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").
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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
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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%
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