HomeMy WebLinkAboutR-86-0437J-86-495_
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RESOLUTION NO. 86�-43^!
A RESOLUTION FIXING CERTAIN DETAILS CONCERN-
ING $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 DIRECTING PUBLICATION OF
NOTICE OF SALE OF SAID BONDS.
WHEREAS, the Commission (hereinafter referred to as the
"City Commission") of the City of Miami, Florida (the "City")
duly passed and adopted the following resolutions providing for
the issuance of the above -referenced bonds of the City (herein-
after referred to collectively as the "Bonds"):
Resolution No. 85-312, adopted by the City Commission on the
21st day of March, 1985, providing for the issuance of not
exceeding $20,000,000 Police Headquarters and Crime Prevention
Facilities Bonds to consist of bonds of the denomination of
$5,000 each or any integral multiple thereof, said bonds to be
issued at one time or from time to time, to be dated and sold as
shall hereafter be determined by the City Commission, and to
mature in annual installments two (2) to twenty (20) years,
inclusive, after the date of said bonds;
Resolution No. 85-289, adopted by the City Commission on the
21st day of March, 1985, providing for the issuance of not
exceeding $30,000,000 Storm Sewer Improvement Bonds to consist of
bonds of the denomination of $5,000 each or any integral multiple
thereof, said bonds to be issued at one time or from time to
time, to be dated and sold as shall hereafter be determined by
the City Commission, and to mature in annual installments two (2)
to twenty-five (25) years, inclusive, after the date of said
bonds;
Resolution No. 80-773, adopted by the City Commission on the
30th day of October, 1980, as amended by Resolution No. 86-175,
adopted by the City Commission on March 18, 1986, providing for
the issuance of not exceeding $45,000,000 Sanitary Sewer System
Bonds to consist of bonds of the denomination of $5,000 each or
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MEETING OF
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a any integral multiple thereof, said bonds to be issued at one
iqt time or from time to time, to be dated and sold as shall here-
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:j after be determined by the City Commission, and to mature in
4 1
annual installments three (3) to twenty (20) years, inclusive,
after the date of said bonds;
Resolution No. 80-774, adopted by the City Commission on the
30th day of October, 1980, as amended by Resolution No. 84-628
and Resolution No. 86-174, adopted by the City Commission on June
14, 1984 and March 18, 1986, respectively, providing for the
issuance of not exceeding $30,000,000 Street and Highway Improve-
.
ment Bonds to consist of bonds of the denomination of $5,000 each
or any integral multiple thereof, said bonds to be issued at one
. �
' time or from time to time, to be dated and sold as shall here-
after be determined by the City Commission, and to mature in
...! annual installments three (3) to twenty (20) years, inclusive,
after the date of said bonds;
WHEREAS, each of said resolutions provides that (i) the
bonds authorized thereunder shall bear interest at rates not
exceeding the legal rate, (ii) all or any part of the bonds
therein authorized may be made redeemable prior to their respec-
tive maturities at such times and prices and under such terms and
conditions as the City Commission shall determine by resolution
prior to the sale of such bonds, and (iii) both the principal of
and the interest on said bonds shall be payable at a bank or
trust company in each of the respective cities therein stated;
WHEREAS, in an issue dated April 1, 1985, the City has here-
tofore issued its (i) Police Headquarters and Crime Prevention
Facilities Bonds authorized under Resolution No. 85-312 in the
principal amount of $5,000,000, thereby reducing the authorized
but unissued portion of such bonds to $15,000,000; (ii) Storm
Sewer Improvement Bonds authorized under Resolution No. 85-289 in
the principal amount of $9,000,000, thereby reducing the author-
ized but unissued portion of such bonds to $21,000,000; and (iii)
Sanitary Sewer System Bonds authorized under Resolution
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86--437,
1P #
No. 80-773 in the principal amount of $5,000,000, thereby reduc-
ing the authorized but unissued portion of such bonds to
$40,000,000; and has, furthermore, issued its Street and Highway
Improvement Bonds authorized under Resolution No. 80-774 in the
principal amount of $19,100,000 in three series, dated May 1,
1983, June 1, 1984 and April 1, 1985, respectively, thereby
reducing the authorised but unissued portion of such bonds to
$10,900,000; and
WHEREAS, the City Commission has determined:
(a) that $12,000,000 principal amount of said authorized
but unissued Police Headquarters and Crime Prevention Facilities
Bonds shall be issued and sold at this time, such bonds to be
dated, to be numbered and to mature as hereinafter provided;
(b) that $5,000,000 principal amount of said authorized
but unissued Storm Sewer Improvement Bonds shall be issued and
sold at this time, such bonds to be dated, to be numbered and to
mature as hereinafter provided;
(c) that $3,000,000 principal amount of said authorized
but unissued Sanitary Sewer System Bonds shall be issued and sold
at this time, such bonds to be dated, to be numbered and to
mature as hereinafter provided;
(d) that $2,000,000 principal amount of said authorized
but unissued Street and Highway Improvement Bonds shall be issued
and sold at this time, such bonds to be dated, to be numbered and
to mature as hereinafter provided;
(e) that the Bonds shall be redeemable prior to their
respective maturities as hereinafter provided;
(f) that the principal of and interest on the Bonds shall
be payable at the banks hereinafter designated; and
(g) that the sale of the Bonds shall be held and notice
thereof given as hereinafter provided.
