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news Debt Obligations
Debt&#160;Obligations&#160;
As&#160;of&#160;January&#160;31,&#160;2011&#160;
Office&#160;of&#160;the&#160;Commission&#160;Auditor&#160;
Board&#160;of&#160;County&#160;Commissioners&#160;
OFFICE OF THE COMMISSION AUDITOR
TO:           Honorable Chairman Joe A. Martinez
FROM:         Charles Anderson
DATE:         February 25, 2011
SUBJECT:      Miami-Dade County Debt Obligations as of January 31, 2011
This report was prepared pursuant to the request of the Honorable Chairman Joe A.
Martinez, dated January 18, 2011.
We want to thank the staff of the Finance Department for the many courtesies afforded
our requests for information and clarification.
Please contact me, at (305) 375-4354, if you need any further information.
Attachment: Debt Obligations as of January 31, 2011
c:     Honorable Carlos Alvarez, Mayor
George M. Burgess, County Manager
Howard H. Piper, Special Assistant to the County Manager
Carter Hammer, Finance Director
Jennifer Glazer-Moon, Director, Office of Strategic Business Management
Diane Collins, Division Chief, Clerk of the Board Division
Cover ................................................................................................................................................ i
Objectives &amp; Scope..........................................................................................................................1
Methodology ....................................................................................................................................1
Summary ..........................................................................................................................................2
Table 1 Miami-Dade County Total Outstanding Existing Debt Service (Principal and Estimated
Interest Payable through Maturity) as of January 31, 2011 .............................................................6
Chart 1 Total Debt Service (Principal and Estimated Interest Payable through Maturity) as of
January 31, 2011 ..............................................................................................................................7
Chart 2 Total Debt Service (by Proprietary / Non-Proprietary) as of January 31, 2011 .................7
Table 2 Debt Percentage .................................................................................................................8
Table 3 Total Debt Obligation Summary as of January 31, 2011 ...................................................9
Table 4 Debt Obligation Details Primary Pledge ..........................................................................10
Chart 3 Total Bonds/Notes/Loans Principal Balance as of January 31, 2011 ...............................11
Chart 4 Estimated Interest Payable through Maturity as of January 31, 2011 ..............................11
Table 5 Debt Obligation Details Non-Proprietary Debt Service ...................................................12
Chart 5 Total Non- Proprietary Debt Service and Primary Pledge as of January 31, 2011...........13
Table 6 Debt Obligation Details Proprietary Debt Service ...........................................................14
Chart 6 Total Proprietary Debt Service and Primary Pledge as of January 31, 2011 ....................15
Attachments ...........................................................................................................................16 – 70
State of Florida 2010 Debt Affordability Report
Debt Obligations as of January 31, 2011
I.     Objectives and Scope
This report was prepared pursuant to the request by the Honorable Chairman Joe A.
Martinez, dated January 18, 2011. As requested, the objectives of the report were: to
compile the County’s debt obligation as of January 31, 2011, including both Non-
Proprietary as well as Proprietary Debt; to categorize it by the pledged funding source of
repayment or primary pledge; and to include a listing of debt approved and not yet issued.
II.    Methodology
We compiled this report with draft and unaudited information obtained from the Finance
Department. As draft and unaudited information, it is subject to revision in the final
documents; however, it is as accurate as is available at this time. Our methodology
consisted of inquiries to personnel and examinations of documents and programmatic data.
It was substantially less detailed in scope than an audit, the objective of which is the
expression of an opinion regarding financial statements or programs taken as a whole.
This report was substantially compiled from the following documents provided by the
Finance Department and additional information to update the draft data through January 31,
1. An unaudited draft of “Note 8 – Long Term Debt” of the Miami-Dade County
Comprehensive Annual Financial Report (CAFR) for the Fiscal Year Ended September
30, 2010, which is in the process of being prepared. This unaudited draft is complete in
most respects except for the estimated liability for future claims administration and the
section on the Interest Rate Swap Agreements. The last section of Note 8 is the Debt
Authorized, but Unissued as of September 30, 2010. A copy is appended as
Attachment 1. See pages 17 to 27 of this report.
2.    “Miami-Dade County Total Outstanding Existing Debt as of January 31, 2011,” an
unaudited spreadsheet. The spreadsheet reflects the September 30, 2010 debt plus
additions, less any payments during the first four months of the current Fiscal Year
2011. It also includes the Total Expected Revenues (through Final Maturity) with notes
and the source of the primary pledge revenues. A copy is appended as Attachment 2.
See page 28 of this report.
3. The supporting summary tables, by debt class, for the Outstanding Debt as of
September 30, 2010. These summary tables are drafts prepared for the Miami-Dade
County Bond Book for FYE 2010, which is in the process of being prepared. Copies
are appended as Attachments 2a through 3i starting on pages 30 of this report.
Liabilities are present obligations arising from past events, the settlement of which is
expected to result in an outflow of resources. These obligations arise out of many different
events and transactions.
Liabilities also arise from issuing debt. Governments borrow money on a short-term basis
or on a long-term basis. The accounting for debt generally is based on whether the debt is
short-term or long-term debt.
Short-Term Debt instruments are those with original maturities of one year or less. A
government’s short-term debt instruments may take one of several forms and may be
secured by one or more specific sources. Commercial Paper, for example, is usually
secured by the pledge of the full faith and credit of the government issuing it.1 Miami-
Dade County has historically secured its Commercial Paper programs by specific revenue
streams, and is now in the process of developing a Commercial Paper program secured by
the pledge of the full faith and credit of the County.
Long-Term Debt instruments are those with original maturities of more than one year.
Miami-Dade County’s long-term debt instruments take one of three forms:
1. General Obligation Bonds pledge the full faith and credit of the County to pay debt
2. Revenue Bonds pledge specific receipts to pay debt principal and interest. These
specific receipts and the amount of revenue collected can be increased by the County.
For instance, rates and charges may be increased to pay debt service.
3. Special Obligation Bonds also pledge specific receipts to pay debt principal and
interest. However, these specific revenue sources are limited revenue streams that can
not be increased by the County without State legislative approval.
The most authoritative source of financial information regarding the amount and nature of
liabilities, including long-term liabilities, of Miami-Dade County is the audited
Comprehensive Annual Financial Report (CAFR) issued as of the closing of the fiscal year
ended September 30 of every fiscal year. The latest available CAFR was issued for the fiscal
year ended September 30, 2009. Although the FY 2010 CAFR is in the process of being
prepared, we were provided with an unaudited draft of the relevant sections to this report.
An additional authoritative source of financial information regarding the debt of Miami-
Dade County is the Annual Report to Bondholders (a.k.a. the “Bond Book”), which
represents a compilation of all the relevant financial information on the County’s debt as of
the closing of the fiscal year and is submitted as mandated by the Security and Exchange
Commission Rule 15-c2-12. Although the FY 2010 Bond Book is in the process of being
prepared, we were provided with an unaudited draft of the relevant sections of this report.
IV.     Summary
•   Miami-Dade County Total Outstanding Existing Debt Service (Principal and Estimated
Interest Payable through Maturity)* as of January 31, 2011:
− General Obligations Bonds                              $1,650,105,951     6%
− Special Obligation Bonds/Notes**                       $6,139,924,002   22%
Total Non-Proprietary Debt Service            $7,790,029,953   28%
− Revenue Bonds                                                  $19,082,075,924           69%
− Sunshine Loans***                                                $863,569,224             3%
Total Proprietary Debt Service                          $19,945,645,148           72%
Total Debt Service                               $27,735,675,101          100%
American Institute of Certified Public Accountants, Audit and Accounting Guide – State and Local Governments, as
of March 1, 2008 AAG-SLV p.8.75.
*     Interest is estimated. Some bonds have variable interest rates. Variable rate
interest is calculated at a budgeted rate. Also, the interest in some bonds is
presented gross and not net of the Governmental Subsidy. Additionally, any
of these bonds could be refunded, and the interest expense presented would be
the portion that changes the most. These reasons make interest expense
presented potentially overstated, and, thereby, a best available estimate at this
**    A percentage of the Special Obligation Budget to Appropriate - Capital Asset
Acquisition Bonds debt service included as Non-Proprietary Debt Service is
paid from an amount pledged that is Annually Budgeted Legally Available
Non-Ad valorem Revenues from enterprise funds, and is therefore best
classified as Proprietary Debt Service. This number was not provided at this
time and was not deemed material to this report.
*** A percentage of the Sunshine Loans debt service included as Proprietary Debt
Service is paid from an amount pledged that is Annually Budgeted Legally
Available Non-Ad valorem Revenues not from enterprise funds, and is
therefore best classified as Non-Proprietary Debt Service. This number was
not provided at this time and was not deemed material to this report.
Please refer to the following tables and/charts:
Table 1, Miami-Dade County Total Outstanding Existing Debt Service (Principal and
Estimated Interest Payable through Maturity) as of January 31, 2011;
Table 2, Debt Percentage as of January 31, 2011;
Table 3, Total Debt Obligation Summary as of January 31, 2011
Chart 1, Total Debt Service (Principal and Estimated Interest Payable through
Maturity) as of January 31, 2011; and
Chart 2, Total Debt Service (by Proprietary/Non-Proprietary) as of January 31, 2011.
Interest Payable through Maturity) as of January 31, 2011:
− Total Debt Principal Balance                          $13,639,736,928
− Total Estimated Interest Payable through Maturity $14,095,938,173
Total Debt Service                   $27,735,675,101
Table 3, Total Debt Obligation Summary as of January 31, 2011;
Chart 3, Total Bonds/Notes/Loans Principal Balance as of January 31, 2011; and
Chart 4, Estimated Interest Payable through Maturity as of January 31, 2011.
•   Miami-Dade County Total Expected Revenues (Through Final Maturity) for the
applicable primary pledged revenues were provided by the Finance Department. We
did not have available for review the proforma spreadsheets utilized to arrive at or other
supporting details of the Expected Revenues (Through Final Maturity) pledged as the
primary repayment source for each class of debt, except for the footnotes included
below and in the Attachment 2 – Total Outstanding Existing Debt as of January 31
2011. See page 28 of this report.
(Through Final Maturity)
− General Obligations Bonds                            $1,658,585,992
− Special Obligation Bonds/Notes                      $36,708,182,600
Total Non-Proprietary Debt Service           $38,366,768,592
− Revenue Bonds                                        $33,787,732,259
− Sunshine Loans                                         ------ (Note 3)
Total Proprietary Debt Service                $33,787,732,259
Total Debt Service - Expected Revenues        $72,154,500,851
1 - Revenue estimates are based on FY 2010 Actuals with no future growth, except
for CDT, PST and aviation revenues. Revenues projections to pay for CDT
Subordinate Bonds are based on an average annual growth rate of 4.6 percent
through maturity. Revenue projections for PST are based on the published
official statement for the bond issuances. Aviation revenues are based on the
latest traffic engineers report published in connection with the last bond
issuance, which reflects revenue growth through FY 2018; this projection
assumes no growth beginning in FY 2019.
2 - General Obligation Bond revenues are based on FY2010 actual ad valorem
receipts at a millage rate of 0.285 with no assumptions for growth. Actual
revenues into the future may exceed this amount; the debt service millage for
FY 2011 is .445 mills.
3 - The primary pledge for the payment of the Sunshine Loans are the Legally
Available Non-Ad valorem Revenues identified for Budget to Appropriate -
Capital Asset Acquisition Bonds.
Table 4, Debt Obligation Details Primary Pledge.
•   Miami-Dade County Total Non-Proprietary Debt Service as of January 31, 2011:
− Principal Balance Outstanding                  $3,224,508,291
− Estimated Interest Payable through Maturity    $4,565,521,662
Total Non-Proprietary Debt Service         $7,790,029,953
Table 5, Debt Obligation Details Non-Proprietary Debt Service;
Chart 5, Total Non- Proprietary Debt Service and Primary Pledge as of January 31, 2011.
•   Miami-Dade County Total Proprietary Debt Service as of January 31, 2011:
− Principal Balance Outstanding                   $10,415,228,637
− Estimated Interest Payable through Maturity      $9,530,416,511
Total Proprietary Debt Service              $19,945,645,148
Table 6, Debt Obligation Details Proprietary Debt Service.
Chart 6, Total Proprietary Debt Service and Primary Pledge as of January 31, 2011.
