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HomeMy WebLinkAboutR-91-0516— i { J-91-540 - 7/11/91 516 RESOLUTION NO. A RESOLUTION, WITH ATTACHMENT(S), OF THE CITY (- MIAMI, FLORIDA, IMPLEMENTING AND SUPPLEMENTING RESOLUTION NO. 91-449 ADOPTED JUNE 20, 1991, OF THE CITY OF MIAMI, FLORIDA, WHICH RESOLUTION AUTHORIZED THE SALE AND ISSUANCE OF THE CITY OF MIAMI $7,000,000 SANITARY SEWER SYSTEM BONDS AND $3,000,000 FIRE FIGHTING, FIRE PREVENTION AND RESCUE FACILITIES BONDS; AWARDING THE SALE THEREOF BASED ON BIDS SUBMITTED AT PUBLIC SALE, AND �_- APPROVING THE TERMS OF SUCH SALE; ESTABLISHING THE INTEREST RATES FOR SUCH BONDS; MAKING CERTAIN FINDINGS, REPRESENTATIONS AND COVENANTS WITH RESPECT - THERETO; PROVIDING AN EFFECTIVE DATE FOR THIS RESOLUTION; AND PROVIDING CERTAIN OTHER DETAILS WITH RESPECT THERETO. WHEREAS, The City of Miami, Florida (the "City") previously enacted Resolution No. 91-449 on June 20, 1991 (the "Resolution"), authorizing the issuance and sale in one or more series of its $10,000,000 General Obligation Bonds, consisting of its $7,000,000 Sanitary Sewer System bonds and its $3,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds (collectively, the 'Bonds"); and WHEREAS, the Notice of Sale with respect to the Bonds, a copy of which is attached hereto as Exhibit "A" and made a part hereof was published in THE BOND BUYER, New York, New York, on June 24, 1991, and in THE MIAMI REVIEW, Miami, Florida, on June 24, 1991, and the Notice of Sale, including the Official Bid Form, were provided by the Issuer or Raymond James & Associates and Howard Gary & Company, the Issuer's financial advisers, to all parties expressing an interest in the offering of the Bonds; and WHEREAS, pursuant to such Notice of Sale, the City received, as of 10:00 a.m., Miami, Florida time, on this day at the regular place of meeting of the City Commission of the Issuer, the following conforming bids for the Bonds, which were thereupon opened and read in public: ATTACHMENTS CONTAINED aff COMMSION - MEETING OF JUL 11 1991 91- 51 Klemm M. c Lehman Brothers Smith Barney Harris & Upham, Paine Webber, Jackson & Curtis Southeast Bank, N.A. Merrill Lynch & Co. & Associates Goldman, Sachs & Co. "Canadian" or "True" Interest Cost 6.7064% 6.7596% 6.7972% 6.7974% 6.8199% all such bids being attached hereto and made a part of this Resolution as composite Exhibit "B"; and WHEREAS, after due consideration, it appears that the bid of Lehman Brothers (the "Purchaser") in the amount of $10,000,000, plus a premium of $68.75 and accrued interest for the Bonds from November 1, 1988, to the date of their delivery, and naming for said Bonds the interest rates set forth in its bid, is the best bid received in that it sets forth the lowest effective interest cost to the City, such cost being determined in accordance with the "Canadian" or "true" interest cost method of calculation by doubling the semiannual interest rate (compounded semiannually) necessary to discount the debt service payments to the date of the Bonds and to the price bid; and WHEREAS, the City finds it desirable to authorize the issuance and sale of such Bonds and to authorize the execution and delivery of such Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. Authority. This Resolution is adopted pursuant to the Constitution of the State of Florida, including, but not limited to, Article VII, Section 2 thereof, Chapter 166, Florida Statutes, and the other applicable provisions of law (collectively, the "Act"). Section 2. Definitions. All terms used herein in �) capitalized form, unless otherwise defined herein, shall have the same meaning as ascribed to them in the Resolution. 91- 516 -2- Section 3. Findings and Awards. A. The findings and declarations of the City contained in the Resolution are hereby expressly approved, reaffirmed and ratified. B. It is hereby ascertained, determined and declared that it is in the best interest of the City to accept the offer of the Purchaser set forth in its bid to purchase $10,000,000 of the Bonds, which Bonds shall be dated July 1, 1991 and shall mature, bear interest and be subject to optional and mandatory redemption, as set forth in the Official Notice of Sale and the Purchaser's bid proposal. The Bonds are hereby awarded and sold to the Purchaser at the price set forth, and with the bonds to bear interest at the rates described, in the Purchaser's bid, a copy of which is attached hereto. The Director of Finance of the City is hereby authorized to return forthwith the good faith checks of all unsuccessful bidders, and to cash and deposit into a special account, with right of investment with interest accruing to