HomeMy WebLinkAboutR-86-05097
RESOLUTION NO. 86-509
A RESOLUTION AWARDING CITICORP INVESTMENT BANK
$12,000,000 POLICE HEADQUARTERS AND CRIME PREVENTION
FACILITIES BONDS, $5,000,000 STORM SEWER IMPROVEMENT
BONDS, $3,000,000 SANITARY SEWER SYSTEM BONDS AND
$2,000,000 STREET AND HIGHWAY IMPROVEMENT BONDS OF THE
CITY OF MIAMI, FLORIDA, AND SETTING FORTH THE RATES OF
INTEREST AND OTHER DETAILS RESPECTING SUCH BONDS,
RATIFYING AND APPROVING THE PRELIMINARY OFFICIAL
STATEMENT, AND AUTHORIZING ADDITIONAL PROVISIONS RELAT-
ING TO THE ISSUANCE OF THE BONDS MENTIONED HEREIN, THE
FORM THEREOF AND CERTAIN DETAILS RELATING THERETO.
13C IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA THAT:
Section 1. The Commission has ascertained and determined
and does hereby declare that:
(a) In accordance with the provisions of Resolution
No. 86-437, passed and adopted by the Commission on June 12,
1986, a Notice of Sale was published on June 16, 1986, by the
Director of Finance calling for sealed bids to be received until
10:00 A.M., Miami time, on Thursday, June 26, 1986, for
$12,000,000 Police Headquarters and Crime Prevention Facilities
Bonds, $5,000,000 Storm Sewer Improvement Bonds, $3,000,000 Sani-
tary Sewer System Bonds and $2,000,000 Street and Highway
Improvement Bonds of The City of Miami, dated June 1, 1986 (col-
lectively, the "Bonds"), the publication of which Notice of Sale
on said day in The Bond Buyer, Credit Markets, The Miami Herald
and the Miami Review is hereby ratified and approved.
(b) At the hour stated in said Notice of Sale, bidding was
closed and the following bids were found to have been filed and
to accord in all respects with the terms of said Notice of Sale,
each bid enclosing a certified or bank cashier's or treasurer's
check for $220,000 payable unconditionally to the order of The
City of Miami, Florida:
(1) Bid of CITICORP INVESTMENT BANK
offering to pay $22,000,000, such amount being the par
value of the Bonds, plus a premium of $ - 0 -
and accrued interest on the Bonds from June 1, 1986,
to the date of their delivery, said bonds bearing
interest at the rates set forth below in Column (1) of
the tabulation headed "INTEREST RATES NAMED IN BIDS".
ry COMMISSION
MEETING OF
JUN 26 1966
(2) Bid of PRUDENTIAL BACHE SECURITIES, INC.
offering to pay $22,000,000, such amount being the par
value of the Bonds, plus a premium of $ 216.20
and accrued interest on all of the Bonds from June 1,
1986, to the date of their delivery, said bonds bear-
ing interest at the rates set forth below in
Column (2) of the tabulation headed "INTEREST RATES
NAMED IN BIDS".
(3) Bid of SOUTHEAST BANK, N.A.
offering to pay $22,000,000, such amount being the par
value of the Bonds, plus a premium of $ 31 ,316.60 1
and accrued interest on all of the Bonds from June 1,
1986 to the date of their delivery, said bonds bearing
interest at the rates set forth below in Column (3) of
the tabulation headed "INTEREST RATES NAMED IN BIDS".
-2- 86-509;
(0 Bid of BANKERS TRUST COMPANY
offering to pay $22,000,000, such amount being the par
value of the Bonds, plus a premium of $ 4,330.75
and accrued interest on all of the Bonds from June 1,
1986, to the date of their delivery, said bonds bear-
ing interest at the rates set forth below in
Column (4) of the tabulation headed "INTEREST RATES
NAMED IN BIDS".
( 5) Bid of MORGAN GUARANTY TRUST COMPANY
offering to pay $22,000,000, such amount being the par
value of the Bonds, plus a premium of $1,378.00 ,
and accrued interest on all of the Bonds from June 1,
1986 to the date of their delivery, said bonds bearing
interest at the rates set forth below in Column (5) of
the tabulation headed "INTEREST RATES NAMED IN BIDS".
(6) Bid of SHEARSON LEHMAN BROTHERS, INC.
offering to pay $22,000,000, such amount being the par
value of the Bonds, plus a premium of $ 0
and accrued interest on all of the Bonds from June 1,
1986 to the date of their delivery, said bonds bearing
interest at the rates set forth below in Column (6) of
the tabulation headed "INTEREST RATES NAMED IN BIDS".
