Section 5 Effective Date This Ordinance shall be effective upon adoption an second reading PASSED AND ADOPTED on first reading this 28th day of September , 1993 PASSED AND ADOPTED on second reading this 12th day of A'* October ATTEST Village , 1993 RAFAEL}N CONTE, MAYOR APPROVED AS TO FORM AND LEGAL SUFFICIENCY RICHARD JAY WEISS, VILLAGE ATTORNEY giijkeybisca\etormwat ord 3 KFAk RESOLUTION NO gY -y3 A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE FLORIDA NOTIFYING THE BOARD OF COUNTY COMMISSIONERS OF METROPOLITAN DADE COUNTY AND THE DIRECTOR OF THE METROPOLITAN DADE COUNTY DEPARTMENT OF ENVIRONMENTAL RESOURCES MANAGEMENT THAT IT WISHES TO EXERCISE ITS OPTION TO EXEMPT THE VILLAGE OF KEY BISCAYNE FROM THE PROVISIONS OF ORDINANCE 91-66 PROVIDING FOR TRANSMISSION AND EFFECTIVE DATE WHEREAS Ordinance 91-66 adopted by Metropolitan Dade County establishes a countywide stormwater utility, and WHEREAS such Ordinance allows municipalities the option of providing dedicated funds for stormwater management in accordance with Section 403 0893(1)(2) or (3) Florida Statutes and WHEREAS, the Village of Key Biscayne wishes to exercise its option to exempt the Village from the provisions of Ordinance 91- 66, NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND THE BOARD OF TRUSTEES OF THE VILLAGE OF KEY BISCAYNE, Dade County, Florida, as follows ook 0 Section 1 The Village of Key Biscayne hereby notifies the Board of County Commissioners of Metropolitan Dade County and the Director of the Metropolitan Dade County Department of Environmental Resources Management that it wishes to exercise its option to exempt the Village of Key Biscayne from the provisions of Ordinance 91-66 Section 2 The Village of Key Biscayne hereby commits to implement applicable provisions of Section 403 0893(1)(2) or (3), as amended from time to time on or beforejune 30 3991 The Village of Key Biscayne reserves the right, pursuant to Section 24- 61 2 of Ordinance 91-66 to void this exemption by request to the Board of County Commissioners of Metropolitan Dade County Section 3 The Clerk of the Village of Key Biscayne is hereby directed to file a certified copy of this Resolution with the Clerk of the Board of County Commissioners and with the Director of the Metropolitan Dade County Department of Environmental Resources Management Office of the Village Clerk Vllag C u a[ Jo I Rasco Mayor G egory C Han Ire May Scott B s M th Fdez Leon Broucek Alan H F n M rt m F ed R b t Oldakowski Vllage Clerk Conchna H Alvarez CMC CERTIFICATION STATE OF FLORIDA COUNTY OF MIAMI DADE I Conchita H Alvarez, duly appointed Village Clerk of the Village of Key Biscayne Flonda, do hereby certify that the attached is a true and correct copy of Ordinance 97 1 adopted by the Village Council on January 16, 1997 IN WITNESS WHEREOF I hereunto set my hand and affix the Seal of the Village of Key Biscayne Flonda this 22nd day of January 1999 ac/&.1a/e6,, to H Alvarez CMC e Clerk ge of Key Biscayne Florida 85 West McIntyre Street Key Biscayne Florida 33149 (305) 365 5511 Fax (305) 365 8936 MISSION STATEMENT TO PROVIDE A SAFE, QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROUGH RESPONSIBLE GOVERNMENT ORDINANCE NO 97-1 AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE FLORIDA AMENDING CHAPTER 25 OF THE VILLAGE CODE "TAXATION' PROVIDING DEFINITIONS PROVIDING LIMITS ON LONG TERM DEBT OF THE VILLAGE PROVIDING LIMITS ON RESERVE FUNDS REQUIRING SURPLUS FUNDS TO BE USED EITHER TO REDUCE DEBT OR TAXES PROVIDING THAT LONG TERM DEBT LIMITS MAY BE EXCEEDED WITH VOTER APPROVAL PROVIDING FOR SEVERABILITY INCLUSION IN THE CODE AND AN EFFECTIVE DATE y WHEREAS on April 9 1996 the Financial Policy Committee was established for the purpose of reviewing all aspects of the proposed Charter Amendments as well as the Village s existing financial policies '14.HEREAS on June 18 1996 a report was issued by the Financial Policy Committee which contained a series of recommendations and WHEREAS this Council wants to formally adopt those recommendations and to make them part of the Code of the Village of Key Biscayne NOW THEREFORE BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF KEY BISCAYNE FLORIDA, as follows Section 1 That Chapter 25 of the Village Code is hereby amended to read as follows 1 Sec 25-1 Definitions (a) Debt Any financial obligation of the Village which is not required to be repaid within one year of its incurrence, excluding Debt payable from an Enterprise Fund If a financial obligation is payable from an Enterprise Fund and from other sources, that portion payable from the Enterprise Fund shall not be included in the calculation of Debt 1/ Underlined text has been added C f1 (b) Enterprise Fund A fund established to account for operations which are financed and operated in an independent and self-liquidating manner, including depreciation To constitute an Enterprise Fund, the expense of providing goods or .services to the public on a continuing basis must be financed or recovered entirely through user fees and charges Sec 25-2 Limits on Debt The total principal of Debt of the Village shall be limited to the greater of the following (a) 11. of the total assessed value of all property within the Village, as certified to the Village by the Dade County Property Appraiser, for the current fiscal year, or (b) That amount which would require annual principal and interest payments on Debt during any fiscal year to exceed 15 - of general fund expenditures for the previous full fiscal year Sec 25-3 Reserve Funds To provide for emergencies, the Village shall maintain non -restricted reserve funds in an amount not less than $2,000,000 or in an amount greater than $2,000,000 but not greater than 20% of general fund expenditures for the previous full fiscal year Sec 25-4 Surplus Funds Surplus funds in the general fund at the end of each fiscal year not placed by the Council in a restricted reserve fund shall be used either to reduce Debt or to reduce taxes in the next fiscal year The allocation of surplus funds between restricted reserve funds, Debt reduction and tax reduction shall be at the discretion of the Village Council Sec 25-5 Policy Exceptions The Debt limits established by Sec 25-2 may not be exceeded by the Village unless and until approved by a ma]ority of the qualified electors of the Village voting in a referendum election Section 2 Severability The provisions of this Ordinance are declared to be severable and if any section sentence clause or phrase of this Ordinance shall for any reason be held to be 2 c c c invalid or unconstitutional such decision shall not affect the validity of the remaining sections sentences clauses and phrases of this Ordinance but they shall remain in effect it being the legislative intent that this Ordinance shall stand notwithstanding the invalidity of any part Section 3 Inclusion in the Code It is the intention of the Village Council and it is hereby ordained that the provisions of this Ordinance shall become and made a part of the Code of Key Biscayne Florida that the sections of this Ordinance may be renumbered or relettered to accomplish such Intentions and that the word "Ordinance" shall be changed to "Section" or other C appropriate word Section 4 Effective Date Section 25-1 25-2 25-4 and ( 25-5 of this Ordinance shall be effective upon adoption on second reading Section 25-3 shall be effective October 1 2001 PASSED AND ADOPTED on first reading this 10th day of December 1996 PASSED AND ADOPTED on second reading this 16th day of January 1997 dy(sJOHN FESTA MAYOR VILLAGE CLERK APPROVED AS TO FORM AND LEGAL SUFFICIENCY ktitittALI RI -iARD JAY WEISS VILLAGE ATTORNEY 103001\ordinance\L T Debt 12 3 Section 4 This resolution shall become effective upon its adoption PASSED AND ADOPTED this Att VIL GE CLE Appr ved as RICHARD J. 9,0,4620 day of June 1992 RAFAEL IfljCONTE, MAYOR o Legal Sufficiency LThWt SS VILLAGE ATTORNEY - 2 - invalid or unconstitutional, such decision shall not affect the validity of the remaining sections, sentences, clauses, and phrases of this Ordinance but they shall remain in effect, it being the legislative intent that this Ordinance shall stand notwithstanding the invalidity of any part Section 4 Inclusion in the Code It is the intention of the Board of Trustees, and it is hereby ordained that the provisions of this Ordinance shall become and made a part of the Code of the Village of Key Biscayne, that the sections of this Ordinance may be C renumbered or relettered to accomplish such intentions, and that the word "Ordinance" shall be changed to "Section or other appropriate word 0 Section 5 Effective Date This Ordinance shall be effective upon adoption on second reading PASSED AND ADOPTED on first reading this 8th day of June , 1993 PASSED AND ADOPTED on second reading this 22nd day of June , 1993 0 ATTEST Village C2L APPROVED AS TO FORM AND LEGAL SUFFICIENCY 4 .s.1 ! 1-01-i .Cis- --•, RICHARD JAYJWE3pS, VILLAGE ATTORNEY RAFAEL H CONTE, MAYOR rwt\keybisca\ord\stormwat 1 8 0 0 herewith to the extent of such conflicts are hereby superseded and repealed SECTION 27 EFFECTIVE DATE This Resolution shall take effect immediately upon its passage and adoption PASSED AND ADOPI±D this 26thslay-ofJanuar 49 ATT JOE I RASCO MAYOR 1R cgoiriyAi° CONCIIITA H ALVAREZ CIVIC VILLAGE CLE APPROVED AS TO LEGAL FORM AND SUFFICIENCY RICHtiRD JAY WEISS VILLAGE ATTORNEY 20 No R1 UNITED STATES OF AMERICA STAl'E OF FLORIDA VILLAGE OF KEY BISCAYNE STORMWATER UTILITY REVENUE BONDS SERIES 1999 Registered Owner NationsBank, N A Principal Amount Seven Million Two Hundred Thou $7 200 000 KNOW ALL MEN BY THESE PRESENTS t t the lage of Key Biscayne Honda (the Village) for value received, hereby promises to pay the Registered Owner shown above or registered assigns from the sources hereina er mention the Principal Amount specified above Subject to the nghts of pnor prepa3p ent des bed m this Bond this Bond shall mature on October 1 2019 This Bond is issued under utho ty of and m full comphance with the Constitution and laws of the State of Flonda, including p ularl Part lI of Chapter 166 Flonda Statutes as amended the Charter of the Village Ordmanc o 9 9 duly adopted by the Village Council of the Village on October 27 1998 Ordinanc Resolution No 99 9 adopted on January 26 1999 (the Resolution" and liectiv y with the nance the Bond Ordinance) and is subject to the terms of said Bond Or cq<ri Bond is issued for the purpose of providing fluids to pay the principal of the Village s $ +10 000 tormwater Utility Revenue Bond Anticipation Notes Senes 1995 This Bond shall be payable o from the sources identified herein object to adjustiuerl\as provided below this Bond shall bear mterest on the outstanding pnn/ipal balance from its date of issuance payable quarterly on the first day of each January Apnl and October (the Interest Payment Dates) commencing April 1 1999 at an interest rate equal o1413% Interest on this a 365 or 365 -day year and shall be computed on the basis of actual number of days elapsed using Adjustment of Interest Rate I 1pon Determination of Taxability In the event a Determination of Taxability shall have occurred the rate of interest on the Bonds shall be adjusted to a rate equal to a fraction, (i) the numerator of which is equal to the mterest rate otherwise bome by the Bonds and (u) the denominator of which is equal to one (1) minus the Maximum Corporate Tax Rate m effect as of the date of such Determination of Taxabihty (the Adjusted Interest Rate") as of and from the date such determination would be apphcable with respect to the Bonds (the Accrual Date ) The Village shall on the next interest payment date pay to the Owners of the Bonds or any former Owners of the Bonds as may be appropnately allocated, an amount equal to the sum of (1) r the difference between (A) the total interest that would have accrued on the Bonds at the Adjusted Interest Rate from the Accrual Date to the date of the Determination of Taxability and (B) the