the benefit of the City, the good faith check of the _ Purchaser. s Section 4. CUSIP Numbers. CUSIP numbers will be imprinted — on the Bonds; however, the validity, sale, delivery or acceptance of the Bonds will not be affected in any manner by any error in i printing CUSIP numbers on any of the Bonds. Section 5. Terms of Bonds. The Bonds shall have such terms, shall mature and shall be subject to redemption as } provided in the Resolution, and shall bear interest as set forth in the successful bid of the Purchaser. Section 6. Ap2lication of Bond Proceeds. The Proceeds of the Bonds shall be used to pay the costs of issuance of the Bonds, and all remaining proceeds shall thereafter be deposited by the City in its Capital Projects Fund and used to ay the costs of the capital projects authorized by the Resolution and the Master Appropriations Ordinance, as such term is defined in the Resolution. -3- 91-- 516 c � - Section 7. Recitals. The .recitals and findings contained in the Preamble to this Resolution are hereby approved, confirmed and adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section B. Authorizations. A. The Mayor or Vice -Mayor of the City is hereby authorized to execute such documents as may be necessary or appropriate to evidence the City's acceptance of the purchaser's bid. B. The authorizations contained in the Resolution, including, but not limited to, Section 15 thereof, are hereby reaffirmed, readopted and ratified. Section 9. Effective Date. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this llth day of July, 1991. n l CITY OF MIAMI, FLORIDA 33 INTER -OFFICE MEMORANDUM TO: Honorable Mayor and Members DATE JUL 3 1991 FILE of'the City Commission SUBJECT �p City Commission Agenda Item - Award of Bid for Cesar H. Od FROM REFERENCES :Bond Sale City Manager ENCLOSURES RECOMMENDATION: It is respectfully recommended that the attached resolution of the City of Miami, Florida, implementing and supplementing resolution No. 91-449 of the City, which resolution authorized the sale and issuance of the City of Miami $7,000,000 Sanitary Sewer System Bonds and $3,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds; awarding the sale thereof based on bids submitted at public sale, and approving the terms of such sale; establishing the interest rates for such bonds; making certain findings, representations and covenants with respect thereto; providing an effective date for this resolution; and providing certain other details with respect thereto, be approved. BACKGROUND: The City Commission has approved the sale of $10,000,000 in general obligation bonds by public bid to fund the cash requirements of capital improvement projects. The attached resolution awards the sale to the lowest bidder. 91-- 516 7 C NOTICE OF SALE $10,000,000 CITY OF MIAMI, FLORIDA General Obligation Bonds, Series 1991 Sealed Bids Sealed bids will be received by the Commission (the ttCity Commission") of the City of Miami, Florida (the "City") at its regular place of meeting in the City Hall, 3500 Pan American Drive, Miami, Florida, until 10:00 A.M. Miami time on July 11, 1991, at which time and place all bids will be publicly opened and read, for The City of Miami, Florida General obligation Bonds, to be issued in the aggregate principal amount of $10,000,000 consisting of $7,000,000 Sanitary Sewer System Bonds and $3,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds, dated July 1, 1991 (hereinafter collectively referred to the "Bonds"). 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. Bond Details The Bonds are issuable as registered bonds, without coupons, in the denomination of $5,000 or any integral multiple thereof. Interest on the Bonds will be payable to the registered owners shown on the registration books of the City on the fifteenth day of the month preceding an interest payment date, by check or draft mailed to such registered owners by the Bond Registrar and Paying Agent (as hereinafter provided). The Bonds will be dated and bear interest from July 1, 1991, payable semiannually on July 1 and January 1 in each year, at the rate or rates specified in such proposal as may be accepted, the first interest payment being due on January 1, 1991. The Bonds will mature as follows: MATURITY SCHEDULE Fite Fighting Maturity Sanitary Sewer Fire Prevention TOW Data System and Rescue Principal lulu 1 A48QL Facilities Bonds 1993 S205,000 S 90,000 S293,000 1994 215,000 95,000 310,000 1995 230,000 100,000 330.000 1996 240,000 105,000 345,000 1997 255,000 1101000 365,000 1998 275,000 113,000 390,000 19" 285,000 125,000 410,000 2000 305,000 130.000 433,000 2001 320,000 140.000 460,000 2002 345,000 145,000 490,000 2003 36S,000 155,000 520,000 2004 390,000 165,000 555,000 2005 415,000 180,000 595.000 2006 440,000 190.000 630,000 2007 475,000 200,000 673,000 2008 S03,000 215.000 720.000 2009 540,000 Z30.000 770.000 2010 590,000 245.000 825,000 2011 615,000 265,000 880,000 Principal of, and premium, if any, on the Bonds will be payable upon presentation and surrender thereof, at the office of Barnett Banks Trust Company, N.A., the Bond Registrar and Paying Agent, in Jacksonville, Florida. 