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86-43'od
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF
THE CITY
OF MIAMI , FLORIDA:
Section 1. There shall be
issued and sold at this time
Police Headquarters and Crime
Prevention Facilities
Bonds,
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authorized under Resolution No.
85-312, in the aggregate
princi-
pal amount of Twelve Million
Dollars ($12,000,000),
thereby
reducing the $20,000,000 principal amount of such bonds autho-
rized as hereinabove described to an authorized but unissued
amount of $3,000,000. Said bonds shall be dated as of the 1st
day of June, 1985, shall consist of bonds in the denomination of
$5,000 each or any integral multiple thereof, numbered R-1
upwards, and shall mature, subject to redemption at the option of
the City, in numerical order, lowest numbers first, on the 1st
day of June in the following years and in the following amounts,
respectively:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1988
$310400
1997
$ 575,000
1989
310,000
1998
625,000
1990
335,000
1999
675,000
1991
365,000
2000
730,000
1992
395,000
2001
785,000
1993
425,000
2002
850,000
1994
460,000
2003
915,000
1995
495,000
2004
990000
1996
535,000
2005
1,070,000
2006
1,155,000
Section 2. There shall be issued and sold at this time
Storm Sewer Improvement Bonds, authorized under Resolution
No. 85-289, in the aggregate principal amount of Five Million
Dollars ($5,000,000), thereby reducing the $30,000,000 principal
amount of such bonds authorized as hereinabove described to an
authorized but unissued amount of $16,000,000. Said bonds shall
be dated as of the lst day of June, 1986, shall consist of bonds
in the denomination of $5,000 each or any integral multiple
thereof, numbered R-1 upwards, and shall mature, subject to
redemption at the option of the City, in numerical order, lowest
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8f --437'.
i
II numbers first, on the 1st day of June the following years and in
ii
the following amounts, respectively:
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.1
Year of Principal Year of
Maturity Amount Maturity
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
$ 85,000
85,000
95,000
100,000
110,000
ll5,000
125,000
135,000
145,000
160,000
170,000
185,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Principal
Amount
$200,000
215,000
235,000
250,000
270,000
295,000
315,000
340,000
340,000
340,000
345,000
345,000
Section 3. There shall be issued and sold at this time
Sanitary Sewer System Bonds, authorized under said Resolution
No. 80-773, in the aggregate principal amount of Three Million
Dollars ($3,000,000), thereby reducing the $45,000,000 principal
amount of such bonds authorized as hereinabove described to an
authorized but unissued amount of $37,000,000. Said bonds shall
be dated as of the 1st day of June, 1986, shall consist of bonds
in the denomination of $5,000 each or any integral multiple
thereof, numbered R-1 upwards, and shall mature, subject to
redemption at the option of the City, in numerical order, lowest
numbers first, on the 1st day of June in the following years and
in the following amounts, respectively:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1989
$ 80,000
1998
$160,000
1990
85,000
1999
175,000
1991
95,000
2000
185,000
1992
100,000
2001
200,000
1993
110,000
2002
220,000
1994
120,000
2003
235,000
1995
125,000
2004
255,000
1996
135,000
2005
275,000
1997
150,000
2006
295,000
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86 -431Z
Section 4. There shall be issued and sold at this time
Street and Highway Improvement Bonds, authorized under Resolution
No. 80-774, in the aggregate principal amount of Two Million
Dollars ($2,000,000), thereby reducing the $30,000,000 principal
amount of such authorized bonds as hereinabove described to an
authorized but unissued amount of $8,900,000. Said bonds shall
i
be dated as of the 1st day of June 1986, shall consist of bonds
1 in the denomination of $5,000 each or any integral multiple
thereof, numbered R-1 upwards, and shall mature, subject to
redemption at the option of the City, in numerical order, lowest
numbers first, on the lst day of June in the following years and
in the following amounts, respectively:
i
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1989
$ 55,000
1998
$105,000
1990
60,000
1999
115,000
1991
60,000
2000
125,000
1992
65,000
