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HomeMy WebLinkAboutR-95-0652J-95-813 9/7/95 RESOLUTION NO P 5 G J 2 A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $20,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF THE CITY OF MIAMI, FLORIDA, TAX ANTICIPATION NOTES, SERIES 1995 FOR THE PURPOSE OF MEETING CERTAIN OF THE CITY'S CASH FLOW REQUIREMENTS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 1996; FIXING CERTAIN DETAILS OF SAID NOTES INCLUDING APPROVING THE FORM THEREOF; PROVIDING FOR THE RIGHTS AND SECURITY OF ALL NOTEHOLDERS PURSUANT TO THIS RESOLUTION; PROVIDING FOR THE APPOINTMENT OF A PAYING AGENT AND CUSTODIAN FOR THE NOTES; AUTHORIZING THE CITY MANAGER OR ASSISTANT CITY MANAGER TO TAKE ANY ACTION NECESSARY TO QUALIFY THE NOTES FOR DEPOSIT WITH T111E DEPOSITORY TRUST COMPANY; DIRECTING AND AUTHORIZING SALE OF THE NOTES BY PUBLIC BID AND DIRECTING PUBLICATION OF A SUMMARY NOTICE OF SALE OF SAID NOTES; APPROVING THE PROCEDURE FOR AWARDING SAID NOTES; AUTHORIZING THE CITY MANAGER OR ASSISTANT CITY MANAGER TO ESTABLISH THE DATE AND TIME OF SUCH SALE; AUTHORIZING THE DISTRIBUTION TO PROSPECTIVE PURCHASERS OF A PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING THE CITY MANAGER OR ASSISTANT CITY MANAGER TO APPROVE THE FORM THEREOF AND OF THE FINAL OFFICIAL STATEMENT; AUTHORIZING THE CITY MANAGER OR ASSISTANT CITY MANAGER ON BEHALF OF THE CITY TO DETERMINE THE FINAL DETAILS OF THE NOTES WITHIN THE PARAMETERS ESTABLISHED BY THIS RESOLUTION; AUTHORIZING REQUISITE ACTIONS AND THE EXECUTION OF DOCUMENTS BY THE MAYOR OR VICE MAYOR, CITY MANAGER OR ASSISTANT CITY MANAGER, AND THE CITY ATTORNEY; AUTHORIZING THE OFFICERS OF THE CITY TO TAKE ALL OTHER ACTIONS NECESSARY IN CONNECTION WITH THZ ISSUANCE OF THE NOTES; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SAID NOTES; AND PROVIDING SEVERABILITY AND AN EFFECTIVE DATE. WHEREAS, The City of Miami, Florida (the "City"), anticipates certain temporary cash shortages during the fiscal year of the City ending September 30, 1996 (the "Fiscal Year") because cash disbursements have been scheduled to be made in the Fiscal Year before sufficient moneys therefor are expected to be available to the City; and WHEREAS, pursuant to the Constitution and the laws of the State of Florida (the "State"), in particular Chapter 166, Florida Statutes, as amended, and pursuant to the Charter of the City, as amended (collectively, the "Act"), the City desires to issue its Tax Anticipation Notes, Series 1995, in an aggregate principal amount not to exceed $20,000,000 (the "Notes") for the purpose of meeting certain of the City's cash flow requirements for the Fiscal Year and for the purpose of paying certain of the costs of issuance of the Notes; 26851.2 1 -- ATTACHMENT (5) CONTAINED CITY COMMISSION MEETING OF 5 E P 1 4 1995 Resolution No. 95 - E57 L NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF TEE CITY OF MIAMI, FLORIDA: SECTION 1. RECITALS. The recitals set forth above are hereby incorporated by reference into the body of this Resolution, as if fully set forth herein. SECTION 2. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the provisions of the Act. SECTION 3. FINDINGS. It is hereby ascertained, determined and declared: (a) Under the Act, the City is entitled to levy and receive ad valorem taxes on real and tangible personal property within the City. (b) The principal of and interest on the Notes and all required sinking fund and other payments shall be payable solely from the City's ad valorem taxes collected during the Fiscal Year other than ad valorem taxes approved by referendum and levied specifically to pay debt service on bonds or other obligations issued by the City (the "Pledged Funds"). Neither the full faith and credit nor the taxing power of the City, Dade County, Florida (the "County") or the State or any political subdivision thereof or governmental authority or body therein are pledged to the payment of the principal of or interest on the Notes, except for the Pledged Funds. (c) The Pledged Funds are expected to be sufficient to pay all principal of and interest on the Notes as the same become due and to make all sinking fund or other payments required by this Resolution. SECTION 4. RESOLUTION CONSTITUTES CONTRACT. In consideration of the acceptance of the Notes authorized to be issued hereunder by those who shall own the same from time to time (the "Noteholders") , this Resolution shall be deemed to be and shall constitute a contract between the City and such Noteholders, and the covenants and agreements herein set forth to be performed by the City shall be for the equal benefit, protection and security of the owners of any and all of such Notes, all of which shall be of equal rank and without preference, priority or distinction of any of the Notes over any other thereof except as expressly provided therein and herein. SECTION' 5. AUTHORIZATION, DESIGNATION AND DETAILS OF THE NOTES. Subject and pursuant to the provisions of this Resolution, Notes of the City to be known as "Tax Anticipation Notes, Series 1995" are hereby authorized to be issued in an aggregate principal amount not to exceed Twenty Million Dollars ($20,000,000) for the purpose of providing funds to pay the appropriations made for the 26W1.2 2 95- 652 Fiscal Year in anticipation of the receipt of the Pledged Funds and to pay the costs of issuance of the Notes. The Notes shall be issued in such aggregate principal amount not to exceed $20,000,000 as shall be approved by the City Manager or any Assistant City Manager. The Notes shall be issuable without coupons in denominations of $5,000 each or any integral multiple thereof, shall be numbered from NR-1 upwards, shall be dated on or as of such date as shall be determined by the City Manager or Assistant City Manager and shall not be subject to redemption prior to maturity. The Notes shall mature no later than one year from the date of the Notes, as such date shall be approved by the City Manager or Assistant City Manager, and shall bear interest from their date at a true interest cost rate not to exceed 6.50%, such rate to be determined by the City Manager or Assistant City Manager at the time of the award of the Notes and shall be, in the judgment of such officer and subject to the maximum rate limitation set forth above, the lowest rate available to the City under then current financial conditions taking into consideration the maturity established for the Notes. Interest shall be payable on the maturity date of the Notes and shall be calculated on the basis of a 360 day year of twelve (12) thirty (30) day months. SECTION 6. PAYMENT OF NOTES. The principal of and interest on each Note are payable at the principal corporate trust office of the Paying Agent appointed as provided in Section 11 hereof, upon the presentation and surrender of such Note at maturity, in any coin or currency of the United States of America which, at the date of payment thereof, is legal tender for the payment of public and private debts. SECTION 7. EXECUTION OF NOTES. The Notes shall be executed in the name of the City by the Mayor and shall be approved as to form and correctness by the signature of the City Attorney, and the seal of the City or a facsimile thereof shall be affixed thereto or imprinted or reproduced thereon and attested by the City Clerk, either manually or with their facsimile signatures. In case any one or more of the officers who shall have signed or sealed any of the Notes shall cease to be such officer before the Notes so signed and sealed shall have been actually sold and delivered, such Notes may nevertheless be sold and delivered as herein provided and may be issued as if the person who signed and sealed such Notes had not ceased to hold such office. Any Note may be signed and sealed on behalf of the City by such person as at the actual time of the execution of the Note shall hold the proper office, although at the date of such Note such person may not have held such office or may not have been so authorized. The Notes shall bear thereon a certificate of authentication, in the form set forth in Exhibit "A" hereto, executed manually by the Paying Agent. Only such Notes as shall bear thereon such certificate of authentication shall be entitled to any right or benefit under this Resolution, and no Note shall be valid or 26951.2 95- 652 obligatory for any purpose until such certificate of authentication shall have been duly executed by the Paying Agent. Such certificate of the Paying Agent upon any Note executed of the City shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered under this Resolution and that the owner thereof is entitled to the benefits of this Resolution. SECTION 8. NEGOTIABILITY, REGISTRATION AND CANCELLATION. At the option of a registered owner of a Note and upon surrender of a Note at the principal corporate trust office of the Paying Agent with a written instrument of transfer and with guaranty of signature satisfactory to the Paying Agent duly executed by the Noteholder or his duly authorized attorney and upon payment by such Noteholder of any such charges which the Paying Agent or the City may make as provided in this Section, the Note may be exchanged for a Note of the same aggregate principal amount and maturity of any other authorized denominations. The Paying Agent shall keep books for the registration of Notes and for the registration of transfers of Notes. The Notes shall be transferable by the owner thereof in person or by his attorney duly authorized in writing only upon the books of the City kept by the Paying Agent and only upon surrender thereof together with a written instrument of transfer satisfactory to the Paying Agent duly executed by the Noteholder or his duly authorized attorney. Upon the transfer of any such Note, the City shall cause to be issued in the name of the transferee a new Note or Notes. The City and the Paying Agent may deem and treat the person in whose name any Note shall be registered upon the books kept by the Paying Agent as the absolute owner of such Note, whether such Note shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on such Note as the same becomes due and for all other purposes. All such payments so made to any such Noteholder or upon his order shall be valid and effectual to satisfy and discharge the liability upon such Note to the extent of the sum or sums so paid, and neither the City nor the Paying Agent shall be affected by any notice to the contrary. In all cases in which the privilege of exchanging Notes or transferring Notes is exercised, the City shall execute and the Paying Agent shall authenticate and deliver Notes in accordance with the provisions of this Resolution. All Notes surrendered in such exchanges or transfers shall forthwith be delivered to the Paying Agent and cancelled by the Paying Agent in the manner provided in this Section. There shall be no charge for any such exchange or transfer of Notes, but the City or the Paying Agent may require the payment of a sum sufficient to pay any tax, fee or other governmental charge required to be paid with respect to such exchange or transfer. 26851.2 4 95- 652 All Notes paid, at maturity or otherwise, shall be delivered to the Paying Agent when such payment is made, and such Notes, together with any Notes purchased by the City for cancellation, shall thereupon be promptly cancelled. Notes so cancelled may at any time be destroyed by the Paying Agent, who shall execute a certificate of destruction in duplicate by the signature of one of its authorized officers describing the Notes so destroyed, and one executed certificate shall be filed with the City and the other executed certificate shall be retained by the Paying Agent. SECTION 9. NOTES MUTILATED, DESTROYED, STOLEN OR LOST. In case any Note shall become mutilated, destroyed, stolen or lost, the City may execute and the Paying Agent shall authenticate and deliver a new Note of like date, maturity, denomination and interest rate as the Note so mutilated, destroyed, stolen or lost, provided that, in the case of any mutilated Notes, such mutilated Note shall first be surrendered to the City and, in the case of any lost, stolen or destroyed Note, there shall first be furnished to the City and the Paying Agent proof of ownership, evidence of such loss, theft, or destruction satisfactory to the City and the Paying Agent, together with indemnity satisfactory to them. In the event any such Note shall be about to mature or have matured, instead of issuing a duplicate Note, the City may direct the Paying Agent to pay the same without surrender thereof. The City and Paying Agent may charge the owner of such Notes their reasonable fees and expenses in connection with this transaction. Any Note surrendered for replacement shall be cancelled in the same manner as provided in Section 8 hereof. Any such duplicate Notes issued pursuant to this Section shall constitute additional contractual obligations on the part of the City, whether or not the lost, stolen or destroyed Notes be at any time found by anyone, and such duplicate Notes shall be entitled to equal and proportionate benefits and rights as to lien on and source and security for payment from the Pledged Funds with all other Notes issued hereunder. SECTION 10. FORM OF NOTES. The text of the Notes shall be of the tenor set forth in Exhibit A to this Resolution, with such omissions, insertions and variations as may be necessary and desirable and authorized or permitted by this Resolution. SECTION 11. PAYING AGENT; CUSTODIAN. (a) The appointment of the Paying Agent to perform the duties set forth hereunder is hereby delegated to the City Manager or Assistant City Manager, provided that such Paying Agent shall be a bank or trust company organized under the laws of any state of the United States or a national banking association, authorized to perform the duties imposed on it by this Resolution. 