Miscellaneous
1Dannp lL. l&olbage
BRANCH OFFICE
3117 OVERSEAS HIGHWAY
MARATHON, FLORIDA 33050
TEL. (305) 289-6027
CLERK OF THE CIRCUIT COURT
MONROE COUNTY
500 WHITEHEAD STREET
KEY WEST, FLORIDA 33040
TEL. (305) 292-3550
BRANCH OFFICE
88820 OVERSEAS HIGHWAY
PLANTATION KEY, FLORIDA 33070
TEL. (305) 852-7145
February 4, 1993
Mr. Larry E. Levitz
Assistant Vice President
Municipal Bond Investors Assurance Corporation
113 King street
Armonk, New York 10504
RE: Monroe County,Florida Card Sound Road & Bridge
Improvement Revenue Bonds, Series 1993
Dear Mr. Levitz:
Per your recent discussions with Public Financial
Management, Inc., ("PFM") regarding the investment of the
proceeds for the above referenced issue in the Florida Arbitrage
and Investment Management Program ("Florida AIM"), the County
agrees to abide by MBIA's requirement to be notified of any
changes in the Standard & Poor's 'AAm' rating to the shares of
Florida AIM. The County also agrees that it will only invest in
Florida AIM as long as the Program retains a rating of 'AAm' or
better.
PFM as the Program Administrator and Investment Advisor to
Florida AIM will provide notice to MBIA and the County of any
changes to this rating. Please call me if you have any questions
or need any additional information.
Sincerely,
.nny--L. Ko hage
Clerk~f_the Circuit Court
and ex officio Clerk to the
Board of County Commissioners
Monroe County, Florida
DLK:rj
co: Lavon Wisher
Jerry stanforth
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MONROE COUNTY, FLORIDA
CARD SOUND ROAD AND BRIDGE
IMPROVEMENT REVENUE BONOS, SERIES 1993
09/30/93
Bonds OIS per official statement sources and uses
Accrued Interest on Bonds
Original Issue Discount
County Contribution
Impact Fees 5,050,000.00
CSB 1,978.806.00
$4.585.000.00
20.815.21
(48.600.40)
7,028.806.00
$11,586.011.81
Construction Fund Earnings- Estimated Int. Earned on Const. Acct 198,199.51
~11. 784.211.32
Cash Received (bank statement)
Construction Fund
Debt Service Reserve Fund
Business Interruption Reserve Fund
Interest & Sinking Fund
Revenue Account - Bond Issuance CosU:
$9.901 ,800.49
455.720.58
978.940.00
20,815.21
101,940.08
11,459.216.36
MBIA (insurance at closing)
Underwriters fee at closing
82,000.00
44,795.45
126.795.45
~11 .586.011.81
Issuance Cost: (401-320300-582730)
Squire. Sanders. & Dempsey (Bond Counsel)
Public Financial Management (Financial Advisors)
Moody's Investors Service (Professional Services)
Standard & Poor's Corporation (Analytical Services)
Allied Printing Inc. (Bond Printing)
Barnett Banks Trust Co., N.A (Registrar)
Kemp & Green, P.A. (Professional Services)
Northern Bank Note Company (Bond Printing)
$25.000.00
34,380.07
5.900.00
6,000.00
4.951.17
425.00
2.000.00
1.705.57
~iCc ( ~S~\.lQM..)-
$80.361.81
I ).{,,7'f. --
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-
MEMORANDUM
TO: Danny Kolhage,
Clerk of Circuit Court
FROM: David S. Koppel, P.E. f\1\X-
Director of Engineering tit'
DATE: December 1, 1993
RE: Card Sound Road Reconstruction
Additional Projects
The attached list identifies some potential projects and
estimated costs thereof to add to the Card Sound Road
Reconstruction project. Actually, they would likely be separate
projects performed after the completion of the Reconstruction
project. Design and permitting work for the bridge repairs will
be required prior to construction. It is my estimation that it
will take about 12 months before we are ready to advertise for
bids. Allowing three months for the bid process and nine months
for construction, the final work could be completed in about two
years from the time of authorization.
Other projects such as lighting and striping will probably
require less time. The construction of an additional toll lane
is currently being studied by PBS&J to see if it is even
feasible to construct. The paving of shoulders on C905A and
C905 will likely require permits from the South Florida Water
Management District and mayor may not be granted.
