Municipal Security Disclosure
Total Page:16
File Type:pdf, Size:1020Kb
MUNICIPAL SECURITY DISCLOSURE FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 For the City of Miami Beach, Florida and The Miami Beach Redevelopment Agency (A Component Unit of the City of Miami Beach, Florida) MUNICIPAL SECURITY DISCLOSURE City of Miami Beach, Florida For the Fiscal Year Ended September 30, 2019 Prepared by: The City of Miami Beach Finance Department 1700 Convention Center Drive, Miami Beach, Florida • 33139 Tel: (305) 673 – 7466 • Fax: (305) 673 – 7795 Last updated July 13, 2020 City of Miami Beach, Florida Report of Annual Financial Information For Fiscal Year Ended September 30, 2019 This Report of Annual Financial Information is being filed with the Electronic Municipal Market Access (EMMA), a service of the Municipal Securities Rulemaking Board (MSRB). The following is a list of all outstanding bonds and other obligations for the City of Miami Beach at September 30, 2019, in accordance with provisions regarding continuing disclosure set forth in: Outstanding Bonds Original Description Resolution Resolution Commitment Amount Number Date Date $22,500,000 Gulf Breeze Fixed Rate Loan, Series 1985E No. 2001-24500 June 26, 2001 August 1, 2001 (used to repay a portion of the outstanding principal from the Sunshine State Loan and renovation and improvement of two City owned golf courses and their related facilities), (“2001 Gulf Breeze Loan”) $62,465,000 General Obligation Bonds, Series 2003 (used No. 2003-25240 June 11, 2003 July 22, 2003 to improve neighborhood infrastructure in the City, consisting of streetscape and traffic calming measures, shoreline stabilization, Fire Safety Projects and Beaches Projects) (Note: The outstanding balance on the above City of Miami Beach, General Obligation Bonds, Series 2003 were fully refunded by the Series 2019 bonds at September 30, 2019.) $13,590,000 Water and Sewer Revenue Refunding Bonds, No. 2009-27243 October 14, February 17, Taxable Series 2009J-1A, City of Gulf Breeze 2009 2010 Loan, Series 1985J (used to refund a portion of the City’s outstanding Water & Sewer Revenue Bonds, Series 2000), (“2009 Gulf Breeze Loan, Series 1985J) $10,000,000 Water and Sewer Revenue Refunding Bonds, No. 2009-27243 October 14, February 17, Taxable Series 2009J-1B, City of Gulf Breeze 2009 2010 Loan, Series 1985J (used to refund a portion of the City’s outstanding Water & Sewer Revenue Bonds, Series 2000), (“2009 Gulf Breeze Loan, Series 1985J) $30,000,000 Water and Sewer Revenue Bonds, Taxable No. 2009-27243 October 14, February 17, Series 2009J-1C, City of Gulf Breeze Loan, 2009 2010 Series 1985J (used for paying the cost of certain improvements to the water and sewer utility), (“2009 Gulf Breeze Loan, Series 1985J) $16,185,000 Stormwater Revenue Refunding Bonds, No. 2009-27242 October 14, February 17, Taxable Series 2009J-2, City of Gulf Breeze 2009 2010 Loan, Series 1985J (used to refund a portion of the City’s outstanding Stormwater Revenue Bonds, Series 2000), (“2009 Gulf Breeze Loan, Series 1985J) 1 City of Miami Beach, Florida Report of Annual Financial Information For Fiscal Year Ended September 30, 2019 Original Description Resolution Resolution Commitment Amount Number Date Date $40,000,000 Water and Sewer Bonds, Series 2010 (Local No. 2009-27243 October 14, February 17, advance to refund the remaining outstanding 2009 2010 City of Gulf Breeze Local Government Loan Program Floating Rate Demand Revenue Bonds, Series 1985J (as originally issued, the “1985J” Bonds” and with respect to the refunded portion, the “Refunded 1985J Bonds”) in an estimated principal amount of $40,000,000 on December 1, 2020 (the Crossover Date”) $17,155,000 Parking Revenue Refunding Bonds, Series No. 2010-27491 September 20, November 16, 2010A, (the “Series 2010A Parking Bonds”), 2010 2010 (used to refund the City’s outstanding Parking Revenue Bonds, Series 1997) $27,405,000 Parking Revenue Bonds, Series 2010B, (the No. 2010-27491 September 20, November 16, “Series 2010B Parking Bonds”), (used to pay the 2010 2010 costs of acquiring and constructing a new parking garage and other capital improvements to the Parking System) $52,130,000 Stormwater Revenue Bonds, Series 2011A, No. 2011-27782 October 19, December 7, (the “Series 2011A Stormwater Bonds”), (used 2011 2011 to pay the costs of certain capital improvements to its stormwater utility) (Note: The outstanding balance on the above City of Miami Beach, Florida Stormwater Revenue Bonds, Series 2011B were partially refunded by the Series 2017 bonds at September 30, 2018.) $26,575,000 Stormwater Revenue Refunding Bonds, No. 2011-27782 October 19, December 7, Series 2011B, (the “Series 2011B Stormwater 2011 2011 Bonds”), (used to refund, defease and redeem the outstanding Stormwater Revenue Bonds, Series 