Professional Sports Franchise Facility Tax

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Professional SportsFranchise Facility Tax

MIAMI-DADE COUNTY, FLORIDAProfessional Sports Franchise Facilities Tax BondsSECURITY FOR THE BONDSPLEDGED REVENUESThe Professional Sports Franchise Facility Tax Bonds (the "Bonds") are special and limited obligations ofthe County payable solely from and secured by a prior lien and pledge of: (i) the Net Professional SportsFranchise Facilities Tax Revenues; (ii) solely to the extent provided in Section 504(a) of the MasterOrdinance, hereafter described, the Tourist Development Tax Revenues; (iii) solely to the extent providedin Section 504(b) of the Master Ordinance hereafter described, the Covenant Revenues; (iv) HedgeReceipts; and (v) all moneys and investments (and interest earnings) on deposit to the credit of the Fundsand Accounts, except for moneys and investments on deposit to the credit of any rebate fund or rebateaccount established pursuant to the Master Ordinance (collectively, the “Pledged Revenues”).LIMITED OBLIGATIONSThe Bonds are special limited obligations of the County, payable solely from and secured by a prior lienupon and a pledge of the Pledged Revenues as provided in the Master Ordinance. The Bonds do notconstitute an indebtedness of the County within the meaning of any constitutional or statutory provision ora pledge of the faith and credit of the County, the State of Florida or any other political subdivision of theState of Florida, the Bonds shall be payable solely from the Pledged Revenues. The issuance of the Bondsshall not directly or indirectly or contingently obligate the County, the State of Florida or any other politicalsubdivision of the State of Florida to levy or to pledge any form of ad valorem taxation, except from PledgedRevenues.PROFESSIONAL SPORTS FRANCHISE FACILITIES TAX AND TOURIST DEVELOPMENT TAXPursuant to Section 125.0104, Florida Statutes, counties in the State are authorized to levy and collect a1% professional sports franchise facilities tax (the “Professional Sports Franchise Facilities Tax”) and a 2%tourist development tax (the “Tourist Development Tax”) on the total rental charged to every lessee, tenantor customer who rents, leases or lets for consideration any living quarters or accommodations in any hotel,apartment, apartment hotel, motel, resort motel, apartment motel, rooming house, mobile home park,recreational vehicle park, or condominium located in the County (excluding facilities within the municipallimits of the cities of Miami Beach, Bal Harbour and Surfside) for a term of six months or less. Countiesmay use the proceeds of the Professional Sports Franchise Facilities Tax solely to pay debt service onbonds issued to finance the construction, reconstruction, or renovation of professional sports franchisefacilities.Pursuant to the County's Ordinance No. 78-62, as amended by Ordinance No. 88-68, the County dulylevied and currently collects the Tourist Development Tax, which is imposed at the rate of two percent.Pursuant to Ordinance No. 90-116, the County duly levied and currently collects the Professional SportsFranchise Facilities Tax, which is imposed at a rate of one percent.253

HISTORICAL REVENUES AND DEBT SERVICE COVERAGEThe total annual amount of Professional Sports Franchise Facilities Tax Revenues and TouristDevelopment Tax Revenues collected in the last ten Fiscal Years are set forth in the following 2020Professional SportsFranchiseTouristDevelopmentFacilities Tax Revenues 695,034Tax Revenues 21,396,404Total 32,091,438SOURCE: Miami-Dade County Tax Collector DivisionThe following table shows the coverage of collected Pledged Revenues and Annual Debt Service for thelast five Fiscal Years.Annual Actual Coverage of Debt Service(000's)20162017201820192020Professional Sports FranchiseFacilities Tax Revenues 12,734 12,693 14,997 15,612 10,695Tourist Development Tax RevenuesTotal25,467 38,20125,386 38,07829,994 44,99131,223 46,83521,396 32,091 9,905 11,391 12,637 11,364 15,5543.86x3.34x3.56x4.12x2.06xAnnual Principal InterestRequirementCoverage of Annual Principaland Interest RequirementsSOURCE: Miami-Dade County Finance Department254