26851.2 95- 652 (b) The Paying Agent may at any time resign and be discharged of the duties and obligations created by this Resolution by giving at least 60 days' written notice to the City. The Paying Agent may be removed at any time by an instrument filed with such Paying Agent and signed by the Mayor or the City Manager. Any successor Paying Agent shall be appointed by the City and shall be, if other than the City or its successor entity, a bank or trust company organized under the laws of any state of the United States or a national banking association, willing and able to accept the office on reasonable and customary terms and authorized by law to perform all the duties imposed upon it by this Resolution. In the event of the resignation or removal of the Paying Agent, such Paying Agent shall pay over, assign and deliver any moneys held by it as Paying Agent to its successor. (c) If determined to be in the best interest of the City, the City Manager or Assistant City Manager may appoint a custodian to hold the Note Fund established pursuant to Section 13 hereof (the "Custodian"). Such Custodian may be the Paying Agent or any other bank or trust company organized under the laws of any state of the United States or a national banking association. SECTION 12. NO PLEDGE OF FULL FAITH AND CREDIT. Neither the full faith and credit nor the taxing power of the City, the County or the State or any political subdivision thereof or governmental authority or body therein are pledged to the payment of the principal of or interest on the Notes, except for the Pledged Funds. No Noteholder shall ever have the right to compel the exercise of the ad valorem taxing power of the City, the County or the State or any political subdivision thereof or governmental authority or body therein or taxation in any form of any real or personal property therein to pay such Notes or the interest thereon except fo•r those ad valorem taxes of the City collected during the Fiscal Year which constitute Pledged Funds. SECTION 13. COVENANTS AND REPRESENTATIONS AND PLEDGE OF PLEDGED FUNDS. The City represents to and covenants with and for the benefit of the owners of the Notes: (a) That it has adopted an operating budget for the Fiscal Year and that it will levy the City's ad valorem taxes during such Fiscal Year as required by law. (b) That to the extent necessary to pay when due the principal of and the interest on the Notes, the Pledged Funds for the Fiscal Year and all moneys held in the Note Fund hereinafter established are irrevocably pledged to the payment of the Notes superior to all other liens and encumbrances on such funds, except for bonds and other debt obligations as to which the City has or may in the future pledge its full faith, credit and taxing power. 26851.2 6 95- 652 -j (c) That, commencing in December 1995, the Director of Finance of the City (the "Director of Finance") shall withdraw from the General Fund of the City (the "General Fund") all Pledged Funds as received and deposit the amount so withdrawn to the credit of a special fund which is hereby created called The City of Miami Tax Anticipation Notes, Series 1995 Note Fund (the "Note Fund"), until the amount then on deposit to the credit of the Note Fund in the month indicated equals the following percentages of the sum of the principal of and interest on the Notes issued hereunder to be paid at maturity thereof (such sum being herein called the "Note Fund Requirement"): Month December 1995 January 1996 February 1996 March 1996 April 1996 May 1996 Percentage of Note Fund Requirement Monthly amount 25% 15% 150 15% 150 15% Cumulative amount 25% 40% 55°s 70% 85% 100% Amounts in the Note Fund shall be invested in accordance with the City of Miami, Florida, Code Section 18-2(b) (1986), as amended, and all investment earnings on funds in the Note Fund shall be retained therein and applied as herein provided. If the amount so deposited in any month to the credit of the Note Fund shall be less than the required amount for such month, the requirement thereof shall nevertheless be added to the amount otherwise required to be deposited in each month thereafter until such time as such deficiency shall have been made up. Pledged Funds deposited to the credit of the Note Fund in excess of the monthly deposit requirement set forth above shall be credited against future Note Fund deposit requirements. Payments into the Note Fund shall be adjusted to give credit for investment earnings then on deposit in the Note Fund and to make up any deficit in the required cumulative balance attributable to investment losses. Moneys in the Note Fund shall be trust funds and shall be at all times secured as are other deposits of public funds. (d) That the principal of and interest on the Notes when due shall be paid from the moneys on deposit in the Note Fund. (e) That the City will not create or suffer to be created any lien or charge upon the Pledged Funds ranking equally with or prior to the Notes, except for direct obligations of the City for which the full faith, credit and taxing power of the City have been or shall be pledged. 26851.2 7 95- 652 t (f) That it is the intention of the City and all parties under its control that the interest on the Notes issued hereunder be and remain excluded from gross income for federal income tax purposes and to this end the City hereby represents to and covenants with each of the holders of the Notes issued hereunder that it will comply with the requirements applicable to it contained in Section 103 and Sections 141 through 150 of the Internal Revenues Code of :986, as amended (the "Code") to the extent necessary to preserve the exclusion of interest on the Notes issued hereunder from gross income for federal income tax purposes. Specifically, without intended to limit in any way the generality of the foregoing, the city covenants and agreesi (1) To make or cause to be made all necessary determinations and calculations of the Rebate Amount (as hereinafter defined) and required payments of the Rebate Amount; (2) to set -aside sufficient moneys from the Pledged Funds or other legally available funds of the Issuer, to timely pay the Rehlate Amount to the United States of America] (3) to yay ;the Rebate Amount to the United States of America from the Pledged Funds or from any other legally available funds, at the times and to the extent required pursuant to section 148(f) of the Code; (4) to maintain and retain all rewords pertaining to the Rebate Amount with respect to the Notes issued hereunder and required payment of the Rebate Amount with respect to the Notes for at least six years after the final maturity of the. Notes or such other period as shall be necessary to comply with the Code; (5) to refrain from using proceeds from the Notes issued hereunder in a cr,anner that might cause the Notes to be classified as private activity bonds under Section 141(a) of the Coder and (6) to refrain from taking any action that would cause the Notes issued hereunder to become arbitrage bonds under Section 148 of the Code. The City understands that the foregoing covenants impose continuing obligation inn the City that will exist as long as the requirements of Sectior. 103 and Part IV of Subchapter B of Chapter 1 of the Code are applicable to the Notes. Notwithstanding any other provision of this Resolution to the contrary, including, in particular Section 21 hereof, the obligation of the ,City to pay the Rebate Amount to the United States of America and to comply with the other requirements of this ZW1.2 8 95- 652 provision shall survive the defeasance or payment in full of the Notes. As used herein, the term "Rebate Amount" means the excess of the amount earned an all non -purpose investments (as defined in Section 198 (f) (6) of the Code) over the amount which would have been earned if such non -purpose investments were invested at the rate equal to the yield on the Notes, plug any income attributable to such excess. SECTION 14. APPPICATIQN OF PROCREDS. (a) An amount of proceeds of the Notes: equal to the cost of issuance shall be deposited with the Paying Agent in a separate fund designated the City of Miami Tax Anticipation Note, Series 1994 Cost of Issuance Funds (the "Cost of;:Issuance Fund") and disbursed according to the instructions of the City for the payment of expenses incurred in issuing the Notes (including payment of the expenses of the City) . Any balance remaining after payment or provision for payment e£ such costs and expenses has been made shall be used solely to pay the principal and intetest on the Notes. (b) The balance: of the proceeds of the Notes shall be deposited to the credit of the General Fund of the City and applied in such manner as shall be permitted by law. The Director of Finance is hereby authorized to borrow on a temporary short-term basis moneys credited to capital projects funds of the City for the purpose of making moneys available to prepay the pension contribution required tp be made by the City on January 1, April 1, and July 1, 1996. 'Said temporary borrowing shall be repaid from available. moneys in the General Fund of the City derived from sources other than the proceeds of the Notes. ONCTION 15. AMIWDMZNTS. Without the consent of any Noteholders, the City many, from time to time and at any time, adopt such resolutions supplemental hereto for the purposes set forth below that donor -materially adversely affect the interests of the Noteholders (which supplemental resolutions shall thereafter form a part hereof)'.: (a) to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or to make any gther amendment with respect to matters or questions arising ,under this Resolution which may not be inconsistent with toe provisions of this Resolution, or (b) to modify, amend or any supplement or aTpendment hereto i Notes to be rated by any nationally services. 2W12 9 supplement this Resolution or n such manner as to permit the recognized securities rating 95- 652 Any other amendment hereof may by made with the prior written consent of the holders of a majority in aggregate principal amount of the Notes then outstanding hereunder, provided that no amendment shall permit a change: (a) in the maturity of the Notes, (b) in the amount of the principal obligation of any Notes, (c) that would adversely affect the pledge of the Pledge Funds hereunder, or (d) that would reduce the percentage of Noteholders required above for the modification of this Resolution, without the consent of all Noteholders. For the purposes of Noteholders' consents, the Notes owned by or held for the account of the City, directly or indirectly, shall not be counted. SECTION 16. QUALIFICATION FOR THE DEPOSITORY TRUST COMPANY. If determined by the Director of Finance or the City Manager or any Assistant City Manager to be necessary or desirable, the Director of Finance, the City Manager, and the Assistant City Manager is hereby authorized to take such actions as may be necessary from time to time to qualify the Notes for deposit with The Depository Trust Company of New York ("DTC"), including but not limited to, wire transfers of interest and principal payments with respect to the Notes, utilization of electronic book entry data received from DTC in place of actual delivery of Notes and provisions of any notices with respect to Notes registered by DTC by overnight delivery, courier service, telecopy or other similar means of communication. No such arrangements with DTC may adversely affect the interests of any of the beneficial holders of the Notes. SECTION 17. SALE BY PUBLIC BID; PUBLICATION OF NOTICE OF SALE. The Notes shall be sold by public bid on the date and at the time determined by the City Manager or Assistant City Manager (the "Sale Date"). The Director of Finance of the City is hereby authorized and directed to publish a Summary Notice of Sale calling for bids for the Notes in THE MIAMI DAILY BUSINESS REVIEW, a daily newspaper of general circulation published in the City of Miami and in THE BOND BUYER, a financial journal published in New York New York, and devoted primarily to municipal bonds, each of such publications