actual interest paid by the Village on the Bonds from the Accrual Date to the date of the Determination of Taxability and (2) any interest and penalties required to be paid as a result of any additional State of Florida and federal income taxes imposed upon such Owner arising as a result of such Determination of Taxability From and after the Determination of Taxability the Bonds shall continue to bear interest at the Adjusted Interest Rate for the period such determination continues to be applicable with respect to the Bonds This adjustment shall survive payment of the Bonds until such time as the federal statute of limitations under which the interest on the Bonds could be declared taxable under the Code shall have expired A Determination of Taxability shall mean (1) the issuance by the Internal Revenue Service of a statutory notice of deficiency or other wntten 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 disputed by either the Village or any Owners of the Bonds or (n) 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 penod 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 Adjustment of Interest Rate for Change m Maximum Corporate Tax Rate In the event that the Maximum Corporate Tax Rate decreases or increases from thirty five percent (35%) the interest rate otherwise borne by the Bonds shall be adjusted to the product obtained by multiplying the interest rate otherwise borne by the Bonds by a fi action (i) the numerator of which is equal to one (1) minus the Maxunum Corporate Tax Rate m effect as of the date of adjustment and (u) the denominator of which is equal to 0 65 The interest rate otherwise borne by the Bonds shall be adjusted automatically as of the effective date of each change m the Maximum Corporate Tax Rate As used herein (1) Code means the Internal Revenue Code of 1986 as amended and any Treasury Regulations whether temporary proposed or final promulgated thereunder or apphcable thereto and (2) Maximum Corporate Tax Rate' means as of any date of determination the highest marginal tax rate (expressed as a decimal) applicable to the taxable income of corporations (as currently set forth m Section 11 of the Code) without regard to any increase in tax designated to nomralize the rate for all income at the highest marginal tax rate or to phase out the benefit of graduated tax rates and impose a flat tax at a specified rate (for example the tax unposed by the last two sentences of Section 11(b)(1) of the Code as m effect on the ongmal issue date of the Bonds) which rate on the ongmal issue date of the Bonds is 35 The principal of this Bond shall be payable in twenty one (21) annual installments on each October 1 commencing October 1 1999 The amount of each such installment shall be as follows Pnncipal Year Installment Dne 1999 $135 000 2000 125 000 2001 130 000 2002 185 000 2003 195 000 2004 205 000 2005 215 000 2006 225 000 2007 235 000 2008 350 000 2009 365 000 2010 385 000 2011 405 000 2012 425 000 2013 445 000 2014 465 000 2015 490 000 2016 515 000 2017 540 000 2018 570 000 2019 595 000 The principal of and interest on this Bond are payable in lawful money of the United States of Amenca by wire transfer or by certified check dehvered 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 subject to prepayment in whole or m part at any time at a pnce of par plus accrued interest to the date of prepayment upon written notice to the Owners thereof given by the Village at least three (3) days pnor to the date fixed for prepayment Partial prepayments shall be applied m inverse order of the maturity of pnncrpal installments This Bond is secured pnmanly by a pledge of the Stormwater Utility Fees as defiiied by Section 403 0893(3) Flonda Statutes and imposed pursuant to Ordinance No 93 11 adopted by the Village Council on June 22, 1993 (as amended by Ordinance No 93-11 A) To the extent the Stormwater Utility Fees are msufficrent to pay debt service on this Bond the Village has covenanted to appropnate in its annual budget by amendment if necessary from Non Ad Valorem Revenues lawfully available in each fiscal year amounts sufficient to pay the 3 pnncipal and mterest due on the Bonds m accordance with their terms dunng 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 which are legally available to make the payments required under the Bond Ordmance other than Public Service Taxes authonzed by Part III Chapter 166 Flonda Statutes and received by the Village pursuant to Section 25 50 et seq of the Village Code but only after provision has been made by the Village for the payment of all essential or legally mandated services Such covenant and agreement on the part of the Village to budget and appropnate such amounts of Non Ad Valorem Revenues shall be cumulative to the extent not paid and shall contmue until such Non -Ad Valorem Revenues or other legally available funds m 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 appropnate does not create any hen upon or pledge of such Non Ad Valorem Revenues nor does it preclude the Village from pledging m 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 pnor claim on the Non Ad Valorem Revenues as opposed to claims of general creditors of the Village Such covenant to appropnate 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 m the Bond Ordmance 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 appropnate and budget by amendment if necessary amounts sufficient to meet its obhgations under the Bond Ordinance subject however in all respects to the terms of the Bond Ordinance and the restrictions of Section 166 241(3) Flonda Statutes which provides in part, that the governing body of each municipahty make appropnations for each fiscal year which m 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 RF 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 ongmal 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 m the Resolution Bonds may be transferred or exchanged upon the registration books kept by the Village upon delivery to the Village together with wntten instructions as to the details of the transfer or exchange of such Bonds m 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 matunty and denominations in integral multiples of $250 000 (except that an odd lot is permitted to complete the outstanding pnncipal balance) No transfer or exchange of any Bond shall be effective until entered on the registration books maintained by the Village c 4-, 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 pnncipal 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 m which the pnvilege of exchangmg 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 govenunental 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 penod of fifteen (15) days next preceding an interest payment date on such Bonds 4 All Bonds the principal and interest of which has been paid either at or pnor to matunty shall be dehvered to the Village when such payment is made and shall thereupon be cancelled In ca se part but not all of an outstandmg Bond shall be prepaid such Bond shall not be surrendered m 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 m due time form and manner as required by the Constitution and the laws of the State of Flonda applicable thereto sm IN WITNESS WHEREOF the Village of Key Biscayne Ronda 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 imprmted or reproduced hereon all as of the 28th day of January 1999 1 VILLAGE FLO IPA 1 Mayor 3DC/ LEGISL/201130/13524 004 / r is 6 liage lerk 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 Secunty 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 m 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 wntten out in full accordmg to apphcable laws or regulations TEN COM as tenants m common UNIF GIF MIN ACT - (Cust.) Custodian for (Minor) TEN ENT - as tenants by under Uniform Gifts to Minors the entuety Act of (State) JT TEN as Joint tenants with nght of survivorship and not as tenants in common Additional abbreviations may also be used though not in the list above JDC/B LEGISL/201730/13 2 00 7 No R 3 $7 200 000 UNITED STATES OF AMERICA STATE OF FLORIDA VILLAGE OF KEY BISCAYNE C`' STORMWATER UTILITY REVENUE BOND ANTICIPATION NOTE SERIES 1995 Registered Owner SunTrust Bank Miami National Association Principal Amount Seven Million Two Hundred Thousand Dollars 0 KNOW ALL MEN BY THESE PRESENTS that the Village of Key Biscayne Florida (the Village ) for value received hereby prormses to pay to the Registered Owner shown above or registered assigns on March 30 1999 from the sources heremafter mentioned the Principal Amount specified above Subject to the nghts of prior prepayment descnbed m this Note this Note shall mature on March 30 1999 This Note is issued under authonty of and m 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 95 3 duly adopted by Village Council of the Village on March 28 1995 as amended by Ordinance No 97-9 duly adopted on March 11 1997 and as supplemented by Ordinance No 98 2 duly adopted on March 10 1998 (collectively the Ordinance ) and Resolution No 95 11 duly adopted by the Village Council of the Village on Apnl 11 1995 as amended by Resolution No 97 11 duly adopted on March 11 1997 and by Resolution No 98 6 duly adopted on March 10 1998 (collectively the Resolution' and collectively with the Ordmance the Note Ordmance) and is subject to the terms of said Note Ordinance This Note is issued for the purpose of expanding and improvmg the Stormwater Utility System within the Village end paying costs of issuance of the Notes This Note shall be payable only from the sources identified herein and from proceeds of revenue bonds in anticipation of which this Note is being issued (when, as and if such bonds are issued) The Village intends to issue stormwater utihty revenue bonds at or prior to the date of maturity of this Note and the issuance of such bonds has been authonzed by the Village such authorization however does not obhgate the Village to issue such bonds or to issue bonds in any specific amount Subject to adjustment as provided below this Note shall bear interest on the outstanding pnncipal balance from its date of issuance payable semi annually on the first day of each April and October and on the maturity date (the Interest Payment Dates) commencmg October 1 1995 at an interest rate equal to 4 89% per annum CDC/ M SC/141787/1352 001 tl Notwithstanding the foregoing from and after April 1 1997 the interest rate on this Note shall be 4 52% per annum and from and after March 31 1998 (the `Redehvery Date ) the interest rate on this Note shall be 4 32% per annum Interest on this Note shall be computed on the basis of a 360 day year consisting of twelve (12) thirty day months Adjustment of Interest Rate for Full Taxability In the event a Determination of Taxability shall have occurred the rate of mterest on the Notes shall be mcreased to a rate (the Taxable Rate ) equal to the product obtamed by multiplying the then current rate of mterest on the Notes by 1 5 effective retroactively to the date on which the interest payable on the Notes is includable for federal mcome tax purposes m the gross income of the Owners thereof A Determmation of Taxability shall mean (i) the issuance by the Internal Revenue Service of a statutory notice of deficiency or other wntten notification which holds m effect that the interest payable on the Notes is includable for federal income tax purposes m the gross income of the Owners thereof which notice or notification is not disputed by either the Village or any Owners of the Notes or (n) a determmation by a court of competent junsdiction that the interest payable on the Notes is includable for federal mcome tax purposes m the gross income of the Owners thereof which determination either is final C and non appealable or is not appealed within the requisite time penod for appeal or (ui) the admission m wntmg by the Village to the effect that interest on the Notes is includable for federal income tax purposes