COMBINED DEBT SERVICE SCHEDULE 396,487,986Miami-Dade County, FloridaProfessional Sports Franchise Facilities Tax Revenue and Revenue Refunding BondsSeries 2009A, 2009B (Taxable), 2009C, 2009D (Taxable), 2009E, and 2018 (Taxable)Fiscal YearEndingSept. 0452046204720482049Sub-TotalPrior Year Accretion toDate/(Paid Accretion)Current Year Accretion/(PaidAccretion)Totals Principal2,177,443 1 293,230,956Interest(*)15,661,350 1,180,4765,000101,041,909Total Debt Ending PrincipalServiceBalance17,838,793 0005,985,591107,027,500- 856,099,542 0,163,787)- 418,301,782 731,028,717 1,149,330,499255Principal Balanceas Percent 00

85,701,273.35Miami-Dade County, FloridaProfessional Sports Franchise Facilities Tax Revenue Refunding BondsSeries 2009ADated: July 14, 2009Final Maturity: April 1, 2049Purpose:The Series 2009A Bonds were issued pursuant to Ordinance Nos. 78-62, 90-116 as amended, 09-23 and09-50 and Resolution No. R-335-09 (collectively, the "Bond Ordinance"), and Chapters 125, and 166, PartII, Florida Statutes, each as amended, to: (i) provide funds together with other available moneys to refundthe Miami-Dade County, Florida Professional Sports Franchise Facilities Tax Revenue Refunding Bonds,Series 1998; and (ii) pay the cost of issuance including the premiums for a financial guaranty policy and aReserve Account Credit Facility.Security:The Series 2009A Bonds are special and limited obligations of the County payable solely from and securedby a prior lien and pledge of: (i) the Net Professional Sports Franchise Facilities Tax Revenues; (ii) solelyto the extent provided in Section 504(a) of the Master Ordinance hereafter describes, the TouristDevelopment Tax Revenues; (iii) solely to the extent provided in Section 504(b) of the Master Ordinancehereafter described, the Covenant Revenues; (iv) Hedge Receipts; and (v) all moneys and investments(and interest earnings) on deposit to the credit of the funds and Accounts, except for moneys andinvestments on deposit to the credit of any rebate fund or rebate account established pursuant to the MasterOrdinance (collectively, the “Pledged Revenues”).Form:The Series 2009A Bonds were issued as fully registered Capital Appreciation Bonds and ConvertibleCapital Appreciation Bonds. The Series 2009A Capital Appreciation Bonds were issued in denominationsof 5,000 or any integral multiples of 5,000. The Series 2009A Convertible Capital Appreciation Bondswere issued in maturity amount of 5,000 or any integral multiples of 5,000. The Series 2009A Bonds arein book-entry only form and are registered initially to The Depository Trust Company, New York, New York.Interest on the Capital Appreciation Bonds is compounded semi-annually on April 1 and October 1 of eachyear, commencing October 1, 2009, and will be paid as part of the Accreted Value at maturity or uponearlier redemption. Interest on Convertible Capital Appreciation Bonds will be compounded semi-annuallyon April 1 and October 1 of each year, commencing October 1, 2009 until, but not including the InterestCommencement Date, October 1, 2019, which interest is payable only at maturity or prior redemption. Theprincipal is payable on October 1 for each maturity, commencing October 1, 2011.Agents:Registrar:Paying Agent:Bond Counsel:Disclosure Counsel:Insurance Provider:Surety ProviderU.S. Bank National Association, Fort Lauderdale, FloridaU.S. Bank National Association, Fort Lauderdale, FloridaSquire, Sanders & Dempsey LLP, Miami, FloridaKnoxSeaton, Miami, FloridaEdwards Angell Palmer & Dodge LLP, West Palm Beach, FloridaRasco Klock Reininger Perez Esquenazi Vigil & Nieto, Coral Gables, FloridaAssured Guaranty CorporationAssured Guaranty CorporationOriginal Insured Ratings:Moody’sStandard & Poor’s:FitchAa2AAAAA257