to be made at least ten (10) days before the date for the receipt of bids, which Summary Notice of Sale shall be substantially in the form attached hereto as Exhibit B with such changes, insertions or deletions as shall be approved by the City Manager or the Assistant City Manager. The form on which all bids are requested to be made shall be in the form attached to the Notice of Sale, the form of which Notice of Sale and Bid Form shall be approved by the City Manager or Assistant City Manager prior to the date of publication. SECTION 18. AWARD. The City Clerk or any Deputy City Clerk is authorized and directed to receive and hold bids until the Sale Date at which time the City Clerk or any Deputy City Clerk shall publicly open and read the bids. The City Manager or his designee is authorized and directed to tabulate the bids, consult with his staff and the City's financial advisors and accept the offer of the 26851.2 10 95- 652 responsible bidder whose proposal offers to purchase all of the Notes at such rate of interest as will produce the lowest net interest cost rate to the City, provided, however, that the City Manager or his designee may reject all of the offers received if such rejection is deemed by him to be in the best interest of the City. The lowest net interest cost rate will be determined by taking the aggregate amount of interest at the fixed rate specified in the bids computed from the assumed date of delivery of the Notes to the maturity date of the Notes and subtracting therefrom any premium bid. SECTION 19. PRELIMINARY AND FINAL OFFICIAL STATEMENT APPROVED. The City hereby delegates to the City Manager or any Assistant City Manager the approval of the form and content of the Preliminary Official Statement in connection with the Notes. Distribution of the Preliminary Official Statement of the City to prospective purchasers of the Notes is hereby authorized as is use of the Preliminary Official Statement in connection with the marketing of the Notes; provided that prior to such distribution the Mayor, the Vice Mayor, the City Manager or any Assistant City Manager is hereby authorized, empowered and directed to execute a certificate to "deem final" the Preliminary Official Statement for the purposes of Rule 15c2-12 of the Securities and Exchange Commission. The Commission hereby authorizes the preparation of the Official Statement to be used in the actual offer and sale of the Notes to the public (the "Official Statement") and the delivery of such Official Statement to the underwriter awarded the sale of the Notes (the "Underwriter") no later than (7) business days (days on which the City is open for business) from the day on which the sale of the Notes is awarded to such Underwriter, and hereby approves the Official Statement which shall be substantially in the form of the Preliminary Official Statement with such changes, additions or deletions as shall be necessary and appropriate to reflect the terms of the sale of the Notes by the City to the Underwriter and the terms of the resale of the Notes by the Underwriter to the public. The Commission hereby approves future use by the Underwriter of the Official Statement in connection with the offering of the Notes to the public and hereby authorizes the preparation and use by the Underwriter of any supplement or amendment to the Official Statement which is necessary so that the Official Statement does not include any untrue statement of a material fact and does not omit to state a material fact necessary to make the statements contained therein in light of the circumstances under which they were made not misleading. The Official Statement and any supplement or amendment thereto shall be approved by the Mayor, the Vice Mayor, the City Manager or any Assistant City Manager, such approval to be evidenced by the execution of a certificate by the Mayor, the Vice Mayor, the City Manager or any Assistant City Manager and by the execution of an acknowledgement on such certificate by the City Attorney that the 2U51.2 11 95- 652 City Attorney has approved the Official Statement as amended as to form. The Mayor, the Vice Mayor, the City Manager or any Assistant City Manager is hereby authorized, empowered and directed to execute the Official Statement and any supplement or amendment thereto, after the Official Statement or such supplement or amendment thereto has been approved as provided in this Section 19. SECTION 20. FURTHER OFFICIAL ACTION. The Mayor, Vice Mayor, City Manager, Assistant City Manager, Director of Finance, City Attorney, City Clerk and other officials and officers of the City are hereby authorized, empowered and directed to execute and deliver such other documents and take such other actions (including, but not limited to, the procurement of credit enhancement to secure the Notes and obtaining ratings for the Notes) as shall be necessary and appropriate to accomplish the performance of the obligations of the City in respect thereof. The Mayor, Vice Mayor or City Manager is hereby authorized to agree to such requirements as may be imposed by the issuer of any credit enhancement or by any rating agency with respect to the Notes as a condition of such credit enhancement or rating. SECTION 21. DEFEASANCE. If (1) the City shall pay or cause to be paid to the Noteholders the principal of and interest to become due thereon at the time and in the manner stipulated therein and herein, (2) all fees and expenses of the Paying Agent shall have been paid, and (3) the City shall have kept, performed and observed all of its covenants and promises in the Notes and in this Resolution, then the Notes shall no longer be deemed to be outstanding under the provisions of this Resolution. For the purposes of the preceding sentence, Notes for the payment of which when due sufficient moneys or sufficient noncallable direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by, the United States of America shall have been deposited in trust for the owners thereof (whether upon or prior to the maturity of such Notes) shall be deemed to have been paid and no longer outstanding under the provisions of this Resolution. Such direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by the United States will be considered sufficient if said obligations, with interest, mature and bear interest in such amounts and at such times as will assure sufficient cash to pay interest and principal when due on the Notes. SECTION 22. REMEDIES. Any Noteholder or any trustee acting for such Noteholder in the manner hereinafter provided may by suit, action, mandamus or other proceeding in any court of competent jurisdiction protect and enforce any and all rights under the laws of the State or granted and contained in this Resolution and may enforce and compel the performance of all duties required by this 26W1.2 12 95- 652 Resolution or by any applicable statutes to be performed by the City or by any officer thereof. The Noteholders of a majority in aggregate principal amount of Notes then outstanding may, by a duly executed certificate, appoint a trustee for the Noteholders with authority to represent such Noteholders in any legal proceedings for the enforcement and protection of the rights of such Noteholders. SECTION 23. SEVERABILITY OF INVALID PROVISIONS. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any remaining provisions of this Resolution, but this Resolution shall be construed and enforced as if such illegal or invalid provision or provisions had not been contained herein. SECTION 24. NO THIRD PARTY BENEFICIARIES. Except as herein otherwise expressly provided, nothing in this Resolution expressed or implied is intended or shall be construed to confer upon any person, firm or corporation other than the City, the Paying Agent and the owners and holders of the Notes issued under and secured by this Resolution, any right, remedy or claim, legal or equitable, under or by reason of this Resolution or any provision hereof, this Resolution and all of its provisions being intended to be and being for the sole and exclusive benefit of the City, the Paying Agent and the owners and holders from time to time of the Notes issued hereunder. SECTION 25. CONTROLLING LAW; MEMBERS OF COMMISSION AND OFFICIALS OF CITY NOT LIABLE. All covenants, stipulations, obligations and agreements of the City contained in this Resolution shall be deemed to be covenants, stipulations, obligations and agreements of the City to the full extent authorized and provided by the Constitution and laws of the State of Florida. No covenants, stipulation, obligation or agreement contained herein shall be deemed to be a covenant, stipulation, obligation or agreement of any present or future member, agent, or employee of the Commission or the City in his individual capacity, and neither the members of the Commission nor any official executing the Notes shall be liable personally on the Notes or this Resolution or be subject to any personal liability or accountability by reason of the issuance or the execution by the Commission or such members thereof. SECTION 26. MBE/WBE ALLOCATION. The terms of Ordinance No. 10062, amended by Ordinance No. 10538, which by this reference thereto is hereby herein incorporated in its entirety, shall be applicable in every aspect to the issuance of the Notes. 26as1.2 13 95- 652 L SECTION 27. GOVERNING LAW. The provisions of this Resolution shall be construed and enforced in accordance with the laws of the State of Florida. SECTION 28. REPEALING CLAUSE. All resolutions or parts thereof in conflict with the provisions of this Resolution are, to the extent of such conflict, hereby superseded and repealed. SECTION 29. TIME OF TAKING EFFECT. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 14th day of September, 1995. S EPHEN P. CLARK, Mayor (SEAL) ATTEST: /z WALTER "-MAN, City Clerk REVIEWED BY: RAFAEL 0. DIAZ Deputy City AttornW APPROVED AS TO FORM AND CORRECTNESS: 26951.2 14 95-- 652 A EXHIBIT A [Form of Note] No. NR- $ UNITED STATES OF AMERICA STATE OF FLORIDA THE CITY OF MIAMI, FLORIDA TAX ANTICIPATION NOTE, SERIES 1995 Interest Rate: Maturity Date_: Issue Date: CUSIP: °s September 27, October , 1996 1995 Principal Amount: Registered Owner: The City of Miami, Florida (the "City"), is justly indebted and for value received hereby promises to pay to the Registered Owner set forth above or registered assigns or legal representatives, on the Maturity Date specified above, but solely from the sources hereinafter identified upon the presentation and surrender hereof, at the principal corporate trust office of , Florida (the "Paying Agent"), the Principal Amount specified above, at the Interest Rate per annum specified above (calculated on the basis of a 360-day year consisting of twelve thirty -day months) until payment of such Principal Amount. Both the principal of and interest on this Note are payable in any coin or currency of the United States of America which, at the date of payment thereof, is legal tender for the payment of public and private debts. This Note is one of a duly authorized issue of Notes of the City known as Tax Anticipation Notes, Series 199511, (the "Notes") in the aggregate principal amount of $ issued under the authority of and in full compliance with the Constitution and the laws of the State of Florida, the Charter of the of the City and Resolution No. adopted by the City Commission of the City on September , 1995 (the "Resolution"), for the purpose of paying the appropriations made for the fiscal year of the City ending September 30, 1996 (the "Fiscal Year") in anticipation of the receipt of ad valorem taxes of the City and estimated in the budget of the City to be realized in cash during such Fiscal Year and to pay the costs of the sale and issuance of the Notes. By the acceptance of this Note, the owner hereof assents to all the provisions of the Resolution. 