9 1 w 516 Ex H18 IT 1AI optional Redemptiok The Bonds maturing on or after July 1, 2002, are subject to redemption, at the option of the City, on and after July 1, 2001, in whole on any date, or in part in the inverse order of their maturities (by lot within any maturity) on any interest payment date, at the following redemption prices, plus accrued interest to the date of redemption: Redemption Period Redemption Price (date inclusive) (percentage of principal amount) July 1, 2001 to June 30, 2002 ......... 101% July 1, 2002 to June 30, 2003 ......... 100.5 July 1, 2003 and thereafter ............... 100 Purpose; validation The Sanitary Sewer System Bonds were authorized by Ordinance No. 9128, as supplemented and amended, for the purpose of paying the cost of the construction for permanent drainage facilities within the City. The Fire Fighting, Fire Prevention and Rescue Facilities Bonds were authorized by Ordinance No. 9296, as supplemented and amended, for the purpose of paying the cost of fire fighting, fire presentation and rescue facilities, including, but not limited to, fire stations, equipment, vehicles and communication systems. All of the Bonds have been validated by judgments of the Circuit Court of Dade County and no appeals were taken therefrom. Security for and Source of Payment for the Bonds The Bonds will be general obligations of the City for which its full faith, credit and taxing power have been irrevocably pledged, and are payable from unlimited ad valorem taxes on all taxable property in the City (excluding homestead exemptions for owner occupied housing and certain persons who are aged, disabled or otherwise qualified therefor, as required by applicable law). Interest Rates and Bidding Details Each proposal must be in the form of the Official Bid Form and enclosed in a sealed envelope marked "Bid for $10,000,000 City of Miami, Florida General Obligation Bonds." Each bid constitutes a separate bid for each of said series of the Bonds and any premium bid shall be for all of the Bonds and allocated to each series in the proportion to which the amount of such series bears to the total amount of all Bonds. Bidders are requested to name the interest rate or rates in multiples of 1/8 or 1/20 of 1%. Each bid must specify the interest rate for the Bonds of each maturity, and all Bonds maturing on the same date must bear interest at the same rate. Each coupon rate of interest specified for bonds of any maturity shall not be less than the coupon rate of interest of bonds of any earlier maturity. Any number of interest rates may be named, but the highest interest rate named may not exceed the lowest interest rate named by more than two percent (2%). No Bond shall bear more than one rate of interest, which rate shall be uniform for the life of the Bond, and no zero or blank rate or split rate will be permitted. No bid for less that all of the Bands offered will be entertained. Premiums may be specified. 91-- 516 2 Bona Insuran It The successful bidder for the Bonds may, in its discretion and at its sole expense, obtain a policy of municipal bond insurance from a reputable and nationally recognized bond insurer to secure all or a portion of the Bonds, and the City will cooperate with the successful bidder, upon request, to qualify the Bonds for the — issuance of such bond insurance. The Financial Advisors have _ applied to various insurance companies to qualify the Bonds for municipal bond insurance, however, there is no guarantee that such insurance will be obtained nor is there any obligation on the part of the Financial Advisors to obtain such insurance. Award of Bonds As between acceptable proposals complying with this Notice of Sale, the Bonds will be sold to the responsible bidder whose proposal offers to purchase all the Bonds at such rate or rates of interest as will produce the lowest effective interest rate to the City. The lowest effective interest rate will be determined in accordance with the "Canadian" or "true" interest cost method of calculation by doubling the semiannual interest rate (compounded semiannually) necessary to discount the debt service payments from the payment dates to the date of the Bonds and to the price bid, not including interest accrued to the date of delivery. 