•   Miami-Dade County Debt Authorized, but Unissued as of January 31, 2011:
General Obligation Bonds “Building Better Communities”             $2,175,170,000
Aviation Revenue Bonds                                                355,465,000
Water and Sewer System Revenue Bonds                                  221,655,000
Equipment Floating/Fixed Rates Special Obligation Bond                156,300,000
General Obligation Bonds - Water and Sewer                            131,474,000
Special Obligation Bonds (Capital Acquisition)****                     81,625,000
Special Obligation Bonds (Capital Asset Acquisition)                   77,275,000
Solid Waste System Bond Anticipation Notes                             50,000,000
Solid Waste System Revenue Bonds                                       49,605,000
Equipment Floating/Fixed Rate Special Obligation Bonds                 35,700,000
Special Obligation Bonds (Juvenile Courthouse Project)                 29,545,000
Special Obligation Bonds (Convention Development Tax)                  27,147,079
Capital Acquisition Special Obligation Bonds                           18,880,000
Solid Waste System Revenue Bonds                                        16,493,417
General Obligation Bonds - Aviation                                      7,745,000
Special Obligation Bonds (Correction Facility Project)                   6,000,000
Special Obligation Bonds - UMSA Public Improvements                      4,215,000
General Obligation Bonds - General Public Improvements                   1,280,000
Total Debt Authorized, but Unissued as of January 31, 2011         $3,445,574,496
See Attachment 1, pages 17 to 27, “Note 8 – Long-Term Debt – UNAUDITED” –
Draft – Unaudited, which is in the process of being prepared for the Comprehensive
Annual Financial Report (CAFR) as of September 30, 2010.
**** The only change between September 30, 2010 and January 31, 2011 in the Debt
Authorized, but Unissued is the addition of Ordinance No. 10-72 that authorized the
issuance of $80 million in Capital Asset - Special Obligation Bonds. The Bonds were
issued in December in the amount of $78,330,000. This would leave an additional
$1,670,000 authorized, but not issued as the January 31, 2011, over the September 30,
2010 amount. Thus, subparagraph (s) for $79,955,000 of the draft unaudited CAFR
Note 8 as of September 30, 2010, plus $1,670,000, changes to $81,625,000 as of
January 31, 2011. See Attachment 1, page 27.
Total Outstanding Existing Debt Service
(Principal and Estimated Interest Payable
through Maturity)
Total Bonds/Notes/Sunshine Loans
$27,735,675,101
Non-Proprietary Debt Service
General Obligations Bonds                      $1,650,105,951
Special Obligation Bonds/Notes              $6,139,924,002
Proprietary Debt Service
Revenue Bonds                                $19,082,075,924
Sunshine Loans                                $863,569,224
Charts 1&amp; 2
Total Debt Service (Principal and Estimated Interest
Payable through Maturity) as of January 31, 2011
Sunshine Loans         Obligations Bonds
$863,569,224           $1,650,105,951
3%                       6%
$6,139,924,002
$19,082,075,92 4
Total Debt Service : $ 27,735,675,101
(by Proprietary / Non-Proprietary)
as of January 31, 2011                      Total Non-
$7,790,029,953
$19,945,645,148
Bond/Note Type                  Outstanding Debt             Primary Pledge Source
General Obligation Bonds                              6          Ad Valorem Revenues
Special Obligation Bonds                              22         Various sources: Annually
Budgeted Legally Available Non-
Ad Valorem Revenues, Convention
Development Taxes, Public Service
Tax, Stormwater Utility Fees,
Traffic Surcharge and Ad Valorem
Revenues from Fire District among
Revenue Bonds                                         69         Proprietary Revenues
Annually Budgeted Legally
Sunshine State Loans                                  3          Available Non- Ad valorem
TOTAL                                              100
Total Debt Obligation Summary
Principal          Estimated       Total Debt Service       Total Expected
Balance         Interest Payable      (Principal +            Revenues
through             Interest)              (through
Maturity                                  maturity)
$                   $                  $                       $
NON- PROPRIETARY DEBT
General Obligations Bonds              874,721,000         775,384,951       1,650,105,951         1,658,585,992
Total Special Obligation
Bonds/Notes                          2,349,787,291     3,790,136,711         6,139,924,002        36,708,182,600
Total Non- Proprietary Debt          3,224,508,291     4,565,521,662         7,790,029,953        38,366,768,592
PROPRIETARY DEBT
Total Revenue Bonds                  9,869,006,948     9,213,068,976        19,082,075,924        33,787,732,259
Total Sunshine Loans                   546,221,689         317,347,535         863,569,224                Note 1
Total Proprietary Debt              10,415,228,637     9,530,416,511        19,945,645,148        33,787,732,259
Total Bonds/Notes/ Sunshine
Loans                                13,639,736,928 14,095,938,173          27,735,675,101        72,154,500,851
&#160;&#160;                                 &#160;&#160;               &#160;&#160;             &#160;&#160;                         &#160;
Note 1. The primary pledge for the payment of the Sunshine Loans are the Legally Available Non-Ad valorem Revenues
identified for Budget to Appropriate - Capital Asset Acquisition Bonds
Table 4                                     Debt Obligation Details
Description of Loans                  Total Debt Service
(Bonds/Notes/Sunshine)                As of January 31, 2011             Primary Pledge
Non-Proprietary Debt
General Obligation Bonds                     $ 1,650,105,951           Ad Valorem Revenues
Special Obligations                          $ 6,139,924,002           (Details below)
Budget to Appropriate – Capital Asset           1,235,993,769        Legally Available Non-Ad-valorem
Acquisition Bonds                                                    Revenues Annually Budgeted
CDT Bonds                                       2,913,245,281        CDT receipts
Courthouse Bonds                                  212,449,742        Traffic Surcharge Receipts
Fire Bonds                                         18,127,540        Ad Valorem Revenues - Fire District
Guaranteed Entitlement Bonds                      109,040,125        State Revenue Sharing Receipts
Professional Sports Tax Bonds                   1,288,857,658        Prof. Sports Franchise Fac. Tax
Public Service Bonds                              219,685,152        Public Service Tax Revenues
Storm Water Utility Bonds                         142,524,735        Storm Water Utility Fees
Revenue Bonds                                $ 19,082,075,925          (Details below)
Aviation – Revenue Bonds                        12,197,354,056       Aviation Revenues
Aviation – Double Barreled GO                      468,697,938       Aviation / Ad-valorem Revenues
JMH/PHT (Public Facilities)                        674,762,721       PHT Revenues
Seaport Bonds                                      245,427,165       Seaport Revenues
Solid Waste Revenue Bonds                          213,092,497       Solid Waste Revenues
Transit System Surtax Bonds                      2,005,407,646       PTP Surtax Revenues
WASD System Revenue Bonds                        3,277,333,901       WASD Revenues
Sunshine Loans                                $      863,569,224       (Details below)
1986 Program                                        42,420,229       Legally Available Non-Ad-valorem
Tax Exempt Commercial Paper                        821,148,995       Revenues Annually Budgeted
Total Debt Principal Balance and
Total Estimated Interest Payable Through Maturity
Chart 3                                                                             Chart 4
Total Bonds/Notes/Loans Principal Balance as of                                     Estimated Interest Payable through Maturity as of
January 31, 2011                                                                      January 31, 2011
General                                                                               General
Sunshine Loans          Obligations                                                                           Obligations
Bonds                                                      Sunshine Loans             Bonds
$546,221,689
$874,721,000         Special                                   $317,347,535           $775,384,951
7%           Obligations                                      2%                      6%
Bonds/Notes                                                                                Special
$2,349,787,291                                                                            Obligation
17%                                                                                 Bonds/Notes
$3,790,136,711
Revenue Bonds                Revenue Bonds
$9,869,006,948               $9,213,068,976
72%                          65%
Total Estimated Interest Payable through Maturity :
Total Debt Principal Balance : $ 13,639,736,928                                                      $ 14,095,938,173
Debt Obligation Details
Interest                             Total Expected
Principal                          Total Debt                                        Primary
Payable                                Revenues
Balance                             Service                                           Pledge
through                              (through maturity)
$               $                     $                   $
General Obligations Bonds          874,721,000     775,384,951         1,650,105,951        1,658,585,992     Ad Valorem Revenues
Special Obligation Bonds/Notes:                                                                               Annually Budgeted
Budget to Appropriate –                                                                                       Legally Available Non Ad
712,205,000     523,788,769         1,235,993,769       24,967,650,000     Valorem Revenues
Capital Asset Acquisition Bonds
Tax (CDT) Bonds - Senior            77,555,542      77,378,958             154,934,500                        Convention Development
4,950,633,224     Tax receipts
CDT Bonds - Subordinate            766,547,668    1,991,763,113        2,758,310,781
Courthouse Bonds                   119,525,000      92,924,742             212,449,742         310,400,000    Traffic Surcharge Receipts
Ad Valorem Revenues from
Fire Bonds                          14,175,000       3,952,540              18,127,540          57,155,593    Fire District
Guaranteed Entitlement                                                                                        State Revenue
Bonds                               88,035,000      21,005,125             109,040,125         603,216,000    Sharing Receipts
Tax Revenues/Tourist
Professional Sports Tax Bonds      330,539,081     958,318,577         1,288,857,658        2,815,008,783     Development Tax Revenues
Public Service Bonds               148,505,000      71,180,152             219,685,152      2,463,626,000     Public Service Tax Revenues
Storm water Utility Bonds           92,700,000      49,824,735             142,524,735         540,493,000    Storm water Utility Fees
Bonds/Notes             2,349,787,291   3,790,136,711        6,139,924,002       36,708,182,600
Total Non-Proprietary Debt       3,224,508,291   4,565,521,662        7,790,029,953       38,366,768,592
Total Non-Proprietary Debt Service
Total Non- Proprietary Debt Service and Primary Pledge
Conv. Dev. Tax Bonds
Capital Asset Aquisition
Stormwater Untility
Prof . Sport Tax
Ad Valorem              Non- Ad Val                                              Traffic          Ad Val. Fire                                  Prof . Sport Tax/ Public Service      Stormwater
Pledge→      Revenues                Revenues
Conv. Dev. Tax
Surcharge            Dist.
Tourist Dev. Tax    Revenues          Untility Fees
Debt ($)   1,650,105,951           1,235,993,769                 2,913,245,281             212,449,742        18,127,540         109,040,125                1,288,857,658      219,685,152       142,524,735
Pledge ($) $1,658,585,992 24,967,650,000 4,950,633,224                                     310,400,000        57,155,593         603,216,000                2,815,008,783      2,463,626,000     540,493,000
Total Non-Proprietary Debt Service: $ 7,790,029,953                                                                                         Total Pledge: $ 38,366,768,592
Estimated Interest                      Total Expected
Principal                            Total Debt                                     Primary
Payable Through                            Revenues
Balance                               Service                                        Pledge
Maturity                          (through maturity)
Aviation Bonds – Revenue              6,046,950,000        6,150,404,056   12,197,354,056
Aviation Bonds - Double
Barreled GO                            239,755,000          228,942,938      468,697,938        13,114,850,000   Aviation Revenues
PHT Revenues (Including
1/2 cent Healthcare
Public Facilities Bonds (JMH/PHT)      368,430,000          306,332,721      674,762,721         5,011,664,000   Surtax Receipts)
Seaport Bonds - Revenue                 48,905,000           16,079,110       64,984,110
Seaport Bonds - Double Barreled GO     121,145,000           59,298,055      180,443,055           630,054,000   Seaport Revenues
Solid Waste Revenue Bonds              151,236,948           61,855,549      213,092,497         5,651,772,000   Solid Waste Revenues
Transit System Surtax Bonds            980,290,000         1,025,117,646    2,005,407,646        4,240,002,259   PTP Surtax Revenues
Water &amp; Sewer System Revenue Bonds    1,912,295,000        1,365,038,901    3,277,333,901        5,139,390,000   Water &amp; Sewer Revenues
Total Revenue Bonds         9,869,006,948        9,213,068,976   19,082,075,924       33,787,732,259
Sunshine Loans                                                                                                   Annually Budgeted
1986 Program                           35,990,689             6,429,540      42,420,229            -            Non Ad Valorem
Revenues (70 percent
Tax-Exempt Commercial Paper                                                                                      paid by enterprise
Revenue Notes                                                                                       -            operations, i.e. Seaport,
510,231,000          310,917,995      821,148,995                         Aviation, and Transit)
Total Sunshine Loans         546,221,689          317,347,535      863,569,224            -
Total Proprietary Debt       10,415,228,637        9,530,416,511   19,945,645,148       33,787,732,259
Total Proprietary Debt Service
Total Proprietary Debt Service and Primary Pledge
as as of January 31, 2011
Water &amp; Sewer Sys. Rev.
Transit System Rev. Bonds
Public Facilities Bonds
Solid Waste Rev.
Seaport Bonds
Primary                                                                                              Solid Waste               PTP Surtax                    Water &amp; Sewer              Non- Ad Val
Aviation Revenues    PHT Revenues                         Seaport Revenues
Pledge→                                                                                               Revenues                  Revenues                      Revenues                   Revenues
Debt ($)      12,666,051,994       674,762,721                           245,427,165                213,092,497               2,005,407,646                  3,277,333,901              863,569,224
Pledge ($)    13,114,850,000      5,011,664,000                          630,054,000                5,651,772,000             4,240,002,259                  5,139,390,000                               -
Total Proprietary Debt Service: $ 19,945,645,148                                                                      Total Pledge: $ 33,787,732,259
Attachment 1- “Note 8 – Long-Term Debt – UNAUDITED” – Draft – Unaudited.