Section 2. The bid offering to purchase the Bonds at 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 from
the payment dates
to the date
of the Bonds
and to the price bid,
not including interest accrued
to the date
of delivery, was the bid of CITICORP INVESTMENT BANK
(herein
called the "Awardee")
offering to pay
$22,000,000,
such amount
being the par value of
the Bonds, plus a
premium of $
- 0 - ,
and accrued interest on the Bonds from
June 1, 1986
to the date
of their delivery, and naming for said bonds the interest rates
set forth in Column (1) of the tabulation headed "INTEREST RATES
NAMED IN BIDS".
- 3 - 86-509;
Section 3. Said bid of the Awardee is hereby accepted and
the $12,000,000 Police Headquarters and Crime Prevention Facil-
ities Bonds, $5,000,000 Storm Sewer Improvement Bonds, $3,000,000
Sanitary Sewer System Bonds and $2,000,000 Street and Highway
Improvement Bonds of the City of Miami are hereby awarded to the
Awardee at the price set forth in Section 2 above offered for the
Bonds, bearing interest at the rates set forth in Column (1) of
the tabulation headed "INTEREST RATES NAMED IN BIDS", and the
Bonds shall bear interest at such rates.
Section 4. The checks of unsuccessful bidders shall be
returned immediately.
Section 5. There shall be printed on the reverse of each of
the Bonds the legal opinion of Greenberg, Traurig, Askew,
Hoffman, Lipoff, Rosen & Quentel, P.A., Bond Counsel, respecting
the validity of the Bonds and, immediately following such legal
opinion, a certificate signed with the facsimile signature of the
City Clerk substantially as follows:
"I HEREBY CERTIFY that the foregoing is a true and
correct copy of the legal opinion upon the bonds
therein described which was manually signed by
Greenberg, Traurig, Askew, Hoffman, Lipoff, Rosen &
Quentel, P.A., Miami, Florida, Bond Counsel, and was
dated as of the date of delivery of and payment for
said bonds.
"..........(Facsimile Signature).........., City Clerk
of The City of Miami, Florida."
Section 6. CUSIP numbers will be printed on the Bonds;
however, the validity, sale, delivery or acceptance of the Bonds
will not be affected in any manner by any error in printing CUSIP
numbers on any of the Bonds.
Section 7. The Commission has ascertained and determined
and does hereby declare that in accordance with the provisions of
Resolution No. 86-436 passed and adopted by the Commission on
June 12, 1986, a Preliminary Official Statement dated June 12,
1986 was issued, with such changes therein from the form of such
document submitted to the Commission at its meeting of June 12,
1986 as were approved by the Director of Finance; the issuance of
such Preliminary Official Statement with such changes is hereby
ratified and approved.
- 4 -
86 -509:
.A 6
Section 8. This resolution shall be in full force and
effect immediately upon its passage.
PASSED AND ADOPTED this 26th day of June, 1986.
XAVIF L. SUAREZ, or
ATT41'.s-
TMATTY
11IRAI, Ci ty Clerk
PREPARED AND APPROVED BY:
Deputy City Attorney
APPROVED
A ' 0 FORM
AND
CORRECTNESS:
Attorney
LOCI A.