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 BONDS 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 June 21, 1991 related to the Bonds which it deems final for purposes of Rule 15c2-12(b) (1) of the Securities and 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 a final Official Statement . Upon the sale of the Bonds, the City agrees to provide to the successful bidder, within the earlier of seven business days following the sale of the Bonds or to accompany the successful bidder's confirmation that requests payment for the Bonds, copies of a final Official Statement in quantities sufficient to comply with the Rule. 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, in the amount of $100,000, which check, 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 check of the successful bidder will be cashed and the proceeds, on which no interest will be allowed, will be held as security for the performance of the bid, and, in the event such successful bidder shall fail to comply with the terms of his bid, the proceeds 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 Bonds, the City will deliver to the successful bidder a certified or bank cashier's or treasurer' check drawn upon -dank or trust company in the ty of Miami, Florida, payable oWnditionally to the order of*- h bidder, in the amount of the check deposited by such bidder with its bid. Upon delivery of the Bonds, the proceeds of the check of the successful bidder will be applied to payment for the Bonds. CUSIP Numbers It is anticipated that CUSIP identification numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto shall constitute cause for a failure or refusal by the purchasers thereof to accept delivery of or pay for the Bonds in accordance with the terms of their bid. All expenses in relation to the printing of CUSIP numbers on the Bonds and CUSIP Service Bureau charge for the assignment of such numbers will be paid by the City. Delivery of Bonds Delivery of the Bonds in definitive form will be made on or about July 9, 1991, or such other date as shall be appropriate to ensure compliance with the Rule, in New York, New York, against payment therefor in immediately available Federal Reserve Funds to the order of The City of Miami, Florida. The unqualified approving legal opinion of Barnes, Darby and McGhee, Miami, Florida and Matzner, 2iskind, Hermelee & Jaffee, P.A., Miami, Florida, will be furnished without cost to the purchasers of the Bonds. An opinion of Barnes, Darby & McGhee in the capacity of disclosure counsel to the successful bidder to the effect the nothing has come to such counsel's attention which would lead such counsel to believe that the Official Statement as of its date contained, and as of the date of settlement contains, an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading will be furnished at a cost of $7,500 to such successful bidder. The successful bidder shall be required, at or prior to delivery of the Bonds, to furnish to the City such information concerning the initial prices at which a substantial amount of the Bonds of each maturity were sold to the public as the City shall reasonably request. The usual closing documents shall also be furnished. However, the successful bidder will be responsible for the clearance or exemption with respect to the status of the Bonds 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 Bonds, the City Manager and the City 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 Bonds, 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 therein, in the light of the circumstances under which they were made, not misleading. The successful bidder shall have the right, at its option, to cancel its obligation to purchase the Bonds if the City shall fail to tender the Bonds for delivery 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 Bonds, an information Ls 4�... �1� statement wi''#he Division of Bond Finance c ''the State of Florida (the "DivisiL ) containing the following inf. ation: (a) the name and. address of the managing underwriter, if any, associated with the issuance of the Bonds; (b) the name and address of any attorney or financial consultant who advised the City with respect to the Bonds; (c) any fee, bonus or gratuity paid by the managing underwriter or financial consultant, in connection with the Bond issue 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 Bonds, including any fee paid to attorneys or financial consultants. The purchaser of the Bonds is required to provide the City, in a timely fashion such that the City may