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Summary Minutes:City Commission Workshop August 9,2011 City of Sunny Isles Beach.Florida <br /> and putting the City's credit there first but somebody who is going to align to us is going to <br /> look to the fact not just the other lending to the City of Sunny Isles Beach but the City of <br /> Sunny Isles Beach expects to pay this back from monies that are coming from the School <br /> Board. <br /> Commissioner Scholl said that you are going to have that with even'municipality and that is <br /> something you may want to get with Legal now and try to figure out because you know,Key <br /> Biscayne is going to want the same thing because they are all going to want as much <br /> flexibility as they can have with the instrument understanding that they are not going to get a <br /> piece of collateral but whatever teeth goes into that instrument the full faith and credit of the <br /> School Board is what is going to,and Ms. Rijo-Conde said she will check the Ground Lease, <br /> typically what they do is that they don't go beyond the footprint of the building and they will <br /> look for the Certificate of Anticipation and so there may be some other way to secure the <br /> contribution. They will look at all of those and the City's financial records. <br /> Mayor Edelcup thinks we can move faster than any other municipality and so he thinks their <br /> finance people will have to get with ours in able to create whatever it is that we are able to <br /> create because he thinks in concept the Commission is in favor of seeing this expansion,now <br /> it is how do we make it all happen and how do we tie the knot and make the documents all <br /> flow. <br /> Commissioner Scholl said the other thing that we would like to see just for the sake of our <br /> own underwriting is if you can give Assistant City Manager Shah some metrics on the <br /> School Board,your financial metrics, how much your free cash flow is going to service <br /> your debt, all of that that you would have to give for your bond, and Ms. Rijo-Conde <br /> said they have to give the same exact thing for the CRA. She said the reason why they are <br /> safe with this debt capacity issuance is because of class size, we had to our construction <br /> tremendously, and Commissioner Scholl said you had a $2 Billion Capital Budget the last <br /> time he looked, it was way up there and he remembers the numbers were huge. Ms. Rijo- <br /> Conde said it was well over$1 Billion however there is no new money coming in,when you <br /> look at the entire State we have over 15% of the State's population in students and we see <br /> less than 5%of qualified money and so there was a huge disparity between what we needed <br /> to do to comply with the mandate, and the actual dollars we got from the State. <br /> Commissioner Scholl said it is a terrible situation, we all have empathy for the position you <br /> are in, what you and the Superintendent is doing is very formidable, there is no doubt <br /> because it has been as tough of a situation that any of us will see in our lifetime as far as the <br /> School system is concerned. <br /> The Commission thanked the representatives of the School Board. <br /> 4. Adjournment. <br /> Mayor Edelcup adjourned the Workshop at 1:09 p.m. <br /> 10 <br />