26851.2 A-1 95- 652 Neither the full faith and credit nor the taxing power of the City, County or the State of Florida or any political subdivision thereof or governmental authority or body therein are pledged to the payment of the Notes, but the Notes shall be payable in accordance with the provisions of the Resolution solely from the City's ad valorem taxes collected during the Fiscal Year, except ad valorem taxes approved by referendum and levied specifically to pay debt service on bonds or other obligations issued by the City (the "Pledged Funds"). Commencing December 1995, the Director of Finance of the City shall withdraw from the General Fund of the City Pledged Funds and deposit the amount so withdrawn to the credit of the special fund known as the "Note Fund" as set forth in the Resolution. The Registered Owner of this Note shall not have the right to compel the exercise of the ad valorem taxing power of the City, County or the State of Florida or any political subdivision thereof or governmental authority or body therein or taxation in any form of any real or personal property therein to pay such Note except for the Pledged Funds. The pledge of the Pledged Funds to the payment of the Notes is superior to all other liens and encumbrances on such funds. The Notes are issuable as registered notes without coupons in denominations of $5,000 each or any integral multiple thereof. Notes may be exchanged for an equal aggregate principal amount of registered Notes of other authorized denominations, at the principal corporate trust office of the Paying Agent, in the manner and subject to the limitations and conditions provided in the Resolution and without cost except for any tax or other governmental charge. The transfer of this Note by the Registered Owner hereof in person or by his attorney or legal representative is registrable at the principal corporate trust office of the Paying Agent, but only in the manner and subject to the limitations and conditions provided in the Resolution and upon surrender and cancellation of this Note. Upon any such registration of transfer the City shall execute and the Paying Agent shall authenticate and deliver in exchange for this Note a new note or notes registered in the name of the transferee or transferees, of any authorized denominations and in principal amount equal to the principal amount of this Note. The Notes are not subject to redemption prior to maturity. This Note shall not be valid or become obligatory for any purpose or be entitled to any benefit under the Resolution until this Note shall have been authenticated by the execution by the Paying Agent of the certificate of authentication endorsed hereon. This Note shall be governed and construed in accordance with the laws of the State of Florida. 26851.2 A - 2 it 0 5+ 652 It is hereby certified and recited that all acts, conditions and things required to happen, exist and be performed precedent to and in the issuance of this Note have happened, exist and have been performed in due time, form and manner as required by the Constitution and the laws of the State of Florida. This Note is and has all the qualities and incidents of an investment security under the Uniform Commercial Code Investment Securities law of the State of Florida. IN WITNESS WHEREOF, The City of Miami, Florida has caused this Note to be signed by the Mayor, either manually or with his facsimile signature, and the seal of The City of Miami, Florida or a facsimile thereof to be affixed hereto or imprinted or reproduced hereon, and attested by the City Clerk, either manually or with her facsimile signature. THE C OF MIAMI, FLORIDA BY: STEYHEN P. CLARK, Mayor APPROVED AS TO FORM AND CORRECTNESS BY: , ALTER J WE A. QU JO III City Cler City ttor r/ CERTIFICATE OF AUTHENTICATION This is one of the Notes of the issue designated therein and issued under the provisions of the Resolution mentioned therein: Date of Authentication: 26MI.z A-3 I-7 as Paying Agent By: Authorized Officer 95- WJ21 [Form of Abbreviations for Notes] The following abbreviations, when used in the inscription of the within Note shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with the right of survivorship and not as tenants in common UNIFORM GIFT MIN ACT - Custodian (Gust) under Uniform Gifts to Minors Act (State) Additional abbreviations may also be used though not in the above list [Form of Assignment for Notes] (Minor) For value received, the undersigned hereby sells, assigns and transfers unto the within Note, and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney to transfer the said Note on the registration books, with full power of substitution in the premises. Dated: Please insert Social Security or other identifying number of transferee: Signature: Signature guaranteed: NOTICE: The transferor's signature to this Assignment must correspond with the name as it appears on the face of the within Note in every particular without alteration or any change whatever. 26951.2 A-4 I� x EXHIBIT B SUMMARY NOTICE OF SALE $20,000,000 THE CITY OF MIAMI, FLORIDA Tax Anticipation Notes, Series 1995 Sealed bids will be received by the Commission of the City of Miami, Florida in the City Hall, 3500 Pan American Drive, Miami, Florida 33133 subject to the provisions of the official Notice of Sale dated September , 1995. Sale Date: October , 1995 Time: 11:00 A.M. (E.S.T.) Notes Dated: October , 1995 Maturity: September 27, 1996 Interest Paid At Maturity Legal Opinion: Eckert Seamans Cherin & Mellott The principal of and the interest on the Notes are payable solely from and secured solely by a prior lien on and pledge of the City's ad valorem taxes collected during the Fiscal Year ending September 30, 1996 except such ad valorem taxes approved by referendum and levied specifically to pay debt service on bonds or other obligations issued by the City (the "Pledged Funds"). The Notes do not constitute a general obligation of the City and neither the full faith and credit nor the taxing power of the City, Dade County, Florida or the State of Florida or any political subdivision thereof or governmental authority or body therein are pledged to the payment of the principal of or interest on the Notes except for the Pledged Funds. When issued the Notes will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York, which will act as securities depository for the Notes. For copies of the Notice of Sale, Official Bid Form and the Preliminary Official Statement of The City of Miami, Florida, dated September 1 1995, please contact Mr. Manohar S. Surana, Director of Finance at 300 Biscayne Boulevard Way, Suite 210, Miami, Florida, 33131, telephone number (305) 579-6350, or the Financial Advisors, Mr. Kishor M. Parekh, First Vice President, Howard Gary & Company, 3050 Biscayne Boulevard, Suite 603, Miami, Florida 33137-4163, telephone number (305) 571-1380, and Mr. Wendell G. Gaertner, Vice President, Public Finance, Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, telephone number (813) 573-8189. 26851.2 off,- 652 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM To : Honorable Mayor and Members of the City Commission FROM : Ces r City ger RECOMMENDATION: DATE : SEP — 7 1995 FILE SUBJECT : Agenda Itent REFERENCES: ENCLOSURES: It is respectfully recommended that the City Commission adopt the attached resolution, with attachments, authorizing the issuance of not to exceed $20,000,000 in aggregate principal amount of the City of Miami, Florida, Tax Anticipation Notes, Series 1995, for the purpose of meeting certain of the City's cash flow requirements for the fiscal year ending September 30, 1996; fixing certain details of said notes including approving the form thereof, providing for the rights and security of all note holders pursuant to this resolution; appointing a paying agent for the notes; authorizing the City Manager or Assistant City Manager to take any action necessary to qualify the notes for deposit with the Depository Trust Company; directing and authorizing sale of the notes by public bid and directing publication of a summary notice of sale of said notes and establishing the date and time for such sale and the procedure for awarding said notes; approving the form and distribution to prospective purchasers of a preliminary official statement; approving the form and execution of an official statement; authorizing the City Manager or Assistant City Manager on behalf of the City to determine the final details of the notes within the parameters established by this resolution; authorizing requisite actions and the execution of documents by the Mayor or Vice Mayor, City Manager or Assistant City Manager, and the City Attorney, as to form, consistent with such final details; authorizing other officers of the City to take all other actions necessary in connection with the issuance of the notes; making certain other covenants and agreements in connection with the issuance of said notes; and providing severability and an effective date. 95-- 652 Agenda Item Page -2- - 01MM1111► I The City will begin collecting property taxes for fiscal year 1995-96 at the end of November 1995. A cash flow gap approximating $20 million is expected to occur in October and November attributable to normal operating expenditures. These Tax Anticipation Notes will be paid with fiscal year 1996 general fund property taxes. The proposed 1996 budget estimates these taxes at $101,404,458, net of a 5% reserve for early payment discounts and uncollectables. Although these budgeted revenues are based on a preliminary taxroll, the majority of these taxes are expected to be collected. The Department of Finance hereby recommends the issuance of Tax Anticipation Notes in October, 1995 in an amount not to exceed $20 million to bridge the cash flow gap at the beginning of fiscal year 1995-96, and to prepay the pension contributions. 95_ 652 EXHIBIT A [Form of Note] No. NR- $ UNITED STATES OF AMERICA STATE OF FLORIDA THE CITY OF MIAMI, FLORIDA TAX ANTICIPATION NOTE, SERIES 1995 Interest Rate: Maturity Date: Issue Date: CUSIP: °s September 27, October , 1996 1995 Principal Amount: Registered Owner: The City of Miami, Florida (the "City"), is justly indebted and for value received hereby promises to pay to the Registered Owner set forth above or registered assigns or legal representatives, on the Maturity Date specified above, but solely from the sources hereinafter identified upon the presentation and surrender hereof, at the principal corporate trust office of , Florida (the"Paying Agent"), the Principal Amount specified above, at the Interest Rate per annum specified above (calculated on the basis of a 360-day year consisting of twelve thirty -day months) until payment of such Principal Amount. Both the principal of and interest on this Note are payable in any coin or currency of the United States of America which, at the date of payment thereof, is legal tender for the payment of public and private debts. This Note is one of a duly authorized issue of Notes of the City known as "Tax Anticipation Notes, Series 199511, (the "Notes") in the aggregate principal amount of $ issued under the authority of and in full compliance with the Constitution and the laws of the State of Florida, the Charter of the of the City and Resolution No. adopted by the City Commission of the City on September , 1995 (the "Resolution"), for the purpose of paying the appropriations made for the fiscal year of the City ending September 30, 1996 (the "Fiscal Year") in anticipation of the receipt of ad valorem taxes of the City and estimated in the budget of the City to be realized in cash during such Fiscal Year and to pay the costs of the sale and issuance of the Notes. By the acceptance of this Note, the owner hereof assents to all the provisions of the Resolution. 26851.2 A- 1 95- 652 Neither the full faith and credit nor the taxing power of the City, County or the State of Florida or any political subdivision thereof or governmental authority or body therein are pledged to the payment of the Notes, but the Notes shall be payable in accordance with the provisions of the Resolution solely from the City's ad valorem taxes collected during the Fiscal Year, except ad valorem taxes approved by referendum and levied specifically to pay debt service on bonds or other obligations issued by the City (the "Pledged Funds"). Commencing December 1995, the Director of Finance of the City shall withdraw from the General Fund of the City Pledged Funds and deposit the amount so withdrawn to the credit of the special fund known as the "Note Fund" as set forth in the Resolution. The Registered Owner of this Note shall not have the right to compel the exercise of the ad valorem taxing power of the City, County or the State of Florida or any political subdivision thereof or governmental authority or body therein or taxation in any form of any real or personal property therein to pay such Note except for the Pledged Funds. The pledge of the Pledged Funds to the payment of the Notes is superior to all other liens and encumbrances on such funds. The Notes are issuable as registered notes without coupons in denominations of $5,000 each or any integral multiple thereof. Notes may be exchanged for an equal aggregate principal amount of registered Notes of other authorized denominations, at the principal corporate trust office of the Paying Agent, in the manner and subject to the limitations and conditions provided in the Resolution and without cost except for any tax or other governmental charge. The transfer of this Note by the Registered Owner hereof in person or by his attorney or legal representative is registrable at the principal corporate trust office of the Paying Agent, but only in the manner and subject to the limitations and conditions provided in the Resolution and upon surrender and cancellation of this Note. Upon any such registration of transfer the City shall execute and the Paying Agent shall authenticate and deliver in exchange for this Note a new note or notes registered in the name of the transferee or transferees, of any authorized denominations and in principal amount equal to the principal amount of this Note. The Notes are not subject to redemption prior to maturity. This Note shall not be valid or become obligatory for any purpose or be entitled to any benefit under the Resolution until this Note shall have been authenticated by the execution by the Paying Agent of the certificate of authentication endorsed hereon. This Note shall be governed and construed in accordance with the laws of the State of Florida. 