comply with the above -referenced statute, 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 Bonds, 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. Right of Cancellation The successful bidder shall have the right, at its option, to cancel the contract of purchase if the City shall fail to tender the Bonds for delivery within sixty (60) days from the date of sale thereof, and in such event the successful bidder shall be entitled to the return of the deposit accompanying their bid. Certificate Regarding Reoffering Prices As soon as practicable, but not later than seven (7) days prior. to delivery of the Bonds, the successful bidder will be required to furnish the City a certificate specifying for each maturity the reoffering price at which at least ten percent (10%) of the Bonds of such maturity were sold (or were offered in a bona fide public offering (to persons other than bond house, brokers, or similar persons or organizations acting in the capacity of underwriters or wholesalers) and as of the date of award of the Bonds to the successful bidder reasonably expected to be sold) to the public. Such certificate shall be in form and substance satisfactory to the Co -Bond Counsel and shall include such additional information as may be requested by Co -Bond Counsel. Estimate of•True Interest Cost Each bidder is requested, but not required, to state in its bid the amount of interest payable on the Bonds 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. Additional Information The Official Bid Form and Notice of Sale and copies of the Preliminary Official Statement relating to the Bonds may be obtained upon request to the undersigned at 3006 Aviation Avenue, Miami, Florida, 33131, telephone number (305) 579-6350, or to the Financial Advisors, Howard Gary & Company, 3050 Biscayne Boulevard, Suite 603, Miami, Florida 33137-4163 telephone number, (305) 571- 1380 and Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716 telephone number, (813) 573-8189. Dated: June 24, 1991 Carlos E. Garcia, CPA Director of Finance The City of Miami, Florida 9 w 516 5 • ' AIEVISED OFFICIAL BID FORM Proposal For the Purchase of $10,000,000 TILE CITY OF MIAMI, FLORIDA GENERAL OBLIGATION BONDS, SERIES 1991 July 11, 1991 Commission of The City of Miami, Florida City Hall 3500 Pan American Drive Miami, Florida 33133 Dear Commissioners: 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 June 24, 1991, as amended and supplemented on July 8, 1991 (the "Notice of Sale"), which is hereby made a part of this proposal, we offer to purchase all of the $7,000,000 Sanitary Sewer Systern Bonds and $3,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds (hereinafter collectively referred to as the "Bonds") to be dated July 1, 1991. We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds, Ten Million Dollars ($10,000,000), lus accrued interest, if any, from July 1, 1991 to the date of delivery, and a cash premium of $ 1 for all of the Bonds, which $10,000,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES 'Ne Bonds shall bear interest at the rates set forth in the following schedule: Maturity Principal Interest Maturity Principal Interest Date July 1 1993 Amount $295,000 Rate �.(/I/T% Price ! Date July 1 2003 Amount $520,000 Rate 6. J0 % Pric G % 1994 310,000 �,4� 2004 555,000 ___ - 1995 199645,000 330,000 0 ,/ 2005 595,000 - - ­_t70.70_v p S 2006 630 000 1997 365,000 :�Q �; 2007 675,000 G:rp t'r•'?p 1998 390,000 G• t �'�,i� 2008 720,000:�a_G,? ___ 1999 410,000v -_�. G_70 _ 2009 770,000 ir.7Q to 7Je 2000 435,000 _ G?p_ -(jalf y��� 2010 825,000 (e as, 2001 o;oo0 7v,?o ^ 2011 880,000 61.i' 2002 490,000`..G� _-----4,ys' We enclose herewith a certified bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $100,000 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. 91-- 516 The Closing documents fired to in the Notice of Sale are to incluertificates, dated as of + the date of the delivery of the Bonds, with reference to the Official Statement, as provided therein, and stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened which would materially adversely affect the validity of the Bonds. 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 Bonds were sold to the public as the City shall reasonably request. Respectfu!!y submitted. Bidder By: Title: (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.) The following is provided for information only and is not a part of this bid: This bid is is not made for Bonds carrying complete 'Y or partial munici all bond insurance, with the insurance premium being paid for by the underwriter. The insurer is%�K The total amount of interest payable on the Bonds during the life of the issue under this proposal without deducting the premium bid, if any, is $_-&"� Sv The true interest cost for the Bonds, calculated as described in the Notice of Sale, is&.