in the gross mcome of the Owners thereof Adjustment of Interest Rate for Partial Taxability In the event that mterest on the Notes during any period becomes partially taxable because of any change in the tax laws or regulations then the interest rate on the Notes shall be increased during such penod by an amount equal to (A B) x C where (a) A equals the Taxable Rate (expressed as a percentage) (b) B equals the interest rate on the Notes (expressed as a percentage) and (c) C equals the fraction of the interest rate on the Notes which has become taxable as the result of such tax change (expressed as a decimal) Adjustment of Interest Rate for Change m Maximum Corporate Tax Rate In the event that the maximum effective federal corporate tax rate (the Maximum Corporate Tax Rate ) dunng any penod with respect to which interest shall be aecrumg on the Notes shall be other than thirty five percent (35%) the interest rate on the Notes shall be adjusted to the product obtamed by multiplymg the interest rate then m effect on the Notes by a fraction equal to (1 A divided by 1 B) where A equals the Maximum Corporate Tax Rate m effect as of the date of adjustment and B equals the Maximum Corporate Tax Rate m effect immediately pnor to the date of adjustment Adjustment of Interest Rate for Other Changes Affecting After Tax Yield So long as any portion of the principal amount of the Notes or interest thereon remains unpaid (a) if any law rule regulation or executive order is enacted or promulgated by any pubhc body or governmental agency Of SC/141787/13 0 2 which changes the basis of taxation of interest on the Notes or causes a reduction in yield on the Notes (other than by reason of a change descnbed above) to the Owners or any former Owners of the Notes mcludmg without hmitation 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 mcome tax deduction is denied to the Owners or any former Owners of the Notes (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 Notes) by reason of the ownership of the Notes the Village shall reimburse any such Owner withm five (5) days after receipt by the Village of wntten demand for such payment and the Village agrees to mdemmfy each such Owner against any loss cost charge or expense with respect to any such change The pnncipal of and interest on this Note are payable in lawful money of the United States of Amenca by wire transfer or by certified check delivered on or pnor 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 The Village has covenanted and agreed m the Note Ordinance to appropnate in its annual budget by amendment if necessary from Non Ad Valorem Revenues lawfully available in each fiscal year amounts sufficient to pay the pnncipal and mterest due on the Notes 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 which are legally available to make the payments required under the Note Ordinance other than Public Service Taxes authonzed by Part III Chapter 166 Flonda Statutes, and received by the Village pursuant to Section 804 of the Charter of the Village but only after provision has been made by the Village for -7 the payment of all essential or legally mandated services Such covenant and agreement on the part of the Village to budget and appropnate 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 m amounts sufficient to make all such required payments shall have been budgeted appropnated and actually paid Notwithstanding the foregoing covenant of the Village the Village does not covenant to maintain any services or programs now provided or mamtamed by the Village which generate Non Ad Valorem Revenues 0 Such covenant to budget and appropnate does not create any hen upon or pledge of such Non Ad Valorem Revenues nor does it preclude the Village from pledgmg m 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 Noteholders a pnor 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 m 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 mstruments) IIowever the covenant to budget and appropnate in its general annual budget for the purposes and m the manner stated in the Note Ordinance shall have the effect of makmg available m the manner descnbed herein Non Ad Valorem Revenues and placmg on the Village a positive duty to appropnate and budget by amendment if necessary amounts sufficient to meet its obhgations under the Note Ordinance subject however m all respects to the terms of the Note Ordinance and the restnctions of Section 166 241(3) Honda Statutes which JAC/ MISC/141787/13524 001 3 provides m part that the governing body of each municipality make appropnations for each fiscal year which m 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 affectmg the health welfare and safety of the inhabitants of the Village or which are legally mandated by apphcable law THIS NOTE 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 LEGALLY AVAILABLE NON AD VALOREM REVENUES OF THE VILLAGE AND FROM THE PROCEEDS OF REVENUE BONDS IN ANTICIPATION OF WHICH THIS NOTE IS BEING ISSUED (WHEN AS AND IF SUCH BONDS ARE ISSUED) THE ISSUANCE OF THIS NOTE SHALL NOT DIRECTLY OR INDIRECTLY OR CONTINGENTLY OBLIGATE THE VILLAGE TO LEVY OR TO PLEDGE ANY FORM OF TAXATION WHATEVER THEREFOR NOR SHALL THIS NOTE CONSTITUTE A CHARGE LIEN OR ENCUMBRANCE LEGAL OR EQUITABLE UPON ANY PROPERTY OF THE VILLAGE AND THE HOLDER OF THIS NOTE SHALL HAVE NO RECOURSE TO THE POWER OF TAXATION The Notes are subject to optional prepayment in whole or m part at any time at a prepayment pnce equal to par plus accrued mterest thereon to the date of prepayment upon wntten notice to the Owners of the Notes given by the Village at least three (3) days pnor to the date fixed for prepayment The ongmal registered Owner and each successive registered Owner of this Note 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 Notes and for the registration of transfers of Notes as provided in the Resolution Notes may be transferred or exchanged upon the registration books kept by the Village upon delivery to the Village together with wntten mstructions as to the details of the transfer or exchange of such Notes m 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 benef cianes of the trust, the date of the trust and the name of the trustee The Notes may be exchanged for Notes of the same principal amount and maturity and denominations in integral multiples of $250 000 (except that an odd lot is permitted to complete the outstanding principal balance) No transfer or exchange of any Note shall be effective until entered on the registration books mamtamed by the Village 2 The Village may deem and treat the person m whose name any Note shall be registered upon the books of the Village as the absolute Owner of such Note whether such Note shall be overdue or not for the purpose of receivmg payment of or on account of the principal of and mterest on such Note as they become due and for all other purposes MI 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 Note to the extent of the sum or sums so paid JOC/B MISCJI 1 6 /1352 0 4 .41 3 In all cases in which the pnvilege of exchanging Notes or transferring Notes is exercised, the Village shall execute and deliver Notes m accordance with the provisions of the Resolution There shall be no charge for any such exchange or transfer of Notes 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 Notes for a penod of 15 days next preceding an interest payment date on such Notes rrr- 4 All Notes the principal and interest of which has been paid either at or pnor to matunty shall be dehvered to the Village when such payment is made and shall thereupon be cancelled In case part but not all of an outstanding Note shall be prepaid such Note shall not be surrendered m exchange for a new Note It is hereby certified and recited that all acts conditions and thmgs required to happen to exist and to be performed precedent to and for the issuance of this Note have happened do exist and have been performed m due time form and manner as required by the Constitution and the laws of the State of Flonda applicable thereto IN WITNESS WHEREOF the Village of Key Biscayne Florida has caused this Note 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 imprmted or reproduced hereon all as of the 31st day of March 1998 VILLAGE OF KEY BISCAYNE, FLORIDA [SEAL] JDC/B MISC/141 8 / J524 001 5 ASSIGNMENT FOR VALUE RECEIVED the undersigned (the Transferor ) hereby sells assigns and transfers unto (Please insert name and Social Secunty or Federal Employer identification number of assignee) the within Note and all nghts thereunder and hereby irrevocably constitutes and appoints ,a (the Transferee ) as attorney to register the transfer of the within Note 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 Note will be issued m 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 Note 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 witlun Note shall be construed as though they were wntten out m full according to applicable laws or regulations TEN COM as tenants m common UNIF CIF MIN ACT (Cust.) Custodian for (Minor) TEN ENT as tenants by under Uniform Gifts to Minors the entirety Act of TT TEN as Joint tenants with nght of survivorship and not as tenants in common (State) Additional abbreviations may also be used though not in the list above 0 JOC/B MISCJ1 1 8 /13524 001 6 I L I LL. ) i c J cJ 91 L Iv ACKNOWLEDGMENT OF PAYMENT Sn,Tn v Rank Miami Nat,nnal Argnr,at,nn herr.hy arknnwledgfs paymnnr to fitil of thr pnrc,pal and interest due on the S7,200 000 Village of Key Biscayne, Flonda, Stormwater Unllty Revsn a Bond !V ticipation Notei Sanat 1➢➢5 IN WITNESS WHEREOF I hereby set my hand this 2Stl, day of Januzry, 1999 SUNFRUST BANK. MIAMI, NATIONAL ASSOCIATION /77 By 04)14 CMS/4 LC IS /191941 2 1 24 074 January 26 1999 To Village of Key Biscayne Flonda C Re $7 200 000 Village of Key Biscayne Flonda Stormwater Utility Revenue Bonds Series 1999 Ladies and Gentlemen The undersigned (the Purchaser ) has agreed to purchase from the Village of Key Biscayne Flonda (the Village ) the Bonds referenced above (the Bonds ) The Bonds are being sold directly to the Purchaser The purpose of this letter is to funush pursuant to the provisions of Subsections (2) (3) and (6) of Section 218 385 Flonda Statutes as amended certain information with respect to the purchase and sale of Bonds as follows (a) There is no managing underwriter for the Bonds (b) There are no finders as defined m Section 218 386 Flonda Statutes as amended with respect to the Bonds (c) There is no underwriting spread with respect to the Bonds (d) No management fee will be charged by the Purchaser No commitment fee will be charged by the Purchaser (e) No fee bonus or other compensation will be paid by the Purchaser in connection with the Bonds to any person not regularly employed or retained by it (f) The name and address of the Purchaser is NationsBank N A 100 Southeast 2nd Street 5th Floor Miami Flonda 33131 (g) The Village is proposing to issue $7 200 000 of Bonds for the purpose of providing funds to pay the principal of the Village s Stormwater Utihty Revenue Bond Anticipation Notes Series 1995 The Bonds are expected to be repaid over 20 75 years At an interest rate of 4 13% total interest paid over the life of Bonds will be $3 965 320 50 The source of repayment or security for the Bonds is expected to be primanly Stormwater Utihty Fees and secondarily a covenant to budget and appropnate from legally available Non Ad Valorem Revenues of the Village Authonzmg the Bonds will result m an amount rangmg from a high of $619 573 50 to a low of $335 412 49 of Stormwater Utility Fees not bemg available to finance the other services of the Village each fiscal year for 20 75 years MS/B L G SL/191981 2/ 35 004 (h) The Purchaser understands that you require no other disclosures with respect to the Bonds Very truly yours NATIONSBANK, N A By D 5/ GISL/19198 / 352 004 2 Charles E Porter emor Vice President ADORNO 8c ZEDER A PRO ESS ONA ASSOC AT ON 260 