HomeMy Public PortalAbout12-CERTIFICATE REGARDING.pdfCERTIFICATE REGARDING COMPLIANCE WITH DEBT CAP
The undersigned, Village Mayor of the Village of Key Biscayne, Florida (the "Village")
hereby certifies as follows pursuant to the requirement of Section 4.10 of the Village Charter (the
"Debt Cap Ordinance Requirement").
Capitalized terms used and not defined herein shall have the tneat~lgs given to than in
Section 4.10 of die Village Charlar.
(1) The total assessed value of all property within the Village, as certified to the
Village by the Miami-Dade County Property Appraiser, for the fiscal year ended September 30,
2009 is $6,434,727,418. One percent (1%) of such amount is $64,347,274 (the "Assessed Value
Limitation").
(2) The Village's $10,000,000 Land Acquisition and Capital Improvement Revenue
Bonds, Series 1999 (the "1999 Capital Improvement Bonds"), the Village's $10,000,000 Capital
Improvement. Revenue Bonds, Series 2000 (the "2000 Capital Improvement Bonds"), the
balance of the State Revolving Sewer Loan, the Village's $9,987,551 Capital Improvement
Revenue Bonds, Senes 2002 (the "2002 Capital Improvement Bonds"), the Village's $5,000,000
Capital Improvement Reven~e Bonds, Series 2004 (the "2004 Capital Improvement Bonds"), the
Village's $3,500,000 Transportation Tax Revenue Bonds, Series 2005 (the "2005 Transportation
Tax Bonds"), the Village's $4,000,000 Road Improvement Revenue Bonds, Series 2006 (the
"2006 Road Improvement Bonds"), the Village's $5,150,000 Loan from the State Revolving
Loan Program for Point Source Water Pollution Control (the "2009 State Pollution Control
Loan") and the Village's proposed $1,200,000 Water and Sewer Revenue Bonds, Series 2009
(the· "2009 Water and Sewer Bonds") constitute the only outstanding Debt of the Village within
meaning of the Debt Cap Ordinance. The currently outstanding amount of the 1999 Capital
Improvement Bonds is $7,110,000, the currently outstanding amount of the 2000 Capital
Improvement Bonds is $7,895,000, the currently outstanding amount of tl~e State Sewe~- Loan is
$319,422, the currently outstanding amount of the 2002 Capital Improvement Bonds is
$7,815,174, the currently outstanding amount of the 2004 Capital Improvement Bonds is
$2,443,595, the currently outstanding amount of the 2005 Transportation Tax Bonds is
$3,256,399, the currently outstanding amount of the 2006 Road Improvement Bonds is
$3,429,504, the currently outstanding amount of the 2009 State Pollution Control Loan is
$4,118,500, and the current outstanding amount of the 2009 Water and Sewer Bonds is
$1,200,000 (the "Outstanding Debt"), for a total of $37,857,594.
The amount of principal and interest payable during the fiscal year ended
September 30, 2009 (the year in which combined debt service is the highest) with respect to the
1999 Capital Improvement Bonds is $821,435, with respect to the 2000 Capital Jmprovement
Bonds is $890,881, with respect to the 2002 Capital Improvement Bonds is $741,199, with
respect to the 2004 Capital Improvement Bonds is $386,956, with respect to the State Revolving
Sewer Loan is $28,134, with respect to the 2005 Transportation Tax Bonds is $285,864, with
respect to the 2006 Road Improvement Bonds is $357,125, with respect to the 2009 State
PollutioI1 Control Loan is $0, and with respect to the 2009 Water and Sewer Bonds is $0, for a
total of $3,5 1 1 ,594.
IM18607011 )
(4) Total general fund expenditures of the Village for the fiscal year ended September
30, 2009 was $26,763,240, and 15% of such amount is $4,014,486 (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.
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(M1860701_1)
IN WITNESS WHEREOF, the undersigned has set his hand this IOth day of November,
2009.
VILLAGE OF KEY BISCAYNE, FLORIDA
By:
Robert L. Vernon, Village Mayor
~M1860701_1)