DOUGIIER'1 ,
City
- 5 - 86-50 3:
i
S17V1*ED MA111RITIFS (IF DONUS IN FAU1 YEAR
1btice
Hei-+cl pkirters
aril Crime,
14iluri Ly Prevention
Dale FaciIitieq
(Jwie 1) Borxls
Sanitary
Storm Sewer Sewer
bprovement System
Bonds Bo►xis
Street anci
7btal
Highway
Princilml
Irrprovement
Amount of
Bonds
Bomi,
1980
$ 310,000
$ 85,000
$ -0-
$ -0-
$ 395,000
1989
310,000
05,000
80,000
55,000
530,000
1990
335,000
95,000
85,000
60,000
575,000
1991
365,000
100,000
95,000
60,000
620,000
1992
395,000
110,000
100,000
65,000
670,000
1993
425,000
115,000
110,000
75,000
725,000
1994
460,000
125,000
120,000
80,000
785,000
1995
495,000
135,000
125,000
85,000
840,000
1996
535,000
145,000
135,000
90,000
905,000
1997
575,000
160,000
150,000
100,000
985,000
1990
625,000
170,000
160,000
105,000
1,060,000
1999
675,000
105,000
175,000
115,000
1,150,000
2000
730,000
200,000
185,000
125,000
1,240,000
2001
705,000
215,000
200,000
135,000
1,335,000
2002
050,000
235,000
220,000
145,000
1,450,000
2003
915,000
250,000
235,000
155,000
1,555,000
2004
990,000
270,000
255,000
170,000
1,685,000
2005
1,070,000
295,000
275,000
185,000
1,825,000
2006
1,155,000
315,000
295,000
195,000
1,960,000
2007
340,000
340,000
2000
340,000
340,000
2009
340,000
340,000
2010
345,000
345,000
2011
345,000
345,000
INTEREST RATES NAMED IN BIDS
Interest Rate Columns
Year of
Maturity
(1)
(2 )
(3 )
(4 )
(5 )
(6 )
1988
9 %
9 %
8.75%
9 %
9.50%
9.25%
1989
9
9
8.75
9
9.50
9.25
1990
9
9
8.75
9
9.50
9.25
1991
9
9
8.75
9
9.50
9.25
1992
9
9
8.75
9
9.50
9.25
1993
9
9
8.75
9
9.50
9.0
1994
9
9
8.75
7.75
9.50
7.25
1995
9
9
8.75
7.10
7.75
7.25
1996
7
7
7.00
7.25
7.50
7.30
1997
7.10
7.20
7.20
7.40
7.50
7.40
1998
7.20
7.30
7.30
7.50
7.50
7.60
1999
7.30
7.40
7.50
7.60
7.60
7.70
2000
7.40
7.50
7.50
7.60
7.70
7.75
2001
7.50
7.50
7.60
7.70
7.75
7.75
2002
7.50
7.60
7.60
7.70
7.75
7.75
2003
7.50
7.60
7.60
7.70
7.75
7.75
2004
7.50
7.50
7.60
7.70
7.75
7.75
2005
7.50
7.50
7.70
7.70
7.75
7.75
2006
7.60
7.50
7.70
7.70
7.75
8.0
2007
7.60
7.50
7.70
7.70
7.75
8.0
2008
7.60
7.50
7.70
7.70
7.75
8.0
2009
7.60
7.50
7.70
7.70
7.75
8.0
2010
7.60
7.50
7.70
7.70
7.75
8.0
2011
7.60
7.50
7.70
7.70
7.75
8.0
W-M
-54 9,
86 .
CITY OF MIAMI, FLORIOA
MEMORANDUM
26INTER-OFFICE
TO: The Honorable
Mayor
and DATE:
June 17, 1986 FILM
Members of the
City
Commission
SUBJECT:
Agenda Item Meeting
of June 26, 1986
FROM: Cesar H. O d i o
REFERENCED:
City Manager
ENCLOSURES:
It is recommended that the attached resolution
awarding , $12,000,000 Police
Headquarters and Crime Prevention Facilities Bonds,
$5,000;000 Storm Sewer Improvement Bonds; $3,000,000
Sanitary Sewer System Bonds, and $2, 000, 000 Street and
Highway Improvement Bonds of the City of Miami,
Florida and setting forth the rates of interest and
other details respecting such bonds; ratifying and
approving the official statement an d authorizing
additional provisions relating to the issuance of the
bonds mentioned herein, the form thereof and certain
details relating thereto, be approved
Bids on the City's 1986 General Obligation Bond Sale of
$22,000,000 are to be received at 10:00 a.m.; on June 26, 1986.
This Resolution awards th bond sale to the responsible bidder
whose proposal offers to purchase all of the bonds at such rates
of interest that will produce the lowest effective interest to
the C i ty.
This Resolution should be taken as first item in the afternoon
agenda at approximately 2:00 p.m., so that the members of the
bond syndicate may be notified of the acceptance of their
proposal.
cc: Law Department
8f -509,!
NOTICE. OF SALE
$22,000,000
THE. CITY OF MIAMI, FLORIDA
General Obligation Bonds
Sealed Bids
Sealed bids will be received by the Commission (the "City 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 Thursday, June 26, 1986, 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 $22,000,000, consisting of $12,000,000 Police Headquarters and Crime
Prevention Facilities Bonds, $5,000,000 Storm Sewer Improvement Bonds, $3,000,000 Sanitary Sewer
System Bonds and $2,000,000 Street and Highway Improvement Bonds, dated June 1, 1986 (hereinafter
collectively referred to as the "Bonds").
