The City of Miami, Florida, Cesar Odio and Manohar Surana; Brenda P. Murray, Chief Administrative Law Judge

SECURITIES ACT OF 1933

Release No. 7741 / September 22, 1999

SECURITIES EXCHANGE ACT OF 1934
Release No. 41896 / September 22, 1999

ADMINISTRATIVE PROCEEDING
File No. 3-10022

The United States Securities and Exchange Commission ("Commission") has instituted public cease-and-desist proceedings pursuant to Section 8A of the Securities Act of 1933 ("Securities Act") and Section 21C of the Securities Exchange Act of 1934 ("Exchange Act") against the City of Miami, Florida (the "City"), and Cesar Odio ("Odio") and Manohar Surana ("Surana"), both of Miami, Florida (collectively the "Respondents'), to determine whether a cease-and-desist order should be imposed against them. The Order Instituting Public Cease-and-Desist Proceedings ("Order") alleges that the City, through Odio and Surana, violated the anti-fraud provisions of the Securities Act and Exchange Act in connection with the offer and sale to the public of securities in the form of municipal bonds issued by the City in June, August and December of 1995. The Order also alleges that the City, through Odio, violated the anti-fraud provisions when it disseminated its Comprehensive Annual Financial Report for fiscal year 1994 to the investing public in September 1995. A hearing will be held before an administrative law judge to determine whether the staff's allegations are true, and, if so, whether a cease-and-desist order should be entered against the Respondents.