Current Underlying Ratings:Moody’sStandard & Poor’s:FitchA1AAA Optional Redemption:The Series 2009A Convertible Capital Appreciation Bonds are subject to redemption prior to maturity, atthe option of the County, in whole or in part on any date, on or after October 1, 2029, and if in part in suchorder of maturity as the County shall select and by lot within a maturity, at a redemption price equal to 100%of the Accreted Value of such Series 2009A Bonds being redeemed plus accrued interest to the redemptiondate and without premium.Mandatory Redemption:The Series 2009A Convertible Capital Appreciation Bonds maturing on October 1, 2034 and October 1,2039 are subject to mandatory sinking fund redemption in part prior to maturity, by lot, at a redemption priceequal to 100% of the Accreted Value of the Series 2009A to be redeemed, on the dates and in the AccretedValues, representing the Amortization Requirements, on October 1st of the years set forth below:Redemption Date202920302031203220332034 (Final Maturity)20352036203720382039 (Final Matruity)Amount ,000The Series 2009A Capital Appreciation Bonds maturing on October 1 of 2035 and 2045 and April 1, 2049are subject to mandatory sinking fund redemption in part prior to maturity, by lot, at a redemption priceequal to 100% of the Accreted Value of the Series 2009A Bonds to be redeemed representing theAmortization Requirements in the years set forth below:Redemption Date2029203020312032203320342035 (Final Maturity)204120422045204620472049 (Final Maturity)Amount 5.9535,955,000.00Projects Funded with the Refunded Bonds Proceeds:The original proceeds from the Series 1992A, Series 1992B, Series 1992B-1 and Series 1995 Bonds whichwere refunded by the Series 1998 Bonds, and subsequently, by the Series 2009A Bonds were used topurchase, construct, renovate or improve the following: Key Biscayne Golf Course, 1,500,000; Golf Clubof Miami, 8,207,000; Orange Bowl Stadium, 7,500,000; International Tennis Center, 26,288,000; Miami258

Arena, 6,000,000; Homestead Sports Complex, 3,000,000; and the Dade International Speedway, 31,000,000.Refunded Bonds:Miami-Dade County, Florida Professional Sports Franchise Facilities Tax Revenue Refunding Bonds,Series 1998.Refunded Bonds Call Date:The Series 1998 Bonds maturing on or after October 1, 2010 were called on October 1, 2009 at aredemption price of 100.50% of their principal amount.259

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85,701,273.35Miami-Dade County, FloridaProfessional Sports Franchise Facilities Tax Revenue Refunding Bonds,Series 2009ADebt Service ScheduleFiscal YearEndingCUSIPSept. 030Term CAB 159333 HB G0CCABI -159333 HC D62031Term CAB 159333 HB G0CCABI -159333 HC D62032Term CAB 159333 HB G0CCABI -159333 HC D62033Term CAB 159333 HB G0CCABI -159333 HC D62034Term CAB 159333 HB G0CCABI -159333 HC D62035Term CAB 159333 HB G0CCABI -159333 HC D62036Term CAB 159333 HB G0CCABI -259333 HC E42037CCABI -259333 HC E42038CCABI -259333 HC E42039CCABI -259333 HC E42040CCABI -259333 HC E420412042Term CAB 259333 HB H82043Term CAB 259333 HB H8204420452046Term CAB 259333 HB H8Term CAB 359333 HB J42047Term CAB 359333 HB J420482049Term CAB 359333 HB J4Sub-TotalPrior Year Accretion to Date/(Paid Accretion)Current Year Accretion/(Paid Accretion)TotalsInterestRatePrincipal 7.180% ,931,14374,909,20578,400,5345,445,732 158,755,471 Total DebtInterestService5,597,500 5008,830,24611,270,82634,023,85735,955,000 460,298,415 535,207,620(78,400,534)(5,445,732) 376,452,149 535,207,620