Comprehensive Annual Financial Report (CAFR) as of September 30, 2010. In Thousands.
− Long-Term Liability Activity
− Demand Bonds
− Long Term Debt – Governmental Activities
− Long Term Debt – Business-type Activities
− Public Health Trust Bonds Payment
− Commercial Paper Notes (Short-Term Debt to be Refinanced on a LONG-Term Basis)
− State Infrastructure Bank Note
− Long-Term Debt Issued During the Year
− Defeased Debt
− Contingent Liability/Loan Guarantee
− Debt Authorized, but Unissued
Non-Proprietary and Proprietary Debts as of January 31 2011.
Attachment 2 – Total Outstanding Existing Debt as of January 31 2011. Draft – Unaudited.
− Unaudited Principal Balance as of January 31 2011.
− Unaudited Estimated Interest Payable Through Maturity as of January 31, 2011.
− Unaudited Total Debt Service as of January 31, 2011.
− Total Expected Revenues (through final maturity), and Primary Pledge.
Non-Proprietary Debt Summary Supporting Tables - Draft – Unaudited.
Attachment 2a – General Obligation Bonds
Attachment 2b – Special Obligation Bonds (SOB) Summary
Attachment 2b1 – Capital Asset Summary
Attachment 2b2 – CDT Bonds – Senior
Attachment 2b3 – CDT Bonds – Subordinate
Attachment 2b4 – Courthouse Summary
Attachment 2b5 – Miami-Dade Fire &amp; Rescue Service District
Attachment 2b6 – Guaranteed Entitlement
Attachment 2b7 – Professional Sports Facilities
Attachment 2b8 – Public Service Tax
Attachment 2b9 – Storm water Utility Revenue Bonds
Proprietary Debt Summary Supporting Tables - Draft – Unaudited.
Attachment 3a – Aviation Bonds – Revenue
Attachment 3b – Aviation Bonds – Double-Barreled GO
Attachment 3c – Public Facilities Bonds (Jackson Health System)
Attachment 3d – Seaport Bonds – Revenue
Attachment 3e – Seaport Bonds – Double Barreled GO
Attachment 3f – Solid Waste Revenue Bonds
Attachment 3g – Transit System Surtax Bonds
Attachment 3h – Water &amp; Sewer System Revenue Bonds
Attachment 3i – Sunshine State Loans
Attachment 1                                                        Attachment 1
MIAMI-DADE COUNTY, FLORIDA                                                            NOTES TO THE FINANCIAL STATEMENTS
Note 8 – Long-Term Debt - UNAUDITED
LONG-TERM LIABILITY ACTIVITY
Changes in long-term liabilities for the year ended September 30, 2010 are as follows (amounts in
Balance                                         Ending Balance
September 30,                                      September 30,    Due Within
2009           Additions       Reductions           2010        One Year
Bonds, loans and notes payable:
General obligation bonds                                 $          843,961 $        50,980 $        (13,665) $        881,276 $     14,935
Special obligation bonds                                          2,321,551         143,884          (47,000)        2,418,435       73,453
Current year accretions of interest                                                43,468                             43,468
Loans and notes payable                                             255,697                          (23,585)          232,112       23,882
Add/subtract deferred amounts:
For bond issuance premiums/discounts/refundings                      29,828           2,070           (3,675)           28,223
Total bonds, loans and notes payable                             3,451,037         240,402          (87,925)        3,603,514      112,270
Compensated absences                                                396,903         170,715         (162,773)          404,845      110,036
Estimated insurance claims payable                                  210,597         214,611         (204,679)          220,529       71,869
Other postemployment benefits                                        14,046          17,875          (12,133)           19,788
Departure Incentive Plan                                              2,139                             (482)            1,657          506
Arbitrage rebate liability                                            2,010                           (1,686)              324
Capital Lease Agreements                                             10,548                             (325)           10,223          325
Other                                                                45,053           6,257           (4,648)           46,662        4,201
Total governmental activity long-term liabilities         $        4,132,333 $       649,860 $       (474,651) $      4,307,542 $    299,207
Bonds, loans, and notes payable:
Revenue bonds                                            $        7,618,479 $     1,871,571 $       (129,157) $      9,360,893 $    142,415
General obligation bonds                                            130,370 $       239,755           (4,470)          365,655        4,755
Special obligation bonds                                             97,740                 -         (6,860)           90,880        7,185
Current year accretions of interest                                 7,509           1,902                              9,411
Loans and notes payable                                             549,000          10,668          (26,709)          532,959       26,622
For bond issuance premiums/discounts/refundings                       (3,861)        15,291           (7,786)            3,644
Commercial paper notes                                               110,141         175,318         (285,459)                -
Total bonds, loans and notes payable                              8,509,378       2,314,505         (460,441)       10,363,442      180,977
Estimated insurance claims payable                                   30,667           9,877          (15,257)           25,287        7,382
Compensated absences                                                233,379          15,303          (19,138)          229,544      140,645
Other postemployment benefits                                         8,576           4,651                             13,227
Environmental remediation liability                                  89,996                 -         (1,151)           88,845        9,215
Liability for landfill closure/post closure care costs              100,236           3,656           (7,796)           96,096        3,154
Lease agreements                                                    306,733             692         (102,850)          204,575      197,093
Other                                                                44,220          70,792           (6,850)          108,162          328
Total business-type activities long-term liabilities      $        9,323,185 $     2,419,476 $       (613,483) $     11,129,178 $    538,794
MIAMI-DADE COUNTY, FLORIDA                                                           NOTES TO THE FINANCIAL STATEMENTS
Changes in long-term liabilities for the County’s major enterprise funds are as follows (in thousands):
Balance                                                Balance
Septem ber 30,                                          Septem ber 30,     Due Within
2009             Additions        Reductions          2010           One Year
Miam i-Dade Transit Agency (MDTA)
Bonds and loans pay able:
Rev enue bonds                                           $       542,097 $         162,945 $           (5,602) $        699,440 $        5,880
Special obligation bonds                                          17,530                               (4,065)           13,465          4,270
Loans pay able                                                    26,616                               (5,588)           21,028          5,847
For bond issuance premiums/discounts/refundings                   12,171             2,280               (820)           13,631
Total bonds and loans pay able                                   598,414           165,225            (16,075)          747,564         15,997
Compensated absences                                              36,835                               (1,381)           35,454         12,220
Other postemploy ment benefits                                        2,633            898                                3,531
Lease agreements                                                 292,325                             (100,351)          191,974        191,974
Other                                                                 8,047          1,000             (3,071)            5,976
Total long-term liabilities - MDTA                        $       938,254 $         167,123 $         (120,878) $        984,499 $      220,191
Solid Waste Departm ent
Rev enue bonds                                           $       171,742                     $        (13,205) $        158,537 $       15,875
Special obligation bonds                                          11,580                               (2,495)            9,085          2,605
Current y ear accretions of interest                            7,509 $        1,902                                9,411
Loans and notes pay able                                               7698                            (1,221)            6,477          1,229
For bond issuance premiums/discounts/refundings                       1,954            493               (339)            2,108
Total bonds and loans pay able                                   200,483             2,395            (17,260)          185,618         19,709
Compensated absences                                              15,166             5,212             (4,998)           15,380          3,854
Other postemploy ment benefits                                         705            274                                    979
Liability for landfill closure/postclosure care costs            100,236             3,656             (7,796)           96,096          3,154
Other                                                                 1,888            194             (2,014)                68           328
Total long-term liabilities - Solid Waste                 $       318,478            11,731 $          (32,068) $        298,141         27,045
MIAMI-DADE COUNTY, FLORIDA                                                   NOTES TO THE FINANCIAL STATEMENTS
Balance                                                  Balance
Septem ber 30,                                            Septem ber 30,     Due Within
2009            Additions           Reductions          2010           One Year
Rev enue bonds                                    $        58,000                       $         (3,620) $         54,380 $        5,475
General obligation bonds                                  130,370                                 (4,470)          125,900          4,755
Special obligation bonds                                   68,630                                   (300)           68,330            310
Loans pay able                                            338,305                                 (3,500)          334,805          4,000
For bond issuance premiums/discounts/refundings             (9,625) $          576                                  (9,049)
Total bonds and loans pay able                            585,680              576               (11,890)          574,366         14,540
Compensated absences                                           6,367         2,664                (2,317)            6,714          1,687
Other postemploy ment benefits                                   302           129                                     431
Env ironmental remediation liability                             401                                (401)                -
Lease agreements                                               2,821                              (1,729)            1,092          1,092
Other                                                           389                 1                                    390
Total long-term liabilities - Seaport              $       595,960 $          3,370 $             (16,337) $        582,993 $       17,319
Bonds, loans, and notes pay able:
Rev enue bonds                                    $      5,059,115 $      1,103,020 $            (55,370) $      6,106,765 $       59,815
General obligation bonds                                                   239,755                                 239,755
Loans pay able                                             51,480                                 (5,679)           45,801          4,461
For bond issuance premiums/discounts/refundings            (31,733)         10,295                (5,395)          (26,833)
Commercial paper notes                                     110,141          175,318              (285,459)                  -
Total bonds, loans and notes pay able                     5,189,003        1,528,388             (351,903)        6,365,488         64,276
Compensated absences                                       27,957              725                                  28,682          7,777
Other postemploy ment benefits                                  956            401                                   1,357
Env ironmental remediation liability                       89,595                                   (750)           88,845          9,215
Lease agreements                                           11,587              692                  (770)           11,509          4,027
Other                                                           3495                                (515)            2,980
Total long-term liabilities - Av iation            $      5,322,593 $      1,530,206 $           (353,938) $      6,498,861 $       85,295
MIAMI-DADE COUNTY, FLORIDA                                                     NOTES TO THE FINANCIAL STATEMENTS
Beginning                                            Ending
Septem ber 30,                                        Septem ber 30,   Due Within
2009           Additions        Reductions          2010           One Year
Water and Sewer Departm ent
Rev enue bonds                                        $      1,411,385 $      594,330 $          (45,385) $      1,960,330 $      48,035
Loans pay able                                                119,092          10,668            (10,505)          119,255        10,862
For bond issuance premiums/discounts/refundings                20,626           1,120             (1,232)           20,514
Total bonds and loans pay able                               1,551,103        606,118            (57,122)        2,100,099        58,897
Estimated insurance claims pay able                                2,194        5,370             (4,849)            2,715         1,189
Compensated absences                                           37,601           6,686             (6,074)           38,213        11,019
Other postemploy ment benefits                                     1,845          712                                2,557
Other                                                          13,285              54             (1,250)           12,089
Total long-term liabilities - Water and Sew er Dept.   $      1,606,028 $      618,940 $          (69,295) $      2,155,673 $      71,105
Rev enue bonds                                        $       373,660                   $         (5,230) $        368,430 $       6,715
For bond issuance premiums/discounts/refundings                    2,746          527                                3,273
Total bonds and loans pay able                                376,406             527             (5,230)          371,703         6,715
Estimated insurance claims pay able                            28,473           4,507            (10,408)           22,572         6,193
Compensated absences                                          108,068                             (4,361)          103,707       103,707
Other postemploy ment benefits                                     2,135        2,237                                4,372
Other                                                          17,116          69,543                               86,659
Total long-term liabilities - Public Health Trust      $       532,198 $        76,814 $          (19,999) $        589,013 $     116,615
Compensated absences have typically been liquidated in the General Fund, other governmental funds
and enterprise funds. Liabilities for landfill and postclosure care costs have been liquidated in the Solid
Waste enterprise fund. Legal contingencies have typically been liquidated in the General Fund.
Insurance claims liabilities have typically been liquidated in the Self-Insurance Internal Service Fund and
in the enterprise funds. The Self-Insurance Internal Service Fund predominantly serves the governmental
funds. When an internal service fund predominantly serves governmental funds the residual balances of
the internal service fund should be reported as part of governmental activities. Therefore, the long-term
liabilities of the fund are included in the above totals for governmental activities.
At September 30, 2010, the County had $400 thousand of Capital Asset Acquisition Floating / Fixed Rate
Special Obligation Bonds, Series 1990 (the “Bonds”) that were due within seven days of demand by the
holder at a price equal to principal plus accrued interest. The County’s remarketing agent is authorized to
use its best efforts to sell the repurchased bonds at par by adjusting the interest rate.
Under a standby bond purchase agreement (the “Agreement”) issued by a bank, the fiscal agent can
draw amounts sufficient to repurchase the Bonds if they cannot be resold by the remarketing agent. In
the absence of monies available under the Agreement, the monies will be drawn under an irrevocable
letter of credit. The letter of credit has a stated termination date of November 1, 2012. There were no
amounts outstanding under the letter of credit at September 30, 2010.
