APPENDIX A (The exhibits provided in app. A are supporting documents to text and are retained in the committee's files. However, the most pertinent of these exhibits are shown in the appendix of this volume.) APPENDIX B Estimated annual operating budget for Interama GENERAL AND ADMINISTRATIVE Expense or job description Officers' and supervisory: Miscellaneous_. Other general and administrative: Building department--. Printing, supplies, postage_. Travel and subsistence. Insurance-_ Miscellaneous_. Advertising and public relations (8 percent of gross revenue). Special events, programs, and miscellaneous expenses, including operation of cultural area.. Utilities: Annual cost $450,000 90,000 100,000 175,000 90,000 100, 000 275,000 75,000 375,000 150,000 2, 100, 000 2,600,000 Source: Inter-American Center Authority and Economics Research Associates. 8,000 8,000 6,000 18,000 6,000 18.000 6,000 12,000 5,500 33,000 6,000 18.000 4,000 48,000 50,000 175,000 50,000 430,000 APPENDIX C On February 9, 1965, the Community Facilities Administration of the Housing and Home Finance Agency offered to make a loan not to exceed $22 million to the authority subject to certain terms and conditions, both general and special, and stated bond specifications. On March 2, 1965, the authority adopted Resolution 65-1 accepting this offer. Among the special conditions to the disbursement of the loan the authority was required to provide evidence satisfactory to the Government that: "1. It has or will have legally available sufficient funds to meet all obligations created by that certain trust indenture dated as of June 1, 1962, and supplemental indenture No. 1 dated July 24, 1962, to the Florida National Bank & Trust Co., at Miami, as trustee and securing $21 million of Inter-American Cultural and Trade Center revenue bonds from the time of the first advance of Federal funds under this agreement up to and including December 1, 1967, or such later date as the then estimated revenues of Interama as defined in section 101 of the subject indenture shall be sufficient to meet all such obligations, as the same accrue." The authority will need approximately $440,000 additional to the amount of capitalized interest originally reserved out of the proceeds of the initial $8 million revenue bonds issued as of June 1, 1962, under the above-described indenture in order to meet scheduled interest payments on June 1, 1967, and December 1, 1967, the latter date being the scheduled opening of Interama. The authority will need approximately $1,300,000 to meet scheduled interest payments on June 1. 1966, December 1, 1966, June 1, 1967, and December 1, 1967, on the $13 million revenue bonds proposed to be issued December 1, 1965. This latter interest requirement is based on an anticipated interest rate of 5 percent. Under the projected application of the trust indenture bond proceeds set forth in section II hereof and the requirements of the CFA loan contract, the authority has or will legally have available sufficient funds to meet all obligations created by the trust indenture and supplement above referred to at and from the time of the first advance of Federal funds to and including the scheduled opening of Interama, December 1, 1967, or such later date as Interama revenues shall be adequate to meet all such obligations as they accrue. "2. It has employed a management consultant under the provisions of section 807 of the above-mentioned indenture and that such consultant is satisfactory to the Government." ERA has been employed as management consultant in compliance with the provisions of section 807 of the above referred to indenture and has been approved by the Government as satisfactory to serve in this capacity. "3. The basic concept of the center and the design planning of the project, submitted to the Government by the borrower, shall not be changed without the approval of the Government." The basic concept of the Center and the design planning of the Federal and Latin American buildings have not been changed. "4. The borrower shall have required the management consultant appointed under section 807 of the above-mentioned indenture to submit to the Government, not less than 30 days before the final issuance thereof, the certificate required by section 309 (a) of said indenture in preliminary form, and shall have required the management consultant, prior to the issuance of said certificate in final form, to consult with the Government concerning the form and content of said certificate and the appropriate conditions precedent to the issuance thereof." ERA has been required by the authority to submit to the Government, and there has been submitted with this report, in preliminary form, the certificate required by section 309 (a) of the aforesaid indenture. The firm stands ready at any time to consult with the Government concerning the form and content of such certificate and the appropriate conditions precedent to its issuance in final form. "5. It has secured amendments of the subordination agreement entered into between Interama and the city of Miami, dated August 21, 1961, (a) completely subordinating all purchase money or other claims of the city of Miami to the revenues of Interama to the proposed bonds and (b) to permit as additional security for the proposed bonds, a mortgage lien on the real estate comprising the sites of the project." The authority has secured amendments to the above-described subordination agreement between the authority and the city of Miami, as required by this special condition. "6. It has adopted a resolution agreeing to charge such minimum schedule of rates, fees, and charges for the center as shall be sufficient to produce revenues, as such term is defined in the indenture, sufficient in amount to provide moneys in the general fund created by section 606 of the indenture, after meeting all obligations created by indenture, adequate to make the required deposits into the special funds established in accordance with special condition C." The authority has not yet adopted the resolution