-IVvkl. The above mentioned check has been returned and receipt thereof is duly acknowledged. I Bidder By Title 91- 516 M TL— VIREVISED OFFICIAL BID FORAI Proposal For the Purchase of $10,000,000 THE CITY OF MIAMI, FLORIDA GENERAL OBLIGATION BONDS, SERIES 1991 July 11, 1991 Commission of The City of Miami, Florida City Hall 3500 Pan American Drive Miami, Florida 33133 Dear Commissioners: 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 t ;ale dated June 24, 1991, as amended and supplemented on July 8, 1991 (the "Notice of Sale"), which is hereby made a part of this proposal, we offer to purchase all of the $7,000,000 Sanitary Sewer System Bonds and $3,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds (hereinafter collectively referred to as (he: "Bonds") to be dated July 1, 1991. We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds, Ten Million Dollars ($10,000,000), plus accrued interest, if any, from July 1, 1991 to the date of delivery, and a cash premium of $ 98J77- 0 X-' for all of the Bonds, which $10,000,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the Notice of Sale. SChIEDULE OF AIATURITIES AND INTEREST RATES The Bonds shall bear interest at the rates set forth in the following schedule: Maturity Principal Interest Maturity Principal Interest Dn(e.luly I Amount Rnle Price Date July I Amount Rate Price 1993 $295,000 6.6ZS % rf; • 00 % 2003 $520,000 t%70 % G.S'o % 1994 310,000 6•d't".�' f'Z0 2004 555,000 6. 70 -:1 jr•E0/. 1995 330,000 6.6?,fX J--" 2005 595,000 6.7o i 6.70 1996 345,000 &d2r i s'• 60 % 2006 630,000 (, • '7.f ;Y. 6. 7s'Y. 1997 365,000 6. C2.1 i S $o i' 2007 675,000 6. 80 i 6.8o y 1998 390,000 6.62S>. 6•ell' 2008 720,000 Z. 1999 410,000 6.6 2 J'% 6 2009 770,000 6 • f 4- a7t 2000 435,000 fi.62.r> 6.20 2010 825,OOC 6 . �7s� (� • 2001 460,000 6.,C Zr f 2011 880,000 6• d 2002 490,000 �•d2,li 6•S�o%! We enclose herewith a certified bank cashier's or treasurer's check, drawn on an incorporated bank or East company, in the amount of $100,000 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. 91- 516 The Closing documeriferred to in the Notice of Sale are to it -be certificates, dated as of •'I" date of the delivery of the Bonds, with relerence to the Official Statement, as provided therein, and — stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened _ which would materially adversely affect the validity of the Bonds. 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 Bonds were sold to the puhlic as the City shall reasonably request. Respectfully submitted. Smith Barney Harris & Upham Paine Webber Jackson & Curtis Bidder By: Sue Ann Corrigan Title: Vice -President (No addition or alteration except as provided above, is to be made it this bid form, and it must not be detached from the Notice of Sale.) The following iss provided for information only and is not a part of this bid: This bid is is not made for Bonds carrying complete %,�or partial municipal bond insurance, with the insurance premium tieing paid for by the underwriter. The insurer is /�i?/A The total amount of interest payable on the Bonds during the life of the issue under this proposal without deducting the premium bid, if any, is $ 6�7J`9'61�5� i The true interest cost for the Bonds, calculated as described in the Notice of Sale, is ^ % The above mentioned check has been returned and receipt thereof is duly acknowledged. Bidder By_ Title REVISED OFFICIAL BID FORM _ Proposal For the Purchase of $10,000,000 TILE CITY OF MIAM1, FLORIDA - GENERAL OBLIGATION BONDS, SERIES 1991 July 11, 1991 Commission of The City of Miami, Florida City Hall 3500 Pan American Drive Miami, Florida 33133 ' Dear Commissioners: 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 June 24, 1991, as amended and supplemented on July 8, 1991 (the "Notice of Sale"), which is hereby made a part of this proposal, we offer to purchase all of the $7,000,000 Sanitary Sewer System Bonds and $3,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds (hereinafter collectively referred to as the "Bonds") to be dated July 1, 1991. We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds, Ten Million Dollars ($10,000,000), plus accrued interest, if any, from July 1, 1991 to the date of delivery, and a cash premium of $ 33.C? j jor all of the Bonds, which $10,000,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES The fonds shall bear interest at the rates set forth in the following schedule: Maturity Principal Interest Maturity Principal Interest Date July I Amount Rate Price Date July I Amount Rate Price 1993 $295,000 % % 2003 $520,000 % % 1994 310,000 2004 555,000 1995 330,000 2005 595.000 1996 345,000 2006 630,000 1997 365,000 2007 675,000 1998 390,000 2008 720,000 1999 410,000 2009 770,000 2000 435,000 2'10 825,000 2001 460,000 2011 880,000 2002 490,000 We enclose herewith a certified bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $100,000 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. 