MIAMI-DADE COUNTY, FLORIDA                                                          NOTES TO THE FINANCIAL STATEMENTS
Long-Term Debt -- Governmental Activities
Long-term debt of the County’s governmental activities include general and special obligation bonds,
installment purchase contracts and loan agreements that are payable from property tax levies and
specific revenue sources. General obligation bonds are payable from unlimited ad valorem taxes on all
taxable real and tangible personal property of the County, and are backed by the full faith, credit and
taxing power of the County. Special obligation bonds are limited obligations of the County, payable solely
from and secured by pledged non-ad valorem revenues of the County. Neither the full faith and credit nor
the taxing power of the County is pledged to the payment of the special obligation bonds. Interest on
variable-rate bonds, currently in an auction rate mode, is based on the BMA index and is currently reset
every 28 days. Debt service requirements for interest on variable-rate debt was calculated using the
rates in effect as of September 30, 2010
Annual debt service requirements to maturity are as follows (in thousands):
Long-Term Bonded Debt, Governmental Activities
Maturing in                  General Obligation Bonds            Special Obligation Bonds        Loans and Notes Pay able
Fiscal Year                      Principal        Interest       Principal          Interest         Principal        Interest
2011                         $       14,935   $     46,076   $        73,453    $       92,880   $      23,882    $     10,389
2012                                 15,655         45,304            68,343            94,196          24,531            9,364
2013                                 16,075         44,488            71,431            92,997          23,246            8,308
2014                                 16,520         44,633           110,104            96,003          21,312            7,297
2015                                 17,300         42,725            75,886            98,392          21,848            6,355
2016-2020                            96,631        198,880           375,602          474,168           69,288          18,722
2021-2025                          142,895         170,470           436,468          470,864           39,389            6,964
2026-2030                          204,080         126,894           543,623          482,465             8,616             365
2031-2035                          261,985          68,984           608,337          581,647
2036-2040                            95,200         11,069           554,555          550,815
2041-2045                                                             84,474          506,819
2046-2050                                                             23,444
881,276         799,523         3,025,720        3,541,246          232,112          67,764
Unaccreted v alue                                                   (563,817)
Accretions to date                                                                   (241,467)
Unamortized premium /
charges on bond refundings                                            28,223
Total                        $     881,276 $       799,523   $     2,490,126    $   3,299,779 $        232,112 $        67,764
MIAMI-DADE COUNTY, FLORIDA                                                       NOTES TO THE FINANCIAL STATEMENTS
Long-Term Debt – Business-type Activities
Long-term debt of business-type activities includes revenue bonds, special obligation bonds and loans
payable from specified revenues of the County’s enterprise funds. Also included are general obligation
bonds issued on behalf of the Seaport Department, which will be paid from Seaport revenues and, to the
extent those revenues are insufficient, from ad valorem taxes. Interest on variable-rate bonds, currently
in an auction rate mode, is based on the BMA index and is currently reset every 28 days. Debt service
requirements for interest on variable-rate debt was calculated using the rates in effect as of September
Maturing in                     Revenue Bonds          General Obligation Bonds    Special Obligation Bonds    Loans and Notes Payable
Fiscal Year                 Principal    Interest       Principal      Interest     Principal       Interest    Principal     Interest
2010                       $ 142,415 $ 441,464 $            4,755 $       16,240 $      7,185 $        4,374 $     26,621 $      8,697
2011                          146,004      476,347          9,015         16,555        7,575          4,022       26,981        8,293
2012                          168,350      466,807          9,355         16,737       10,110          3,647       21,818        7,989
2013                          165,148      460,733          9,785         16,846        2,815          3,164       24,541        8,948
2,014                         174,344      454,069         10,285         16,926        2,765          3,037       44,801        9,977
2015-2019                   1,058,371    2,109,668         59,035         86,704       12,805         13,432      105,389       70,196
2020-2024                   1,373,682    1,793,325         74,890         90,341       12,550         10,658       82,448       66,837
2025-2029                   1,635,966    1,405,478         60,190         58,830       12,530          7,669      119,446      111,144
2030-2034                   1,684,531      990,997         50,020         27,143       12,525          4,493       80,914       74,635
2035-2039                   2,070,187      515,709         63,630         13,528       10,020          1,284            -
2040-2044                     750,295       58,795         14,695            735
9,369,293    9,173,392        365,655        360,585       90,880         55,780      532,959      366,716
Unaccreted value                  856
Accretions to date                           (9,410)
deferred amounts              (69,028)                     (6,857)                                                 (1,973)
premium                        74,387                                                     822
Total                      $ 9,375,508 $ 9,163,982 $ 358,798 $ 360,585 $               91,702 $       55,780 $ 530,986 $ 366,716
Public Health Trust Bonds Payable
On September 27, 2005, the County issued Public Facilities Revenue Bonds and Public Facilities
Revenue Refunding Bonds in the original combined amount of $300,000,000 (Series 2005 Bonds). On
September 2, 2009, the County issued Public Facilities Revenue Bonds in the original amount of
$83,315,000 (Series 2009 Bonds).
The Series 2005 Bonds and Series 2009 Bonds (the Bonds) are secured by the gross revenues of the
Public Health Trust (PHT or the Trust). The Bonds are subject to certain covenants included in Ordinance
No. 05-49 (the Bond Ordinance), together with certain ordinances and Board resolutions, which authorize
and issue the Bonds by and between the Trust and the County. In addition, the Trust must comply with
certain covenants included in the Bond insurance agreements.
The Bond Ordinance contains significant restrictive covenants that must be met by the Trust including,
among other items, the requirement to maintain a rate covenant, to make scheduled monthly deposits to
MIAMI-DADE COUNTY, FLORIDA                                   NOTES TO THE FINANCIAL STATEMENTS
the debt service fund, maintenance of insurance on the Trust’s facilities and limitations on the incurrence
of additional debt. In general, the bond insurance agreement contains the same covenants as the Bond
At September 30, 2010, the Trust was in violation of the debt service coverage ratio covenant under its
debt agreements with the County. In accordance with the provisions of the agreements, the Trust can
remedy this covenant without a technical default by employing an independent consultant to make
recommendations as to a revision of the rates, fees, and charges of the Trust or the method of operation
of the Trust, which shall result in production the net revenues used in the covenant computation. The
Trust has on ongoing relationship with an independent consultant who specializes in health care;
therefore, at this point in time management believes that the covenant requirement to employ an
independent consultant has been satisfied. Failure of the debt service coverage covenant does not result
in acceleration of debt service.
Commercial Paper Notes (Short-term Debt to be Refinanced on a Long-Term Basis)
At September 30, 2010, the County had no outstanding Aviation Commercial Paper Notes. At September
30, 2009, the County had $110,141,000 outstanding of Aviation Commercial Paper Notes. The proceeds
of such notes were used to finance certain airport and airport-related improvements.
All outstanding CP Notes issued by Miami-Dade Aviation Department were paid in full in February 2010
with the proceeds of the Series 2010A Bond. The Department discontinued utilizing the CP Program.
Effective August 1, 2010 a Termination Certificate was issued for the cancellation of the Letter of Credit
issued by BNP Paribas 91884181 and Dexia Local DCL#0507173.
Following is a schedule of commercial paper notes (in thousands):
Balance on September 30, 2009          $    110,141
Additions                                 175,318
Deductions                               (285,459)
Balance on September 30, 2010          $          -
State Infrastructure Bank Note
On February 6, 2007, the Board of County Commissioners approved the construction of the N.W. 25th
Street Viaduct Project (Viaduct Project) by the Florida Department of Transportation (FDOT) and
approved a County loan in the amount of $50 million from the FDOT State Infrastructure Bank to fund the
County’s share of the total cost of the Viaduct Project. FDOT and the County subsequently entered into a
joint participation agreement on March 12, 2007 whereby FDOT will construct the Viaduct Project. The
loan, which closed on March 21, 2007, is secured by a County covenant to annually budget and
appropriate from County legally available non-ad valorem revenue funds sufficient to pay debt service
costs. The debt service costs will be reimbursed to the County by the Aviation Department.
The funds are held in escrow by the FDOT State Infrastructure Bank for the construction of the project.
As of September 30, 2010, cash held in escrow by agent totaled $13.9 million. During fiscal year 2010
there were drawdowns totaling $7.6 million. As of September 30, 2010, the outstanding loan balance was
$45.8 million. The loan bears interest at 2% per annum. The maturity date of the loan is October 1, 2019
and the first scheduled payment of $5.0 million was made on October 1, 2009.
MIAMI-DADE COUNTY, FLORIDA                                                               NOTES TO THE FINANCIAL STATEMENTS
Long-Term Debt Issued During the Year
The table below describes bonds and loans that were issued during the year (other than commercial
paper) for governmental and business-type activities (in thousands):
BONDS AND LOANS ISSUED DURING THE YEAR
Interest Rate   Maturity   Original Amount
Date Issued              Description                                Purpose                           Range        Date           Issued
1/14/10   Aviation revenue Bonds, Series        To finance certain airport improvements          3.00-5.50%     10/1/41    $   600,000,000
2010A                                 associated with the Airport&#39;s capital
Improvement Plan previously approved by
2/10/10   Aviation Double Barrel (General       Financing or reimbursing the county for          2.00-5.00%     7/1/41     $   239,755,000
Obligation) Bonds Series 2010         costs of the acquisition, construction,
improvement and/or installation by the
Aviation Department of its MIA Mover
Program and a portion of it&#39;s North Terminal
2/4/10    Miami-Dade County General             To pay for a portion of the cost to construct    2.25-4.75%     7/1/39     $    50,980,000
Obligaion Bonds, (Building Better     and improve water, sewer and flood control
Communities Program), Series          systems, park and recreational facilities,
2010A                                 bridges, public infrastructure and
neighborhood improvements, public safety
facilities, emergency and healthcare
3/1/10    Water and Sewer Revenue bonds,        To pay the cost of constructing or acquiring     2.00-5.00%     10/1/39    $   594,330,000
Series 2010                           certain improvements under the Water and
Sewer Department&#39;s Multi-Year Capital
7/5/10    Aviation Revenue Bonds, Series        To finance certain airport improvements          2.25-5.00%     10/1/41    $   503,020,000
2010B                                 associated with the Airport&#39;s capital
8/31/10   Miami-Dade County Capital             To provide funds, together with other funds      3.00-4.00%     4/1/19     $    15,925,000
Acquisition Special Obligation Bonds, of the County, to pay the costs of
Series 2010A                          acquisition, construction, improvement or
renovation of certain capital assets,
including buildings occupied or to be
occupied by County departments and
8/31/10   Miami-Dade County Capital             To provide funds, together with other funds     5.069-6.743%    4/1/40     $    71,115,000
Acquisition Taxable Special           of the County to pay the costs of
Obligation Bonds, Series 2010B        acquisition, construction, improvement or
(Build America Bonds-Direct           renovation of certain capital assets,
Payment to Issuer)                    including buildings occupied or to be
MIAMI-DADE COUNTY, FLORIDA                                                                  NOTES TO THE FINANCIAL STATEMENTS
8/31/10     Miami-Dade County Capital Asset       To provide a developer loan in connection              2.91%              10/1/13       $     13,805,000
Acquisition Taxable Special           with the acquisition, construction,
Obligation Bonds, Series 2010C        improvement or renovation of the Scott
(scott Carver/Hope VI Project)        Carver/Hope VI Project.
9/14/10     Miami-Dade County, Florida Transit    To pay all or a portion of the cost of certain       3.00-5.00%           7/1/20        $     29,670,000
System Sales Surtax Revenue           transportation and transit projects.
Bonds, Series 2010A
9/14/10     Miami-Dade County, Florida Transit To pay all or a portion of the cost of certain         4.593-5.624%          7/1/40        $    187,590,000
System Sales Surtax Revenue        transportation and transit projects.
Bonds, Series 2010B (Federally
Taxable-Build America Bonds-Direct
9/30/09      Water and Sewer Revolving Line of To pay costs of constructing or acquiring                2.56-4.17%           9/30/34       $     10,668,000
Credit                            certain improvements under the Water and
Total long-term debt issued during the year                                                                                                  $ 2,316,858,000
The County has defeased certain debt as listed in the table below (in thousands), by placing the proceeds
of new bond issues in an irrevocable trust to provide for all future debt service payments of the defeased
debt. Such proceeds are invested in direct obligations of the U.S. government, and in the opinion of the
County and its Bond Counsel, will provide for all future debt service payments on the defeased debt.
Accordingly, the trust account’s assets and the liability for the defeased debt are not included in the
accompanying financial statements. Following is a schedule of defeased debt (in thousands):
Prin cip al
Final           Prin cip al      Ou tstan d in g ,
Date o f                            Matu rity          Amou n t        Sept emb er 30,
Typ e                            Series    Defeasan ce         Call Date         Defeased          Defeased              2010
Sp ecial Oblig atio n Bon d s:
Professional Sports Franchise Facilities Tax           1992B          7/9/98           10/01/11          10/1/22      $       59,609       $         5,775
Professional Sports Franchise Facilities Tax           1995           7/9/98           10/01/30          10/1/30              30,162                29,256
Professional Sports Franchise Facilities Tax           1998           7/14/09          10/1/09           10/1/30               6,944                17,195
Professional Sports Franchise Facilities Tax           1998           7/14/09          10/1/09           10/1/18              80,800                80,800
Total Special Obligation Bonds Defeased                                                                              $      177,515       $       133,026
Contingent Liability / Loan Guarantee
The County’s General Fund is contingently liable for the payment of certain obligations from available non
ad valorem taxes, and has pledged to budget and appropriate annually for the debt service payments in
the event revenues from the benefiting enterprise operations are not sufficient to meet the debt service
requirements. These instances are delineated below.