2001
135,000
1993
75,000
2002
145,000
1994
80,000
2003
155,000
1995
85,000
2004
170,000
1996
90,000
2005
185,000
1997
100,000
2006
195,000
:i
Section 5. Interest on the Police Headquarters and Crime
Prevention Facilities Bonds, Storm Sewer Improvement Bonds,
Sanitary Sewer System Bonds and Street and Highway Improvement
l
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Bonds authorized herein shall be payable semiannually on the
first day of June and December in each year, the first interest
f;
payment being due on December 1, 1986. Both the principal of and
interest on the Bonds shall be payable at Chemical Bank, in the
Borough of Manhattan, City and State of New York, or, at the
(
option of the registered owner, at Pan American Bank, N.A., or
its successor, in the City of Miami, Florida.
i
Section 6. The Director of Finance is hereby authorized and
directed to publish a notice calling for bids for the Bonds in
The Miami Review and The Miami Herald, daily newspapers of gen-
eral circulation published in the City, and in The Bond Buyer, a
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financial journal published in New York City and devoted pri-
marily to municipal bonds, each of such publications to be made
at least ten (10) days before the date for the receipt of bids,
which notice shall be substantially in the following form:
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86-437-
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financial journal published in New York city and devoted pri-
marily to municipal bonds, each of such publications to be made
at least ten (10) days before the date for the receipt of bids,
which notice shall be substantially in the following form:
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i Sf -437
I
NOTICE OF SALE
r $22,000,000
L5 6
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 11:00 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 obli-
gation 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
$2000,000 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
June 1 and December 1 in each year, at the rate or rates speci-
fied in such proposal as may be accepted, the first interest
payment being due on December 1, 1986. The Bonds will mature as
follows:
Maturity Date
(June 1)
Police
Headquarters
and Crime
Prevention
Facilities
Bonds
MATURITY SCHEDULE
Sanitary
Storm Sewer Sewer
Improvement System
Bonds Bonds
Street and
Highway Total
Improvement Principal
Bonds Amount
1988
$ 310,000
$ 85,000
$ - 0 -
$ - 0 -
$ 395,000
1989
310,000
85,000
80,000
559000
530,000
1990
335,000
959000
859000
609000
575,000
1991
365,000
1009000
959000
60,000
6209000
1992
3959000
110,000
100,000
65,000
670,000
1993
425,000
1159000
110,000
759000
725,000
1994
4609000
1259000
1209000
80,000
785,000
1995
4959000
135,000
125,000
859000
840,000
R
1996
535,000
145,000
135,000
90,000
9059000
1997
5759000
160,000
150,000
1000000
985,000
1998
625,000
170,000
160,000
105,000
19060,000
1999
675,000
185,000
175,000
115,000
191509000
2000
7309000
2009000
185,000
125,000
192409000
2001
785,000
215,000
200,000
1359000
1,335,000
,
ff
2002
8509000
2359000
2209000
1459000
19450,000
2003
915,000
250,000
235,000
155,000
1,555,000
2004
9900000
2709000
255,000
170,000
1,685,000
2005
19070,000
295,000
275,000
185,000
19825,000
+'
2006
19155,000
315,000
295,000
195,000
1,960,000
2007
3409000
340,000
2008
3409000
340,000
2009
3409000
340,000
2010
3459000
345,000
2011
3459000
3459000
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V V -4 3
"jfl Principal of, and premium, if any, on the Bonds will be
s- 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
fi 3 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
W"; accrued interest to the date of redemption:
Redemption Price
Redemption Period (percentage of
(date inclusive) principal amount)
4
June 1, 1996 to May 31, 1997 102%
June 1, 1997 to May 31, 1998 101%
June 1, 1998 and thereafter 100%
Purpose; Validation
The Police Headquarters and Crime Prevention Facilities
Bonds were authorized by Ordinance No. 9787 for the purpose of
paying the cost of (i) construction of additions to the police
headquarters building, (ii) the acquisition and installation of
k1.. electronic communications and computer equipment, (iii) facil-
ities for training, property unit and other police purposes, and
' (iv) the acquisition of land and other equipment needed for
j police purposes.