91. -- 516 The Closing doaimentferred to in the Notice of Sale are to inc# certificates, dated as of the (late of the delivery of the bonds. with reference to the Official Statement, as provided therein, and stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened which would materially adversely affect the validity of the Bonds. 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 Bonds were sold to the public as the City shall reasonably request. Reshect'';;Ily submitted. theast Bank, N. A. Bidder Alai )e.�-,- By: Robert J. Robinson Title: Vice President (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.) The following is provided for information only and is not a part of this bid: This bid is x is not made for Bonds' carrying complete x or partial municipal bond insurance, with the insurance premium being paid for by the underwriter. The insurer is MBIA The total amount of interest payable on the Bonds during the life of the issue under this proposal without deducting the premium bid, if any, is $ �576. J? CJr The true interest cost for the Bonds, calculated as described in the Notice of Sale, is • PI 0 - *********** The above mentioned check has been returned and receipt thereof is duly acknowledged. Bidder Title 91 516 EVISED OFFICIAL DID FORM Proposal For the Purchase of $10,000,000 THE CITY OF MIAMI, FLORIDA GENERAL OBLIGATION BONDS, SERIES 1991 July 11, 1991 Commission of The City of Miami, Florida City Hall 3500 Pan American Drive Miami, Florida 33133 Dear Commissioners: 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 .crms and conditions of the attached Notice of Sale dated tune ' 1991, as amended and supplemented on July 9, 1991 (the "Notice of Sale"), which is hereby made a part of this proposal, we offer to purchase all of the $7,000,000 Sanitary Sewer System Bonds and $3,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds (hereinafter collectively referred to as the "Bonds") to be dated July 1, 1991. We will pay for the Bonds at the time of delivery, in immediately available Federal Reserve Funds, Ten Million Dollars ($10,000,000), plus accrued interest, if any, from July 1, 1991 to the date of delivery, and a cash premium of $ _/1/�y+e- for all of the Bonds, which $10,000,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES The Bonds shall bear interest at the rates set forth in the following schedule: Maturity Principal Interest Maturity Principal Interest Date July I Amount Rate Price Date July 1 Amoun Rate Price 1993 $295,000 60g'o S. Zd% 2003 $520,000 jp t�S'U % 1994 310,000 e. 6v 5.410 2004 555,000 6.70 X. 6v 1995 330,000 5. 10 2005 595,000 6. 70 9, 7 0 1996 345,000 9'. Gv <.7v 2006 630,000 4' ga 430 1997 365,000 60 57. 9-J 2007 675,000 G. FS 6.85 1998 390,000 �, 4d 9, its 2008 720000 'r 90 ;( 90 . 9 Id. 9U 1999 410,000 d. Gu 6.0S 2009 770:000 6. 2000 435,000 6: G0 X. /.5, 2010 825,000 6. 95 6.9S 2001 460,000 6.70 1, 3 0 2011 880,000 6 9s 9-sr 2002 490,000 6. 70 We enclose herewith a certified bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $100,000 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. 91- 516 10 The Closing documei, "referred to in the Notice of Sale are to hAde certificates, dated as of — the (late of the delivery of the Bonds, with reference to the Official Statement, as provided therein, and stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened which would materially adversely affect the validity of the Bonds. 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 Bonds were sold to the public as the City shall reasonably request. Respectfully submitted. & Associates Bidder By: w _ -Gt�- if rd M. Steinhauer Title: Vice President (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.) The following is provided for information only and is not a part of this bid: This bid is ;," is not made for Bonds carrying complete _ % or partial municipal bond insurance, with the insurance premium being paid for by the underwriter. The insurer is _Z.