Original      Outstanding
Series                             Department        Amount        at 9/30/2009        Final Maturity
Sunshine State Governmental
Financing Commission, Series
1986 Program                       Seaport          $50,000,000     $22,745,000              July 1, 2016
1986 Program                       Parks             $2,000,000        $854,075          October 1, 2014
Financing Commission, Series       Naranja
1986 Program, Issued 2004          Lakes CRA         $5,000,000      $4,548,200              July 1, 2016
1986 Program, Issued 2006          Lakes CRA         $5,000,000      $3,000,000              July 1, 2016
Financing Commission, AMT
Series L-Dexia LOC 2008            Seaport        $225,900,000     $225,900,000       September 1, 2035
Financing Commission, Non-AMT
Series L-Dexie LOC 2008            Seaport          $81,160,000     $81,160,000       September 1, 2032
Financing Commission, Series L
Dexia LOC 2008                     Various        $223,578,000     $159,271,000        September 1,2026
Dexia LOC 2008                     Various          $52,000,000     $43,900,000       September 1, 2027
Bonds-BAC Funding Project
Series 2000A and 2000B             Various          $21,775,000     $18,495,000          October 1, 2030
Miami-Dade County entered into a lease agreement whereby the developer of an office-building complex
pursuant to an installment sales agreement. Miami-Dade County will lease the entire building and the
lease payments are pledged to the bondholders. Additionally, the County has unconditionally guaranteed
to budget and appropriate any shortfalls in pledged revenues from non ad valorem taxes.
MIAMI-DADE COUNTY, FLORIDA                                         NOTES TO THE FINANCIAL STATEMENTS
Debt Authorized, but Unissued
As of September 30, 2010, the County has authorized but not issued the following:
a)   $1,280,000 of general obligation bonds for general public improvements;
b)   $7,745,000 of general obligation bonds for capital improvements for County airports to be paid by Aviation
net revenues, if issued;
c)   $156,300,000 Equipment Floating/Fixed Rates Special Obligation Bond to finance cost of capital equipment
for various County departments;
d)   $35,700,000 Equipment Floating/Fixed Rate Special Obligation Bonds;
e)   $131,474,000 of general obligation bonds for capital improvements to the County’s water and sewer system,
to be paid by Water and Sewer net revenues, if issued;
f)   $355,465,000 Aviation Revenue Bonds for improvements to airport facilities
g)   $221,655,000 Water and Sewer System Revenue Bonds to finance the cost of capital improvements to the
water and sewer systems of the County;
h)   $50,000,000 Solid Waste System Bond Anticipation Notes to pay the costs of improvements to, and new
capital project for, the Solid Waste System of the County;
i)   $49,605,000 Solid Waste System Revenue Bonds to pay the outstanding Solid Waste System Bond
Anticipation Notes and any additional improvements to, and new capital project for, the Solid Waste System
j)   $18,880,000 Capital Acquisition Special Obligation Bonds;
k)   $29,545,000 Special Obligation Bonds (Juvenile Courthouse Project) to fund the acquisition, construction
and equipping of the Juvenile Courthouse Project;
l)   $6,000,000 Special Obligation Bonds (Correction Facility Project) to fund a portion of the cost of acquisition,
construction and equipping of a new holding facility;
m) $77,275,000 Special Obligation Bonds (Capital Asset Acquisition) to fund the acquisition, renovation,
improvement, construction or purchase of capital assets;
n)   $16,493,417 Solid Waste System Revenue Bonds to pay the cost of improvements to, and new capital
projects for, the County’s Solid Waste System;
o)   $27,147,079 Special Obligation Bonds (Convention Development Tax) to pay the cost of various visitor
related capital facilities;
p)   $2,175,170,000 General Obligation Bonds to fund the projects under the “Building Better Communities”
Bond Program;
q)   $4,215,000 Special Obligation Bonds to fund UMSA Public Improvements; and
**    r)   $159,480,000 Special Obligation Bonds (Capital Acquisition) to acquire, construct, improve or renovate
certain capital assets
**    s)   $79,955,000 Special Obligation Bonds (Capital Acquisition) to acquire, construct, improve or renovate
certain capital assets.
** A correction is pending to remove subparagraph (r) above. See note
on page 4 of this report for additional information.
Total Outstanding Existing Debt as of January 31, 2011
UNAUDITED Principal                                                                   UNAUDITED Principal FY in which Final Maturity   UNAUDITED Interest                                                                      UNAUDITED Interest       UNAUDITED Total Debt                                               UNAUDITED Total Debt
Balance as of September                                                                Balance as of January of Currently Outstanding Payable through Maturity                                                                Payable through Maturity   Service as of September     # of Years Left                        Service as of January 31, Total Expected Revenues
Description of Bonds / Notes / Sunshine Loans                      30, 2010                     Additions                    Deletions                   31, 2011              Bonds Occurs       as of September 30, 2010                  Additions                 Deletions             as of Januay 31, 2011            30, 2010            Until Maturity    FY 2010 Revenues               2011            (Through Final Maturity)1 PRIMARY Pledge
General Obligations Bonds2                                      $            881,276,000                                  $              (6,555,000) $          874,721,000              2039              $             798,523,414                                  $        (23,138,463) $             775,384,951 $            1,679,799,414           28          $     59,235,214 $            1,650,105,951 $           1,658,585,992 Ad Valorem Revenues
Special Obligation Bonds/Notes:
Budget to Appropriate - Capital Asset Acquisition Bonds         $            634,275,000 $                 78,330,000 $                    (400,000) $          712,205,000              2040              $             438,818,330 $                 97,480,487 $            (12,510,048) $             523,788,769 $            1,073,093,330           30          $    832,255,000 $            1,235,993,769 $          24,967,650,000 Legally Available Non Ad
Valorem Revenues (45
percent paid from
enterprise, toll, and rent
Convention Development Tax (CDT) Bonds - Senior                               85,425,542                                                 (7,870,000)             77,555,542              2035                             78,926,708                                            (1,547,750)                77,378,958               164,352,250            25                46,218,000                154,934,500             4,950,633,224 Convention Development
CDT Bonds - Subordinate                                                      767,292,566                                                   (744,898)            766,547,668              2048                          1,996,710,215                                            (4,947,102)              1,991,763,113             2,764,002,781           37                                        2,758,310,781                           Tax receipts
Courthouse Bonds                                                             119,525,000                                                                        119,525,000              2043                             99,945,509                                            (7,020,767)                92,924,742               219,470,509            32                  9,700,000               212,449,742               310,400,000 Traffic Surcharge Receipts
Fire Bonds                                                                    14,175,000                                                                         14,175,000              2022                              4,283,287                                              (330,747)                  3,952,540                18,458,287           11                 5,195,963                 18,127,540                57,155,593 Ad Valorem Revenues
from Fire District
Guaranteed Entitlement Bonds                                                  88,035,000                                                                         88,035,000              2018                             21,005,125                                                                       21,005,125               109,040,125            8                 75,402,000                109,040,125               603,216,000 State Revenue Sharing
Professional Sports Tax Bonds                                                330,539,081                                                                        330,539,081              2049                            961,491,117                                            (3,172,540)               958,318,577              1,292,030,198           39                23,026,000              1,288,857,658             2,815,008,783 Professional Sports
Franchise Facilities Tax
Revenues/Tourist
D l            T
Public Service Bonds                                                         151,240,000                                                 (2,735,000)            148,505,000              2032                             74,842,610                                            (3,662,458)                71,180,152               226,082,610            22               111,983,000                219,685,152             2,463,626,000 Public Service Tax
Stormwater Utility Bonds                                                      92,700,000                              -                            -             92,700,000              2029                             52,061,850                              -             (2,237,115)                49,824,735               144,761,850            19                28,447,000                142,524,735               540,493,000 Stormwater Utility Fees
Total Special Obligation Bonds/Notes                            $          2,283,207,189    $              78,330,000     $            (11,749,898) $         2,349,787,291                                $           3,728,084,751    $              97,480,487     $        (35,428,527) $           3,790,136,711    $        6,011,291,940                        $ 1,132,226,963      $        6,139,924,002   $        36,708,182,600
Aviation Bonds - Revenue Bonds                                  $          6,046,950,000                                                               $      6,046,950,000              2041              $           6,300,015,342                                  $       (149,611,286) $            6,150,404,056 $         12,346,965,342            31          $    257,464,000 $           12,197,354,056   $        13,114,850,000 Aviation Revenues
Aviation Bonds - Double Barreled GO                                          239,755,000                                                                        239,755,000              2041                            234,685,652                                            (5,742,714)                228,942,938              474,440,652                                                        468,697,938                           Aviation Revenues
Public Facilities Bonds (JMH/PHT)                                            368,430,000                                                                        368,430,000              2039                            315,426,199                                            (9,093,478)               306,332,721               683,856,199            29               172,816,000                674,762,721             5,011,664,000 PHT Revenues (Including
Surtax Receipts)
Seaport Bonds - Revenue                                                       54,380,000                                                 (5,475,000)             48,905,000              2027                             17,620,540                                            (1,541,430)                16,079,110                72,000,540            17                37,062,000                245,427,165               630,054,000 Seaport Revenues
Seaport Bonds - Double Barreled GO                                           125,900,000                                                 (4,755,000)            121,145,000              2027                             62,556,933                                            (3,258,878)                59,298,055               188,456,933                                                                                              Seaport Revenues
Solid Waste Revenue Bonds                                                    165,126,948                                               (13,890,000)             151,236,948              2031                             64,967,221                                            (3,111,672)                61,855,549               230,094,169            21               269,132,000                213,092,497             5,651,772,000 Solid Waste Revenues
Transit System Revenue Bonds                                                 980,290,000                                                                        980,290,000              2040                          1,049,691,004                                           (24,573,358)              1,025,117,646             2,029,981,004           30               141,333,409              2,005,407,646             4,240,002,259 PTP Surtax Revenues
Water &amp; Sewer System Revenue Bonds                                         1,960,330,000                              -                (48,035,000)           1,912,295,000              2040                          1,415,218,721                              -            (50,179,820)              1,365,038,901             3,375,548,721           30               171,313,000              3,277,333,901             5,139,390,000 Water &amp; Sewer Revenues
Total Revenue Bonds                                             $          9,941,161,948    $                         -   $            (72,155,000) $         9,869,006,948                                $           9,460,181,612    $                         -   $       (247,112,636) $           9,213,068,976            19,401,343,560                        $ 1,049,120,409      $       19,082,075,924   $        33,787,732,259
Sunshine Loans3
1986 Program                                                   $             36,147,275                                  $                (156,586) $           35,990,689              2016              $               6,552,720                                  $           (123,180) $                6,429,540 $              42,699,995           6           $    832,255,000 $               42,420,229                               Legally Available Non Ad
Valorem Revenues (70
Tax-Exempt Commercial Paper Revenue Notes                (*)                510,231,000                              -                            -            510,231,000              2035                            312,085,300                              -             (1,167,305)               310,917,995               822,316,300            25                           -              821,148,995                           -
enterprise operations, i.e.
Seaport, Aviation, and
Total Sunshine Loans                                            $            546,378,275    $                         -   $               (156,586) $           546,221,689                                $             318,638,020    $                         -   $         (1,290,485) $             317,347,535    $          865,016,295                        $    832,255,000     $          863,569,224   $                       -
TOTAL BONDS/NOTES/SUNSHINE LOANS                                $         13,652,023,412    $              78,330,000     $            (90,616,484) $        13,639,736,928                                $         14,305,427,797     $              97,480,487     $       (306,970,111) $          14,095,938,173    $       27,957,451,209                        $ 3,072,837,586      $       27,735,675,101   $        72,154,500,851
1 - Revenue estimates are based on FY 2010 Actuals with no future growth, except for CDT, PST and aviation revenues. Revenues projections to pay for CDT Subordinate Bonds are based on an average annual growth rate of 4.6 percent through maturity. Revenue projections for PST are based on the published official statement for the bond issuances. Aviation revenues are based on the latest traffic engineers report published in connection with the last bond
issuance, which reflects revenue growth through FY 2018; this projection assumes no growth beginning in FY 2019.
2 - General Obligation Bond revenues are based on FY2010 actual ad valorem receipts at a millage rate of 0.285 with no assumptions for growth. Actual revenues into the future will far exceed this amount; the debt service millage for FY 2011 is .445 mills.