2000) (Note: The outstanding balance on the above City of Miami Beach, Florida Stormwater Revenue Bonds, Series 2011B were partially refunded by the Series 2017 bonds at September 30, 2018.) $34,840,000 General Obligation Refunding Bonds, Series No. 2011-27783 October 19, December 1, 2011 (used to refund the $15,910,000 City of 2011 2011 Gulf Breeze Loan, Series 1985B, the $14,090,000 City of Gulf Breeze Loan, Series 1985E, and partially refund the City of Miami Beach, Florida, General Obligation Bonds, Series 2003) $99,590,000 Stormwater Revenue Bonds, Series 2015, (the No. 2015-28988 April 15, 2015 August 5, 2015 “Series 2015 Stormwater Bonds”), (used to pay the costs of certain capital improvements to its stormwater utility) 2 City of Miami Beach, Florida Report of Annual Financial Information For Fiscal Year Ended September 30, 2019 Original Description Resolution Resolution Commitment Amount Number Date Date $58,825,000 Parking Revenue Bonds, Series 2015, (the No. 2015-29176 October 14, December 15, “Series 2015 Parking Bonds”), (used to pay the 2015 2015 costs of acquiring and constructing a new parking facility and improvements to a surface lot to service the City’s Convention Center) $194,920,000 Resort Tax Revenue Bonds, Series 2015, (the No. 2015-29175 October 14, December 15, “Series 2015 Resort Tax Bonds”), (used to 2015 2015 finance a portion of the costs of acquiring and constructing renovations to the Miami Beach Convention Center and related improvements) $115,180,000 Water and Sewer Revenue and Revenue No. 2017-30060 October 18, December 14, Refunding Bonds, Series 2017, (the “Series 2017 2017 2017 Bonds”), (used to finance the cost of acquiring, constructing and equipping improvements to the Water and Sewer Utility as well as to provide current refunding and defeasance of all outstanding Series 2000, Series 2006B-2, Series 2006E Bonds) $156,550,000 Stormwater Revenue and Revenue Refunding No. 2017-30059 October 18, December 22, Bonds, Series 2017, (the “Series 2017 Bonds”), 2017 2017 (used to finance a portion of improving and upgrading the Stormwater Utility as well as to provide for the partial advance refunding and defeasance of Series 2011A, 2011B Bonds) $162,225,000 General Obligation and Refunding Bonds, No. 2019-30754 March 13, May 2, 2019 Series 2019, (the “Series 2019 Bonds”), (used to 2019 improve public safety, neighborhood infrastructure, parks and recreational and cultural in the City, as well as to provide for the refunding of all the outstanding City of Miami Beach, Florida General Obligation Bonds, Series 2003. Other Obligations Original Amount Description Agreement date Final Maturity $37,500,000 Equipment Loan February 20, 2008 September 30, 2025 $13,279,659 Energy Savings Loan May 25, 2010 April 25, 2025 $60,000,000 Line of Credit (Renewed) July 29, 2016 July 27, 2020 $19,679,000 Pension Loan December 22, 2016 September 1, 2021 $7,500,000 Clean Water State Revolving Loan November 12, 2014 August 15, 2037 $1,409,725 Capital Lease July 27, 2017 October 27, 2021 $15,000,000 Equipment Line of Credit December 5, 2018 December 5, 2023 3 City of Miami Beach, Florida Report of Annual Financial Information For Fiscal Year Ended September 30, 2019 Subsequent to fiscal year ended September 30, 2019, the City of Miami Beach issued no additional debt. The above annual financial information and operating date are hereinafter collectively referred to as the "Fiscal Year 2019 Annual Information." The Fiscal Year 2019 Annual Information constitutes only the annual financial information and operating data agreed to be provided pursuant to the provisions regarding continuing disclosure in the Resolutions adopted at the time of the primary offerings and the Continuing Disclosure Commitments referenced above in the “Report of Annual Financial Information”. No representation is made as to the materiality or completeness of that information. The Disclosure Provisions were executed and delivered for the benefit of the holders, owners and beneficial owners of each series of Bonds and in order to assist the underwriters of each series of Bonds in complying with the terms and provisions of Rule 15c2-12 adopted by the United States Securities and Exchange Commission under the Securities Exchange Act of 1934 (17 C.F.R. 240.115c2-12). Other relevant information for Fiscal Year 2019 may exist, and matters may have occurred or become known during or since that period, which a reasonable investor would consider to be important when making an investment decision. Further, no representation is made that the Fiscal Year 2019 Annual Information is indicative of financial operating results of the City since the end of Fiscal Year 2019 or future financial or operating results. 4 CITY OF MIAMI BEACH, FLORIDA John Woodruff, Chief Financial Officer 1700