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 June 1, 1986, payable semiannually on .tune 1
and December 1 in each year, at the rate or rates specified in such proposal as may be accepted, the first
interest payment being due on December 1, 1986. The Bonds will mature as follows:
Sc"'.+r50 9'.
MATURITY SCHEDULE
Maturity Date
(June 1)
1988
1989 ....
1990
1991
1992 ....
1993 ....
1994 ....
1995
1996
1997
1998
1999
2000 ....
2001 ....
2002
2003
2004 ....
2005 ....
2006 ....
2007 ....
2008 ....
2009
2010 ....
2011
Police
Headquarters
and Crime
Prevention
Facilities
Bonds
$ 310,000
310,000
335,000
365,000
395,000
425,000
460,000
495,000
535,000
575,000
625,000
675,000
730,000
785,000
850,000
915,000
990,000
1,070,000
1,155,000
Sanitan
Street and
Storm Sewer
Seem
Highway
Total
Improvement
System
Improvement
Principal
Bonds
Bonds
_Bonds
Amount
$ 85,000
$ -0-
$ -0-
$ 395,000
85,000
80,0()0
55,000
530,000
95,000
85,000
60,000
575,000
100,000
95,000
60,000
620,000
110,000
100,000
65,000
670,000
115,000
110,000
75,000
725,000
125,000
120,000
80,000
785,000
135,000
125,000
85,000
840,000
145,000
135,000
90,000
905,000
160,000
150,000
100,000
985,000
170,000
160,000
105,000
1,060,000
185,000
175,000
115,000
1,150,000
200,000
185,000
125,000
1,240,000
215,000
200,000
135,000
1,335,000
235,000
220,000
145,000
1,450,000
250,000
235,000
155,000
1,555,000
270,000
255,000
170,000
1,685,000
295,000
275,000
185,000
1,825,000
315,000
295,000
195,000
1,960,000
340,000
340,000
340,000
340,000
340,000
340,000
345,000
345,000
345,000
345,000
Principal of, and premium, if any, on the Bonds will be payable upon presentation and surrender
thereof, at the option of the registered owners, at Chemical Bank, New York, New York, as Bond Registrar
and Paying Agent, or at Pan American Bank, N.A., or its successor, Miami, Florida, as Paying Agent.
Optional Redemption
The Bonds maturing on or after June 1, 1997 are subject to redemption at the option of the City
Commission on or after June 1, 1996, 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 Price
Redemption Price
(percentage of
(date inclusive)
principal amount)
June i, 1996 to May 31, 1997 ................
102%
June 1, 1997 to May 31, 1998 ................
101 %
June 1, 1998 and thereafter .................
IO0°Io
4
Purpose; Validation
The Police Headquarters and Crime Prevention Facilities Bonds were authorized by Ordinance No.
9787 for the purpose of paying the cost of 0) construction of additions to the police headquarters building,
(ii) the acquisition and installation of electronic communications and computer equipment, (iii) facilities
for training, property unit and other police purposes, and (iv) the acquisition of land and other equipment
needed for police purposes.
The Storm Sewer Improvement Bonds were authorized by Ordinance No. 9781 for the purpose of
paying the cost of the construction of permanent drainage facilities within the City.
The Sanitary Sewer System Bonds were authorized by Ordinance No. 9128 for the purpose of paying
the cost of improvements and extensions to the City's sanitary sewer system.
The Street and Highway improvement Bonds were authorized by Ordinance No. 9129 for the purpose
of paying the cost of street and highway improvements within the Citv.
All of the Bonds have been validated by judgments of the Circuit Court of Dade County and no appeal
was 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 are
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 Nvho arc aged, disabled or otherwise
qualified therefor, as required by 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 $22,000,000 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 a;l Bonds.
Bidders are requested to name the interest rate or rates in multiples of '/a or '/zo of 1016. 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. 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 (2070). 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 than all of the Bonds offered or for less than par and accrued
interest will be entertained. Premiums may be specified.
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 semi-
annual interest rate (compounded semi-annually) 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.
The right is reserved to reject all bids or any bid not conforming to this Notice of Sale or not in the
form of the Official Bid Form. The right is also reserved to waive, if permitted by law, any irregularity or
informality in any proposal.
86-503.