Additionally, we have identified all of our road projects since
1987 in pursuit of reimbursing part of the cost with impact
fees. A preliminary report prepared by this office indicates
that approximately $1 million of impact fees may be eligible for
reimbursement. We have provided a list of roads which were
worked on to the Consulting Attorney Marty Leitner for his
opinion. Once he identifies the eligible roads then we can
prepare exact costs to be reimbursed.
Finally, we can shift our road
advert any refund situation if
ruling revealed that 100% of new
of capital expansion projects can
priorities in the future to
it is necessary. A recent
bike paths projects and 24.7%
be funded with impact fees.
Mr. Danny Kolhage
December 1, 1993
Page Two
If we do not retire the bond, we suggest funding the entire Card
Sound Road project with bond proceeds including any past
invoices paid with impact fees, and adding a project for bridge
repairs. Additional projects could be prioritized, if
necessary, depending upon bond availability, and the most likely
project to receive approval.
Attached for your information is a copy of the letter sent to
Mr. Roberts dated 11-22-93 which identifies potential
transportation impact fee reimbursement projects.
After receiving this information please let me know if you have
any questions or if you would like to meet to discuss this
further.
DSK/jl
CSRAP.DK
cc: James L. Roberts
Dent pierce
possible Projects
Card Sound Road
Evacuation Route
Impact Fees** Bond Amount
1. Bridge Repairs* No 2,000,000 $2,000,000
2. Toll Lane* 250,000 ? $500,000
3. Public Landing* 150,000 ? $300,000
4. Paved Shoulders on C905 A* 75,000 75,000 $150,000
5. Paved Shoulders on C905* 200,000 ? $400,000
6. Lighting @ Toll Booth 65,000 ? $130,000
7. Lighting @ Intersection
C905A/C905 80,000 ? $160,000
8. Lighting @ Ocean Reef 40,000 ? $80,000
9. striping Centerline & Reflective
Pavement Markers on C905 No ? $40,000
10. striping Edge Line and
Reflective Pavement Markers
On C905 30,000 ? $60,000
890,000 $3,820,000
*Permits will likely be required from environmental agencies.
**Impact fee amounts based upon authorized percentage for Card
Sound Reconstruction of 50% of cost.
DSK/jl
PPCSRER.DK
MEMORANDUM
TO: Mr. James Roberts,
County Administrator
FROM: David S. Koppel, P.E. .~A~
Director of EngineeringiftJ
DATE: November 22, 1993
RE: potential Impact Fee Reimbursement Projects
We have been working on identifying candidate projects for which
impact fees may be eligible. Most of these projects are
complete while some are now underway. Future projects have not
been identified, however the possibilities are numerous.
Unfortunately, we are still waiting for critical information to
complete our analysis. Namely, (1) a year by year account of
the revenues received and expenditures paid by subdistrict.
This will establish the funds subjected to refund per year. (2)
A determination of the amount of impact fees that can be spent
on each specific project. Although a certain percentage may be
authorized, it is unclear if this percentage includes all
elements of the work or only the new area. For instance, on
Ramrod Roads I, we widened W. Indies Dr. from 20 feet to 28 feet
to create bike lanes. The entire road required resurfacing in
the process. We do not know whether to base our costs on the
entire width of 28 feet or only the new 8 feet. Also, only
those roads considered part of the major road network are
eligible. An opinion from Planning will determine this. (3)
Finally, we need to find out if we can apply the newest
percentages to all eligible projects since 1987. Previously,
only 10% of the eligible cost could be funded by impact fees.
Now it appears that 24.7% can be funded and 100% if it is a new
bike path.
Once we know the above then we will be able to determine if
additional projects are necessary to avert a refund, and if any
impact fees will be needed for the Card Sound Road
Reconstruction.
On 11-23-93 Marty Leightner, the attorney from Wallace, Roberts
and Todd who assisted writing the Impact Fee Regulations will be
available to discuss the issues and give us direction. Also,
Melonie Bryan from OMB should have the impact fee revenue and
expenditures shortly.
Mr. James Roberts
November 22, 1993
Page Two
In the interim we have prepared a list of potential
reimbursement projects with associated construction costs.
These costs will be reduced in accordance with the attorney's
comments to arrive at the amount to be funded by impact fees.
We will keep you updated as we continue to receive information.
Please let me know if you have any questions.