SOUTH BAYSHORE ORIVE SUITE 600 MIAMI FLORIDA 33133 TELEPHONE (305 858 5555 WORLD W D WEB http //wwwado nocorn January 20 1999 VIA FEDERAL EXPRESS State of Flonda Division of Bond Finance State Board of Administration 1801 Hermitage Boulevard Suite 100 Tallahassee FL 32308 Attention Sharon Williams FACS MILE (305) 858-4777 Re $7,200,000 Village of Key Biscayne, Flonda, Stonmwater Utility Revenue Bonds Senes 1999 Ladies and Gentlemen We are serving as Bond Counsel for the issuance by the Village of Key Biscayne Flonda of its S7 200 000 Stormwater Utihty Revenue Bonds Series 1999 (the Bonds ) The purpose of this letter is to inform you as required by Section 218 38 Florida Statutes as amended that the Bonds are expected to be sold pursuant to negotiated sale (pnvate placement) on January 26 1999 and issued on January 28 1999 The Bonds are being issued to provide funds to pay the pnncipal of the Village s Stormmater Ltility Revenue Bond Anticipation Notes Senes 1995 We will send to you Form 2003/2004 when available If you have any questions please call me at (305) 860 7276 Please acknowledge receipt of this letter and return it to my attention JDC/chn DM5/H vE,ISL/191981/13 2 00 Very truly yours AD NO & ZEDER, P A e e DeCarlo a -Zi ea a A 7 INCUMBENCY CERTIFICATE Concluta H Alvarez Village Clerk of the Village of Key Biscayne Florida (the Village ) DOES HEREBY CERTIFY as follows The following are now and have been continuously since the dates of beginning of their respective terms shown below the duly elected qualified and acting members of the Village Council of the Village (the Council ) and the dates of the begmnmg and endmg of their respective terms are hereunder correctly designated opposite their names Member Scott Bass Martha Fdez Leon Broucek Alan H Fein Mortunei Fried Gregory C Han Robert Oldakowski Joe I Rasco Beginning Date Ending Date Of Tenn of Current Term Novembei 10 1998 November 12 2002 September 16 1997 November 14 2000 November 10 1998 November 12 1996 November 12 1996 November 10 1998 November 10 1998 November 12 2002 November 14 2000 November 14 2000 November 12 2002 November 14 2000 The following are now and have been contmuously since the dates of beginning of their respective current terms of office shown below the duly elected or appointed qualified and acting officers of the Village and the dates of the begmnmg and ending of their respective current terms of office are hereunder correctly designated opposite their names Title Mayor Village Clerk Village Manager Village Attorney Name Joe I Rasco Conchrta H Alvarez C Samuel Kissinger Weiss Serota Helfinan Pastonza & Guedes P A Beginning Date of Current Term November 10 1998 October 14 1996 March 2 1992 October 29 1991 Ending Date of . urr n Tenn November 14 2000 Discretion of Council Discretion of Council Discretion of Council lN WITNESS WHEREOF I have hereunto set my hand and affixed the official seal of the Village this 28th day of January 1999 \�C9� �� 1 Village Clerk M /3 G SL/191981 2/1352 004 ,e,Alaae SIGNATURE AND NO LITIGATION CERTIFICATE We the undersigned DO HEREBY CERTIFY that 1 We did heretofore cause to be officially documented the $7 200 000 Stormwater Utility Revenue Bonds Series 1999 of the Village of Key Biscayne Flonda (the Village ) dated January 28 1999 issued as one Bond in the pnncipal amount of $7 200 000 (the Bonds ) 2 Joe I Rasco Mayor of the Village has executed the Bonds by his manual signature and that the Mayor was on the date his signature was placed on the Bonds and is now the duly elected qualified and acting Mayor of the Village 3 We have caused the official seal of the Village to be impnnted on the Bonds and that Conchita H Alvarez Village Clerk of the Village caused such seal to be attested by her signature and that said Conchita H Alvarez was on the date her signature was placed on the Bonds and is now the duly appointed qualified and acting Village Clerk of the Village 4 The seal which has been impressed on the Bonds and upon this certificate is the legally adopted proper and only seal of the Village 5 The Village Council by Ordinance No R 98 9 adopted on October 27 1998 and by Resolution No R 99 9 adopted on January 26 1999 (collectively the Bond Ordinance ) has authonzed the issuance of the Bonds and said Bond Ordinance has not been modified or amended since the date of such adoption 6 The Village has complied with all of the agreements and satisfied all conditions on its part to be performed or satisfied at or pnor to delivery of the Bonds 7 No approval authonzation, consent or other order of any public board or body which has not heretofore been obtained is required for the issuance and delivery of the Bonds 8 No litigation or other proceedings to which the Village is a party are pending or to our knowledge threatened in any court or other tnbunal of competent jurisdiction state or federal m any way (a) restraining or enjoining the issuance sale or delivery of the Bonds (b) questioning or affecting the validity of the Bonds or the pledge by the Village of the Stormwater Utility Fees or the covenant to budget and appropnate from available non ad valorem revenues of the Village as specified in the Bond Ordinance to pay the principal of and mterest on the Bonds as provided under the aforesaid documents (c) questioning or affectmg the validity of any proceedings for the authonzation sale execution issuance or delivery of the Bonds (d) questioning or affecting the orgamzation or existence of the Village or the title to office of the officers thereof or (e) questioning or affecting the power and authority of the Village to issue the Bonds nor do the undersigned have any knowledge that there is any basis therefor 9 The execution delivery receipt and due performance of the Bonds wider the DES/ EG 119 81 /1352 04 circumstances contemplated thereby and comphance with the provisions thereof do not conflict with or constitute a breach of or a default under any existing law court or administrative regulation decree or order or any agreement indenture lease or other instrument to which the Village is subject or by which the Village is or may be bound 10 As of the date hereof there are no prior hens on or pledges of the Stormwater Uhhty Fees 11 There has been no material adverse change in the financial condition or operations of the Village since September 30 1997 (the date of its last annual audited financial statements) IN WITNESS WHEREOF we have hereunto set our hands and affixed the official seal of the Village this 28th day of January 1999 (SEAL) TERM OF OFFICE FXPTRFS /tt November 14 2000 Cif -�i illage Clerk Discretion of Village Council 5/B GISL/191931 2/ 352 004 Mayor 2 CERTIFICATE OF PURCHASER The undersigned on behalf of the Purchaser NationsBank N A (the Purchaser ') hereby certifies and acknowledges m connection with the purchase by it of $7 200 000 Village of Key Biscayne Florida, Stonnwater Utility Revenue Bonds Senes 1999 (the Bonds ) that 1 The Purchaser has received executed copies of Ordinance No R 98 9 and Resolution No R 99 9 adopted by the Village Council of the Village of Key Biscayne Flonda (the Village') on October 27 1998 and January 26 1999 respectively and said Ordinance and Resolution are in form and substance satisfactory to the Purchaser 2 The Purchaser has conducted its own investigations to the extent it deems satisfactory or sufficient into matters relating to the business properties management and financial position and results of operations of the Village in connection with the issuance by the Village of the Bonds it has received such information concerning the Village as it deems to be necessary m connection with investment m the Bonds and during the course of this transaction and prior to the purchase of the Bonds it has been provided with the opportunity to ask questions of and receive answers from the Village concerning the terms and conditions of the offering of the Bonds and to obtain any additional information needed in order to verify the accuracy of the information obtained 3 The Purchaser has sufficient knowledge and expenence in financial and business matters mcluding purchase and ownership of municipal and other tax exempt obligations to be able to evaluate the risks and merits of the Investment represented by the purchase of the above stated principal amount of the Bonds 4 The Purchaser is aware that certain economic variables could affect the security of its investment in the Bonds and the Purchaser is able to bear the economic nsks of such investment 5 The Purchaser understands that no offering statement prospectus offering circular or other comprehensive offenng statement containnng material information with respect to the Village and the Bonds is being issued m connection with the Bonds and that it has made its own inquiry and analysis with respect to the Bonds and the security therefor and other matenal factors affecting the security for and payment of the Bonds 6 The Purchaser acknowledges and represents that it has not sought from Bond Counsel or received from Bond Counsel or looked or retied upon Bond Counsel for any information with respect to the Village or its financial condition, other than reliance upon the Bond Counsel opinion 7 The Purchaser is a bank as defined in Section 3(a)(2) of the Securities Act of 1933 as amended 8 The Purchaser hereby certifies that it is purchasing the Bonds for its own account for the purpose of investment and not for resale at a profit and it has no present intention of reselling or otherwise redistributing the Bonds The Purchaser will not sell the Bonds except to another DAS/ L GISL/ 91981 2113524 00 mstitutional or accredited investor who will execute a Certificate of Purchaser in form and substance identical to this Certificate which certifies that it is purchasing the Bonds for its own account and not for resale and will not sell convey pledge or otherwise transfer the Bonds without prior compliance with applicable registration and disclosure requirements of state and federal securities laws 9 Execution of this Certificate is not a waiver of any cause of action that the Purchaser may at any time have against the Village as a result of fraud by the Village in connection with the purchase of the Bonds by the Purchaser Dated this 28th day of January 1999 NATIONSBANK, N A 8/3 LEGISL/191 81 2/ 3524 00 By 2 Charles E Porter Senior Vice President ARBI TRAGE CERTIFICATE The undersigned is the Mayor of the Village of Key Biscayne Flonda (the Village ) and hereby certifies the following with respect to the Village s $7 200 000 Stormwater Utility Revenue Bonds Senes 1999 (the Serves 1999 Bonds ) The undersigned is the official charged with others with responsibility for issuing the Senes 1999 Bonds 1 S'Teneral (a) The Senes 1999 Bonds are being issued on the date hereof pursuant to Ordinance No 98 9 adopted by the Village Council on October 27 1998 and Resolution No 99 9 adopted by the Village Council on January 26 1999 (collectively the Bond Ordmance ) to provide funds to pay the principal of the Village s Stormwater Utihty Revenue Bond Anticipation Notes Senes 1995 (the Notes ) Capitalized terms used herein but not otherwise specifically defined have the same meanings as when used in the Bond Ordinance (b) The Notes were originally issued for the purpose of providing funds to pay the costs of expanding and improving the Stormwater Utility System within the Village (the Project ) All of the proceeds of the Notes and all amounts denved from the investment thereof have been fully expended to pay costs of the Project (c) This cei fication is made under 26 CFR § 1 148 2(b)(2) relating to arbitrage bonds as defined in Section 148 of the Internal Revenue Code of 1986 as amended (the Code ) Terms used herein which are not capitalized or specifically defined have the same meanings as when used in 26 CFR §§ 1 148 1 1 148 11 The undersigned has investigated the facts estimates and circumstances m existence on the date hereof Such