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 Miami Gardens
 Code of Ordinances
 Part I. CHARTER
 Article IX. SPECIAL CONDITIONS

  § 9.7. Continuing Obligations as to County Bonds.  

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  • The County has heretofore issued $41,580,000.00 Stormwater Utility Revenue Bond Series 1999 (the "Stormwater Bond") of which $38,805,000.00 remains outstanding as of May 1, 2002, payable from Stormwater utility fees collected in the unincorporated area and within a limited number of cities. The County assesses and collects the Stormwater utility fee pursuant to Sections 24-61 through 24-61.5 of the County Code, as amended from time to time and F.S. § 403.0893, as amended from time to time (the "Stormwater Utility Fees").

    The County has issued $77,640,000.00 Public Service Tax Revenue Bonds (UMSA Public Improvements) Series 1999 (the "Series 1999 Public Service Bonds") currently outstanding in the principal amount of $71,295,000.00 and will issue an additional series of bonds in an amount not to exceed $60,000,000.00 (the "Series 2002 Public Service Bonds") prior to the City's incorporation payable from Public Service Taxes (defined below) collected in the unincorporated area. The County receives a public service tax pursuant to F.S. § 166.231, as amended from time to time, and as of October 1, 2001, from a discretionary communications tax assessed pursuant to F.S. § 202.19, authorizing the levy of the discretionary services tax a rate no less than the rate established by the County for communications services prior to the incorporation of the City.

    The Stormwater Bonds, the Series 1996 Public Service Bonds, the Series 1999 Public Service Bonds, the Series 2002 Public Service Bonds, and any bonds issued in the future, provided that the City remains a part of the Stormwater utility system, that are secured either through Stormwater Utility Fees or Public Service Taxes are referred to collectively in this Section as the "Bonds".

    The City agrees that until the Bonds are retired the County shall have the right to receive and apply to debt service on the Bonds all of the Stormwater Utility Fees and the Public Service Taxes collected within the unincorporated area and within the boundaries of the City. After the County has paid or satisfied the debt service requirements on the Bonds, the County shall make a payment to the City, equal to its share of the remaining Stormwater Utility Fees and Public Services Taxes on deposit with the County. Its share shall be determined as follows: The County will distribute to the City the next proceeds available from these taxes. The net proceeds will be calculated by taking the gross taxes attributed to the City and then subtracting the City's share of the debt service payments. The City's share will be determined by calculating the cost of the projects funded by the expenditures, and then applying this percentage to the annual bond payments made by the County. The City may prepay its proportionate share of the aforementioned bonds at any time during the life of the bonds without penalty.