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 $220,000, 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. 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's check drawn
upon a bank or trust company in the City of Miami, Florida, payable unconditionally to the order of such
bidder, in the amount of the check deposited by such bidder with his bid. Upon delivery of the Bonds, the
proceeds of the check of the successful bidder will be applied to payment for the Bonds.
CUSIP Number
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 the 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 15, 1986 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 Greenberg, Traurig, Askew, Hoffman, Lipoff,
Rosen & Quentel, P.A., Miami, Florida will be furnished without cost to the purchasers of the Bonds. The
usual closing documents shall also be furnished.
Concurrently with the delivery of the Bonds, the City Manager and the City Director of Finance 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 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 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.
6
Section 218.38(l)(b)(2), Florida Statutes, requires that the managing underwriter or the financial consultant,
within 90 days after delivery of the Bonds, provide the City with a statement containing the information
mentioned in (c) above.
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 3360 Pan American Drive, Coconut Grove
Exhibition Center, Miami, Florida 33133, telephone number (305) 579-6350, or to the Financial Advisor,
James J. Lowrey & Co. Incorporated, 180 Maiden Lane, New York, Nei+• York 10038, telephone number
(212) 363-2000.
Carlos E. Garcia, CPA
Director of Finance
The City of Miami, Florida
86-509,
(THIS PAGF. INTENTIONALLY LEFT BLANKI
[THIS PAGE INTENTIONALLY LEFT BLANKI
THE CITY OF MIAMI, FLORIDA
$2290009000
General Obligation Bonds
OFFICIAL BID FORM
AND
NOTICE OF SALE
The Bonds are being offered for sale in accordance with this Notice of Sale. Sealed bids for the
purchase of the Bonds will be received by the Commission of The City of Miami, Florida, at its regular
place of meeting in the City Hall, 3500 Pan American Drive, Miami, Florida until 10:00 A.M. Miami time
on Thursday, June 26, 1986.
June 12, 1986
86-50
t�
OFFICIAL, lilt) FORM
Proposal
For the Purchase of
$22,(H)O,000
THE CITY OF MIAMI, FI,ORIDA
General Obligation Bonds
Commission of The City of Miami, Florida
City Hall
3500 Pan American Drive
Miami, Florida 33133
Dear Commissioners:
June 26, 1986
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, and in accordance with the terms and
conditions of the attached Notice of Sale dated June 12 , 1986 (the "Notice of Sale"), which is hereby made
a part of this proposal, we offer to purchase all of the $22,000,000 City of Miami, Florida General
Obligation Bonds consisting of $12,000,000 Police Headquarters and Crime Prevention Facilities Bonds,
$5,000,000 Storm Sewer Improvement Bonds, $3,000,000 Sanitary Sewer System Bonds, and $2,000,000
Street and Highway improvement Bonds (hereinafter collectively referred to as the "Bonds"), to be dated
June 1, 1986. We will pay for the Bonds at the time of delivery in immediately available Federal Reserve
Funds, Twenty -Two Million Dollars ($22,000,000), plus accrued interest, if any, from .tune 1, 1986 to tite
date of delivery, and a cash premium of $ for all of the Bonds, which $22,000,000 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 rate set forth in the following
schedule:
Maturity Date
Principal Interest Yield or
Maturity Date
Principal Interest Yield or
June I
Amount Rate Price
June 1
Amount Rate Rate
1988 ....
$ 395,000 07o
2000 ....
$1,240,000
1989 ....
530,000
2001 ....
1,335,000
1990 .... '
575,000
2002 ....
1,450,000
1991 ....
620,000
2003 ....
1,555,000
1992 ....
670,000
2004 ....
1,685,000
1993 ....
725,000
2005 ....
1,825,000
1994 ....
785,000
2006 ....
1,960,000
1995 ....
840,000
2007 ....
340,000
1996 ....
905,000
2008 ....
340,000
1997 ....
985,000
2009 ....
340,000
1998 ....
1,060,000
2010 ....
345,000
1999 ....
1,150,000
2011 ....
345,000
S - —00A,
We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank
or trust company, in the amount of $220,000, 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.
The closing documents referred to in the Notice of Sale are to include certificates, 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 affecting the
validity of the Bonds.
Respectfully 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:
The total amount of interest payable on the Bonds during the life of the issue de sal,
without deducting the premium bid, if any, is $
The effective interest rate for the Bonds, calculated as described in the Notice o Sale, is %.
The above mentioned check has been returned and receipt thereof is duly ackno�%
By
Title
2
Bidder