Bond Book 2018
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Miami-Dade County, Florida Annual Report to Bondholders Finance Department, Division of Bond Administration Series 23 / Volume 1 For Fiscal Year Ending September 30, 2018 General Obligation Ratings Moody’s: Aa2 / S&P: AA / Fitch: AA The information contained in this “Annual Report to Bondholders” is only updated through September 30, 2018. All information contained in this document was prepared to the best of our knowledge at the time of the publication of this document. Any subsequent change to that information will be reported in the September 30, 2019 “Annual Report to Bondholders.” Any requests for updated information prior to that time may be obtained by calling the Finance Department - Division of Bond Administration at (305) 375-5147. The County does not publish monthly, quarterly or semi-annual financial statements. Some debt service tables in this Report will not total due to rounding. Below are links to various websites. Comprehensive Annual Financial Reports http://www.miamidade.gov/transparency/annual-reports.asp County’s Annual Budget https://www8.miamidade.gov/global/government/budget/2018-19-adopted-budget.page Regulatory and Economic Resources http://www.miamidade.gov/economy/reports.asp Policies http://www.miamidade.gov/finance/library/debt-policy.pdf http://www.miamidade.gov/finance/library/swappolicy.pdf Greater Miami Convention & Visitors Bureau https://www.miamiandbeaches.com/getmedia/1997575f-873e-40c7-b420-0745e040cfee/2018-Visitor-Industry- Overview_1.pdf.aspx We wish to thank Ryan Holloway from the Miami-Dade Communications Department for providing the picture of the Miami Skyline for the front cover. ANNUAL REPORT TO BONDHOLDERS FOR THE FISCAL YEAR ENDED September 30, 2018 VOLUME 1 MIAMI-DADE COUNTY, FLORIDA FINANCE DEPARTMENT EDWARD MARQUEZ Deputy Mayor/Finance Director BLANCA PADRON, CPA Deputy Finance Director ARLESA WOOD Director, Division of Bond Administration BELKYS ROMAY, Bond Analyst ANDREA MONSALVE, Bond Analyst NIQUETTE SENGUPTA, Bond Accountant 3 DEBRA CALLWOOD, Bond Accountant 1 JACKIE CASTILLO, Administrative Secretary OFFICE OF THE COUNTY ATTORNEY JULIETTE ANTOINE Assistant County Attorney DALE CLARKE Assistant County Attorney ANNUAL REPORT TO BONDHOLDERS FOR THE FISCAL YEAR ENDED September 30, 2018 MIAMI-DADE COUNTY CARLOS A. GIMENEZ, Mayor MEMBERS OF THE BOARD OF COUNTY COMMISSIONERS Audrey M. Edmonson, Chairwoman Rebeca Sosa, Vice Chairwoman Barbara J. Jordan, District 1 Daniella Levine Cava, District 8 Jean Monestime, District 2 Dennis C. Moss, District 9 Audrey M. Edmonson, District 3 Senator Javier D. Souto, District 10 Sally A. Heyman, District 4 Joe A. Martinez, District 11 Eileen Higgins, District 5 José “Pepe” Diaz, District 12 Rebeca Sosa, District 6 Esteban L. Bovo, Jr., District 13 Xavier L. Suarez, District 7 COUNTY CLERK Harvey Ruvin PROPERTY APPRAISER Pedro J. Garcia COUNTY ATTORNEY Abigail Price-Williams, Esq. DEPUTY MAYOR/FINANCE DIRECTOR Edward Marquez MIAMI-DADE COUNTY, FLORIDA ANNUAL REPORT TO BONDHOLDERS SERIES 23 FOR FISCAL YEAR ENDING SEPTEMBER 30, 2018 TABLE OF CONTENTS VOLUME 1 Page No. GENERAL INFORMATION ON MIAMI-DADE COUNTY ..................................................................................... 1 CONTINUING DISCLOSURE AGREEMENT AND INVESTMENT POLICY ...................................................... 11 BOND CONSULTANTS ...................................................................................................................................... 19 GENERAL OBLIGATION BONDS ..................................................................................................................... 25 Criminal Justice Program ...................................................................................................................... 35 Parks Program ....................................................................................................................................... 45 Building Better Communities Program .................................................................................................. 59 Public Health Trust Program ............................................................................................................... 105 SPECIAL OBLIGATION BONDS/NOTES ........................................................................................................ 119 Budget and Appropriate (Capital Asset Acquisition) Bonds/Notes ...................................................... 125 Convention Development Tax Receipts .............................................................................................. 201 County Court Traffic Surcharge Revenues .......................................................................................... 235 Professional Sports Franchise Facility Tax Receipts .......................................................................... 261 Public Service Tax Receipts ................................................................................................................ 295 Stormwater Utility Fees ....................................................................................................................... 303 VOLUME 2 REVENUE BONDS Aviation – General Obligation .............................................................................................................. 315 Aviation – Revenue ............................................................................................................................. 323 Public Health Trust Facilities ............................................................................................................... 427 Rickenbacker Causeway Toll ............................................................................................................. 465 Seaport - General Obligation .............................................................................................................. 475 Seaport - Revenue .............................................................................................................................. 483 Solid Waste System ............................................................................................................................ 511 Transit System ..................................................................................................................................... 523 Water & Sewer System ...................................................................................................................... 567 OTHER FINANCINGS Sunshine State Loans ......................................................................................................................... 615 General Information On Miami-Dade County GENERAL INFORMATION RELATIVE TO MIAMI-DADE COUNTY, FLORIDA Set forth below is certain general information concerning County government and certain governmental services provided by the County. History Miami-Dade County, Florida (the “County”), is the largest county in the southeastern United States in terms of population. The County is located in the southeastern corner of the State of Florida (the “State”), covers 2,209 square miles, and includes, among other municipalities, the cities of Miami, Miami Beach, Coral Gables and Hialeah. In 2018, the U.S. Census estimated the County’s population at over 2.7 million. The County was created on January 18, 1836, under the Territorial Act of the United States. It included the land area now forming Palm Beach and Broward Counties, together with the land area of the present County. In 1909, Palm Beach County was established from the northern portion of what was then Dade County. In 1915, Palm Beach County and the County contributed nearly equal portions of land to create what is now Broward County. There have been no significant boundary changes to the County since 1915. County Government The State Legislature in 1955 approved and submitted to a general election a constitutional amendment designed to give a new form of government to the County. The amendment was approved in a statewide general election in November 1956. A Dade County Charter Board was constituted and, in April 1957, completed a draft charter for the County. The proposed charter (the “Charter”) was adopted in a countywide election in May 1957 and became effective on July 20, 1957. The electors of the County were granted power to revise and amend the Charter from time to time by countywide vote. Since 2007, the electors have amended the County Charter to materially change how the County is governed. Previously, the County was governed by a Board of County Commissioners (“Board”) with all administrative matters handled by a County Manager who reported to the Board. Under this form of government, the elected Mayor had limited powers. As a result of three Charter amendments, the electors have established a “strong mayor” form of government. All administrative matters were transferred from the County Manager to the Mayor on November 4, 2008, and the office of County Manager was eliminated as a charter office on November 14, 2012. The Mayor has authority over all departments including the appointment of each director. The County has home rule powers, subject only to the limitations of the Constitution and general laws of the State. The County, in effect, is both (1) a county government with certain powers effective throughout the entire County, including 34 municipalities, and (2) a municipal government for the unincorporated area of the County. The County does not displace or replace the cities, but supplements