3 - The primary pledge for the payment of the Sunshine Loans are the legally available non-ad valorem revenues identified for Budget to Appropriate - Capital Asset Acquisition Bonds
$956,750,000
Criminal Justice Series CC, DD, Parks Series 1999,
2001, 2002 &amp; 2005 and Building Better Communities
Series 2005, 2008A, 2008B, 2008B-1 and 2010
Combined Debt Service Schedule
Ending                                             Total Debt
Sept. 30,        Principal         Interest         Service
2011           14,935,000       46,075,821         61,010,821
2012           15,655,000       45,303,970         60,958,970
2013           16,075,000       44,488,499         60,563,499
2014           16,520,000       43,633,091         60,153,091
2015           17,300,000       42,724,962         60,024,962
2016           18,225,000       41,761,081         59,986,081
2017           19,241,000       40,734,727         59,975,727
2018           17,580,000       39,736,733         57,316,733
2019           18,545,000       38,761,726         57,306,726
2020           23,040,000       37,885,695         60,925,695
2021           24,215,000       36,694,120         60,909,120
2022           25,425,000       35,481,309         60,906,309
2023           26,715,000       34,205,115         60,920,115
2024           31,570,000       32,861,815         64,431,815
2025           34,970,000       31,227,878         66,197,878
2026           36,755,000       29,444,309         66,199,309
2027           38,700,000       27,495,346         66,195,346
2028           40,715,000       25,475,788         66,190,788
2029           42,880,000       23,314,785         66,194,785
2030           45,030,000       21,163,972         66,193,972
2031           47,340,000       18,854,342         66,194,342
2032           49,635,000       16,562,894         66,197,894
2033           52,220,000       13,972,531         66,192,531
2034           54,945,000       11,246,388         66,191,388
2035           57,845,000         8,347,481        66,192,481
2036           29,080,000         5,295,881        34,375,881
2037           30,705,000         3,673,394        34,378,394
2038           35,415,000         2,099,763        37,514,763
Totals       $ 881,276,000   $ 798,523,414     $ 1,679,799,414
$956,750,000&#160;General&#160;Obligation&#160;Bonds&#160;(Criminal&#160;Justice,&#160;Park&#160;and&#160;Building&#160;
Better Communities )
Better&#160;Communities&#160;)
Total&#160;Debt&#160;Service&#160;($)
Debt&#160;Service&#160;($)
Estimated&#160;Interest
Fiscal&#160;Year&#160;Ending
$2,506,741,409
Special Obligation Bonds/Notes
Ending                                                    Total Debt
Sept. 30,                 Principal         Interest        Service
2011                    64,855,493       76,170,839    141,026,332
2012                    57,314,222       77,238,826    134,553,048
2013                    61,862,939       75,953,573    137,816,512
2014                    91,091,621       74,698,341    165,789,962
2015                    60,374,477       81,250,686    141,625,164
2016                    59,838,687       79,703,792    139,542,479
2017                    56,940,591       76,596,025    133,536,616
2018                    60,028,153       76,038,167    136,066,319
2019                    50,051,623       76,357,086    126,408,709
2020                    51,381,860       79,806,599    131,188,459
2021                    47,305,818       80,636,570    127,942,388
2022                    51,586,722       83,609,795    135,196,517
2023                    54,507,461       81,251,300    135,758,761
2024                    58,104,575       80,854,650    138,959,225
2025                    56,571,742       80,438,899    137,010,641
2026                    60,674,468       80,277,672    140,952,140
2027                    65,027,976       80,383,784    145,411,761
2028                    63,039,296       80,772,285    143,811,580
2029                    62,841,742       85,254,276    148,096,017
2030                    59,691,261       91,043,477    150,734,737
2031                    55,366,526     101,795,127     157,161,653
2032                    54,893,072     107,894,159     162,787,231
2033                    52,554,420     112,536,678     165,091,098
2034                    53,840,280     119,069,108     172,909,389
2035                    81,056,242     100,058,981     181,115,223
2036                    90,066,165       93,228,519    183,294,684
2037                   103,385,926       81,394,813    184,780,739
2038                   114,884,367       61,850,021    176,734,388
2039                    63,770,800     114,542,886     178,313,686
2040                    61,589,056     112,435,770     174,024,826
2041                    22,537,281     149,646,003     172,183,284
2042                    19,069,296     155,533,646     174,602,942
2043                    18,418,451     158,718,023     177,136,475
2044                    12,234,294     162,066,582     174,300,876
2045                    11,492,629     165,589,132     177,081,761
2046                    14,964,394     227,174,848     242,139,242
2047                     9,892,664     173,964,250     183,856,914
2048                     3,402,807       71,913,969     75,316,776
2049                     5,985,591     101,047,793     107,033,384
Sub-total            $ 2,042,494,990 $ 3,968,796,950 $ 6,011,291,940
Prior Year Accretion to            198,161,743   (201,350,068)      (3,188,325)
Current Year Accretion/(Paid        42,550,457     (42,550,457)               0
Totals             $ 2,283,207,190 $ 3,724,896,425 $ 6,008,103,615
$2,506,741,409&#160;Special&#160;Obligation&#160;Bonds/Notes
100,000,000                                                                                                                                               Estimated&#160;Interest
Attachment 2b1
Equipment/Capital Asset Acquisition Series 1990, 2002A, 2004A,
2004B, 2007A, 2009A, 2009B, 2010A, 2010B and 2010C Bonds
and Refunding Special Obligation Notes Series 2008A and 2008B
Ending                                              Total Debt
Sept. 30,         Principal      Interest            Service
2011    37,065,000       28,629,605          65,694,605
2012    28,875,000       29,416,543          58,291,543
2013    31,780,000       28,114,289          59,894,289
2014    56,545,000       26,488,836          83,033,836
2015    18,180,000       24,732,542          42,912,542
2016    18,730,000       23,949,584          42,679,584
2017    18,875,000       23,111,327          41,986,327
2018    20,200,000       22,248,811          42,448,811
2019    20,830,000       21,331,281          42,161,281
2020    20,615,000       20,393,653          41,008,653
2021    20,085,000       19,417,342          39,502,342
2022    20,770,000       18,462,568          39,232,568
2023    20,585,000       17,450,675          38,035,675
2024    21,310,000       16,416,749          37,726,749
2025    22,090,000       15,331,444          37,421,444
2026    21,750,000       14,210,484          35,960,484
2027    22,600,000       13,080,314          35,680,314
2028    20,190,000       11,936,504          32,126,504
2029    20,985,000       10,868,265          31,853,265
2030    17,955,000        9,753,800          27,708,800
2031    18,645,000        8,789,647          27,434,647
2032    19,360,000        7,777,289          27,137,289
2033    16,935,000        6,725,836          23,660,836
2034    17,575,000        5,784,252          23,359,252
2035    18,240,000        4,806,524          23,046,524
2036    18,390,000        3,788,502          22,178,502
2037    19,115,000        2,757,073          21,872,073
2038    10,325,000        1,684,632          12,009,632
2039    10,675,000        1,022,816          11,697,816
2040     5,000,000          337,150           5,337,150
Totals        $ 634,275,000   $ 438,818,330    $   1,073,093,330
$&#160;828,190,000&#160;Equipment/Capital&#160;Asset&#160;Acquisition&#160;Bonds
Total&#160;Debt&#160;Service&#160;(&#160;$)
30,000,000                                                                                                                                                                                                                     Principal
Attachment 2b2
$175,278,288
Special Obligation and Refunding Bonds
Ending                                                                  Total Debt
Sept. 30,                              Principal        Interest          Service
2011                                 3,695,595       7,269,905         10,965,500
2012                                 3,669,203       7,821,297         11,490,500
2013                                 3,540,582       8,274,918         11,815,500
2014                          *                      3,095,500          3,095,500
2015                          *                      3,095,500          3,095,500
2016                          *                      3,095,500          3,095,500
2017                          *                      3,095,500          3,095,500
2018                          *                      3,095,500          3,095,500
2019                          *                      3,095,500          3,095,500
2020                          *                      3,095,500          3,095,500
2021                          *                      3,095,500          3,095,500
2022                          *                      3,095,500          3,095,500
2023                          *                      3,095,500          3,095,500
2024                          *                      3,095,500          3,095,500
2025                          *                      3,095,500          3,095,500
2026                          *                      3,095,500          3,095,500
2027                          *                      3,095,500          3,095,500
2028                          *                      3,095,500          3,095,500
2029                          *                      3,095,500          3,095,500
2030                          *                      3,095,500          3,095,500
2031                          *                      3,095,500          3,095,500
2032                          *                      3,095,500          3,095,500
2033                          *                      3,095,500          3,095,500
2034                          *                      3,095,500          3,095,500
2035                                29,560,000       2,356,500         31,916,500
2036                                32,350,000         808,750         33,158,750
Sub-total                            $ 72,815,380    $ 91,536,870    $   164,352,250
Prior Year Accretion to Date/(Paid Accretion)           13,365,419     (13,365,419)                 -
Current Year Accretion/(Paid Accretion)                   (755,257)        755,257                  -
Totals                             $ 85,425,542    $ 78,926,708    $   164,352,250
(*) The Serial CABs in FY 2005 and 2014 through 2034 were refunded with the Series 1997A Bonds
$&#160;175,278,288&#160;&#160;Special&#160;Obligation&#160;and&#160;Refunding&#160;Bonds&#160;(Series&#160;1996B)
Total&#160;Debt&#160;Services&#160;(&#160;$)
10,000,000                                                                                                                                                                                         Principal
Attachment 2b3
$574,060,135
Special Obligation and Subordinate Special Obligation Bonds
SOB Series 1996B, Subordinate SOB Series 1997A, 1997B, 1997C, 2005A 2005B, and 2009
Ending                                                         Total Debt
Sept. 30,                 Principal          Interest             Service
2011                     744,898            9,194,102           9,939,000
2012                     965,087            9,513,913          10,479,000
2013                   1,152,122            9,856,878          11,009,000
2014                   7,233,346          16,250,654           23,484,000
2015                  13,151,803          25,396,697           38,548,500
2016                  10,465,889          25,552,611           36,018,500
2017                   5,820,511          24,222,989           30,043,500
2018                   5,937,971          25,415,529           31,353,500
2019                   7,245,060          27,608,440           34,853,500
2020                   7,760,570          29,402,930           37,163,500
2021                   8,258,375          31,350,125           39,608,500
2022                  10,666,283          35,517,217           46,183,500
2023                  11,292,461          37,206,539           48,499,000
2024                  12,039,575          38,968,175           51,007,750
2025                  12,851,742          40,763,758           53,615,500
2026                  13,799,468          42,787,782           56,587,250
2027                  14,862,976          45,329,774           60,192,750
2028                  16,449,296          48,297,360           64,746,656
2029                  18,496,601          49,388,774           67,885,375
2030                  21,290,680          59,944,570           81,235,250
2031                  23,789,247          64,447,004           88,236,251
2032                  21,649,880          70,464,120           92,114,000
2033                  22,353,005          75,928,745           98,281,750
2034                  22,528,126          82,233,874          104,762,000
2035                  19,056,097          63,691,153           82,747,250
2036                  18,867,869          66,579,631           85,447,500
2037                  60,541,248          58,066,501          118,607,749
2038                  73,131,780          45,475,970          118,607,750
2039                  14,494,078         104,110,922          118,605,000
2040                  13,487,334         105,117,666          118,605,000
2041                  12,569,520         106,035,480          118,605,000
2042                   9,018,724         109,586,276          118,605,000
2043                   8,272,699         110,332,301          118,605,000
2044                   7,584,790         111,020,210          118,605,000
2045                   6,952,625         111,652,375          118,605,000
2046                   6,369,089         112,235,912          118,605,000
2047                   5,832,994         112,772,006          118,605,000
2048                   3,402,807          71,897,193           75,300,000
Sub-Total            $ 550,386,624     $   2,213,616,157    $   2,764,002,781
Date/(Paid Accretion) (          182,889,969        (182,889,969)                      -
Accretion)                       34,015,973           (34,015,973)                   -
Totals             $ 767,292,566     $   1,996,710,215    $   2,764,002,781
$574,060,135&#160;Special&#160;Obligation&#160;&amp;&#160;Subordinate&#160;Special&#160;Obligation&#160;Bonds
40,000,000                                                                            Principal
2048                       Fiscal&#160;Year&#160;Ending
Attachment 2b4
$133,885,000
Special Obligation Bonds (Courthouse and Juvenile Justice Projects)
Courthouse Series 1998A &amp; 1998B and Juvenile Justice Series 2003A &amp; 2003B