facts estimates and circumstances together with the expectations of the Village as to future events are set forth m summary form in this certificate On the basis of such facts estimates and circumstances it is not expected that the proceeds of the Serves 1999 Bonds will be used in any manner that would cause the Senes 1999 Bonds to be arbitrage bonds within the meaning of the Code and regulations To the best of my knowledge and belief such expectations are reasonable and there are no facts estimates or circumstances that would matenaily change them 2 Source and 1 fse of Proceeds (a) The proceeds received from the sale of the Senes 1999 Bonds will be $7 200 000 (the Sale Proceeds ) representing $7 200 000 principal amount plus accrued interest of $0 (b) All of the Sale Proceeds will be used Immediately on the date hereof to pay the pnncipal of the Notes (c) The Village reasonably expects that the Project will continue throughout the term of the Series 1999 Bonds to be owned and operated by the Village ➢MS/ LEGISL/191981 2113524 04 3 Flow of Funds (a) The Village is required under the Bond Ordinance on each Interest Payment Date to deposit Stormwater Utility Fees and if not sufficient Non Ad Valorem Revenues into the Bond Fund which together with other moneys therein are sufficient to pay the principal of and interest on the Senes 1999 Bonds on such Interest Payment Date (b) The Bond Fund has been established to achieve a proper matching of revenues and debt service within each bond year and will be depleted at least once each year (except for a reasonable carryover amount that will not exceed the greater of one year's earnings on the Bond Fund and 1/12 of annual debt service on the Senes 1999 Bonds) All amounts m the Bond Fund will be expended to pay debt service on the Series 1999 Bonds within 13 months of the date of receipt thereof (12 months if the amounts are interest or income from the investment of such amounts) (c) The Rebate Fund is not pledged to pay debt service on the Series 1999 Bonds and will not be available if needed to pay such debt service 4 Yield Restnetions (a) The restrictions set forth in this Section 4 apply to taxable investments For this purpose taxable mvestments include all investments other than obhgations the interest on which is (i) excluded from gross income for federal income tax purposes and (u) not an item of tax preference for federal alternative minimum tax purposes 10. (b) All of the proceeds of the Notes and all amounts derived from the investment thereof have been expended to pay costs of the Project (c) Amounts in the Bond Fund that are reasonably expected to pay principal or interest on the Senes 1999 Bonds will not be invested in taxable investments that produce a yield over the term of the Serves 1999 Bonds in excess of the yield on the Senes 1999 Bonds except to the extent that the aggregate amount so invested does not exceed $100 000 The preceding sentence shall not apply to amounts that are to be used within 13 months of the date of receipt thereof (12 months if the amounts are interest or income from the investment of such amounts) to pay principal or interest on the Series 1999 Bonds (d) There are no funds or accounts in existence or that are expected to be established in addition to the funds referred to herein that are reasonably expected to be used (directly or indirectly) or that will be pledged (directly or indirectly) to pay debt service on the Series 1999 Bonds There are not any amounts that have been reserved or otherwise set aside such that there is a reasonable assurance that such amounts will be available to pay principal or mterest on the Senes 1999 Bonds In addition, the Village has not entered into and does not reasonably expect to enter into within the next thirty days a hedge contract primanly for the purpose of reducing the Village s nsk of interest rate changes with respect to the Senes 1999 Bonds If any such fund or account is estabhshed after the date hereof, amounts in the fund or account will not be invested at a yield higher than the yield on the Senes 1999 Bonds to the extent necessary to preserve the federal income tax L S/ `EGtSL/19 981 3/1 52 0 2 exemption of interest on the Senes 1999 Bonds (e) There are no amounts held under any agreement requiring the maintenance of amounts at a particular level for the direct or indirect benefit of the owners of the Series 1999 Bonds or any guarantor of the Senes 1999 Bonds excluding for this purpose amounts in which the Village may grant nghts that are supenor to the nghts of the owners of the Senes 1999 Bonds or any guarantor of the Senes 1999 Bonds and amounts that do not exceed reasonable needs for which they are maintained and as to which the required level is tested no more frequently than every six (6) months and that may be spent without any substantial restnction other than a requirement to replenish the amount by the next testing date (1) There are no amounts that have a sufficiently direct nexus to the Senes 1999 Bonds to conclude that the amounts would have been used for debt service on the Senes 1999 Bonds if the proceeds of the Senes 1998 Bonds were not being used for those purposes (g) The yield on the Senes 1999 Bonds for purposes of this Section 4 is 4 15% computed on the basis of a 30 day month and 360 day year and with interest compounded semiannually For purposes of computing the yield the issue pnce of the Series 1999 Bonds is $7 200 000 (the pnncipal amount plus accrued interest) See Exhibit B hereto (h) If any taxable investments are subject to yield restnctions under this Section 4 the yield produced by the taxable investments shall be computed on the basis of a 30 day month and 360 day year and with interest compounded semiannually For purposes of computing yield the purchase pnce shall be determined as provided in 26 CFR § 1 148 5 and brokerage and selling commissions and yield reduction payments may be taken into account to the extent permitted thereunder 5 Miscellaneous (a) No more than 50 percent of the proceeds of the Notes were invested m nonpurpose investments having a substantially guaranteed yield for four years or more (within the meaning of section 149(g)(3)(A)(u) of the Code) More than 85 percent of the spendable proceeds of the Notes (within the meaning of section 149(g)(3)(A)(u) of the Code) were reasonably expected to be expended for the governmental purposes of the Notes within three years of the date of issue of the Notes (b) Amounts that are subject to yield restnction under Section 4 hereof (determined without regard to the $100 000 exception) will not be invested (directly or indirectly) in federally insured deposits or accounts (within the meaning of section 149(b)(4)(B) of the Code) if such investment would exceed the limit of 5 percent of the proceeds of the Senes 1999 Bonds contained m section 149(b)(2)(B) of the Code (c) There are no other obligations of the Village (i) that are or will be sold within 15 days of the date hereof and (n) that are to be paid out of substantially the same source of funds PM /3 LEG $L/ 91931 2/1352 0 3 (or that will have substantially the same claim to be paid out of substantially the same source of funds) as will be used to pay the Serves 1999 Bonds (d) The Village has covenanted that neither the Village nor any person under the control or direction of the Village will make any investment or use of the proceeds of the Serves 1999 Bonds that would cause the Series 1999 Bonds to be arbitrage bonds within the meaning of section 148 of the Code No portion of the proceeds of the Senes 1999 Bonds will be intentionally used in the manner descnbed in section 148(a)(1) or (a)(2) of the Code The Village has covenanted to comply with the Arbitrage Rebate Covenants attached hereto as Exhibit A (e) The Village has covenanted that neither the Village nor any person under the control or direction of the Village will make any use of the Project that would cause the Senes 1999 Bonds to be pnvate activity bonds within the meaning of section 141 of the Code The Project will be owned and operated by the Village and no portion of the Project will be used in the trade or business of any person other than a governmental unit (within the meaning of section 141 of the Code) (f) The facihties financed with proceeds of the Notes have been and will continue throughout the term of the Senes 1999 Bonds to be used by the Village for governmental purposes and no portion of such facilities have been or will be used in the trade or business of a person other than a governmental unit pursuant to a lease or other contractual arrangement (g) The Notes were designated by the Village as qualified tax exempt obligations (as defined in section 265(b)(3)(B) of the Code) and the Notes qualified as such The 1997 Note Extension and the 1999 Note Extension (both as defined in the Bond Ordinance) were treated as qualified tax exempt obligations under Section 265(b)(3)(D)(n) of the Code The principal amount of the Senes 1999 Bonds does not exceed the outstanding pnncipal amount of the Notes each of the average maturity of the 1998 Note Extension the 1997 Note Extension and the Notes did not exceed three years and the Senes 1999 Bonds have a matunty date which is not later than thirty (30) years after the date of issuance of the Notes Accordmgly the Senes 1999 Bonds are treated as qualified tax exempt obligations under section 265(b)(3)(D)(n) of the Code 1 (h) All investments of amounts deposited in any fund or account created by or pursuant to the Bond Ordinance or otherwise containing gross proceeds of the Notes within the meamng of section 148 of the Internal Revenue Code of 1986 (the Code) shall be acquired disposed of, and valued (as of the date that valuation is required by the Bond Ordmance or the Code) at Fair Market Value For this purpose Fair Market Value means the pnce at which a willing buyer would purchase the investment from a willing seller m a bona fide arm s length transaction (determined as of the date the contract to purchase or sell the investment becomes binding) if the investment is traded on an established securities market (within the meaning of section 1273 of the Code) and otherwise the term Fair Market Value means the acquisition pnce in a bona fide arm s length transaction (as referenced above) if (i) the mvestment is a certificate of deposit that is acquired in accordance with applicable regulations under the Code, (u) the investment is an agreement with specifically negotiated withdrawal or reinvestment provisions and a specifically negotiated interest rate (for example a guaranteed investment contract, a forward supply contract or other investment S/ LEGIS /1 1951 2/1352 00 4 agreement) that is acquired m accordance with applicable regulations under the Code (in) the investment is a United States Treasury Security State and Local Government Senes that is acquired m accordance with applicable regulations of the United States Bureau of Public Debt or (w) the investment is in any commingled investment fund in which the Village and related parties do not own more than a ten percent (10%) beneficial interest therein and the return paid by the fund is without regard to the source of investment (1) The Village will use a consistently apphed accounting method to account for investments and expenditures of proceeds of the Senes 1999 Bonds Allocations of Series 1999 Bond proceeds to expenditures will be made only with respect to a current outlay of cash of the expenditures The Village will not invest proceeds of the Senes 1999 Bonds in a commingled fund in which the Village owns more than 10 percent of the beneficial interest thereof The Village will maintain books and records until six years after the date of retirement or redemption of the Series 1999 Bonds sufficient to (i) establish the accounting method used (n) account for all investment of proceeds of the Senes 1999 Bonds and (um) substantiate the allocation of proceeds of the Series 