26851.2 A-2 95- 652 L It is hereby certified and recited that all acts, conditions and things required to happen, exist and be performed precedent to and in the issuance of this Note have happened, exist and have been performed in due time, form and manner as required by the Constitution and the laws of the State of Florida. This Note is and has all the qualities and incidents of an investment security under the Uniform Commercial Code Investment Securities law of the State of Florida. IN WITNESS WHEREOF, The City of Miami, Florida has caused this Note to be signed by the Mayor, either manually or with his facsimile signature, and the seal of The City of Miami, Florida or a facsimile thereof to be affixed hereto or imprinted or reproduced hereon, and attested by the City Clerk, either manually or with her facsimile signature. THE CITY OF MIAMI, FLORIDA By: STEPHEN P. CLARK, Mayor (SEAL) APPROVED AS TO FORM AND CORRECTNESS By: WALTER J. FOEMAN A. QUINN JONES, III City Clerk City Attorney CERTIFICATE OF AUTHENTICATION This is one of the Notes of the issue designated therein and issued under the provisions of the Resolution mentioned therein. as Paying Agent By: Authorized Officer Date of Authentication: 26951.2 A - 3 652 [Form of Abbreviations for Notes] The following abbreviations, when used in the inscription of the within Note shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with the right of survivorship and not as tenants in common UNIFORM GIFT MIN ACT - Custodian (Gust) (Minor) 1 i under Uniform Gifts to Minors Act (State) Additional abbreviations may also be used though not in the above list [Form of Assignment for Notes] i For value received, the undersigned hereby sells, assigns and transfers unto the within Note, and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney to transfer the said Note on the registration books, with full power of substitution in the premises. Dated: Please insert Social Security or other identifying number of transferee: I Signature: Signature guaranteed: NOTICE: The transferor's signature to this Assignment must correspond with the name as it appears on the face of the within Note in every particular without alteration or any change whatever. 26MI.2 A- 4 95- 652 L EXHIBIT B SUMMARY NOTICE OF SALE $20,000,000 THE CITY OF MIAMI, FLORIDA Tax Anticipation Notes, Series 1995 Sealed bids will be received by the Commission of the City of Miami, Florida in the City Hall, 3500 Pan American Drive, Miami, Florida 33133 subject to the provisions of the official Notice of Sale dated September , 1995. Sale Date: October , 1995 Time: 11:00 A.M. (E.S.T.) Notes Dated: October , 1995 Maturity: September 27, 1996 Interest Paid At Maturity Legal Opinion: Eckert Seamans Cherin & Mellott The principal of and the interest on the Notes are payable solely from and secured solely by a prior lien on and pledge of the City's ad valorem taxes collected during the Fiscal Year ending September 30, 1996 except such ad valorem taxes approved by referendum and levied specifically to pay debt service on bonds or other obligations issued by the City (the "Pledged Funds"). The Notes do not constitute a general obligation of the City and neither the full faith and credit nor the taxing power of the City, Dade County, Florida or the State of Florida or any political subdivision thereof or governmental authority or body therein are pledged to the payment of the principal of or interest on the Notes except for the Pledged Funds. When issued the Notes will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York, which will act as securities depository for the Notes. For copies of the Notice of Sale, Official Bid Form and the Preliminary Official Statement of The City of Miami, Florida, dated September 1995, please contact Mr. Manohar S. Surana, Director of Finance at 300 Biscayne Boulevard Way, Suite 210, Miami, Florida, 33131, telephone number (305) 579-6350, or the Financial Advisors, Mr. Kishor M. Parekh, First Vice President, Howard Gary & Company, 3050 Biscayne Boulevard, Suite 603, Miami, Florida 33137-4163, telephone number (305) 571-1380, and Mr. Wendell G. Gaertner, Vice President, Public Finance, Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, telephone number (813) 573-8189. 26851.2 B - 1 --------------------------------------------------- DID90.s NIN -------------------------------------------------- DATE BIDS) OPENED: aCTOBER 3_-1995 ---------------------------------------- TOTAL DID BOND_Sorj BIDDER BID AHOUNT CASHIER'S CHECK LEHMAN BROTHERS WILLIAM R. HOUGH & CO. 'CHEMICAL SECURITIES INC. MERRILL LYNCH RAUCHER PIERCE REFSNES, INC. PRUDENTIAL SECURITIES -------- WEBBER--a_rrrr_aaw r--a—a_a --- ------------- O"'�t t ' tim p'.-t���r- + -a---� a -ons "ffi�— vcci'�rs— e rcceiv"ed ffin :f 1v crs Gtale aboy —IifeiT—�irrs—t�i` opening date C7n other' ofkn-s SidbmxHicc i:n rje3-pcxks, :, to ii'_�w Ui` ii�;i t7�A. if any. —�— ---------------i ---------- ---- ,I -- ----------------------- ---- ------------ ---------------- -------------- ------------- ------{-----------------M ---- ---------------- ---------- ------------------------------- -------------- ------ 9_; -a --------------- -------------- ------------ ---------- ---- ------------------------- ----__----- -----------------a_ -------------w----wr--------- ----------------- ------ — S I GNE : *95 OCT -3 All :00 IVALTER J. FOEMAN) CITY CLERK CITY FL,'. -1 � • �"yy� Sri ?"'1"j NOTICE OF SALE $20,000,000 THE CITY OF MIAMI, FLORIDA Tax Anticipation Notes, Series 1995 '. Sealed Bids. Sealed bids will be received by the City Clerk of The City of Miami, Florida (the "City") at City Hall, 3500 Pan American Drive, Miami, Florida 33133, until 11:00 a.m. Miami time on October 3, 1995, at which time and place all bids will be publicly opened and read for its Tax Anticipation Notes, Series 1995 to be issued in the aggregate principal amount of $20,000,000 (hereinafter collectively referred to as the "Notes"). The City reserves the right to schedule and reschedule the opening of the sealed bids to a subsequent date with notice thereof given in such manner as the City deems appropriate. General Terms. The Notes will be dated the date of delivery and are issuable as registered notes; in the denomination of $5,000 or any integral multiple thereof. The Notes will mature on September 27, 1996. When issued the Notes will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York, which will act as securities depository for the Notes. Ownership interest in the Notes will be transferred pursuant to a book -entry system as described in the Preliminary Official Statement with respect to the Notes. The principal of and interest on the Notes shall be paid at maturity. The Notes are not subject to redemption prior to maturity. Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Principal of, and interest on the Notes will be payable to the registered owners thereof, on the maturity date of the Notes in immediately available funds upon presentation and surrender thereof, at the office of The Bank of New York Trust Company of Florida, N.A., or any successor paying agent designated by the City. Security for and Source of Payment for the Notes. The principal of and the interest on the Notes are payable solely from and secured solely by a prior lien on and pledge of the City's ad valorem taxes collected during the Fiscal Year, except such ad valorem taxes approved by referendum and levied specifically to pay debt service on bonds or other obligations issued by the City (the "Pledged Funds"). The Notes do not constitute a general obligation of the City and neither the full faith and credit nor the taxing power of the City, Dade County, Florida or the State of Florida or any political subdivision thereof or governmental authority or body therein are pledged to the payment of the principal of or interest on the Notes, except for the Pledged Funds. Interest Rates and Bidding Details. Each proposal must be made on the Official Bid Form (as attached to this Notice of Sale) specifying the rate of interest or formula for determining the same and premium, if any, and enclosed in a sealed envelope marked "Bid for $20,000,000 The City of Miami, Florida Tax Anticipation Notes, Series 1995." Bidders are requested to name the interest rate in multiples of 1/8 or 1/20 of I %. Each bid must specify the interest rate for the Notes. No Note shall bear more than one rate of interest, which rate shall be uniform for the life of the Note, and no zero or blank rate or split rate will be permitted. No bid for less than all of the Notes offered will be entertained. d Premiums may be specified. Bidders are hereby notified that by law no discount is permitted on the sale of the Notes. Award of Notes. As between acceptable proposals complying with this Notice of Sale, the Notes will be sold to the responsible bidder whose proposal offers to purchase all of the Notes at such rate or rates of interest as will produce the lowest net interest cost rate to the City. The lowest net interest cost rate will be determined by taking the aggregate amount of interest at the fixed rate specified in the bids computed from October 10, 1995, the assumed date of delivery of the Notes, to September 27, 1996 (353 days on a 360-day basis) and subtracting therefrom any premium bid. If this procedure results in a tie, the Notes will be awarded and sold to the bidders based on a ratable apportionment between or among such bidders. Right of Rejection and Waiver of Irregularity. THE CITY RESERVES THE RIGHT TO REJECT ANY AND ALL BIDS, AND ANY BIDS NOT COMPLYING WITH THE PROVISIONS HEREOF OR FLORIDA LAW WILL BE REJECTED. THE CITY ALSO RESERVES THE RIGHT TO WAIVE ANY AND ALL INFORMALITY IN ANY BID, TO TAKE ANY ACTION ADJOURNING OR POSTPONING THE SALE OF THE NOTES OR TO TAKE ANY OTHER ACTION THE CITY MAY DEEM TO BE IN THE BEST INTEREST OF THE CITY. Official Statement. The City has authorized the distribution of its Preliminary Official Statement, dated September 20, 1995, related to the Notes which it has deemed final for purposes of Rule 15c2-12(b)(1) of the Securities Exchange Act of 1934, as amended (the "Rule") (except for certain omissions as described by the Rule). Such Preliminary Official Statement is subject to revision, amendment and completion in accordance with the Rule in the final Official Statement. Upon the sale of the Notes, the City agrees to provide to the successful bidder, within the earlier of seven business days following the sale of the Notes or at such time as is necessary to accompany the successful bidder's confirmation that requests payment for the Notes, copies of a final Official Statement in quantities sufficient to comply with the Rule. The City expects the successful bidder to deliver copies of such Official Statement to persons to whom such bidder initially sells the Notes, to all other members of its bidding syndicate, to nationally recognized municipal securities information repositories and to the Municipal Securities Rulemaking Board ("MSRB") or its designee pursuant to MSRB Rule G-36 no later than ten (10) business days following the date of the award. The successful bidder will be required to acknowledge receipt of such Official Statement, to certify that it has made delivery of the Official Statement to such repositories and to acknowledge that the City expects the successful bidder to deliver copies of such Official Statement to persons to whom such bidder initially sells the Notes, to all other members of its bidding syndicate and to the MSRB. The successful bidder shall notify the City as soon as practicable of (a) the date which is the end of the underwriting period (as defined in the Rule) and (b) the date(s) of filing of the final Official Statement with a repository and the MSRB. The successful bidder will be responsible to the City in all respects for the accuracy and completeness of information provided by such successful bidder with respect to such offering. The successful bidder or bidders will not be required to pay the cost of printing the Preliminary Official Statement or a total of not more than 500 copies of the Official Statement (including any amendment or supplement thereto) to be allocated pro rata among such bidders but will be responsible 'ra for the costs of printing more than 500 copies of the Official Statement (including any amendment or supplement thereto). Continuing Disclosure. The City will agree to provide or cause to be provided, in accordance with the requirements of SEC Rule 15c2-12 (the "Rule"), timely notice of the occurrence of certain material events with respect to the Notes. The successful bidder's