required by special condition No. 6. ERA will consult with the authority with regard to such schedule of rates, fees, and charges for the center, after which, it is advised by the authority, an appropriate resolution complying with the requirements of this special condition will be adopted. The attendance projections and financial analysis in this report presume a rate and fee structure which is competitive and realistic. As the analysis shows, these assumed rates, fees, and charges are sufficient to cover the requirements referred to in this special condition. "7. It has developed a timetable for the adequate staffing of the authority. development of the facilities to be owned and operated by the authority, the estimated time of opening of the various exhibits and concessions to be developed in the center by others and the authority and has secured the approval thereof by the management consultant hired under the provisions of section 807 of the above indenture. The availability of funds required to be demonstrated under the provisions of section A-1 hereof shall be directly related to such timetable." As documented in section II hereof and attached exhibits, the authority has developed the required timetable with the target date for opening of Interama estimated on December 1, 1967. Revisions of individual items included in this schedule may be made before opening. ERA approves the timetable as presently developed. The availability of funds required to be demonstrated under the provisions of special condition A-1 is directly related to this timetable. "8. It has exercised its option under section 901 (c) of the above indenture to discharge, withdraw, and release from the lien and mortgage of the said indenture the project site or sites and that such sites can be furnished free and clear of all encumbrances, including any claim or lien of the city of Miami to or against such site or sites." The authority has not yet exercised its option under section 901 (c) of the aforesaid indenture to withdraw the lands upon which Federal and Latin American buildings will be constructed from the lien of the indenture nor has it yet exercised its option under section 3 of its agreement with the city of Miami, as amended December 28, 1964, to release such lands from the lien of that city. The authority represents that as soon as legal descriptions of the sites of the project have been developed both options will be exercised. "9. Adequate water and sewer service will be provided to the project." As documented in sections I and II hereof, the authority has entered into a contract with the city of North Miami to provide adequate water and sewer service to the project. "10. The funds to be provided by the State for roads will be available to the extent necessary until expended." As documented in sections I and II hereof, the Florida State Road Board has pledged the availability and use of primary State road funds to accomplish the construction of all access and internal roads for Interama prior to the opening of the center. "11. The borrower covenants and agrees to reimburse the Government for the cost of a Government representative to be maintained at the project site during construction." ERA has been advised by the authority that it has agreed to and will reimburse the Government for the cost of a Government representative to be maintained at the project site during construction. APPENDIX IV LEGISLATION ESTABLISHING INTER-AMERICAN CENTER AUTHORITY, BY THE STATE OF FLORIDA 554.01 INTER-AMERICAN CULTURAL AND TRADE CENTER CHAPTER 554-INTER-AMERICAN CULTURAL AND TRADE CENTER 554.011 Use of names "interama" and "interama." 554.02 554.03 554.04 554.05 Location of offices. 554.06 554.07 554.071 554.072 554.08 554.09 554.10 554.101 554.102 Definitions. Powers. Additional powers and authority. The Graves tract; power to acquire. Issuance of revenue bonds. Bonds not to be debt of nor pledge credit of state, counties or municipalities. Bonds of authority approved securities for investment of public funds. Tax exemption. Trust funds. Fixing and revising charges for admissions, concessions, facilities, etc.; disposition. Remedies of bond and trust indenture holders. Appointment and duties of receivers. Declaration of public purpose. Proceedings and contracts; ratification. 554.11 554.12 554.13 554.14 554.15 Refunding bonds. Bonds of inter-American development bank; approved investments. 554.01 Inter-American center authority; creation.-There is hereby created and constituted, as an agency of the state the inter-American center authority for the purposes and with the powers herein set forth. Said authority shall have perpetual succession. History. Comp. § 1, ch. 26614, 1951. 554.011 Use of names "interama" and "inter-ama."-The Authority shall have the exclusive right to the use of the names "interama" and "inter-ama." History. Comp. § 2, ch. 29830, 1955. 554.02 Members; number, terms, compensation, etc.— (1) (a) The inter-American center authority shall consist of eleven members. one of whom shall be the governor of the state, whose tenure as a member of the authority shall run concurrently with his term of office as governor of the state. The other ten members of the authority shall be appointed by the governor to serve for terms of four years or until their respective successors are duly appointed and qualified; provided, however, that the original membership of the authority to be appointed as soon as possible after passage of this law shall be designated by the governor to serve the following terms, two of them for one year, three of them for two years, two of them for three years, and three of them for four years, beginning May 15, 1951, each to hold office for the period designated by the governor. (b) Whenever the authority shall be indebted to Dade county or the city of Miami on account of any obligation or obligations incurred subsequent to January 1, 1959, the board of county commissioners of Dade county or the commission of the city of Miami, as the case may be, shall, at least thirty days prior to |