1999 Bonds to expenditures In the event such allocations of Senes 1999 Bond proceeds to expenditures are not made within 60 days after the date of five years after the date hereof the Village will use a specific tracing accounting method to account for investment and expenditures of proceeds of the Senes 1999 Bonds IN WITNESS WHEREOF the undersigned has hereunto set his hand this 28th day of January 1999 VILLAC� Y BISCA " , FLORIDA ii By DMS/S LSGIS /1 19 2/12 0 5 Joe I Rasco Mayor EXHIBIT "A" ARBITRAGE REBATE COVENANTS The Village of Key Biscayne Florida (the Village ) hereby covenants to comply with the following provisions and procedures to insure that its $7 200 000 Stonnwater Utility Revenue Bonds Series 1999 being issued on the date hereof (the Serves 1999 Bonds ) comply with the arbitrage requirements of section 148 of the Code 1 Definitions (a) Capitahzed terms used herein but not otherwise specifically defined have the same meanings as when used in the Arbitrage Certificate to which this document is attached (b) Terms used herein and m 26 CFR §§ 1 148 1 1 148 11 that are not capitalized have the same meanings as when used m such regulations (c) The following definitions apply for purposes of this document Calculation Date means the same day in each calendar year selected by the Village and the date the last Senes 1999 Bond is discharged Gross Proceeds means (i) all amounts actually or constructively received from the sale of the Senes 1999 Bonds (exclusive of accrued interest) and all amounts denved from the investment thereof and (u) all amounts that are part of a sinking fund or reserve or replacement fund for the Series 1999 Bonds Such term shall not include amounts that are part of a bona fide debt service fund for the Serves 1999 Bonds Rebate Account Requirement as of any Calculation Date means the rebate amount with respect to the Senes 1999 Bonds as of such date calculated in the manner provided in 26 CFR §§ 1 148 1 1 148 11 Investments need be taken into account m calculating the rebate amount to the extent that such amounts are eligible for an exemption from the requirements of Section 148 of the Code under Section 148(0 of the Code Rebate Payment Date means sixty (60) days after each succeeding fifth Calculation Date 2 in CTeneral In order for interest on the Senes 1999 Bonds to be excluded from gross income for federal income tax purposes arbitrage profits eamed from investing all the Gross Proceeds must be paid to the United States no later than each Rebate Payment Date DM5/ L GIS /191991 2/13524 00 Al 3 Rebate Fund and Payment (a) The Village shall calculate the Rebate Account Requirement as of each Calculation Date no later than fifty (50) days after each Calculation Date (b) No later than fifty (50) days after each Calculation Date the Village shall deposit m the Rebate Fund the amount if any necessary to increase the amount m such Fund to the Rebate Account Requirement (c) The Village shall pay any amount required to be paid to the United States under section 148(0 of the Code out of amounts m the Rebate Fund no later than each Rebate Payment Date (d) The Village may withdraw from the Rebate Fund any excess of the amount on deposit in the Rebate Fund over the Rebate Account Requirement calculated as of a Calculation Date 4 Rebate Calculations (a) The rebate amount as of any Calculation Date is computed by future valwng certain mvestment receipts and payments at an interest rate equal to the yield on the Series 1999 Bonds computed as of the Calculation Date (b) The yield on the Senes 1999 Bonds shall be computed in accordance with 26 Cf R § 1 148 4(c) on the basis of a 30 day month and 360 day year and with interest compounded semiannually The yield on the Senes 1999 Bonds calculated as of the date hereof is 4 15 percent per annum For purposes of computmg the yield the issue pnce of the Series 1999 Bonds is $7 200 000 (c) The Village shall (i) if necessary retain an expenenced professional to perform calculations relating to the Rebate Amount (n) consult legal counsel expenenced in matters relating to calculations relating to the Rebate Account Requirement to resolve issues that may arise and for which it is necessary to consult legal counsel and (in) retain all records with respect to the calculations and any payments to the United States for at least 6 years after the last Senes 1999 Bond is discharged (d) Payments to the United States shall be filed with the Internal Revenue Service Center Philadelphia Pennsylvania 19255 on or before the payment is required to be paid and shall be accompanied by Form 8038 T or such other form as is prescribed for such purpose 5 Investment Restnctions (a) No investment of Gross Proceeds (other than a United States Treasury secunty of the State and Local Government Senes) will be acquired for an amount in excess of its fair market value or sold or disposed of for an amount less than its fair market value DM / LE ISL/191981 2/13524 00 A2 (b) The Village shall not enter into any investment contract to invest Gross Proceeds unless (i) the Village makes a bona fide solicitation for an investment contract with specified material terms and receives at least 3 bona fide bids from different reasonably competitive providers of investment contracts that have no material financial interest in the Series 1999 Bonds (n) the Village purchases the highest yielding investment contract (net of broker fees) for which a qualifying bid is made (m) the determination of the terms of the investment contract takes into account as a significant factor the Village s reasonably expected drawdown schedule for the funds to be invested exclusive of amounts deposited m debt service funds and reasonably required reserve or replacement funds (iv) the terms of the investment contract are reasonable including collateral security requirements (v) the obligor on the investment contract certifies the administrative costs (mcluding any broker fees or commissions) that it is paying (or expects to pay) to third parties in connection with the investment contract and (vi) the yield on the investment contract is not less than the yield then available from the obligor on reasonably comparable investment contracts offered to other persons if any from a source of funds other than gross proceeds of tax exempt bonds (c) The Village shall not use Gross Proceeds to purchase a certificate of deposit that is not actively traded in an active secondary market if the certificate of deposit has a fixed interest rate a fixed pnncipal payment schedule a fixed maturity and a substantial penalty for early withdrawal ( CD ) unless the yield on the CD is not less than (i) the yield on reasonably comparable direct obhgations of the United States and (n) the highest yield that is published or posted by the provider to be currently available from the provider on comparable CDs offered to the public IN WITNESS WHEREOF the undersigned has hereunto set his hand this 28th day of January 1999 VILLAG CAYNE, FLORIDA DMS/E EG SL/19 90 2/ 3 2 00 By Joe I Rasco Mayor A3 EXHIBIT "B" ISSUE PRICE CERTIFICATE This certificate is delivered in connection with the issuance of $7 200 000 Village of Key Biscayne Florida, Stormwater Utility Revenue Bonds Series 1999 bemg issued on the date hereof (the Senes 1999 Bonds ) NationsBank N A (the Bank ) does hereby certify as follows 1 The Bank is purchasing the Senes 1999 Bonds for its own account and without any intent to reoffer the bonds to the public 2 The total amount paid as the purchase pnce of the Senes 1999 Bonds is $7 200 000 representing $7 200 000 principal amount and $0 accrued interest IN WITNESS WHEREOF the Bank has caused this certificate to be executed m its name on this 28th day of January 1999 by one of its officers duly authonzed as of such date NATIONSBANK, N A ➢MS/S L GISL/19 9 1 2/ 3 00 By B1 Charles E Porter Senior Vice President Form 8038-G Information Return for Tax Exempt Governmental Obligations ► Under Internal Revenue Code section 149(e) ► See separate Instructions ry (Note Use Forrn 8038 -GC if the issue price is under $100 000 ) (Rev May1995) D p rM ! F the T ntm IRe 5 rvi 1 Part 1 1 Reporting Authority 1 Issuers name VILLAGE OF KEY BISCAYNE FLORIDA 3 Number and street (or P 0 box if mail is not delivered to street address) 85 WEST MCINTYRE STREET 5 City town or post office state and ZIP code KEY BISCAYNE FL 33149 7 Name of issue Stormwater Utility Revenue Bonds Series 1999 1 Part I1 1 Type of Issue (check applicable box(es) and enter the issue price) 9 10 11 12 13 14 15 16 17 18 Education (attach schedule -see instructions) Health and hospital (attach schedule see instructions) Transportation Public safety Environment (including sewage bonds) Housing utuities PPS RECEas, 7 2 0199 23 Other Describe (see instructions) ► ?SC PHtLk, prk If obligations are tax or other revenue anticipation bonds check box If obligations are in the form of a lease or installment sale check box 11. - Part 111 1 Description of Obligations (a) (b) Matunty date Interest rate (c) Issue price (d) Stated redemption price at matunty OMB No 1545-0720 If Amended Return check here ► ❑ 2 Issuer's employer identification number 65-0291811 Room/suite 4 Report number 201 01999 1 6 Date of issue January 28 1999 8 CUSP number N/A (e) Weighted average maturity 9 $ 10 11 12 13 7 200 000 14 15 16 (f) Yield (g) Net interest cost 19 Final maturity 10/1/2019 4 13/ 595 000 595 000 � + r` 20 Entire issue - ew,- 7 200 000 - 7 200 000 13 3 years 4 15 /o 4 13% 1, Part IV 1 Uses of Proceeds of Bond Issue (including underwriters discount) 21 Proceeds used for accrued interest 21 1 0 22 Issue price of entire issue (enter amount from line 20 column (c)) 22 7 200 000 23 Proceeds used for bond issuance costs (including underwnters discount) 23 24 Proceeds used for credit enhancement 24 25 Proceeds allocated to reasonably required reserve or replacement fund 25 26 Proceeds used to currently refund prior issues 26 7 200 000 27 Proceeds used to advance refund pnor issues 27 28 Total (add lines 23 through 27) 28 7 200 000 29 Nonrefunding proceeds of the issue (subtract line 28 from line 22 and enter amount here) 29 0 1 Part V 1 Description of Refunded Bonds (Complete this part only for refunding bonds ) 30 Enter the remaining weighted average maturity of the bonds to be currently refunded E er '-e emaivng werg`t ed ave age re u ty u he bonds to be athance e`u-ded 32 Enter the last date on which the refunded bonds will be called 33 Enter the date(s) the refunded bonds were issued ...April 17 1995 1 Part VI 1 Miscellaneous 34 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) 34 35 Enter the amount of the bonds designated by the issuer under section 265(b)(3)(B)(1)(III) (small issuer exception) 35 36a Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract (see instructions) 36a b Enter the final matunty date of the guaranteed investment contract ► 37 Pooled financings a Proceeds of this issue that are to be used to make loans to other governmental units b If this issue is a loan made from the proceeds of another tax exempt issue check box ► ❑ and enter the name of the issuer ► and the date of the issue ► 38 If the issuer has elected to pay a penalty in lieu of arbitrage rebate check box ► ❑] 39 If the issuer has identified a hedge check box ► ❑ 'Under penalties of pequry I declare that I have eamined this return and accompanying schedules and statements and to the best of my knowledge and belief they are true correct and complgte Please Sign Here ► Signature of issuers'authonied representat) For Paperwork Reduction Act Notice see pa ► ► January 0 17 years years 28 1999 0 -0- 0 37a 0 1/28/99 ► C Samuel Kissinger Village Manager Date Type or print name and title 1 of the Instructions Forrn 8038 G (Rev 5 95) ISA STF FED64o3F CERTIFICATE REGARDING COMPLIANCE WITH DEBT CAP The undersigned Village Manager of the Village of Key Biscayne Flonda (the Village ) hereby certifies as follows pursuant to the