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HomeMy Public PortalAboutTAB 12.pdfCOVERAGE CERTIFICATE The undersigned, Mayor of the Village of Key Biscayne, Florida (the "Village") hereby certifies as follows: 1) On the date hereof the Village is issuing its $7,130,000 Village of Key Biscayne, Florida, Capital Improvement Revenue Refunding Bonds, Series 2011B (the "2011B Capital Improvement Refunding Bonds") and its $1,865,000 Village of Key Biscayne, Florida, Capital Improvement and Land Acquisition Revenue Refunding Bonds, Series 2011 (the "2011 Capital Improvement and Land Acquisition Refunding Bonds"). The 2011B Capital Improvement. Refunding Bonds and the 2011 Capital Improvement and Land Acquisition Refunding Bonds are both secured by a covenant to budget and appropriate from legally available non -ad valorem revenues (the "CBA Revenues"). 2) The Village has previously issued its $10,000,000 Land Acquisition and Capital Improvement Revenue Bonds, Series 1999 (the "1999 Capital Improvement Bonds"), its $9,987,551 Capital Improvement Revenue Bonds, Series 2002 (the "2002 Capital Improvement Bonds"), its $2,800,000 Capital Improvement and Land Acquisition Revenue Bonds, Series 2004 (the "2004 Capital Improvement and Land Acquisition Bonds") and its $6,890,000 Village of Key Biscayne, Florida, Capital Improvement Revenue Refunding Bonds, Series 2011A (the "2011A Capital Improvement Refunding Bonds"). The 1999 Capital Improvement Bonds, the 2002 Capital Improvement Bonds, the 2004 Capital Improvement and Land Acquisition Bonds and the 2011A Capital Improvement Refunding Bonds are also secured by the CBA Revenues. (The 2002 Capital Improvement Bonds and the 2004 Capital Improvement and Land Acquisition Bonds are being refunded on the date hereof by the 2011B Capital Improvement Refunding Bonds and the 2011 Capital Improvement and Land Acquisition Refunding Bonds, respectively, and will no longer be outstanding as of the date hereof.) Section 14(b) of each of the Resolutions authorizing the issuance of the 2011B Capital Improvement Refunding Bonds and the 2011 Capital Improvement and Land Acquisition Refunding Bonds provides that the Village will not issue any additional obligations secured by the CBA Revenues, unless the ratio of (a) all Non -Ad Valorem Revenues of the Village for the most recently ended fiscal year of the Village for which audited financial statements are available plus any available cash balance in the General Fund, to (b) the debt service coming due on the 2011B Capital Improvement Refunding Bonds, the 2011 Capital Improvement and Land Acquisition Refunding Bonds and all other debt of the Village secured by the CBA Revenues, namely the 1999 Capital Improvement Bonds and the 2011A Capital Improvement Refunding Bonds, is at least equal to 1.25 to 1.00 (the "Coverage Ratio"). 32R8681.DOCX 1 3) The issuance of the 2011B Capital Improvement Refunding Bonds and the 2011 Capital Improvement and Land Acquisition Refunding Bonds will comply with the Coverage Ratio, as shown in the attached exhibit. Dated as of the 1st day of August, 2011. VILLAGE OF KEY BISCAYNE, FLORIDA By: Franklin Caplan Mayor 32R8681.DOCX 2 Village of Key Biscayne, Florida Certificate of Coverage For Additional Bonds Test Series 1999 Bonds: Interest $102,433.38 Principal 726,814.13 Total Maximum Annual Debt Service $829,247.51 Series 2011A Bonds: Interest $123,931.50 Principal 660,000.00 Total Maximum Annual Debt Service $783,931.50 Proposed Series 2011B Bonds: Interest $139,358.26 Principal 595,000.00 Total Maximum Annual Debt Service $734,358.26 Proposed Series 2011 Bonds (Cap Imp and Land Acq): Interest $36,571.76 Principal 155,000.00 Total Maximum Annual Debt Service $191,571.76 Total Existing and Proposed Maximum Annual Debt Service $2,539,108.90 Coverage Calculation FY2010 Audited Total Pledged Revenue (including the cash balance in the General Fund) $22,574,114 Actual Coverage 889% Required Coverage 125% 32R8681.DOCX 3