5,220,000Miami-Dade County, FloridaProfessional Sports Franchise Facilities Tax Revenue Refunding BondsTaxable Series 2009BDated: July 14, 2009Final Maturity: October 1, 2029Purpose:The Series 2009B Bonds were issued pursuant to Ordinance Nos. 78-62, 90-116 as amended, 09-23 and09-50 and Resolution No. R-335-09 (collectively, the "Bond Ordinance"), and Chapters 125, and 166, PartII, Florida Statutes, each as amended, to: (i) provide funds together with other available moneys to refundthe Miami-Dade County, Florida Professional Sports Franchise Facilities Tax Revenue Refunding Bonds,Series 1998; and (ii) pay the cost of issuance including the premiums for a financial guaranty policy and aReserve Account Credit Facility.Security:The Series 2009B Bonds are special and limited obligations of the County payable solely from and securedby a prior lien and pledge of: (i) the Net Professional Sports Franchise Facilities Tax Revenues; (ii) solelyto the extent provided in Section 504(a) of the Master Ordinance hereafter describes, the TouristDevelopment Tax Revenues; (iii) solely to the extent provided in Section 504(b) of the Master Ordinancehereafter described, the Covenant Revenues; (iv) Hedge Receipts; and (v) all moneys and investments(and interest earnings) on deposit to the credit of the funds and Accounts, except for moneys andinvestments on deposit to the credit of any rebate fund or rebate account established pursuant to the MasterOrdinance (collectively, the “Pledged Revenues”).Form:The Series 2009B Bonds were issued as fully registered Current Interest Bonds. The Series 2009B CurrentInterest Bonds were issued in denominations of 5,000 or any integral multiples of 5,000. The Series2009 Bonds are in book-entry only form and are registered initially to The Depository Trust Company, NewYork, New York. Interest on the Series 2009B Current Interest Bonds shall be payable semi-annually onApril 1 and October 1, of each year commencing April 1, 2010. The principal is payable on October 1 foreach maturity, commencing October 1, 2029.Agents:Registrar:Paying Agent:Bond Counsel:Disclosure Counsel:Insurance Provider:Surety ProviderU.S. Bank National Association, Fort Lauderdale, FloridaU.S. Bank National Association, Fort Lauderdale, FloridaSquire, Sanders & Dempsey LLP, Miami, FloridaKnoxSeaton, Miami, FloridaEdwards Angell Palmer & Dodge LLP, West Palm Beach, FloridaRasco Klock Reininger Perez Esquenazi Vigil & Nieto, Coral Gables, FloridaAssured Guaranty CorporationAssured Guaranty CorporationOriginal Insured Ratings:Moody’sStandard & Poor’s:FitchAa2AAAAACurrent Underlying Ratings:Moody’sStandard & Poor’s:FitchA1AAA Optional and Mandatory Redemption:The Series 2009B Bonds are not subject to optional or mandatory redemption prior to maturity.263

Projects Funded with the Refunded Bonds Proceeds:The original proceeds from the Series 1992A, Series 1992B, Series 1992B-1 and Series 1995 Bonds whichwere refunded by the Series 1998 Bonds, and subsequently, by the Series 2009A Bonds were used topurchase, construct, renovate or improve the following: Key Biscayne Golf Course, 1,500,000; Golf Clubof Miami, 8,207,000; Orange Bowl Stadium, 7,500,000; International Tennis Center, 26,288,000; MiamiArena, 6,000,000; Homestead Sports Complex, 3,000,000; and the Dade International Speedway, 31,000,000.Refunded Bonds:Miami-Dade County, Florida Professional Sports Franchise Facilities Tax Revenue Refunding Bonds,Series 1998.Refunded Bonds Call Date:The Series 1998 Bonds maturing on or after October 1, 2010 were called on October 1, 2009 at aredemption price of 100.50% of their principal amount.264