% 19 The total amount of interest payable on the Bonds during the life of the issue under this proposal without deducting the premium bid, if any, is $_42,Z S, '7/7, SV The true interest cost for the Bonds, calculated as described in the Notice of Sale, isdZg�o. The above mentioned check has been returned and receipt thereof is duly acknowledged. Bidder By Title 91--- 516 Jt.L 10 ' 91 14 r 38 ACV1sr.D 01rrICIAL Rib rOtlltf Proposul Fur the Purchuse of $10,000,000 1'Nlc t:l'1'K #JV MIAMI, 1't..t: DIVA CBNCRAL OBLIGATION DON -US, SERIES IY91 July 11, 1991 Commission of Ilia City of Miami. Florida City Hall 3500 Pan American Drive Miami, Florida 33133 Dear Commissiuncts: - P.3/4 Ott behalf or art underwriting Syndicate which we have formed, headed by the undersigned and e.>no; aOng of the t:.nta laatwJ vn to aepurattt shoot attached hereto an Exhibit A. itrld in atvitrtfant'" u:itlt 1110 airing and conditions ofth♦ itttaehad Notice of Sale tlatctl Iunc 24, 1991, as el►londcd atnl ►ulll!It+t+rnirtt on July 8, 1991 (the "Notice of Stdc"), which is hcteby hates: a pan of this proposal, we offer it) purchme ail of the $7,000,000 Sanitary Sewer System Bonds and S3,000,000 Fire Fighting, Fire Nrrvantio"r%d-Roccue Fueililien Bands (hereinafter evilee6vvly refvrrod to as the. "Ftuntl�'•) tit he dated July 1, 1991. We will pay rvt the Dun& at the time or delivery, In immetlixtely xvxilahle Federal Poserve Funds. Ten million Dollars (910,000,000), rillot aCrn,n ri int .r..at, it wny, troth 1,•ly 1. 1001 it, the date of delivery, and a gash premium of S_ _3 s. 6 J� , for all ofba-Bonds, which S I0,(.)(.X),l1(KI eontilrutet the taint for thA toorts sew bide of pu- for each-teriec yr the Rondn wa nruairiod shove. Such „rY T,.1.11 ii e.,y, le ♦n t,� «il....«,..: •.. ...t. .._ .. .,C O.-�L ... r..�.lJJ t.. ,/..• Tl..,l.•...,f �..1... SCHEDULE OF MATURITIES AND 1NTERM RATES The Bondt shall bear interest at the rates sat forth in the fot1owin8 schedule: ylaturiq Pri.etPt,I setarvat t+datttritr ►tl.c1�.1 ",■tarert rf... J_h, —' 1993 t A...Ynl S20S,000 am" raise r.r15' 44 103.111 % no-,& I'.S= l 2003 6aM,altt S520,000 Bate 6.7S 9G [Silt /ol•ZU% 1994 310,000 (--If /03.7r& 21*1 555.000 & -7 roo.100 1943 93t),WU 4?� 10. S3/ 2005 -19S.000 b.7S 99. S'i8 t906 345,000 le•7� 103.8o7 1006 630.000 6 � 9g Toe, 1007 ) e,5,000 ZWT rr"rs,aw 6 •� 99 • St J 1999 390t000 !D.-VS /03.43-7 2009 720,(W 6.q0 fop .a 1999 410.000 4 �1 /03.�oZ Ir" 770.tM 6.90 �•v . •�0 9a1'tl11 2000 05,0M G.7S 103, 03y 2.10 825,000 2001 460.000 4.15^ 10 2. S39 '2011 180•MN1 rr.go q'• ySNs 2002 490.000 t;•75� /oN • q 29 We enclose herewith a certified bank cuhler'c nr tresmirortt choAr., driown on an ineorpoeatod hank or trust company, an the antouitt of $100,000 payable to the order of The City of Miami. Florida. which cnecx is to be applied or rctvrnod in accordance with the Notice of Sale. 91-- 516 t Y.- JUL 10 '91 14:42 P.4i4 The Closing dooume Zeferred to In thv Notice of Sitle are to I 10 cettinrrtee, dined It% of the dote of tha Aellvery ttf the .tondr. aadth reformat to the OMeirt 6tatement. "s prcwlllaI Ilteteltt. >lntl •taleng that there Ilk I)o tiogAttpn ptnotng or, to me knnwiedge of the stoner of Stich Certificate, threatened which would maleri illy rdvortoly -0fact the validity of,the nontlo-. WO Iternt%y Nrrr-_n to 1._. ft•e City. at or pritir to elotittg, euah Information regarding the Initial prices ,tt whieh h t<uhmantlel ilnllunt 111' +a►h maturity of thv Donds ware told to-tha puhiic as -the City thatl rnaennshly rr(inect ReFprct.^,;Ily Ruhinitted, Goldman, Sachs & Co. 85 Broad Street-26th Floor Now Vnwlsj-1Jnto V^r4 2-000.4 Bidder By: 1 Title: 1/1 cc ma (NV addition of altoration 43LUCtit as I)FOvided above, Is to he mafle to this hid form, and It must not be detached from the Notice of Sale.) The following is provided for information only and it not a part of this hid: 711ir, hid it „X_ iF not made for Bonds carrying complele X or partial municipal hand insurance. with the insurance premium heing !raid for by the underwriter. The insurer is MBIR 7rtte total amount of inter-ect-payable on the Bondt duriniz this IIAt of thit ittua ttnrirr this propocal without dodueting the premium bid, if any, is $,_�4157,-7. 5a The tnio, inforott rner fnr the Bnnde, enleulatocl me dwa.ib&A In 0%& P odoe of Sato, 6 fo_t3t9996. At auottne no T%. +6.e w,Onttane.! e1%.rk 6.. t...n r.l..r. -A —4 Bidder By Title 91- 516 3 13 July 8, 1991 AMENDMENT TO NOTICE OF BALE $10,0000000 CITY OF MIAMI, FLORIDA General Obligation Bonds, Series 1991 In the Notice of Sale published on June 24, 1991: (1) under the caption "Bond Details" the first interest payment date stated as "January 1, 1991" should have read "January 1, 1992"; and (2) under the caption "Delivery of Bonds" the date of delivery of the Bonds stated as "on or about July 9, 1991" should have read "on or about July 23, 199111.