obligation to purchase the Notes shall be conditioned upon its receiving, at or prior to the delivery of the Notes, in form and substance reasonably satisfactory to the successful bidder, evidence that the City has made the continuing disclosure undertaking set forth above for the benefit of the holders of the Notes. Good Faith. Each bid must be accompanied by a certified or bank cashier's or treasurer's check drawn upon an incorporated bank or trust company, -or a Financial Surety Bond (as described below), in the amount of $200,000, which check or Financial Surety Bond, on which no interest will be allowed, must be payable unconditionally to the order of The City of Miami, Florida. Award or rejection of bids will be made on the date above stated for receipt of bids and the checks of unsuccessful bidders will be returned immediately. The good faith deposit requirement may be satisfied through the posting of a Financial Surety Bond under Capital Guaranty Insurance Company's Sure -Bid program, in the amount of $200,000 and payable to the order of The City of Miami, Florida. If a Financial Surety Bond is used, such bond must be submitted to the City prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose good faith deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to a bidder utilizing a Financial Surety Bond, then that purchaser (the "Purchaser") is required to submit its good faith deposit to the City in the form of a cashier's check (or wire transfer such amount for the benefit of the City to the following bank and bank account: First Union National Bank of Florida, No. 063000021, Credit to The City of Miami, Florida, Acct. No. 2696204833948, Attn: Joyce Blackwood) not later than 3:30 p.m. Miami time on the date of award. If the good faith deposit is not received by such time, the Surety Bond may be drawn on the next business day by the City in the amount of the good faith deposit. The good faith deposit of the Purchaser will be cashed and the proceeds, on which no interest will be allowed, will be held as security for the performance of the bid, will be retained by the City. The retention of such check will constitute full liquidated damages. If it shall be found impossible to issue and deliver the Notes, the City will deliver to the successful bidder a certified or bank cashier's or treasurer's check drawn upon a bank or trust company in The City of Miami, Florida, payable unconditionally to the order of such Purchaser, in the amount of the check deposited by such Purchaser. Upon delivery of the Notes, the proceeds of the check of the successful bidder will be applied to payment for the Notes. Delivery of Notes. Delivery of the Notes in definitive form will be made on or about October 10, 1995, or such other date as shall be appropriate to ensure compliance with the Rule, through The Depository Trust Company ("DTC") in New York, New York, against payment therefor in immediately available funds to the order of The City of Miami, Florida. Legal Opinion and Closing Certificates. The approving legal opinion of Eckert Seamans Cherin & Mellott, Miami, Florida, will be furnished without cost to the purchasers of the Notes substantially in the form attached to the Preliminary Official Statement. The successful bidder shall be required, at or prior to delivery of the Notes, to furnish to the City such information concerning the initial prices at which a substantial amount of the Notes of each maturity were sold to the public as the City shall reasonably request. The usual closing documents shall also be furnished. The successful bidder will be responsible for the clearance or exemption with respect to the status of the Notes for sale under the Securities or "Blue Sky" laws of the several states and the preparation of any surveys or memoranda in connection therewith. Concurrently with the delivery of the Notes, the City Manager and the City's Director of Finance or other appropriate officers of the City will furnish their certificate to the effect that, to the best of their knowledge, the Official Statement as of its date and as of the date of delivery of the Notes, did not and does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained herein, in the light of the circumstances under which they were made, not misleading. Right of Cancellation. The successful bidder shall have the right, at its option, to cancel its obligation to purchase the Notes if the City shall fail to tender the Notes for deliver within 60 days from the date herein fixed for the receipt of bids, and, in such event, the successful bidder shall be entitled to the return of its deposit mentioned above, with interest. Disclosure Obligations of the Purchaser. Section 218.38(1)(b)(1), Florida Statutes, requires that the City file, within 120 days after delivery of the Notes, an information statement with the Division of Bond Finance of the State of Florida (the "Division") containing the following information: (a) the name and address of the managing underwriter, if any, associated with the issuance of the Notes; (b) the name and address of any attorney or financial consultant who advised the City with respect to the Notes; (c) any fee, bonus or gratuity paid by the managing underwriter or financial consultant, in connection with the Note issued to any person not regularly employed or engaged by such underwriter or consultant; and (d) any other fee paid by the City with respect to the Notes, including any fee paid to attorneys or financial consultants. The purchaser of the Notes is required to provide the City, on or prior to the date of delivery of the Notes, a statement signed by an authorized officer containing the information mentioned in (a) and (c) above. Section 218.38(1)(b)2, Florida Statutes, requires that the managing underwriter within 90 days after delivery of the Notes, provide the City with a Statement containing the information mentioned in (c) above. The information provided pursuant to the cited statute will be maintained by the Division of Bond Finance and by the City as a public record. Estimate of True Interest Cost. Each bidder is requested, but not required, to state in its bid the amount of interest payable on the Notes during the life of the issue and the percentage true interest cost (determined as described above) which shall be considered as informative only and not binding on either the bidder or the City. Book -Entry System and CUSIP Numbers. The Notes will be issued in fully registered form, without coupons. One Note certificate in the aggregate principal amount of the Notes will be issued to and registered in the name of Cede & Co., as nominee of DTC, as registered owner of the Notes, and immobilized in the custody of DTC which will act as securities depository for the Notes. A Book -entry only system will be employed by DTC evidencing beneficial ownership interest in the Notes in principal Cl amounts of $5,000 or any integral multiple thereof, with transfers of beneficial ownership interests in the Notes effected only through the records of DTC and its participants and indirect participants pursuant to the rules and procedures established by DTC. It is anticipated that CUSIP identification numbers will be printed on the Notes, but neither the failure to print such numbers on the Notes nor any error with respect thereto shall constitute cause for failure or refusal by the successful bidder to accept delivery of and pay for the Notes in accordance with their agreement to purchase the Notes. It is the responsibility of the successful bidder to timely obtain and pay for the assignment of such CUSIP numbers. Minority and Women's Business Enterprises. Pursuant to Ordinance No. 10062, as amended by Ordinance No. 10538 and Ordinance No. 11272 (collectively, the "Ordinance"), which by this reference thereto is herein incorporated in its entirety, it is the policy of the City to ensure that MBE/WBE Firms (as hereinafter defined) have the maximum opportunity to participate in the performance of City contracts. Bidders have the option of complying with such policy by either joint venturing with MBE/WBE Firms or including such firms in their joint management group. For such purposes, a "MBE/WBE Firm" is a firm at least 51 % owned by blacks, hispanics or women whose daily business operations are controlled by one or more blacks, hispanics, or women. The objective of the City is to achieve a goal of awarding a minimum of fifty-one percent (51 %) of the total annual dollar volume of all procurement expenditures to black, hispanic and women -owned small business enterprises to be apportioned as follows: seventeen percent (17%) to Blacks, seventeen percent. (17%) to Hispanics and seventeen percent (17%) to women. Bidders are advised of the right of the City to terminate and cancel any contract or contractual agreement entered into as a result of this Notice of Sale, including elimination of the individual(s) from consideration and participation in future City contracts, on the basis of having submitted deliberate and willful, false or misleading information as to his, her or its status as a MBE/WBE Firm and/or the quantity and/or type of MBE/WBE Firm participation. Each bidder agrees to provide a sworn statement of compliance with the provisions of the Ordinance and its specific applicability to the purchase of the Notes, which statement shall certify that the bidder, during the course of time involved in the performance of the contract, shall not discriminate against any business, employee, or applicant for employment because of age, ethnicity, race, creed, color, religion, sex, national origin, handicap or marital status. Bidder are also required to provide a statement of the extent to which such business enterprise has as one or more of its partners or principal persons who are black, hispanic or women, or is a joint venture comprised of a MBE/WBE Firm. Bidders are required to submit an Affirmative Action plan (AAP), which shall include the projected annual goals and the timetables which will be used to employ and/or procure women, blacks and hispanics, a non-discrimination policy statement and any other actions which will be used to ensure equity in employment and the utilization of MBE/WBE Firms. Any significant subcontractors, suppliers or other parties to the bid or proposal shall also be required to submit an AAP. Bidders who do not 5 L presently have an AAP shall submit in lieu thereof a detailed listing of employees in tabular form indicating: (1) Ethnicity, race and gender; and (2) level or responsibility delineating between management, professional, administration, and clerical. If the bidder is a public company, the bidder should indicate what percentage of its board of directors are members of an ethnic, racial, or gender minority. Bidders shall demonstrate a good faith effort to ensure equal employment opportunities for blacks, hispanics, and women on the contract resulting from the Notice of Sale. Successful bidders shall document these efforts fully and shall provide reports as may be required by the City. Successful bidder shall permit access to their books, records, and accounts for the Office of MBE/WBE Affairs or its designee for the purpose of investigation to ascertain compliance with the foregoing requirements. In the event of successful bidders' noncompliance with the affirmative action policy hereof, the City Manager may suspend in whole or part, cancel or terminate the bid or contract award and/or impose other sanctions as may be determined to be appropriate. Additional Information, The official Bid Form and Notice of Sale and copies of the Preliminary Official Statement relating to the Notes may be obtained upon request to the undersigned at 300 Biscayne Boulevard Way, Suite 325, Miami, Florida, 33131, telephone number (305) 579-6052, or to the Financial Advisors, Mr. Kishor M. Parekh, First Vice president, Howard Gary & Company, 3050 Biscayne Boulevard, Suite 603, Miami, Florida 33137-4163 telephone number (305) 571-1380 and Mr. Wendell G. Gaertner, Vice President, Public Finance, Raymond James & Associates, Inc. 880 Carillon Parkway, St. Petersburg, Florida 33716-1100 telephone number (813) 573-8189. Manohar S. Surana Director of Finance The City of Miami, Florida Dated: September 20, 1995 OFFICIAL BID FORM Proposal for the Purchase of $20,000,000 THE CITY OF MIAMI, FLORIDA TAX ANTICIPATION NOTES, SERIES 1995 DUE SEPTEMBER 27, 1996 October 3, 1995 The City Commission of The City of Miami, Florida City Hall 3500 Pan American Drive Miami, Florida 33133 Dear Commissioners: 4 r f w 1 On behalf of an underwriting syndicate which we have formed, headed by the undersigned and consisting of the firms listed on a separate sheet attached hereto as Exhibit A, and in accordance with the terms and conditions of the attached Notice of Sale dated September 20, 1995, (the "Notice of Sale"), which is hereby made a part of this proposal, we offer to purchase all of the $20,000,000 The City of Miami, Florida Tax Anticipation Notes, Series 1995 (hereinafter collectively referred to as the "Notes") to be dated October 10, 1995. We will pay for the Notes at the time of delivery, in immediately available Federal Reserve Funds, in the principal amount and bearing interest, calculated on the basis of a 360-day year of twelve 30-day months at the rate per annum stated below and to pay you therefor par plus the premium, if any, stated below. Principal amount ..................................... $ Interest rate ......................................... % Premium offered for the above amount of Notes .................. Total........................................ $ We enclose herewith a certified bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $200,000 payable to the order of The City of Miami, Florida, which check is to be applied or returned in accordance with the Notice of Sale. We hereby agree to provide to the City, at or prior to Closing, such information regarding the initial prices at which a substantial amount of each maturity of the Notes were sold to the public as the City shall reasonably request. 1 I We agree to comply with all requirements of the Minority and Women Business Affairs Procurement Program ("MWBAPP"), established under Ordinance No. 10062, as amended by Ordinance No. 10538, which Ordinance by this reference hereto is herein incorporated in its entirety, which are applicable to this matter. We acknowledge the City's right to terminate, suspend or impose sanctions with respect hereto, as more fully outlined in the Notice of Sale. We certify that we, during the course of time involved in the performance of this Contract, shall not discriminate against any business, employee or applicant for employment because of age, ethnicity, race, creed, color, religion, sex, national origin, handicap or marital status. We further state that _ (a statement of the extent to which the business enterprise has as one or more of its partners or principals persons who are black, hispanic or women, or is a joint venture comprised of a non -minority and minority business and/or women -owned enterprise). We agree to: (a) implement specific affirmative action plans as approved by the director of the Office of MBE/WBE Affairs, including the submission of an AAP (as outlined in the Notice of Sale) and to demonstrate a good faith effort to ensure equal employment opportunities for blacks, hispanics and women on this Contract; (b) document these efforts fully and to provide reports as may be required by the City; (c) permit access to our books, records and accounts by the office of MBE/WBE Affairs or its designee for the purpose of investigation to ascertain compliance with the foregoing requirements; and we acknowledge that in the event of noncompliance with the requirements of MWBAPP (as more fully outlined in the Notice of Sale), the City Manager may suspend in whole or part, cancel or terminate the bid award and/or impose other sanctions as may be determined to be appropriate. 2 Respectfully submitted, By:_ Title: Bidder ti (No addition or alteration except as provided above, is to be made to this bid form, and it must not be detached from the Notice of Sale.) NOT PART OF BID FOR INFORMATION AND COMPUTATION PURPOSES ONLY Total Interestdi ays on a 360 day year basis) less premium if any Net Interest Cost: $ Net Interest Rate: % If our bid is not accepted, the enclosed good faith check should be returned to the following: Attention: Street:_ City: State: Zip Code: IF THE UNSUCCESSFUL BIDDER DESIRES TO RECEIVE RETURN OF THE GOOD FAITH CHECK IN PERSON, THE CHECK WILL BE AVAILABLE AFTER OPENING AND EVALUATION OF THE BIDS. The above mentioned check has been returned and receipt thereof is duly acknowledged. C By: Title: Telephone Number: Bidder L TRUTH -IN -BONDING STATEMENT Tile City of Miami, Florida (the"City) is proposing to issue $20,000,000 Tax Anticipation Notes, Series 1995 (the "Notes") to provide interim funds for the payment of operating expenses of the City for its fiscal year ending September 30, 1996 (" 1995-96 Fiscal Year") and to pay expenses incurred in issuing the Notes, as more fully described in the Preliminary Official Statement for the Notes. The Notes are expected to be repaid over a period of 353 days. At an interest rate of _% (insert interest rate), total interest paid over the life of the Notes will be $ (insert interest payment at maturity). The source of repayment or security for the Notes is the ad valorem tax payments collected for operating purposes of the City during its 1995-96 Fiscal Year, excluding ad valorem taxes collected for other purposes, all as more specifically set forth in the Notice of Sale. Authorizing this debt or obligation will result in $ (insert combined principal and interest payment at maturity) of such revenues not being available for other services or purposes of the City during its 1995-96 Fiscal Year. The foregoing Truth -in -Bonding Statement is prepared pursuant to Section 218.385(2) and (3), Florida Statutes, for informational purposes only and shall not affect or control the actual terms and conditions of the Notes. CERTIFICATE WITH RESPECT TO "ISSUE PRICE" , acting on behalf of itself and the syndicate/selling group, if any, created by it as purchaser (the "Purchaser") of the $20,000,000 Tax Anticipation Notes, Series 1995 (the"Notes") of the City for the purpose of determining the "issue price" of the Notes within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended, DOES HEREBY CERTIFY, as follows: 1. The Purchaser, as of the date of the Notes were awarded to the Purchaser, (a) made a bona fide public offering of the Notes to the General Public at a price equal to $ (the "Public Offering Price"), and (b) sold at least 10% of such Notes for cash or to the extent not so sold, reasonably expected, as of the date the Notes were awarded to the Purchaser, to sell such Notes for cash to the General Public at the Public Offering Price. 2. The Purchaser retained and did not reoffer $ principal amount of the Notes. 3. The Public Offering Price (with respect to any principal amount of the Notes that was not reoffered, the price bid by the Purchaser to the City) does not exceed the fair market value of the Notes as of the date the Notes were awarded to the Purchaser. 4. For the purpose of this certificate, "General Partner" means the general partner excluding bond houses, brokers and other intermediaries. Dated: , 1995 By:_ Title: 0 EXHIBIT A TO THE OFFICIAL BID FORM Following is a list of the members of our account on whose behalf this bid is made. Joint Management Group Member(s)* % of Liabilitv Syndicate Group Member(s)* i i I % of Liabilitv *Please indicate which members of the account are MBEIWBE firms. 5 10%U2; 95 }Ili\ 13:53 FAX 415 9P5 8096 SURE -BID �17t:�1 Capital Guaranty Insurance Company 11a Sure -Bid Phone 415/995-8066 Steuart Tower - 22nd Floor �`Sure-iid Fax 415/995-$080 One Market plaza i San Francisco, CA 94105 Attachment l_ Authorized Prind als List To: Howard Cary & Company 3050 Biscayne Boulevard Suite 603 Miami, EL 33137-4163 FAX: 305/571-1393 DELIVER IMMEDIATELY TO: Kishor T4. Parekh For: 95-11-19 The City of Miami, Florida $20,000,000 Tax Anticipation Notes, Series 1.995 Due: September 27, 1996 Date of Sale: 10/03/95 - 11:00am Eastern Time Good Faith Deposit Amount: $200,000 Premium Per Bidder: $110 The following are the Authorized Principals for the above captioned Issue: 1. William R. Haugh & Company (FL 140-09) 09/26/95 2. Lehman Brothers (Notes) (NY 100-82) 09/29/93 3. Merrill. Lynch & Company (NY 103-82) 09/29/95 4. BT Securities Corporation (NY 196-82) 10/02/95 5. PaineWebber, Inc. (NY 130--32) 10/02/95 6. Chemical Securities, Inc. (NY 151-32) 10/02/55 7. Prudential Securities Inc. (NY 110-82) 10/02/95 8. Rauscher Pierce Refsnes, Inc. (TX 166-43) 10/02/95 SfV�A �N gaA" I 10/02/95 - 13:34:41 I rn , :v ri Official Municipal Bond Notice Advertisements Notice to fielders of tutermotmtain Power Agency Power Supply Revenue Refunding Bonds, 1985 Series D maturing July 1, 2001, July 1, 2002 artd July 1, 2003 and Power Supply Revenue Refunding Bonds, 1986 Series A maturiai Jidy L 1996 ,Notice is hereby given to the holden of the outstanding Intermountain Penner Agency Power Supply Revenue Refunding Bonds, 1985 Series D (the "1983 Serics D Bonds' maturing July 1, 2001, July 1, 2002, and July 1, 2003 and theetutsia ding Intermountain Power-Ap 7 Power Supply &-N-euue Refunding Bonds, 1986 Series A (the "1986 Series A Bonds") maturing July 1. 1996 that them has been deposited with Chemical Bank, as Trustee, moneys and Invrstinent Securities, the principal of and interest on which when due will provide moneys which, together with the moneys, if any, deposited with the Tnistee at lite sutne time, shall be sufficient and available (i) to pay at matu- rity on July 1, 2001 the principal of the 1985 Series D Bonds maturing July 1, 2001 turd in:crrst to become due on such Bonds an the maturity date therwf; (h) to pay at maturity on July 1, 2002 the principal of the 1985 Series D Bonds maturing July 1. 2002 and interest to become due on Stich Bonds on the matu- rity date thereof; (iii) to pay at maturity on July 1, 20CL3 the principal of the I985 Series D Bords maturing July 1, 2003 and interest to become due on such Bonds on the maturity date (hereof; and (iv) to pay at maturity on July 1, t9%the principal of the 1986 ..%nes A Bonds maturing July 1, 1996 and interest to become clue on such Bonds on and prior to the nutturity date thereof, and such 1985 Series D 8ouds and such 1996 Series A Bnrals are deemed to he paid in accnnlanee with Section 1201 of the Power Supply Revenue Bond Rrsolutiun of Intermountain Power :Agency, adopted on September 28, 1978, as amended and supplemrnied. INTERMOUNTAIN POWER AGENCY By: ,* CHEM) u BANK, as Trustee Dated: September 13, 1995 City of Saginaw Hospital Finance .Antbority First Mortgage Hospital Revenue Bonds St. Luke's Hospital Series 1978 Dated as of October 1, 1978 I0T1Ch I5 GIVEN that the City of Saginaw Hnspital Finance Authority (the Tim CITY OF Deal, FLORIDA T.. altOounces a —i D" _r � r-- SLndHAU NOTICE OF $20,000,000 THE CITY OF M1,IN% FLORIDA r=: Tax Anticipation Notes, Series 1995 - Sealed bids will be received by the Cou:tmtsatem of The City of idiemi. Florida at City Hall, 3SW Pan American Drive, Miami. Florida 33133 subject to the provisions of the officki Notice of tale dated September 18, 1995. Ede Daft October 3, 1995 Thus; 11t00 A.M. ("T.) Now Daeedn D000ber 10.1995 maturity. September 27, I996 bHerem FW& At Maturity Lull Opiafou; Eckert Satmam Cherdn & Mellott 'Djpal of and the faterest ern the Vows are payable sold' from and wmred solely by a prior lien on and pledge of the City's ad valorem taxes ouilected de rb4 the Fiscal Year eading September 300. 1996 except aoch ad ralorem taxes approved by rderendtnn and levied specifically to pay debt service on bonds or otter obligations Wood by the City (the -Pledged Faude"). 71se Notes do not constitute a feaerd obUgation of the City and neither the fag ftatth and credit nor the casing power of the City. Dade County. Florida or the State of Florida or any pahtteal sub- division thereof or governmental authority or body therein are ptodgpd to the pay. matt of the principal of or interest on the Notes except for the Pedged Funds. When issued the rotes will be registered in the name of Cede & Co.. as nominee of she Depository Trust Co npany, New York New Y"k, which will not ae securities depod" for the Notes. For copies of iho Notice of Sale, Official Bid Form and the Ptei[miury 08fe1a1 titemment of the City of .Mliami. Ftoairia, dated September 18, 199S, please onowt Mr. Maoobar S. Surma, Dirmtor of Finance. at 300 Blsot Boulevard Way, .Wto 325, MismL Florida, 33131, telephone number (305) 579-6052, or the FLundd Advisors, Mr. Kbbor A Parekh. Flm Vice Prentdemt. Howard Gary & Company. 3050 Biscayne DoWeviud. Suite 603. Mlsml, Pilo" 331374163, Wen Dboue number (3w) 571-138D, and Mr. Wendell G. Geermw, Yam Ptrestdent. PYe6Bo Piamce.- Heymood Janata &Assootates, inn:. SM Ca Mon P'ackwzy, SL Petarsbtarg, Flor'icla 33716-110D. belephone number (813) 573-8189. SENT BY: 10- 3-95 ;11;04AM : DEPT. OF FINANCE - ;#3/5 '95 ,1 —3 Ai i :1 `.15 W ALTER J. F .,i.1,1 I CITY I '. MIAMI DAILY BUSINESS REVIEW Published Dolly except Saturday, Sunday and Legal Holiday" Miami, Dade County, Florida. STATE OF FLORIDA COUNTY OF DADE: Bofors the undersigned authority personally appeared Bookie Williams, who on oath says that she Is the Vies President of Legal Advertising of the Mlant Daily Business Review Okla Miami Review, a daily (exospt Saturday, Sunday and Legal Holidays) newspaper, published at Miami In Dade County, Florida; that the attached copy of advertisement, being a Legal Advertisement of Notice In the matter of THE CITY OF MIAMI , FLORIDA STIMMARY NOTICE OF SALE $20,000,000 TAX ANTICIPATION tVU F S, SERIES 1995 In the ... , , ...... XXXXX ......... . ......... Court, was published In said naweerpoper In the (sauce of Sep 20, 199_). Afflant further says that the sold Miami Daily Business Review Is a newspaper publlahsd at Miami In sold Dada County, Florida, and that the said newspaper has heretofore been continuously published In said Dade County, Florida. each day (except Saturday, Sunday and Legal Holidays) and has been entered ae second close mall matter at the post office In Miami In sold Dade County, Florida, for a period of one year neat preceding the first publication of the attached copy of advertisement; and ofAant further am" that she hall neither nor promiead any psroon, firm or umperatlen any d1oL rebate, commission or rotund for the purpose of ■ urf g this advertisement for publication In the said , ...... Sworn to Sockle \9mthis . 