The Storm Sewer Improvement Bonds were authorized by Ordi-
F
<r(�; nance No. 9781 for the purpose of paying the cost of the con-
�struction 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 City.
All of the Bonds have been validated by judgments of the
Circuit Court of Dade County and no appeal was taken therefrom.
Securitv for and Source of Pavment 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 law).
- 9 -
86-437
4
R
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 con-
stitutes 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. 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 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 semiannual interest rate (com-
pounded 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.
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 Offi-
cial Bid Form. The right is also reserved to waive, if permitted
by law, any irregularity or informality in any proposal.
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 immedi-
ately. 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 imposs-
ible 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.
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86-43`d
IP
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CUSIP Number
' It is anticipated that CUSIP identification numbers will be
1
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printed on the Bonds,
but neither the failure to print such num-
;.
bers on any Bond nor
any error with respect thereto shall con-
stitute 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 there-
U�>,.,.t.
for 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 Man-
ager and the City Director of Finance will furnish their cer-
';';`.
tificate 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
t'..
make the statements contained therein, in the light of the cir-
cumstances 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
'
s
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 infor-
mation statement with the Division of Bond Finance of the State
f of Florida (the "Division") containing the following informa-
tion: (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 attor-
neys 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 men-
tioned in (a) and (c) above. Section 218.38(1)(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.
1,
86-437
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,
New York 10038, telephone number (212) 363-2000.
Carlos E. Garcia, CPA
Director of Finance
The City of Miami, Florida
Section 7. The form referred to in the Notice of Sale set
forth in Section 6 above and on which all bids are requested to
be made shall be substantially as follows:
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86-437
f
f
OFFICIAL BID FORM
Proposal
For the Purchase of
$22,000,000
The City of Miami, Florida
General Obligation Bonds
June 26, 1986
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, and in accordance with the terms
and conditions of the attached Notice of Sale dated June , 1986
(the "Notice of Sale"), which is hereby made a part of this pro-
posal, 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 (here-
inafter 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 June 1, 1986 to the date of delivery, and a cash premium of
$ for all of the Bonds, which $22,000,000 con-
stitutes 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 Date Principal Interest Maturity Date Principal Interest
June 1 Amount Rate June 1 Amount Rate
1988
$ 3959000
% 2000
$1,2409000 %
1989
5309000
2001
1,3359000
1990
5759000
2002
lt450,000
1991
620,000
2003
1,555,000
1992
6709000
2004
116859000
1993
725,000
2005
19825,000
1994
785,000
2006
1,960,000
1995
840,000
2007
340,000
1996
905,000
2008
3409000
1997
985,000
2009
340,000
1998
11060,000
2010
345,000
1999
1,150,000
2011
345,000
86-437
We enclose herewith a certified or bank cashier'sor
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 under this proposal, without deducting the
premium bid, if any, is
The effective interest rate 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
14 -
86-437
i
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34,
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Section 8. The Bonds maturing on or after June 1, 1997 are
subject to redemption prior to their respective maturities, at
the option of the City, on or after June 1, 1996, in whole on any
date, or in part on any interest payment date in the inverse
order of their maturities (by lot within any maturity), at the
following redemption prices, together with the interest accrued
thereon to date fixed for redemption:
Redemption Period
(dates inclusive)
June 1, 1996 to May 31, 1997
June 1, 1997 to May 31, 1998
June 1, 1998 and thereafter
Redemption Price
(percentage of
Drincinal amount)
102%
101%
100%
Notice of redemption shall be mailed, first class postage
prepaid, not less than 30 nor more than 60 days before the redem-
ption date, to the registered owners of any Bonds or portions of
Bonds which are to be redeemed, at their last addresses appearing
upon the registry books at the close of business on the last
business day of the month preceding the month in which notice is
mailed. Failure of the registered owner of any Bonds which are
to be redeemed to receive any such notice shall not affect the
validity of the proceedings for the redemption of Bonds.
The form for each series of the Bonds shall be as heretofore
provided, subject to the inclusion of redemption provisions and
such minor revisions as shall be deemed necessary or desirable by
the City's Director of Finance.