5,220,000Miami-Dade County, FloridaProfessional Sports Franchise Facilities Tax Revenue Refunding Bonds, (Taxable)Series 2009BDebt Service ScheduleFiscal YearEndingSept. 30, talsCUSIPNumber59333 HB K1InterestRate7.083%PrincipalInterest 369,733 69,733 5,220,000184,866 5,220,000 3,512,460 265Total 733369,733369,733369,7335,404,8668,732,460

123,421,712.25Miami-Dade County, FloridaProfessional Sports Franchise Facilities Tax Revenue BondsSeries 2009CDated: July 14, 2009Final Maturity: October 1, 2048Purpose:The Series 2009C Bonds were issued pursuant to Ordinance Nos. 78-62, 90-116 as amended, 09-23 and09-50 and Resolution No. R-335-09 (collectively, the "Bond Ordinance"), and Chapters 125, and 166, PartII, Florida Statutes, each as amended, to: (i) provide funds for the Marlins Baseball Stadium Project; and(ii) pay the cost of issuance including the premiums for a financial guaranty policy and a Reserve AccountCredit Facility.Security:The Series 2009C Bonds are special and limited obligations of the County payable solely from and securedby a prior lien and pledge of: (i) the Net Professional Sports Franchise Facilities Tax Revenues; (ii) solelyto the extent provided in Section 504(a) of the Master Ordinance hereafter describes, the TouristDevelopment Tax Revenues; (iii) solely to the extent provided in Section 504(b) of the Master Ordinancehereafter described, the Covenant Revenues; (iv) Hedge Receipts; and (v) all moneys and investments(and interest earnings) on deposit to the credit of the funds and Accounts, except for moneys andinvestments on deposit to the credit of any rebate fund or rebate account established pursuant to the MasterOrdinance (collectively, the “Pledged Revenues”).Form:The Series 2009C Bonds were issued as fully registered Capital Appreciation Bonds and Current InterestBonds. The Series 2009C Capital Appreciation Bonds were issued in denominations of 5,000 MaturityAmounts or any integral multiples of 5,000 Maturity Amounts. The Series 2009C Current Interest Bondswere issued in maturity amount of 5,000 or any integral multiples of 5,000. The Series 2009C Bonds arein book-entry only form and are registered initially to The Depository Trust Company, New York, New York.Interest on the Capital Appreciation Bonds is compounded semi-annually on April 1 and October 1 of eachyear, commencing October 1, 2009, and will be paid as part of the Accreted Value at maturity or uponearlier redemption. Interest on the Series 2009C Current Interest Bonds shall be payable semi-annuallyon April 1 and October 1, of each year commencing April 1, 2010. The principal is payable on October 1for each maturity, commencing October 1, 2022.Agents:Registrar:Paying Agent:Bond Counsel:Disclosure Counsel:Insurance Provider:Surety ProviderU.S. Bank National Association, Fort Lauderdale, FloridaU.S. Bank National Association, Fort Lauderdale, FloridaSquire, Sanders & Dempsey LLP, Miami, FloridaKnoxSeaton, Miami, FloridaEdwards Angell Palmer & Dodge LLP, West Palm Beach, FloridaRasco Klock Reininger Perez Esquenazi Vigil & Nieto, Coral Gables, FloridaAssured Guaranty CorporationAssured Guaranty CorporationOriginal Insured Ratings:Moody’sStandard & Poor’s:FitchAa2AAAAA267