9., wtBf�Ft; 13: MA ....... ' . . K,ARY P'UBUC STATE OF FiA1aIiDA -- I;II 15titON NO, cc Inlos COY OF 1VJ[IAMI; FLORIDA . anttotetx�aa a SUMMARY NOTI ,E Off' A1,F. 0�20,000,000 THE CITY OF MIA;MI, FL• URIDA Tax Anticipation Note, SMe® 1995 Healed bide, will be r'eceivad by fbe Comnilosion of The City of Mimi, @Tends ac.01ty !fall, 3500 Part American Driver Mlgml, Florida, 33133 mWoot to the proviatons of tl(s official Notice of Sale dated Owtotribee 1s, 1995. Sale Dates October 3, 1998 Tit".' 1100 A.M. (E.S.T.) •Ndtie•Uatedt. octbber 10,1999 Msturityr Saftletaber 27,,1996 IcNsast Nelda At Maturity . r lAdd Opibiona E.okert Sa wado Cbodn &Mellott The pdno Bell dand the Interest on the Notes ere payable solely front and 'aeatered solely, by a prior use on and pis* of the Olty's ad valormoa cause colloofad darft the Fuca! Year endhlg September 30,1996 ozoapt sash' ud vslotam texas +ppeornd by ishwanddm and levied epaoldoafly to pay debt servfoe on bonds or other gb, leiubd by fite.010i (the -Ploiled Roach"). The Notes do not constitute a i rd;;cblltattoq of the Cityand sod ii the toil faith wad oredit'cor the te:Jog Pow of tbri Cltf, Dade County; Florida. or the State of Florida or any politigal mb- divhfom.dhs *d•or governmental auth9rity or body thsnefn sea pfedted to the pay. ment of the prlaolpal of or faterest on dw Notes except far the fledged Fuads. Whanlatrued the Now will halrogbtserd in the no= of Cede &Co., as nominee of the P"Itory Trost Cotttpsny; flew York, New York, which will got as bonrities dapoeltdry for the Notes. For ooples of the Notion of Sale, t>ffioW Bid Form and the Preliminary O."lofgl suwawat of dw City ud mlam(, Florid*, d+ited 8eatmwr 1S, 1995, please i, ,„ tact *,Manohar S. Surma Dlrsot* of lttnume, at 30o BImaym Boedevard way, to 125, Miami, 1r6ride, 33132, to *hone numbei"(110f1)' 879-W62. or the ltfnsuuoi�! Advisors, Mir., IWhor M. . First Vloe '�resi�dettt. Howud Gm & . Compsay, 3M Bkcap Boulevard, to 603, Mlanti,lFlotidg 33137.4163, toles f phone number (305) 1171-1380, and Mr Wendell'0. Gaertner. vino President, Patella Finance. Raymond Joao &Assoolw lno., 860 Qatflltin Parkway, St. PbeersburfI, Fla" 33716.1100, telephone nOm (t113) 67"1". 9/20 0".0=86M �YD iiFlS; N.W. 50 STREET 12" WATER MAIN (SECOND BIDDING) B-45�s5 err-_crow-_-!-_r_!___-_-_rr_-rro_o-�. __-.- -------- L - --r6------'---------- --- VID 4o.8 94-95-203 - IbATE DID(3) OPINED: SEPTEMBER 12, 1995 ! 10 :00 a.m. t+ �r ISM DID_D01tD.Ae:2 MPH PID-AmiTVNS SIIHIXR-5 CAECA-� SOVEREIGN CONSTRUCTION GROUP, INC. ---------_..-__-- $ 77,580.90 ------Yr!_-r _---.---------•-ra_•ro--wr B.B. $ 5,000.00 '1fuz frsm._ysnxs_�i.�ted b�r�in_lxr�i_ O�-YM-Y received tijne?y as of tho above �onnenn?ri-I dath an. t r., -. All Wh- ..tl.. are hereby rejected as late." _.—---t---_-----_r -------------9-- --------------------------------«--------------------- --------------- *---------------------- ------------------------------- ------------ —-------- ----------------- =--------------------------- ------ r------------------r_-------------}-----_--_-----__----- ---------------------------------(/-///''^-�\1�--------y^-�---------w -.------------------------------- --y-� �Mr_-� -_ ------------------------------ ---- --- ---_---- ------------0-------------- -------------F-------------- ..-_--------------- &---------------------- ----------------;--------------- a---------------------- received ) envelopes on behs2f of {Yer oa-rec�liSaa SEs)-�- L /- Publ is Wor%q........................ om Rite Department) REM-- '95 `E-Fl 12 A10:00 WA.LTER J. FOEMAN CITY M-ERK CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: Walter Foeman City Clerk FROM erta A. D vis Department of Public Works DATE : August 18, 1995 FILE : SUWECT: N.W. 50 STREET - 12 INCH WATER MAIN (SECOND BIDDING) B-4585 REFERENCES: BID NO. 94-95-203 ENCLOSURES: Contractors will submit bids for the above reference project to be opened on. September 12, 1995 10:00 AM Any bid submitted after the above appointed time will not be accepted by the City Clerk. Please make the necessary provisions for this bid opening. A representative from our Department will be present. We will notify you in writing if there will be a postponement or cancellation prior to the opening of bids. = -1 D ,.3 r7 NJ 71 > f'? :,. z BID. NO. 94-95-203 ADVERTISEMENT FOR BIDS Sealed bids for "N.W. 50 STREET - 12 INCH WATER MAIN PROJECT (SECOND BIDDING) B-4585 received by the City Clerk of the City of Miami, Florida at 10:00 AM on the 12th day of September, 1995, at the City Clerk's Office, first floor of the Miami City Hall, 3500 Pan American Drive, Dinner Key, Miami, Florida, 33133, at which time and place they will be publicly opened and read. Any bid submitted after the above appointed time will not be accepted by the City Clerk. The project consists of the design and construction of a 12 inch water main located along N.W. 50 Street between N.W. 12 Avenue and N.W. 13 Avenue bordering the northeastern corner of The City of Miami Charles Hadley Park. It will include a 12 inch ductile iron pipe water main with appropriate valves, fittings, bends, etc.. Bidders will furnish a bid bond in accordance with Resolutions No. 86-983 and No. 87-915. For clarification of technical issues as presented in documents and specifications, please contact Leonard Helmers, P.E. Chief Civil Engineer, at (305) 579-6865. Prospective bidders will be required to submit, with their bid, a copy of the appropriate Certificate of Competency, as issued by Dade County, in accordance with Chapter 10 of the Metropolitan Dade County Code, which authorizes the bidder to perform the proposed work. All bids shall be submitted in accordance with the Instructions to Bidders and Specifications. New City regulations will require each bidder to submit proposals in duplicate originals. Plans and specifications may be obtained from the Office of the Director of Public Works, 275 N.W. 2 Street, 3rd Floor, Miami, Florida, 33128, on or after August 25, 1995. If bidders wish, a set of specifications will be mailed to them by writing to the Department of Public Works and including a separate check for $8. There will be a $20 deposit required for the first set of specifications. Additional sets may be purchased for a fee of $20 per set and this is not refundable. Deposits will be refunded only upon the return of one set of specifications to the Department of Public Works, unmarked and in good condition within two (2) weeks after the opening of the bids. Bidders are alerted to the provisions of Ordinances No. 10062 as amended, regarding allocation of contracts to minority vendors, contractors and subcontractors. This Project has been designated as a Set Aside for Black, Hispanic and Female businesses/sole proprietors, certified with the City of Miami's M/WBE program, prior to Bid submittal. Details are contained in Bid Specifications. All bidders mast also submit an Affirmative Action Plan with their bids. (Ordinances are contained in Bid Specifications). The City of Miami has adopted Ordinance No. 10032, which implements the "First Source Hiring Agreement." The object of this ordinance is to provide employment opportunities to City of Miami residents on contracts resulting in the creation of new permanent jobs. Contractors may be eligible for wage reimbursement under this program. For further information contact the Department of Public Works, City of Miami, at (305) 579-6856. Proposal includes the time of performance, and specifications contain provisions for liquidated damages for failure to complete the work on time. The City Commission reserves the right to waive any informality in any bid, and the City Manager may reject any of all bids, and readvertise (B-4585, Req. 0583). Cesar H. Odio City Manager -i RECEIVF . '95 AUG 21 P2:08 WALTER J. FOEMP ' CITY ('I..I:RK CITY 01- 1 of r ii ". City of Miami 0583 , R5QUIS'ITION FOR ADVERTISEMENT This number must appear in the advertisement. INSTRUCTIONS: Please type and attggh a copy of thg advertisgm!2nt-vy(thn• 1. Department: 2, Division: ADMINISTRATION 3. Account Code number: 4. Is this a confirmation: El 5. Prepared by: BERTA DAVIS Yes No 6. Size of advertisement: 7. Starting date: AUGU5T25, 5 8. Telephone number: 573—bS65 _ 287 c _ 9. Number of times this advertisement is to be 10. Type of advertisement: , Published:❑ Legal ❑ Classified ❑ Display 11. Remarks: "N.W. .,0 STREET - 12 INCH. WATER MAIN (SECOND BIDDING) B-4585" 12. t s Date(s) of Advertisement Invoice No. Amount Publication �n� M I'm +� b Fu 13 ❑ Disapproved Department Director/Designee Date Approved for Payment Date i C iGS/PC 503 Rev. 12/69 1 Routing: Forward White and Canary to G.S.A. (Procurement Management) and retain Pink copy. DISTRIBUTION: White - G.S.A.; Canary - Department BID. NO. 94-95-203 ADVERTISEMENT FOR BIDS Sealed bids for "N.W. 50 STREET - 12 INCH WATER MAIN PROJECT (SECOND BIDDING) B-4585 received by the City Clerk of the City of Miami, Florida at 10:00 AM on the 12th day of September, 1995, at the City Clerk's Office, first floor of the Miami City Hall, 3500 Pan American Drive, Dinner Key, Miami, Florida, 33133, at which time and place they will be publicly opened and read. Any bid submitted after the above appointed time will not be accepted by the City Clerk. The project consists of the design and construction of a 12 inch water main located along N.W. 50 Street between N.W. 12 Avenue and N.W. 13 Avenue bordering the northeastern corner of The City of Miami Charles Hadley Park. It will include a 12 inch ductile iron pipe water main with appropriate valves, fittings, bends, etc.. Bidders will furnish a bid bond in accordance with Resolutions No. 86-983 and No. 87-915. For clarification of technical issues as presented in documents and specifications, please contact Leonard Helmers, P.E. Chief Civil Engineer, at (305) 579-6865. Prospective bidders will be required to submit, with their bid, a copy of the appropriate Certificate of Competency, as issued by Dade County, in accordance with Chapter 10 of the Metropolitan Dade County Code, which authorizes the bidder to perform the proposed work. All bids shall be submitted in accordance with the Instructions to Bidders and Specifications. New City regulations will require each bidder to submit proposals in duplicate originals. Plans and specifications may be obtained from the Office of the Director of Public Works, 275 N.W. 2 Street, 3rd Floor, Miami, Florida, 33128, on or after August 25, 1995. If bidders wish, a set of specifications will be mailed to then by writing to the Department of Public Works and including a separate check for $8. There will be a $20 deposit required for the first set of specifications. Additional sets may be purchased for a fee of $20 per set and this is not refundable. Deposits will be refunded only upon the return of one set of specifications to the Department of Public Works, unmarked and in good condition within two (2) weeks after the opening of the bids. Bidders are alerted to the provisions of Ordinances No. 10062 as amended, regarding allocation of contracts to minority vendors, contractors and subcontractors. This Project has been designated as a Set Aside for Black, Hispanic and Female businesses/sole proprietors, certified with the City of Miami's M/i BE program, prior to Bid submittal. Details are contained in Bid Specifications. All bidders must also submit an .Affirmative Action Plan with their bids. (Ordinances are contained in Bid Specifications). The City of Miami has adopted Ordinance No. 10032, which implements the "First Source Hiring Agreement." The object of this ordinance is to provide employment opportunities to City of Miami residents on contracts resulting in the creation of new permanent jobs. Contractors may be eligible for wage reimbursement under this program. For further information contact the Department of Public Works, City of Miami, at (305) 579-6856. Proposal includes the time of performance, and specifications contain provisions for liquidated damages for failure to complete the work on time. The City Commission reserves the right to waive any informality in any bid, and the City Manager may reject any of all bids, and readvertise (B-4585, Req. 0583). Cesar H. Odio City Manager RE r- EIM7" *91-5 AUG 21 P2:07 VI A L T E R F Q f'-* T"i A N C I T F R K CITY f-)r i ,,