Ending                                                      Total Debt
Sept. 30,        Principal           Interest                   Service
2011            2,360,000            5,277,589              7,637,589
2012            2,460,000            5,174,929              7,634,929
2013            2,565,000            5,065,459              7,630,459
2014            2,685,000            4,948,751              7,633,751
2015            2,810,000            4,823,899              7,633,899
2016            2,945,000            4,690,424              7,635,424
2017            3,085,000            4,550,537              7,635,537
2018            3,230,000            4,403,998              7,633,998
2019            3,385,000            4,250,574              7,635,574
2020            3,545,000            4,089,787              7,634,787
2021            1,510,000            3,895,327              5,405,327
2022            1,575,000            3,837,876              5,412,876
2023            1,635,000            3,778,091              5,413,091
2024            1,700,000            3,716,165              5,416,165
2025            1,770,000            3,651,568              5,421,568
2026            3,145,000            3,615,002              6,760,002
2027            3,295,000            3,469,546              6,764,546
2028            3,690,000            3,317,152              7,007,152
2029            3,875,000            3,132,652              7,007,652
2030            4,065,000            2,938,902              7,003,902
2031            4,270,000            2,735,652              7,005,652
2032            4,935,000            2,630,530              7,565,530
2033            5,500,000            2,275,402              7,775,402
2034            5,770,000            2,000,402              7,770,402
2035            6,060,000            1,711,902              7,771,902
2036            4,080,000            1,334,680              5,414,680
2037            4,250,000            1,179,387              5,429,387
2038            4,420,000            1,017,769              5,437,769
2039            4,595,000              849,737              5,444,737
2040            4,780,000              675,507              5,455,507
2041            4,975,000              493,746              5,468,746
2042            5,175,000              304,643              5,479,643
2043            5,385,000              107,924              5,492,924
Total       $ 119,525,000   $      99,945,509    $        219,470,509
$133,885,000&#160;&#160;Special&#160;Obligation&#160;Bonds&#160;(Courthouse&#160;&amp;&#160;Juvenile&#160;Justice&#160;Projects)
Fiscal&#160;Year&#160;Ending&#160;
Attachment 2b5
Special Obligation Bonds (Miami-Dade Fire and Rescue
Service District) Series 1996 and 2002
Ending                                       Total Debt
Sept. 30,        Principal       Interest       Service
2011          2,580,000        661,494       3,241,494
2012            810,000        540,054       1,350,054
2013            850,000        507,654       1,357,654
2014            895,000        473,654       1,368,654
2015            940,000        436,735       1,376,735
2016            990,000        396,785       1,386,785
2017          1,040,000        354,215       1,394,215
2018          1,095,000        299,615       1,394,615
2019          1,150,000        242,127       1,392,127
2020          1,210,000        181,752       1,391,752
2021          1,275,000        124,882       1,399,882
2022          1,340,000          64,320      1,404,320
Total      $ 14,175,000    $ 4,283,287    $ 18,458,287
$59,000,000&#160;Special&#160;Obligation&#160;Bonds&#160;(Miami‐Dade&#160;Fire&#160;&amp;&#160;Rescue&#160;Service&#160;
1,000,000                                                                                                  Principal
Attachment 2b6
Guaranteed Entitlement Refunding Revenue Bonds
Ending                                  Total Debt
Sept. 30,    Principal      Interest       Service
2011         9,245,000     4,387,500     13,632,500
2012         9,705,000     3,925,250     13,630,250
2013        10,160,000     3,470,500     13,630,500
2014        10,665,000     2,962,500     13,627,500
2015        11,200,000     2,429,250     13,629,250
2016        11,765,000     1,869,250     13,634,250
2017        12,345,000     1,281,000     13,626,000
2018        12,950,000       679,875     13,629,875
Sub-total   $88,035,000   $21,005,125   $109,040,125
$108,705,000&#160;Guaranteed&#160;Entitlement&#160;Refunding&#160;Revenue&#160;Bonds
6,000,000                                                                           Estimated&#160;Interest
4,000,000                                                                           Principal
Attachment 2b7
$319,342,986
Professional Sports Franchise Facilities Tax Revenue and Revenue
Refunding Bonds Series 2009A, 2009B (Taxable), 2009C, 2009D
(Taxable) and 2009E
Sept. 30,              Principal            Interest(*)            Service
2011                                      9,009,616           9,009,616
2012            $    1,284,932            9,487,699          10,772,631
2013                 1,855,235            9,717,437          11,572,673
2014                 2,643,275            9,982,025          12,625,300
2015                 3,182,674           10,327,626          13,510,300
2016                 3,502,799           10,690,129          14,192,928
2017                 3,770,080           11,107,593          14,877,673
2018                 4,005,182           11,640,119          15,645,300
2019                 4,206,563           12,218,737          16,425,300
2020                 4,346,290           15,705,388          20,051,678
2021                 1,572,443           16,522,729          18,095,173
2022                 1,895,439           17,122,361          19,017,800
2023                 4,880,000           14,965,800          19,845,800
2024                 6,125,000           14,698,303          20,823,303
2025                 7,475,000           14,338,376          21,813,376
2026                 8,975,000           13,913,253          22,888,253
2027                10,610,000           13,386,907          23,996,907
2028                12,395,000           12,776,275          25,171,275
2029                 8,660,141
8 660 141           17,919,016
17 919 016          26 579 157
26,579,157
2030                12,660,580           14,958,842          27,619,423
2031                 6,787,279           22,544,924          29,332,203
2032                 6,983,192           23,833,382          30,816,574
2033                 7,766,415           24,511,195          32,277,610
2034                 7,967,154           25,955,081          33,922,235
2035                 8,140,145           27,492,903          35,633,048
2036                16,378,296           20,716,957          37,095,253
2037                19,479,679           19,391,851          38,871,530
2038                27,007,588           13,671,649          40,679,237
2039                34,006,722            8,559,411          42,566,133
2040                38,321,722            6,305,447          44,627,169
2041                 4,992,761           43,116,777          48,109,538
2042                 4,875,572           45,642,727          50,518,299
2043                 4,760,753           48,277,798          53,038,551
2044                 4,649,504           51,046,372          55,695,876
2045                 4,540,004           53,936,757          58,476,761
2046                 8,595,305          114,938,937         123,534,242
2047                 4,059,670           61,192,244          65,251,914
2048                            -           16,776               16,776
2049                 5,985,591          101,047,793         107,033,384
Sub-Total         $ 319,342,986       $   972,687,213    $   1,292,030,199
Date/(Paid Accretion)        1,906,355          (1,906,355)                   -
Accretion/(Paid              9,289,741          (9,289,741)                    -
Totals           $ 330,539,082       $   961,491,117    $   1,292,030,199
$&#160;319,342,986&#160;Professional&#160;Sports&#160;Franchise&#160;Facilities&#160;Tax&#160;Revenue&#160;and&#160;
Revenue&#160;Refunding&#160;Bonds
al&#160;Debt&#160;Service&#160;($)
45000000                                                                         Principal
Attachment 2b8
Public Service Tax Revenue Bonds (UMSA Public Improvements)
Series 1999, 2002, 2006 &amp; 2007A
Ending                                          Total Debt
Sept. 30,        Principal       Interest        Service
2011           6,020,000      7,266,799        13,286,799
2012           6,280,000      7,003,491        13,283,491
2013           6,570,000      6,717,253        13,287,253
2014           6,895,000      6,403,816        13,298,816
2015           7,225,000      6,074,058        13,299,058
2016           7,580,000      5,702,559        13,282,559
2017           7,950,000      5,308,915        13,258,915
2018           8,350,000      4,893,521        13,243,521
2019           8,765,000      4,462,227        13,227,227
2020           9,210,000      4,012,890        13,222,890
2021           9,675,000      3,540,715        13,215,715
2022          10,165,000      3,066,503        13,231,503
2023          10,680,000      2,569,996        13,249,996
2024          11,225,000      2,046,809        13,271,809
2025           6,395,000      1,630,554         8,025,554
2026           6,715,000      1,327,452         8,042,452
2027           7,055,000      1,008,045         8,063,045
2028           3,380,000        666,043         4,046,043
2029           3,545,000        513,368         4,058,368
2030           3,720,000        351,863         4,071,863
2031           1,875,000        182,400         2,057,400
2032           1,965,000         93,338         2,058,338
Total      $ 151,240,000   $ 74,842,610   $   226,082,610
$191,700,000&#160;Public&#160;Service&#160;Tax&#160;Revenue&#160;Bonds&#160;(USMA&#160;Public&#160;Improvement)
bt&#160;Services&#160;($)
Total&#160;Debt&#160;Services&#160;($)
Attachment 2b9
$116,580,000
Stormwater Utility Revenue Bonds
Series 1999 &amp; 2004
Ending                                        Total Debt
Sept. 30,        Principal      Interest         Service
2011            3,145,000      4,474,230       7,619,230
2012            3,265,000      4,355,650       7,620,650
2013            3,390,000      4,229,185       7,619,185
2014            3,530,000      4,092,605       7,622,605
2015            3,685,000      3,934,380       7,619,380
2016            3,860,000      3,756,950       7,616,950
2017            4,055,000      3,563,950       7,618,950
2018            4,260,000      3,361,200       7,621,200
2019            4,470,000      3,148,200       7,618,200
2020            4,695,000      2,924,700       7,619,700
2021            4,930,000      2,689,950       7,619,950
2022            5,175,000      2,443,450       7,618,450
2023            5,435,000      2,184,700       7,619,700
2024            5,705,000      1,912,950       7,617,950
2025            5,990,000      1,627,700       7,617,700
2026            6,290,000      1,328,200       7,618,200
2027            6,605,000      1,013,700       7,618,700
2028            6,935,000        683,450       7,618,450
2029            7,280,000        336,700       7,616,700
Total        $ 92,700,000   $ 52,061,850   $ 144,761,850
$116,580,000&#160;Stormwater&#160;Utility&#160;Revenue&#160;Bonds
3,000,000                                                                                                                                        Estimated&#160;Interest
2,000,000                                                                                                                                        Principal
$3,752,625,000
Aviation Revenue Bonds, Series 1997C, 1998C, 2000A, 2000B, 2002,
2002A, 2003A, 2004A,2004B, 2005A, 2007A, 2007B, 2008A, 2008B,
2009A, 2009B, 2010A and 2010B and Aviation Revenue Refunding
Bonds, Series 1997A, 1998A, 2003B, 2003D, 2003E (Taxable),
2004C, 2005B, 2005C, 2007C and 2007D
Ending                                                Total Debt
Sept. 30,         Principal          Interest            Service
2011            59,520,000        313,948,271         373,468,271
2012            52,950,000        307,213,135         360,163,135
2013            65,105,000        304,116,240         369,221,240
2014            86,725,000        300,701,243         387,426,243
2015            79,435,000        296,972,063         376,407,063
2016            85,475,000        292,861,331         378,336,331
2017           104,435,000        288,430,531         392,865,531
2018           121,580,000        282,964,037         404,544,037
2019           127,865,000        276,680,280         404,545,280
2020           134,380,000        270,167,617         404,547,617
2021           141,310,000        263,233,332         404,543,332
2022           148,575,000        255,969,129         404,544,129
2023           156,200,000        248,346,442         404,546,442
2024           164,285,000        240,259,867         404,544,867
2025           172,840,000        231,706,198         404,546,198
2026           181,780,000        222,763,133         404,543,133
2027           191,425,000        213,121,246         404,546,246
2028           201,255,000        203,288,296         404,543,296
2029           211,485,000        193,060,547         404,545,547
2030           222,235,000        182,308,391         404,543,391
2031           233,625,000        170,920,617         404,545,617
2032           245,570,000        158,973,429         404,543,429
2033           258,175,000        146,370,547         404,545,547
2034           271,335,000        133,208,848         404,543,848
2035           285,190,000        119,354,504         404,544,504
2036           299,730,000        104,815,898         404,545,898
2037           315,040,000          89,505,921        404,545,921
2038           331,125,000          73,420,959        404,545,959
2039           348,005,000          56,538,581        404,543,581
2040           365,795,000          38,748,163        404,543,163
2041           384,500,000          20,046,550        404,546,550
2041                      -                  -                  -
Totals     $ 6,046,950,000 $    6,300,015,342    $ 12,346,965,342
$3,752,625,000&#160;Aviation&#160;Revenue&#160;Bonds&#160;&amp;&#160;Aviation&#160;Revenue&#160;Refunding&#160;Bonds
$239,755,000
Double Barreled Aviation Bonds (General Obligations)
Ending                                            Total Debt
Sept. 30,      Principal           Interest         Service
2011                             11,485,428      11,485,428
2012           3,945,000         11,485,428      15,430,428
2013           4,025,000         11,406,528      15,431,528
2014           4,185,000         11,245,528      15,430,528
2015           4,395,000         11,036,278      15,431,278
2016           4,570,000         10,860,478      15,430,478
2017           4,695,000         10,737,088      15,432,088
2018           4,930,000         10,502,338      15,432,338
2019           5,175,000         10,255,838      14,350,838
2020           5,375,000         10,058,513      15,433,513
2021           5,590,000          9,843,513      15,433,513