Current Underlying Ratings:Moody’sStandard & Poor’s:FitchA1AAA Optional Redemption:The Series 2009C Current Interest Bonds are subject to redemption prior to maturity, at the option of theCounty, in whole or in part at any time, on or after October 1, 2019, and if in part, in maturities determinedby the County and by lot within a maturity, at a redemption price equal to 100% of the principal amount ofthe Series 2009C Bonds or portion of such Series 2009C Bonds to be redeemed, plus accrued interest tothe redemption date and without premium.Mandatory Redemption:The Series 2009C Current Interest Bonds maturing on October 1, 2028 and October 1, 2039 are subject tomandatory sinking fund redemption in part prior to maturity, by lot, at a redemption price equal to 100% ofthe principal amount to be redeemed in the principal amounts, representing the Amortization Requirementson the dates and the amounts below:Redemption Date2025202620272028 (Final Maturity)2036203720382039 (Final Maturity)Amount 05,0004,005,0008,420,000The Series 2009C Capital Appreciation Bonds maturing on October 1, 2037 and October 1, 2044 aresubject to mandatory sinking fund redemption in part prior to maturity, by lot, at a redemption price equalto 100% of the Accreted Value to be redeemed, on October 1 of the years and in the Accreted Values,representing the Amortization Requirements on the dates and the amounts below:Redemption Date20302031203220332034203520362037 (Final Maturity)2040204220432044 (Final Maturity)Amount ojects funded with Bond Proceeds:The proceeds from the Series 2009C Bonds were used to pay a portion of the County’s contribution towardthe construction of new County owned professional baseball stadium at the Orange Bowl site to be usedby the Florida Marlins, and pay the County’s share of certain related public Infrastructure Improvements.268

Refunded Bonds:NOT APPLICABLERefunded Bonds Call Date:NOT APPLICABLE269

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123,421,712.25Miami-Dade County, FloridaProfessional Sports Franchise Facilities Tax RevenueSeries 2009CDebt Service ScheduleFiscal YearEndingCUSIPInterestSept. 30,TypeNumberRate2021Serial CAB59333 HB R65.890%2022Serial CAB59333 HB S46.0602023202420252026202720282029Serial CAB59333 HB X36.75020302031Term CAB 1 59333 HB Y17.1902032Term CAB 1 59333 HB Y17.1902033Term CAB 1 59333 HB Y17.1902034Term CAB 1 59333 HB Y17.1902035Term CAB 1 59333 HB Y17.1902036Term CAB 1 59333 HB Y17.1902037Term CAB 1 59333 HB Y17.1902038Term CAB 1 59333 HB Y17.190203920402041Term CAB 2 59333 HC A27.39020422043Term CAB 2 59333 HC A27.3902044Term CAB 2 59333 HC A27.3902045Term CAB 2 59333 HC A27.3902046204720482049Serial CAB59333 HC B07.500Sub-TotalPrior Year Accretion to Date/(Paid Accretion)Current Year Accretion/(Paid Accretion)Totals Principal1,572,443 1,895,439Total DebtInterestService1,442,557 0 31,341,751 276,045,514 55) 72,566,311 234,820,954 307,387,265The Series 2009C Bonds (current interest paying only) maturing between 2023 and 2040 were refundedwith Series 2018 Bonds.271

5,000,000Miami-Dade County, FloridaProfessional Sports Franchise Facilities Tax Revenue BondsTaxable Series 2009DDated: July 14, 2009Final Maturity: October 1, 2029Purpose:The Series 2009D Bonds were issued pursuant to Ordinance Nos. 78-62, 90-116 as amended, 09-23 and09-50 and Resolution No. R-335-09 (collectively, the "Bond Ordinance"), and Chapters 125, and 166, PartII, Florida Statutes, each as amended, to: (i) provide funds together with other available moneys to refundthe Miami-Dade County, Florida Professional Sports Franchise Facilities Tax Revenue Refunding Bonds,Series 1998; and (ii) pay the cost of issuance including the premiums for a financial guaranty policy and aReserve Account Credit Facility.Security:The Series 2009D Bonds are special and limited obligations of the County payable solely from and securedby a prior lien and pledge of: (i) the Net Professional Sports Franchise Facilities Tax Revenues; (ii) solelyto the extent provided in Section 504(a) of the Master Ordinance hereafter describes, the TouristDevelopment Tax Revenues; (iii) solely to the extent provided in Section 504(b) of the Master Ordinancehereafter described, the Covenant Revenues; (iv) Hedge Receipts; and (v) all moneys and investments(and interest earnings) on deposit to the credit of the funds and Accounts, except for moneys andinvestments on deposit to the credit of any rebate fund or rebate account established pursuant to the MasterOrdinance (collectively, the “Pledged Revenues”).Form:The Series 2009D Bonds were issued as fully registered Current Interest Bonds. The Series 2009D CurrentInterest Bonds were issued in denominations of 5,000 or any integral multiples of 5,000. The Series2009D Bonds are in book-entry only form and are registered initially to The Depository Trust Company,New York, New York. Interest on the Series 2009D Current Interest Bonds shall be payable semi-annuallyon April 1 and October 1, of each year commencing April 1, 2010. The principal is payable October 1 foreach maturity, commencing October 1, 2029.Agents:Registrar:Paying Agent:Bond Counsel:Disclosure Counsel:Insurance Provider:Surety ProviderU.S. Bank National Association, Fort Lauderdale, FloridaU.S. Bank National Association, Fort Lauderdale, FloridaSquire, Sanders & Dempsey LLP, Miami, FloridaKnoxSeaton, Miami, FloridaEdwards Angell Palmer & Dodge LLP, West Palm Beach, FloridaRasco Klock Reininger Perez Esquenazi Vigil & Nieto, Coral Gables, FloridaAssured Guaranty CorporationAssured Guaranty CorporationOriginal Insured Ratings:Moody’sStandard & Poor’s:FitchAa2AAAAACurrent Underlying Ratings:Moody’sStandard & Poor’s:FitchA1AAA Optional Redemption:The Series 2009D Bonds are not subject to optional or mandatory redemption prior to maturity.273