requirements of Ordinance No 97 1 adopted by the Village Council of the Village on January 16 1997 (the Debt Cap Ordinance ) Capitalized terms used and not defined herein shall have the meanings given to them in the Debt Cap Ordinance 1 The total assessed value of all property within the Village as certified to the Village by the Dade County Property Appraiser for the fiscal year ended September 30 1999 is $2 028 174 208 One percent (1%) of such amount is $20 281 742 ( the Assessed Value Limitation ) 2 The Village s $9 200 000 Land Acquisition Revenue Bonds Series 1993 (the Land Acquisition Bonds ) constitute the only outstanding Debt of the Village within meaning of the Debt Cap Ordinance The currently outstanding amount of the Land Acquisition Bonds is $5 090 000 (the Outstanding Debt ) 3 The maximum amount of pnncipal and interest payable during any fiscal year with respect to the Land Acquisition Bonds is $1 136 541 4 Total (budgeted) general fund expenditures of the Village for the fiscal year ended September 30 1998 was $11 045 602 and 15% of such amount is $1 656 840 (the General Fund Expenditure Limitation ) 5 The Outstanding Debt does not exceed the Assessed Value Limitation 6 The amount in (3) does not exceed the General Fund Expenditure Limitation IN WITNESS WHEREOF the undersigned has set his hand this 28th day of January 1999 VILLAGE OF KEY BISCAYNE, FLORIDA By SO /5 AGREE/20 5 2/23524 00 C Samuel Kiss i R er Village Manager CERTIFICATE OF VILLAGE AS TO COMPUTATION OF INTEREST RATE IN COMPLIANCE WITH SECTION 215 84(3) FLORIDA STATUTES The undersigned Mayor of Key Biscayne Flonda hereby certifies that (i) the Village s Stormwater Utility Revenue Bonds Senes 1999 (the Bonds ) are being issued and sold as a single registered Bond maturing on October 1 2019 in the aggregate principal amount of $7 200 000 on this date (n) such single bond bears interest at the rate of 4 13% per annum (in) as evidenced by the attached copy of a page of TheBopdBuyer published on December 30 1998 the average net mterest cost rate computed in accordance with Section 215 84(3) Flonda Statutes by adding 300 basis points to 5 03% ( The Bond Buyer 20 Bond Index published immediately preceding the first day of the calendar month m which the Bonds are sold) is 8 03% and (iv) the interest rate on the Bonds equal to 4 13% does not exceed the average net interest cost rate equal to 8 03% Dated as of the 28th day of January 1999 VILLAGE OF KEY BISCAYNE, FLORIDA By MS/ L GSS /19 981 2/13524 00 r; 0 2 2 Tat BOND Burro Wednesday December 30 1998 43 MARKET STATISTICS ; Market Indicators Dollar amounts are in millions Daily Municipal Bond Index 40 Average Dollar Pnce Average Yield to Par Call Average Yield to Matunty Wasterday 124 21 96 29 538 517 Cumnt T al 30 -Day Vaihle Supply ($mills) Total (Dec 30) $4 038 7 Conpetlhve $2 385 7 Negobated $1 673 0 S&P's Blue Let Municipals (Deo 29) $1415.1 (Wiring zero.coupen ) The 30 -Day Vistie Supply reflects the total dollar volume ot bonds to be offered at competitive bidding and through negotiation war the nail 30 days h Indudes Issues scheduled for sale on the date listed along with anticipated offerings listed in that day's 'Competitive Borg OBhrvgs and "Negotiated Bond OKanngr tables Day Cho g +11/32 +0 26 — 0 03 — 0 02 High High 12910 99 88 5 75 544 Dhk (10/5) (10/5) (4/29) (4/29) yo t998 Ch go High Oat 469 9 469 6 unch 4262 $11 484 0 $5757 9 $80230 $1 970 4 (11/18) (2/18) (11/18) (6126) 1991 Low 119 30 93 57 4 94 4 94 ome Weekly (4/29) Rates (4129) Bond Buyer Revenue Bond Index (10/5) Bond Buyer20 Bond Index (10/5) BondBuyerll Bond Index Bond Buyer One -Year Note Index New Issue Sales ($ mills) $2 7271 (1/ 2) Long Term Bonds $1047 9 (12/21) Negotiated Bonds $1 144 1 (1/2) Competrove Bonds $591 7 (1/12) Short Term Notes Long Term Bond Sales Month to pale Year to Date 9911 L w oath Current 1998 12122d98 "' 1LI7i9la N� Pete Loh Dona F3 t 5284 521/i ¢52°/ (4130) 509% (101 1) 503/ 496°/ 532Ya (4130) 482% (10/11 497% 490/ 525%',(4/30) 476% (10/1) 294% 2984 3754 (5,27) 9, 288/ (10/28) WgW1#Ng Wko11N1595 W1°r1 IS% Wk 7171269T E3711AATE ACTUAL REVISED , h BEVISED $2 179 6 $6189 $57790 ir $9651 983.0 5110 4126.9 8779 1 196 6 108 0 15881 36 7 297 906 10950 862 ThrvWn191 $23 3411 $281975 4 11wf7l2591 $211615 $2797958 Tbu 1711891 $20542 6 $2791769 Tits 77119 $21515 0 $220,244 0 RECEIPT FOR BONDS NationsBank, N A hereby acknowledges receipt of $7 200 000 aggregate pnncipal amount of Village of Key Biscayne Stormwater Utility Revenue Bonds Series 1999 IN WITNESS WHEREOF I hereunto set my hand this 28th day of January 1999 NATIONSBANK, N A By DM /8 LEGIS / 91 81 2/ 35 0 Charles E Porter Senior Vice President ADORNO Sc ZEDER A PROFESS ONAL ASSOC AT ON B60 SOUTH BAYSHORE DRIVE SUITE 600 MIAMI FLORIDA 33133 TELEPHONE (305) B58 5555 WORLD WIDE WEB http // WWW adOrnOCORI 0 C January 28 1999 The Village Council of the Village of Key Biscayne Flonda NationsBank N A Miami Flonda Re $7 200 000 Village of Key Biscayne Florida Stormwater Utility Revenue Bonds Series 1999 Ladies and Gentlemen FACSIMILE (305) 858-4777 We have acted as bond counsel m connection with the issuance by the Village of Key Biscayne Flonda (the Village ) of its $7 200 000 Stormwater Uthty Revenue Bonds Series 1999 initially issued and dehvered on this date (the 'Bonds ) pursuant to the Constitution and laws of the State of Florida including particularly Part II of Chapter 166 Flonda Statutes as amended the Charter of the Village and other apphcable provisions of law (collectively the Act ) Ordmance No 98 9 duly adopted by the Village Council of the Village on October 27 1999 and Resolution No R 99 9 adopted on January 26 1999 (collectively the Ordinance ) The Bonds are bemg issued for the purpose of providing funds to pay the principal of the Village s Stormwater Utility Revenue Bond Anticipation Notes Series 1995 (the Notes ) The Notes were issued pursuant to Ordinance No 95 3 adopted on March 28 1995 as amended and supplemented (the Note Ordinance ) and Resolution No 95 11 adopted on Apnl 11 1995 as amended and supplemented (the Note Resolution ) We have examined the Act the Ordinance the Note Ordmance and the Note Resolution and such certified copies of the proceedings of the Village and of such other documents as we have deemed necessary to render this opinion As to the questions of fact matenal to our opinion we have relied upon representations of the Village contained in the Ordinance and in the certified proceedings and other certifications of public officials furnished to us without undertalung to venfy such representations by independent mvestigation Based on the foregoing we are of the opinion that under existing law JDC/B ISC/ 99590/13 24 00 FORT LAUDERDALE WEST PALM BEACH The Village Council of the Village of Key Biscayne Flonda NationsBank N A January 28 1999 Page 2 1 The Village is duly created and validly existing as a municipality under the Constitution and laws of the State of Flonda with the power to adopt the Ordinance to perform its obligations thereunder and to issue the Bonds 2 The Ordinance has been duly adopted by the Village and constitutes a valid and binding obligation of the Village enforceable in accordance with its terms 3 The issuance and sale of the Bonds has been duly authorized by the Village The Bonds constitute vand and binding limited obhgations of the Village enforceable in accordance with their tclins payable in accordance with and as limited by the terms of the Ordinance solely from Stormwater Utility Fees and to the extent such Fees are insufficient from legally available Non Ad Valorem Revenues (as defined in the Ordinance) of the Village budgeted and appropnated annually by the Village for such purpose The Bonds do not constitute a debt of the Village within the meaning of any constitutional or statutory provision or a pledge of the faith and credit of the Village The issuance of the Bonds shall not directly or indirectly or contingently obligate the Village to levy or to pledge any form of taxation whatsoever therefor nor shall the Bonds constitute a charge hen or encumbrance legal or equitable upon any property of the Village and the owners of the Bonds shall have no recourse to the taxing power of the Village c 4 Under existing statutes regulations rulings and judicial decisions interest on the Bonds is excluded from gross income for federal income tax purposes Interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations however such interest is taken into account in determining adjusted current earnings for purposes of computing the alternative minimum tax imposed on corporations under the Internal Revenue Code of 1986 as amended (the Code ) Ownership of the Bonds may result m collateral federal tax consequences to certain taxpayers We express no opinion regarding other federal tax consequences resulting from the ownership receipt or accrual of interest on or disposition of the Bonds The opinion set forth in the preceding paragraph assumes continuing compliance by the Village with certain requirements of the Code that must be met after the date of the issuance of the Bonds in order for interest on the Bonds to be excluded from gross income for federal income tax purposes The failure to meet these requirements may cause interest on the Bonds to be included in gross income for federal income tax purposes retroactively to the date of issuance of the Bonds The Village has covenanted in the Resolution to take the actions necessary to comply with such requirements JDC/B MISC/ 99590/1352 0 ADORNO 8c ZEDER A PRO ESS ONAL ASSOCIATION The Village Council of the Village of Key Biscayne Flonda NationsBank N A January 28 1999 Page 3 We are further of the opimon that the Bonds are qualified tax exempt obligations within the meaning of Section 265(b)(3) of the Code Accordingly a financial institution s mterest expense allocable to interest on the Bonds will be reduced by 20% under Section 291(a)(3) of the Code (rather than disallowed under Section 265(b) of the Code) 5 The Bonds are exempt from the intangible personal property tax imposed pursuant to Chapter 199 Flonda Statutes and from the excise tax on documents imposed pursuant to Chapter 201 Honda Statutes 6 The Notes have been defeased in accordance with the provisions of Section 19 of the Note Resolution and are no longer outstanding under the Note Resolution This opinion is qualified to the extent that the nghts of the holders of the Bonds and the enforceability of the Bonds and the Ordinance may be limited by bankruptcy insolvency reorganization moratonum and other similar laws affecting creditors rights generally now or hereafter m effect and by the exercise ofjudicial discretion m appropriate cases m accordance with equitable principles Respectfully submitted ADORNO &ZEDER P A Ategia ?ec/a,,, /4 JDC/8 MI C/19959 / 5 4 0 ADORNO 8c ZEDER A PRO LSS ONAL ASSOC ATION WEISS SEROTA HELFMAN PASTORIZA & GUEDES, PA ATTORNEYS AT LAW LILLIAN ARANGO DE LA 1402 PATRICIA M BALOYRA MITCHELL BIERMAN NINA L BONISKE ELAINE M COHEN JAMIE ALAN COLE DANIEL H COULTOFF MICHELLE M GALLARDO JENNIFER GOMBERG DOUGLAS R GONZALES EDWARD G GUEDES STEPHEN J HELFMAN JOHN R HERIN JR ROBERT W HOLLAND JILL A JARKESY CHRISTOPHER F KURTZ GILBERTO PASTOR/ZS NANCY RUBIN GAIL D SEROTA JOSEPH H SEROTA JEFFREY P SHEFFEL DANIEL A WEISS RICHARD JAY WEISS DAVID M WOLPIN STEVEN W ZELKOWITZ 2665 SOUTH BAYSHORE DRIVE SUITE 420 MIAMI FLORIDA 33133 The Village Council of the Village of Key Biscayne Florida Key Biscayne Florida NationsBank N A Miami Florida Adorn & Zeder P A Miami Florida TELEPHONE (305) 854 0800 TELECOPIER (305) 854 2323 WWW WSH FLALAW COM January 28 1999 BROWARD OFFICE 1132 SOUTHEAST SECOND AVENUE FORT LAUDERDALE FLORIDA 33316 TE EP ONE (954) 763-4242 EL COPIER (954) 764 7770 PALM BEACH OFFICE 1872 SOUTHWEST 17 STREET BOCA RATON FLORIDA 33486 TE EP 0 E (561) 392 8762 ELECOP ER (562) 392 7551 Re $7,200,000 Village of Key Biscayne Florida Stonnwater Utility Revenue Bonds, Series 