DSK/jl
PIFP.JR
cc: Dent pierce
Year
1987
1987
1987
1987
1987
1988
1988
1988
1989
1990
1990
1990
1990
1991
1991
potential Reimbursement project
Completed/Underway
Project/Road
Name
Project Cost
(construction
only)
Key Largo VIII 111,305
Plante st., Palm Dr., Lime Dr.,
Collins st., Sound Dr., Largo Ave.
Big Coppitt Rds I 332,250
Sugarloaf Blvd., 1st st., 4th st.
Big pine II 104,973
Ships Way and Kyle Blvd.
Middle Keys Rds. I 37,038
Copa D'Ora
Little Torch Rds I 44,014
Coral Shores Dr., Bayview Dr.,
Lobster Tail dr.
P.K. Rds. II
Venetian Blvd.
199,101
cudjoe Key Rds. I
Spanish Main,
Puerto Bello
157,300
Key Vaca VI
107 & 109
73,790
Aviation Blvd.
Bike Path
41,959
BPK Rds. III
Newfound Blvd.
122,184
P.K. Rds. III
High Pt. Rd.
23,474
P.K. Bike Path
U. S. 1
33,701. 36
P.K. Bike Path
Woods & Gardenia
10,836.39
Summerland Rds. I
Caribbean Dr.
114,702
Summerland Rds. II 305,287
W. Shore, E. Shore, Ocean
Subdistrict
123
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Year
1992
1992
1992
1992
1992
1992
1992
1993
1993
1993
1993
1993
1993
Project/Road
Name
project Cost
(construction
only)
Key West Rds I
Bertha st.
213,046
stock Is.
Bike Path
Cross st. & 5th st.
2,076.95
P.K. Rds.IV 214,352
Plantation Blvd.,
Royal poinciana Blvd., Coconut Palm Blvd.
Saddlebunch Rds. 173,752
E. circle, W. Circle,
Bay Dr., Boulder Dr., Blue Water Dr.
Lower Matecumbe I 83,403
Palm Dr., Bayview Dr.,
N. Blackwater Ln. (KL), S. Blackwater
Blackwater Dr., (KL), stillwright Way
Subdistrict
1
x
x
x
Ln. (KL),
(KL)
Key Largo Rds. IX 87,574
Pirates Dr., Barracoa Dr., Arica Dr.,
Treasure Blvd., Henry Morgan Dr., LeGrand Dr.,
Blackbeard Dr., John silver Dr., Tortugas Dr.
Sugar loaf Key
Bike Path
5,000 (approx.)
Big pine V 151,588
No Name Rd., Mills Rd.
Big pine IV 67,964
Key Deer Blvd.,
Industrial Rd.
Ramrod Rds.I 400,028
Trinidad, W. Indies
Sombrero Blvd. 112,314
Bike Path
Lower Matecumbe 172,436
Paved Pathway
Marathon Bike Path 2,173.74
U.S.1
Totals
3,397,622.44
X
X
X
X
2
3
X
X
X
X
X
X
Assuming that 100% of the cost of bike path projects and 24.7%
of the cost of road projects can be funded with impact fees the
following amounts are obtained
Impact Fee $1.125.726.00 $547.288.00 $376.857.00 $201.581.00
DSK/jl
PRP.JR
ilannp I.. ltolbage
BRANCH OFFICE
3117 OVERSEAS HIGHWAY
MARATHON, FLORIDA 33050
TEL. (305) 289-6027
CLERK OF THE CIRCUIT COURT
MONROE COUNTY
500 WHITEHEAD STREET
KEY WEST, FLORIDA 33040
TEL. (305) 292-3550
BRANCH OFFICE
88820 OVERSEAS HIGHWAY
PLANTATION KEY, FLORIDA 33070
TEL. (305) 852-7145
March 7, 1994
Judson Freeman, Jr., Esq.
Bond Counsel
1 Enterprise Centre
225 Water street, suite 2100
Jacksonville, FL 32202
Dear Mr. Freeman:
At a Regular Meeting in formal session on February 16,
1994, the Board of County Commissioners of Monroe County adopted
Resolution No. 043-1994, authorizing the defeasance of the
outstanding Card Sound Road and Bridge Improvement, Revenue
.
Bonds, Series 1993, of Monroe County, Florida; and providing an
effective date.
Enclosed please find a certified copy of the subject
Resolution for your files.
Should you have any questions concerning this matter,
please do not hesitate to contact me.
Very truly yours,
ll~ C, ~)~
Isabel C. DeSantis
Deputy Clerk
cc: County Attorney
County Administrator
Finance Director
File