Projects Funded with the Bonds Proceeds:The proceeds from the Series 2009D Bonds were used to pay a portion of the County’s contribution towardthe construction of new County owned professional baseball stadium at the Orange Bowl site to be usedby the Florida Marlins, and pay the County’s share of certain related public Infrastructure Improvements.Refunded Bonds:NOT APPLICABLERefunded Bonds Call Date:NOT APPLICABLE274

5,000,000Miami-Dade County, FloridaProfessional Sports Franchise Facilities Tax Revenue Bonds,Taxable Series 2009DDebt Service ScheduleFiscal YearEndingSept. ypeCUSIPNumberTerm59333 HC C8InterestRatePrincipalInterest 354,150 54,1507.083% 5,000,000177,075 5,000,000 3,364,425 275Total 150354,150354,150354,1505,177,0758,364,425

100,000,000Miami-Dade County, FloridaProfessional Sports Franchise Facilities TaxVariable Rate Revenue BondsSeries 2009EDated: July 14, 2009Conversion Date: July 12, 2019Final Maturity: October 1, 2048Purpose:The Series 2009E Bonds were issued pursuant to Ordinance Nos. 78-62, 90-116 as amended, 09-23 and09-50 and Resolution No. R-335-09 (collectively, the "Bond Ordinance"), and Chapters 125, and 166, PartII, Florida Statutes, each as amended, to: (i) provide funds together with other available moneys to refundthe Miami-Dade County, Florida Professional Sports Franchise Facilities Tax Revenue Refunding Bonds,Series 1998; and (ii) pay the cost of issuance including the premiums for a financial guaranty policy and aReserve Account Credit Facility.Security:The Series 2009E Bonds are special and limited obligations of the County payable solely from and securedby a prior lien and pledge of: (i) the Net Professional Sports Franchise Facilities Tax Revenues; (ii) solelyto the extent provided in Section 504(a) of the Master Ordinance hereafter describes, the TouristDevelopment Tax Revenues; (iii) solely to the extent provided in Section 504(b) of the Master Ordinancehereafter described, the Covenant Revenues; (iv) Hedge Receipts; and (v) all moneys and investments(and interest earnings) on deposit to the credit of the funds and Accounts, except for moneys and

Professional Sports Franchise Facilities Tax Bonds SECURITY FOR THE BONDS. PLEDGED REVENUES . The Professional Sports Franchise Facility Tax Bonds (the "Bonds") are special and limited obligations of . (THIS PAGE LEFT INTENTIONALLY BLANK) . Type Number Rate Principal Interest Service 2021 5,597,500 5,597,500 2022 5,597,500 5,597,500 .

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