1999 Ladies and Gentlemen OF COU SE We have acted as Village Attorney for the Village of Key Biscayne Florida (the Village ) m connection with the Issuance of the Village s $7 200 000 Stormwater Utility Revenue Bonds Series 1999 (the Bonds ) In such capacity we have examined the following 1 Ordinance No R 98 9 adopted by the Village Council on October 28 1998 and Resolution No R-99 9 adopted by the Village Council on January 26 1999 authorizing the issuance of the Bonds (collectively the Ordinance ) The Village Council of the Village of Key Biscayne Florida NationsBank N A Adorno & Zeder P A January 27 1999 Page 2 2 Ordinance No 93 11 adopted by the Village Council on June 22 1993 creating the Village s Stormwater Utility as amended by Ordinance No 93 11 A adopted by the Village Council on October 12 1993 3 Resolution No 92 23 adopted by the Village Council on June 9 1992 required under Article IV Chapter 24 Dade County Code regarding the Stormwater Utility 4 Ordmance No 97 1 adopted by the Village Council on January 16 1997 relating to limitations on mdebtedness (the Debt Cap Ordmance ) 1 { 5 The Village Charter as amended (the Charter ) and Chapter 166 Florida Statutes as amended and 6 Such other documents certificates records and proceedings as I have considered necessary to enable us to render this opinion Based on such examinations we are of the opinion that 1 The Village has taken all action necessary under law and the Dade County Code to create its Stormwater Utility 2 The Ordinance has been duly adopted and no further action of the Village is required to authorize the issuance sale and delivery of the Bonds The Ordinance constitutes the legal valid and bmdmg obligations of the Village enforceable in accordance with its terms except as enforcement may be limited by applicable bankruptcy insolvency reorganization moratorium or other laws relatmg to or affecting creditor s rights generally or by general principles of equity 3 The issuance sale and delivery of the Bonds and the adoption of the Ordinance and compliance with the provisions thereof under the circumstances contemplated thereby are permitted under the provisions of the Charter and the Debt Cap Ordinance and to the best of our knowledge without undertaking any independent research do not and will not in any way constitute a breach or default under any agreement or other instrument to which the Village is a WEISS SEROTA HELFMAN PASTORIZA & GUEDES PA The Village Council of the Village of Key Biscayne Florida NationsBank N A Adorno & Zeder P A January 27 1999 Page 3 party or any existing law regulation court order or consent decree to which the Village is subject 4 To the best of our knowledge there is no action suit proceeding or investigation at law or m equity before or by any court public board or body pending or threatened against or affecting the Village wherein an unfavorable decision ruling or fording would materially adversely affect the Village s obligations under the Ordinance or adversely affect the validity of the Bonds or the security therefor Respectfully David M Wolpin DMW/emb 103001 WEISS SEROTA HELFMAN PASTOAIZA & GUEDES PA STATE OF FLORIDA DIVISION OF BOND FINANCE LOCAL BOND MONITORING SECTION This form represents an update and compilation of the BF2003 BF2004 A and BF2004 B forms Bond Information forms (BF2003) are required to be completed by local governments pursuant to Chapter 19A 1 003 Florida Administrative Code (F A C ) Bond Disclosure forms BF2004 A (Competitive Sale) or BF2004 B (Negotiated Sale) are required to be filed with the Division within 120 days of the delivery of the issue pursuant to Sections 218 38(1)(b)1 and 218 38(1)(c)1 Flonda Statutes (F S) respectively Final Official Statements if prepared are required to be submitted pursuant to Section 218 38(1) F S Please complete ail items applicable to the issuer as provided by the Florida Statutes PURSUANT TO SECTION 218 369 F S ISSUERS OF BOND ANTICIPATION NOTES ARE EXEMPT FROM THESE FILING REQUIREMENTS BF2003 BOND INFORMATION FORM PART I ISSUER INFORMATION 1 NAME OF GOVERNMENTAL UNIT Village of Key Biscayne Florida 2 MAILING ADDRESS OF GOVERNMENTAL UNIT OR ITS MANAGER 3 COUNTY(IES) IN WHICH GOVERNMENTAL UNIT HAS JURISDICTION 85 West McIntyre Street Suite 201 Key Biscayne Fla 33149 Miami Dade 4 TYPE OF ISSUER COUNTY CITY _ AUTHORITY INDEPENDENT SPECIAL DISTRICT DEPENDENT SPECIAL DISTRICT SPECIFY OTHER PART II BOND ISSUE INFORMATION 1 NAME OF BOND ISSUE S7 X00 000 Villa oe f KPy Biscayne Flond^ Storm�ater Utility Revenue Bonds n 1 2 AMOUNT ISSUED $7 200.000 3 AMOUNT AUTHORIZED $ 7 200.000 4 DATED DATE January _lanuaLa 5 SALE DATE January 26 1999 6 DELIVERY DATE January28. 1999 7 LEGAL AUTHORITY FOR ISSUANCE FLORIDA STATUTES Chapter 166 SPECIAL ACTS OTHER 8 TYPE OF ISSUE GENERAL OBLIGATION _ SPECIAL ASSESSMENT SPECIAL OBLIGATION _X_ REVENUE COP (CERTIFICATE OF PARTICIPATION) _ LEASE PURCHASE _ BANK LOAN/LINE OF CREDIT 9 A IS THIS A PRIVATE ACTIVITY BOND (PAB)'' YES _X,_ NO B 1 IF YES DID THIS ISSUE RECEIVE A PAB ALLOCATION? YES NO 2 IF YES AMOUNT OF ALLOCATION $ 10 SPECIFIC REVENUE(S) PLEDGED (1) PRIMARY (2) SECONDARY (3) OTHER(S) Stormwater Utility Fees Covenant to budget and approoriate from legally available non ad valorem revenues JD / SC/201053/ 35 0 11 A PURPOSE(S) OF THE ISSUE (1) PRIMARY Pay the principal of the Village s Stormwater Utility Revenue Bond Anticipation Notes Series 1995 (2) SECONDARY (3) OTHER(S) B IF PURPOSE IS REFUNDING COMPLETE THE FOLLOWING (1) FOR EACH ISSUE REFUNDED LIST NAME OF ISSUE DATED DATE ORIGINAL PAR VALUE (PRINCIPAL AMOUNT) OF ISSUE AND AMOUNT OF PAR VALUE (PRINCIPAL AMOUNT) REFUNDED Village of Key Biscayne Flonda Stormwater Utility Revenue Bond Anticipation Notes Senes 1995 Annl 17 1995 $7 200 000 $7 200 000 (2) REFUNDED DEBT HAS BEEN X RETIRED OR _ DEFEASED (3) A DID THE REFUNDING ISSUE CONTAIN NEW MONEY? YES X NO B IF YES APPROXIMATELY WHAT PERCENTAGE OF PROCEEDS IS NEW MONEY? 12 TYPE OF SALE _ COMPETITIVE BID _ NEGOTIATED X NEGOTIATED PRIVATE PLACEMENT 13 BASIS OF INTEREST RATE CALCULATION I E INTEREST RATE USED TO STRUCTURE THE BOND ISSUE NET INTEREST COST RATE (NIC) 4.13 / TRUE INTEREST COST RATE (TIC) CANADIAN INTEREST COST RATE (CIC) / ARBITRAGE YIELD (ARBI) / SPECIFY OTHER C 14 INSURANCE/ENHANCEMENTS AGIC _AMBAC CGIC CLIC FGIC FSA HUD _ MBIA _ NGM _ LOC(LETTER OF CREDIT) SPECIFY OTHER - NOT INSURED 15 RATING(S) MOODY S S & P _ FITCH DUFF&PHELPS SPECIFY OTHER - NOT RATED 16 DEBT SERVICE SCHEDULE ATTACH COMPLETE COPY OF SCHEDULE PROVIDING THE FOLLOWING INFORMATION SEE EXHIBIT A ATTACHED MATURITY DATES (MO/DAY/YR) COUPON/INTEREST RATES ANNUAL INTEREST PAYMENTS PRINCIPAL (PAR VALUE) PAYMENTS MANDATORY TERM AMORTIZATION 17 LIST OR ATTACH OPTIONAL REDEMPTION PROVISIONS Prepayable at any time at par 10/01/2019 4 13 /0 18 PROVIDE THE NAME AND ADDRESS OF THE SENIOR MANAGING UNDERWRITER OR SOLE PURCHASER NationsRank N A 100 Southeast 2nd Street 15th Floor Miami Florida 33131 JD / SC/ 0 3/ 2 19 PROVIDE THE NAME(S) AND ADDRESS(ES) OF ANY ATTORNEY OR FINANCIAL CONSULTANT WHO ADVISED THE UNIT OF LOCAL GOVERNMENT WITH RESPECT TO THE BOND ISSUE NO BOND COUNSEL NO FINANCIAL ADVISOR NO OTHER PROFESSIONALS BOND COUNSEL(S) Adorno & Zeder, P.A. 2601 South Bayshore Dnve, Suite 1600 Miami, Florida 33133 FINANCIAL ADVISOR(S)/CONSULTANT(S) Dam Rauscher, 201 South Biscayne Blvd., Suite 830 Miami, Flonda 33131 OTHER PROFESSIONALS Weiss Serota Helfman Pastonza & Guedes, P.A. 2665 South Bayshore Drive, Suite 204 Miami, Florida 33133 20 PAYING AGENT Village of Key Biscayne NO PAYING AGENT 21 REGISTRAR Village of Key Biscayne NO REGISTRAR 22 COMMENTS PART 111 RESPONDENT INFORMATION FOR ADDITIONAL INFORMATION THE DIVISION SHOULD CONTACT Name and Title Jeffrey DeCarlo, Esq. Company Adomo & Zeder. P.A. Phone (305) 860 7276 INFORMATION RELATING TO PARTY COMPLETING THIS FORM (If different from above) Name and Title Phone Company Date Report Submitted January 28, 1999 BF2004 A and BF2004 B NOTE THE FOLLOWING ITEMS ARE REQUIRED TO BE COMPLETED IN FULL FOR ALL BOND ISSUES EXCEPT THOSE SOLD PURSUANT TO SECTION 154 PART III SECTIONS 159 PARTS II III OR V OR SECTION 243 PART II FLORIDA STATUTES 23 ANY FEE BONUS OR GRATUITY PAID BY ANY UNDERWRITER OR FINANCIAL CONSULTANT IN CONNECTION WITH THE BOND ISSUE TO ANY PERSON NOT REGULARLY EMPLOYED OR ENGAGED BY SUCH UNDERWRITER OR CONSULTANT X NO FEE BONUS OR GRATUITY PAID BY UNDERWRITER OR FINANCIAL CONSULTANT (1) COMPANY NAME FEE PAID $ SERVICE PROVIDED or FUNCTION SERVED J C/ M SC/201053/135 3 (2) COMPANY NAME FEE PAID $ SERVICE PROVIDED or FUNCTION SERVED (3) COMPANY NAME FEE PAID $ SERVICE PROVIDED or FUNCTION SERVED (4) COMPANY NAME FEE PAID $ SERVICE PROVIDED or FUNCTION SERVED 24 ANY OTHER FEES PAID BY THE UNIT OF LOCAL GOVERNMENT WITH RESPECT TO THE BOND ISSUE INCLUDING ANY FEE PAID TO ATTORNEYS OR FINANCIAL CONSULTANTS NO FEES PAID BY ISSUER (1) COMPANY NAME Adorno & Zeder PA. SERVICE PROVIDED or FUNCTION SERVED Bond Counsel (2) COMPANY NAME Dam Ranarher FEE PAID $ SERVICE PROVIDED or FUNCTION SERVED FEE PAID $ 16,530 00 Financial Advisor (3) COMPANY NAME Weiss Serota Helfman Pastonza & Guedes P A FEE PAID $ 500. 00 SERVICE PROVIDED or FUNCTION SERVED Village Attorney (4) COMPANY NAME FEE PAID $ SERVICE PROVIDED or FUNCTION SERVED PLEASE PROVIDE THE SIGNATURE OF EITHER THE CHIEF EXECUTIVE OFFICER OF THE GOVERNING BODY OF THE UNIT OF LOCAL GOVERNMENT OR THE GOVERNMENTAL OFFICER PRIMARILY RESPONSIBLE FOR COORpINATIN,G THE ISSUANCE OF THE BONDS NAME (Typed/Panted) C SAMUEL KISSINGER TITLE VILLAGF MANAGER SIGNATURE arDATE January 28 1999 BF2004 B ITEMS 25 AND 26 MUST BE COMPLETED FOR ALL BONDS SOLD BY NEGOTIATED SALE 25 MANAGEMENT FEE CHARGED BY UNDERWRITER OR PRIVATE PLACEMENT FEE NO MANAGEMENT FEE OR PRIVATE PLACEMENT FEE 26 UNDERWRITERS EXPECTED GROSS SPREAD NO GROSS SPREAD $ PER THOUSAND PAR VALUE PER THOUSAND PAR VALUE PART IV RETURN THIS FORM AND THE FINAL Courier Deliveries Division of Bond Finance State Board of Administration 1801 Hermitage Blvd Suite 200 Tallahassee FL 32308 Phone 904/488-4782 FAX 904/4131315 OFFICIAL STATEMENT IF ONE WAS PREPARED TO Mailing Address Division of Bond Finance State Board of Administration P 0 Drawer 13300 Tallahassee FL 32317 3300 REVISED Feb 1996/bf0304/ UDC/ MISC/201053/13524 004 4 t- ei2 $7,200,000 Village of Key Biscayne Florida Stormwater Ut1L6es Revenue Bonds Series 1999 NatronsBank 4 13% / Quarterly Interest Payments DEBT SERVICE SCHEDULL t✓ 0 Date Principal Cot.pon Interest Taal P+ 10/01/1999 135,00000 4190% 20041249 355 412 49 10/01/2000 1'57000C 4130% 29I78450 416784a0 10/01/2001 19000000 4130% 286 622 00 416 622 00 10/01/2002 18 000 CO 4 130% 281 253 CO 466,253 00 10/01/2003 190 000 00 4 130% 273 612 50 468 612 30 10/01/2004 '0C 000 00 4 1 096 265 509 00 470 559 00 10/01/2005 21 000 00 4 L30% 257 092 50 472 092 50 10/01/2006 225 J0 00 4130% 248,2150 4,5'1301 10/01/2007 235 000 00 4130% 238 920 50 473,92050 0/01/2008 350 000 00 4lin% 229,2150L 579,21500 10/01/2009 365 000 00 4100% '1476000 3/9 760 00 10/01/2010 385 000 00 4 130% 199 685 50 54 c8 a0 10/01/2011 405 000 00 4 130% 183 78 00 588 785 00 1D/01/2012 425 000 00 4 130% 167 058 50 592 058 50 10/01/2013 441 700 00 4 130% 149 505 99 _,94 505 99 10 C1/2014 465 000 00 4 130% 3 7 5 °6 12' 51 10/01/201 490 000 00 4130% I1 9 300 oC1,92300 10/01/2016 515,700 00 4 130% 91 686 00 606 686 00 10(0 /2017 .A0 000 00 4 130% 70 416 50 610 416 50 10/01/2018 o70 000 00 4130% 48 14 0 618'1400 10/01/2019 595 000 00 4 150% 24 575 50 6 9 073 ^0 "otal 7 200 000 00 3 965,520 0 11 16 320 50 YIELD STATISmCS Bond Year Do.lar Average Life Average Coupon. hr Interest Cost (NIC) Trx Interest Lost (1101 Bond Yield for Arbfrage Purp se All ,nclusrve Cost (ma IRS FORM 8038 Net terest Cast Weighzd Averag Maturity $96 020 00 13 336 1 can 4 1296E18% 41'46818% 41 09 0'% 4 15095029E 4 1z09502% 4 Z96818% _ 13 936 Years Dena Ramer -her ,/snrp0. aled Fie = C ,4T SF LET -RISC S IvGLE FLIR.Yls£ 4.6/7999 _22P44 &th1c FFnan EXHIBIT 74,, 0