2022           5,870,000          9,564,013      15,434,013
2023           6,160,000          9,270,513      15,430,513
2024           6,470,000          8,962,513      11,587,513
2025           6,765,000          8,665,263      15,430,263
2026           7,105,000          8,327,013      15,432,013
2027           7,460,000          7,971,763      15,431,763
2028           7,835,000          7,598,763      15,433,763
2029           8,225,000          7,207,013      15,432,013
2030           8,635,000          6,795,763       7,210,763
2031           9,065,000          6,366,088      15,431,088
2032           9,520,000          5,912,838      15,432,838
2033           9,995,000          5,436,838      15,431,838
2034          10,470,000          4,962,075      15,432,075
2035          10,970,000          4,464,750      15,434,750
2036          11,515,000          3,916,250      15,431,250
2037          12,090,000          3,340,500      15,430,500
2038          12,695,000          2,736,000      15,431,000
2039          13,330,000          2,101,250      15,431,250
2040          14,000,000          1,434,750      15,434,750
2041          14,695,000            734,750      15,429,750
Totals     $ 239,755,000   $    234,685,653   $ 474,440,653
$239,755,000&#160;Double&#160;Barreled&#160;Aviation&#160;Bonds&#160;(General&#160;Obligations)
tal&#160;Debt&#160;Service&#160;($)
$383,315,000
Public Facilities Revenue and Refunding Bonds, (Jackson Health
System) Series 2005A, 2005B and 2009
Ending                                             Total
September 30,     Principal       Interest          Debt Service
2011          6,715,000      18,186,956          24,901,956
2012          7,020,000      17,883,231          24,903,231
2013          7,325,000      17,573,731          24,898,731
2014          7,645,000      17,252,756          24,897,756
2015          8,005,000      16,895,794          24,900,794
2016          8,385,000      16,513,694          24,898,694
2017          8,790,000      16,111,194          24,901,194
2018          9,225,000      15,671,694          24,896,694
2019          9,690,000      15,210,444          24,900,444
2020         10,160,000      14,738,069          24,898,069
2021         10,650,000      14,248,119          24,898,119
2022         11,180,000      13,720,869          24,900,869
2023         11,740,000      13,161,869          24,901,869
2024         12,255,000      12,645,594          24,900,594
2025         12,875,000      12,026,782          24,901,782
2026         13,530,000      11,370,257          24,900,257
2027         14,220,000      10,680,782          24,900,782
2028         14,940,000        9,958,707         24,898,707
2029         15,695,000        9,201,957         24,896,957
2030         16,490,000        8,401,382         24,891,382
2031         17 340 000
17,340,000        7 556 038
7,556,038         24 896 038
24,896,038
2032         18,225,000        6,667,007         24,892,007
2033         19,160,000        5,732,507         24,892,507
2034         20,055,000        4,845,131         24,900,131
2035         21,075,000        3,816,413         24,891,413
2036         22,165,000        2,729,775         24,894,775
2037         23,200,000        1,696,256         24,896,256
2038          5,190,000          613,813          5,803,813
2039          5,485,000          315,388          5,800,388
Totals    $ 368,430,000   $ 315,426,199    $    683,856,199
$383,315,000&#160;Public&#160;Facilities&#160;Revenue&#160;and&#160;Refunding&#160;Bonds&#160;&#160;&#160;&#160;&#160;&#160;
(Jackson&#160;Health&#160;System)&#160;
Seaport Revenue and Refunding Bonds
Series 1995 and 1996
Ending                                      Total Debt
September 30,    Principal       Interest       Service
2011         5,475,000      2,916,211       8,391,211
2012         5,815,000      2,583,676       8,398,676
2013         6,140,000      2,242,633       8,382,633
2014         6,490,000      1,882,325       8,372,325
2015         6,860,000      1,501,468       8,361,468
2016         7,250,000      1,098,918       8,348,918
2017         1,125,000        861,421       1,986,421
2018         1,185,000        798,770       1,983,770
2019         1,250,000        733,025       1,983,025
2020         1,320,000        663,635       1,983,635
2021         1,390,000        590,465       1,980,465
2022         1,465,000        513,380       1,978,380
2023         1,545,000        431,338       1,976,338
2024         1,630,000        344,025       1,974,025
2025         1,720,000        251,900       1,971,900
2026         1,810,000        154,825       1,964,825
2027         1,910,000          52,525      1,962,525
Totals    $ 54,380,000   $ 17,620,540    $ 72,000,540
$74,220,000&#160;Seaport&#160;Revenue&#160;and&#160;Refunding&#160;Bonds
l&#160;Debt&#160;Service&#160;($)
Seaport General Obligation Refunding Bonds
Ending                                               Total Debt
Sept. 30,        Principal            Interest         Service
2011           4,755,000           6,363,219        11,118,219
2012           5,070,000           6,078,763        11,148,763
2013           5,330,000           5,812,263        11,142,263
2014           5,600,000           5,532,181        11,132,181
2015           5,890,000           5,237,750        11,127,750
2016           6,190,000           4,928,200        11,118,200
2017           6,510,000           4,602,763        11,112,763
2018           6,840,000           4,260,669        11,100,669
2019           7,190,000           3,901,150        11,091,150
2020           7,560,000           3,523,181        11,083,181
2021           7,950,000           3,125,738        11,075,738
2022           8,355,000           2,707,932        11,062,932
2023           8,785,000           2,268,709        11,053,709
2024           9,235,000           1,806,947        11,041,947
2025           9,710,000           1,321,481        11,031,481
2026          10,205,000             811,159        11,016,159
2027          10,725,000             274,828        10,999,828
Totals     $ 125,900,000    $     62,556,933   $   188,456,933
$149,950,000&#160;Seaport&#160;General&#160;Obligation&#160;Refunding&#160;Bonds
$283,451,582.60
Solid Waste System Revenue and Revenue Refunding Bonds,
Series 1996, 1998, 2001 and 2005
Ending                                           Total Debt
Sept. 30,         Principal       Interest         Service
2011            13,890,000      5,871,275        19,761,275
2012            11,516,761      7,092,220        18,608,981
2013            11,503,304      7,106,370        18,609,674
2014            11,485,908      7,122,489        18,608,397
2015            11,522,839      7,089,530        18,612,369
2016            11,575,513      7,034,056        18,609,569
2017            11,670,045      6,942,793        18,612,838
2018            11,802,212      6,810,795        18,613,007
2019            10,155,000      3,003,438        13,158,438
2020            10,580,000      2,491,438        13,071,438
2021            11,110,000      1,946,250        13,056,250
2022             2,475,000      1,600,594         4,075,594
2023             2,610,000      1,467,113         4,077,113
2024             2,750,000      1,326,413         4,076,413
2025             2,900,000      1,178,100         4,078,100
2026             3,055,000      1,021,781         4,076,781
2027             3,220,000        857,063         4,077,063
2028             3,395,000        683,419         4,078,419
2029             3,575,000        500,456         4,075,456
2030             3,770,000        307,650         4,077,650
2031             3,975,000        104,344         4,079,344
Subtotal      $ 158,536,582   $ 71,557,587     $ 230,094,169
Date/(Paid
Current Year s       4,811,157      (4,811,157)               0
Date/(Paid          1,779,209      (1,779,209)               0
Total        $ 165,126,948   $ 64,967,221     $ 230,094,169
$283,451,582.60&#160;Solid&#160;Waste&#160;System&#160;Revenue&#160;and&#160;Revenue&#160;Refunding&#160;Bonds
10,000,000                                                                                                                                                      Estimated&#160;Interest
Transit System Sales Surtax Bonds
Series 2006, 2008, 2009A and 2009B
September 30,      Principal        Interest           Service
2011            7,610,000      51,488,709         59,098,709
2012           13,695,000      53,450,201         67,145,201
2013           17,550,000      52,822,501         70,372,501
2014           18,305,000      52,068,851         70,373,851
2015           19,125,000      51,248,551         70,373,551
2016           20,080,000      50,292,301         70,372,301
2017           21,050,000      49,324,601         70,374,601
2018           21,910,000      48,464,501         70,374,501
2019           23,005,000      47,369,001         70,374,001
2020           24,155,000      46,218,751         70,373,751
2021           25,275,000      45,096,701         70,371,701
2022           26,365,000      43,936,120         70,301,120
2023           27,540,000      42,478,045         70,018,045
2024           28,775,000      40,947,883         69,722,883
2025           30,070,000      39,342,122         69,412,122
2026           31,435,000      37,639,666         69,074,666
2027           32,870,000      35,860,561         68,730,561
2028           34,310,000      34,060,815         68,370,815
2029           35,850,000      32,143,668         67,993,668
2030           37,460,000      30,141,126         67,601,126
2031           39,185,000      27,998,123         67,183,123
2032           40,990,000      25,757,025         66,747,025
2033           42,880,000      23,413,330         66,293,330
2034           44,865,000      20,956,292         65,821,292
2035           46,940,000      18,386,252         65,326,252
2036           49,110,000      15,698,200         64,808,200
2037           51,355,000      12,915,489         64,270,489
2038           53,735,000       9,976,163         63,711,163
2039           56,225,000       6,901,477         63,126,477
2040           58,570,000       3,293,977         61,863,977
Totals    $   980,290,000 $ 1,049,691,004 $    2,029,981,004
$1,000,000,000&#160;Transit&#160;System&#160;Sales&#160;Surtax&#160;Bonds
30,000,000                                                                                                                                                                                                                     Estimated&#160;Interest
$2,621,985,000
Water and Sewer System Revenue and Revenue Refunding
Bonds,Series 1995, 1997, 1999A, 2003, 2007, 2008A, 2008B,
2008C and 2010 Combined Debt Service Schedule
September 30,        Principal        Interest        Service
2011             48,035,000       83,240,466     131,275,466
2012             50,275,000       93,920,471     144,195,471
2013             54,650,000       91,587,466     146,237,466
2014             57,115,000       89,129,220     146,244,220
2015             59,745,000       86,504,232     146,249,232
2016             62,640,000       83,620,682     146,260,682
2017             66,925,000       80,545,357     147,470,357
2018             67,800,000       77,293,451     145,093,451
2019             74,665,000       73,815,988     148,480,988
2020             74,040,000       70,092,044     144,132,044
2021             80,190,000       66,142,375     146,332,375
2022             84,420,000       61,926,382     146,346,382
2023             88,870,000       57,489,038     146,359,038
2024             91,785,000       52,655,291     144,440,291
2025             96,845,000       47,632,363     144,477,363
2026            101,955,000       42,559,013     144,514,013
2027            106,200,000       37,305,538     143,505,538
2028             78,385,000       33,385,525     111,770,525
2029             82,305,000       29,406,775     111,711,775
2030             86,425,000       25,229,025     111,654,025
2031             35,660,000       22,219,275      57,879,275
2032             37,310,000       20,570,000      57,880,000
2033             39,175,000       18,704,500      57,879,500
2034             41,135,000       16,745,750      57,880,750
2035             43,190,000       14,689,000      57,879,000
2036             45,350,000       12,529,500      57,879,500
2037             47,620,000       10,262,000      57,882,000
2038             50,000,000        7,881,000      57,881,000
2039             52,500,000        5,381,000      57,881,000
2040             55,120,000        2,756,000      57,876,000
Totals      $ 1,960,330,000   $1,415,218,722 $ 3,375,548,722
2,621,985,000&#160;Water&#160;and&#160;Sewer&#160;System&#160;Revenue&#160;&amp;&#160;Revenue&#160;Refunding&#160;Bonds
60,000,000                                                                                                                                                                                                                     Estimated&#160;Interest
40,000,000                                                                                                                                                                                                                     Principal&#160;
Attachment 3i
Sunshine Loans Outstanding 1-31-11
Year          Total Sunshine State Debt Service
Ending   Principal         Interest            Total
2011     $30,010,000       $27,169,380        $57,179,380
2012      30,967,898        25,709,495         56,677,393
2013      26,012,506        24,167,164         50,179,670
2014      25,018,923        22,871,633         47,890,556
2015      25,533,412        21,625,587         47,158,999
2016      34,683,000        20,353,916         55,036,916
2017      28,065,000        18,626,558         46,691,558
2018      17,996,000        17,228,805         35,224,805
2019      18,160,000        16,332,529         34,492,529
2020      18,449,000        15,428,085         33,877,085
2021      19,704,000        14,509,248         34,213,248
2022      19,988,000        13,527,907         33,515,907
2023      19,681,000        12,532,421         32,213,421
2024      18,980,000        11,552,225         30,532,225
2025      19,189,000        10,606,942         29,795,942
2026      20,606,000         9,651,250         30,257,250
2027      26,281,000         8,624,986         34,905,986
2028      25,177,000         7,316,082         32,493,082
2029      23,180,000         6,062,163         29,242,163
2030      24,180,000         4,907,702         29,087,702
2031      25,180,000         3,703,438         28,883,438
2032      25,180,000         2,449,369         27,629,369
2033       8,000,000         1,195,300          9,195,300
2034       8,000,000           796,867          8,796,867
2035       8,000,000           398,433          8,398,433
2036             -                 -                  -
2037             -                 -                  -
$546,221,739      $317,347,485       $863,569,224
Sunshine&#160;Loan&#160;Outstanding&#160;as&#160;of&#160;January&#160;31,&#160;2011
20,000,000                                                                                                                                                                                   Principal
Structured Finance Cash Flow Collateralized Debt Obligations