{ Section 9. The details of the Police Headquarters and Crime
Prevention Facilities Bonds, the Storm Sewer Improvement Bonds,
i
the Sanitary Sewer System Bonds, the Street and Highway Improve-
ment Bonds and any other obligations to be issued pursuant to
Resolution No. 85-312, Ordinance No. 9787, Resolution No. 85-289,
Ordinance No. 9781, Resolution No. 80-733, Ordinance No. 9128,
I' Resolution No. 80-774 and Ordinance No. 9129, on or after the
- 15 -
8C-4 7.
date hereof, shall be substantially the same as the details of
the bonds described in such resolutions and ordinances, except
that the provisions of Section 9 of Resolution No. 84-628,
adopted by the City Commission on June 14, 1984, of Section 1 of
Resolutions No. 86-175 and 86-174, each adopted by the City
Commission on March 18, 1986, and of Ordinances No. 9904 and
9905, each adopted by the City Commission on October 10, 1984,
shall be applicable to such bonds and obligations and, to the
extent that there shall be a conflict between any provision of
this Resolution and any provision of any resolution or ordinance
listed above in this Section 9, including Resolution No. 84-628,
the provisions of this Resolution shall govern in all instances.
Section 10. This Resolution shall be in force and effect
immediately upon its adoption.
PASSED AND ADOPTED this 12th day of June, 1986.
XAVIER L. Sb19REZj Mayor
y Attorney
APPROVED aS TO FORM AND CORRECTNESS:
86-437'
STATE OF FLORIDA
SS
COUNTY OF DADE )
I, MATTY HIRAI, City Clerk of the City of Miami, Florida,
and keeper of the records thereof, do hereby certify that the
attached and foregoing pages numbered 1 through 16, inclusive,
contain a true and correct copy of a resolution adopted by the
Commission of said City at a meeting held on the 12th day of
June, 1986.
SAID RESOLUTION WAS DESIGNATED RESOLUTION NO. 86—
IN WITNESS WHEREOF, I hereunto set my hand and impress the
Official Seal of the City of Miami, Florida this day
of , 1986.
(Official Seal)
Matty Hirai
City Clerk
Miami, Florida
By:
Deputy City Clerk
- 17 -
CITY OF MIAMI, FLORIDA
8
INTER -OFFICE MEMORANDUM
To: The Honorable Mayor and DATE: May 28, 1986 FILE:
Members of the City Commission
'( SUBJECT: Agenda Item Meeting
of June 12, 1986
p
a'
FROM: REFERENCES:
r
Cesar H. Odio
City Manager
ENCLOSURES:
r:
It is recommended that the attached resolution
fixing certain details concerning $12,000,000
Police Headquarters an d Crime Preven ti on
Facilities Bonds, $5,000,000 Storm Sewer Improve -
men t Bonds, $3, 000, 000 Sanitary Sewer System
Bonds, and $2,000,000 Street and Highway
Improvement Bonds of the City of Miami, Florida
and directing publication of notice of sale of
such bonds, be adopted.
General Obligation bonds are a major financing source for capital
projects constructed by the City. In order to obtain such funds
the City accesses the bond market once a year with a general
obligation bond sale. This systematic approach is favorably seen
by the bond market and the New York bond rating agencies.
The Finance Department has assessed the cash requirements for
capital projects funded by bond authorizations already approved
by the voters, taking into account cash on hand and disbursements
projected through June, 1987. As a result the 1986 bond sale is
proposed as follows:
$12,000,000 Police Headquarters and Crime Prevention Facili-
ties Bonds.
$ 5,000,000 Storm Sewer Improvements
$ 3,000,000 Sanitary Sewer Improvements
$ 2,000,000 Street and Highway Improvements
$22,000,000
These bond proceeds will finance the construction of the Model
City and Little Havana Police Substations as well as other
miscellaneous Police projects. The City will be able to continue
its sewer and highway construction programs as already approved
by the City Commission through its Capital Projects
Appropriations.
8E-43` .
f F
Honorable Mayor and Members
May zs; 1986
of the City Commission
Page - 2 -
This resolution fixes certain detaisalelsthencerning maturitytschedulesaand
including the amounts of the ,
publication of the notice inviting bids, in the Miami Review, the
Miami Herald, and the Bond Buyer.
It is necessary at this time isionot his meetinglofiJuneon n26,d1986�
receive bids during the City Comms
cc: Law Department
U