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Home My WebLink AboutR-85-0390J-85-377 RESOLUTION NO. 85-390 A RESOLUTION AWARDING Prudential Bache Securitieis $5000000 FIRE FIGHTING, FIRE PREVENTION AND RESCUE FACILITIES BONDS, $5000,000 POLICE HEADQUARTERS AND CRIME PREVENTION FACILITIES BONDS, $8,000,000 SANITARY SEWER SYSTEM BONDS, $9000,000 STORM SEWER IMPROVEMENT BONDS AND $6000000 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 PRELIMIN- ARY OFFICIAL STATEMENT, AND AUTHORIZING ADDITIONAL PROVISIONS RELATING TO THE ISSU- ANCE OF THE BONDS MENTIONED HEREIN, THE FORM THEREOF AND CERTAIN DETAILS RELATING THERETO, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. That the Commission has ascertained and deter- mined and does hereby declare that: (a) In accordance with the provisions of Resolution No. 85- 353 duly passed and adopted by the Commission on March 28, 1985, .a Notice of Sale was published on April 1, 1985, by the Director of Finance calling for sealed bids to be received until 11:00 A.M., Miami time, on Thursday, April 11, 1985, for $5,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds, $5,000#000 Police Headquarters and Crime Prevention Facilities Bonds, $8,000#000 Sanitary Sewer System Bonds, $9,000,000 Storm Sewer Improvement Bonds and $6,0001000 Street and Highway Improvement Bonds of The City of Miami, dated April 1, 1985 (collectively, the "Bonds"), the publication of which Notice of Sale on said day in The Bond Buyer and The Miami Review and on April 3, 1985 in The Miami News 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 $330,000 payable unconditionally to the order of The City of Miami, Florida: I CITY COMMIS"ION MEETIi' APR 11 1985 S5"'39 REMARKS. r L, (1) Bid of Prudential Bache Securities offering to pay $33,000,000, being par for each of the above -mentioned series of bonds (plus a premium of $ 31, 999.95 for all of said bonds) and accrued interest on all of the bonds from April 1, 1985, 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". (2) Bid of Citicorp Investment Bank offering to pay $33,000,000, being par for each of the above -mentioned series of bonds (plus a premium of $ -0- for all of said bonds) and accrued interest on all of the bonds from April 1, 1985, to the date of their delivery, said bonds bearing interest at the rates set forth below in Column (2) of the tabulation headed "INTEREST RATES NAMED IN BIDS". (3) Bid of The First Boston Corporation & Associates offering to pay $33,000,000, being par for each of the above -mentioned series of bonds (plus a premium of $ 20.70 for all of said bonds) and accrued interest on all of the bonds from April 1, 1985 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". (4) Bid of Southeast Bank, N.A. offering to pay $33,000,000, being par for each of the above -mentioned series of bonds (plus a premium of $ 10,574.80 for all of said bonds) and accrued interest on all of the bonds from April 1, 1985 to the date of their delivery, said bonds bearing interest at the rates set forth below in 2. 85-390. STATED MATURITIES OF BONDS IN EACH YEAR Fire Fighting, Poiioe Fire Prevention Headquarters and Crime Sanitary Street and Total Maturity and Rescue Prevention Sewer Storm Sewer Highway principal Amount Date Facilities Facilities System Improvement ement of April 1 Bonds Bonds Bonds Bonds Bonds r, Bonds 1987 $ -0- $1050000 $160,000 $110400 $ -0- $ 375,000 1988 115,000 110,000 310,000 120,000 175,000 830,000 1989 125,000 125,000 315,000 130,000 190,000 885,000 1990 140,000 135,000 330,000 1450000 200,000 9500,000 1991 150,000 150,000 340,000 155,000 215,000 1,010,000 1992 165,000 160,000 350,000 170,000 230,000 11075,000 1993 180,000 180,000 355,000 190,000 250,000 1,155,000 1994 200,000 195,000 370,000 205,000 265,000 1,235,000 1995 215,000 215,000 385,000 225,000 290,000 1,330,000 1996 240,000 235,000 405,000 250,000 300,000 1,430,000 1997 260,000 255,000 430,000 2700000 325,000 1,540,000 1998 285,000 280,000 455,000 295,000 345,000 11660,000 1999 315,000 3051000 470,000 325,000 370,000 1,7850000 2000 345,000 335,000 490,000 355,000 400,000 1,925,000 2001 375,000 365,000 515,000 390,000 425,000 2,070,000 2002 410,000 400,000 540,000 425,000 455,000 2,230,000 2003 450,000 440,000 565*000 465,000 485,000 2,4051000 2004 490,000 480,000 595,000 510,000 520,000 2,595,000 2005 540,000 530,000 620,000 560,000 560,000 2,810,000 2006 615,000 615,000 F. 2007 670,000 670,000 735,000 2008 735,000 - 2009 8050000 805,000 2010 880,000 880,000 INTEREST RATES NAMED IN BIDS Interest Rates Columns Year of Maturity (1) (2) (3) (4) 1987 11.00% 11.00% 11.00 % 10.25% 1988 11.00 11.00 11.00 10.25 1989 11.00 11.00 11.00 10.25 1990 11.00 11.00 11.00 10.25 1991 11.00 11.00 11.00 10.25 1992 11.00 11.00 11.00 10.25 1993 10.00 9.125 9.75 10.25 1994 10.00 8.00 8.20 10.25 1995 8.40 8.20 8.40 10.25 1996 8.50 8.40 8.60 8.70 1997 8.60 8.60 8.70 8.75 1998 8.70 8.75 8.80 8.80 1999 8.80 8.90 8.90 9.00 2000 8.90 9.00 9.00 9.10 2001 9.00 9.10 9.10 9.10 2002 9.10 9.20 9.20 9.20 5 2003 9.20 9.30 9.25 9.20 2004 9.20 9.30 9.30 9.25 2005 9.20 9.40 9.30 9.25 2006 9.20 9.40 9.30 9.25 2007 9.20 9.40 9.30 9.25 2008 9.20 9.40 9.30 9.25 2009 9.20 9.40 9.30 9.25 "^ 2010 9.20 9.40 9.30 9.25 s. 85 380_ 4 . Section 2. That the bid offering to purchase said 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 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, was the bid of Prudential Bache Securities (herein called the "Awardee") offering to pay $33,000,000, being par for each of the above -mentioned series of bonds, plus a premium of $ 31,999.95 for all of said bonds, and accrued interest on the bonds from April 1, 1985 to the date of their delivery, and naming for the bonds the interest rates set forth in Column ( 1 ) of the tabulation in Section 1 above. Section 3. That said bid of the Awardee is hereby accepted and said $5,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds, $5,000,000 Police Headquarters and Crime Prevention Facilities Bonds, $8,000,000 Sanitary Sewer System Bonds,.$9,0O0,O0O Storm Sewer Improvement Bonds and $6,000,000 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 said bonds bearing interest at the rates set forth in Column ( 1 ) of the tabulation in Section 1 above, and said bonds shall bear interest at said rates. Section 4. That the checks of unsuccessful bidders shall be returned immediately. Section 5. There shall be printed on the reverse of each of said bonds the legal opinion of Brown, Wood, Ivey, Mitchell & Petty and Greenberg, Traurig, Askew, Hoffman, Lipoff, Rosen & Quentel, P.A., Co -Bond Counsel, respecting the validity of said 5. il 0 bonds and, immediately following such legal opinion, a certifi= sate 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 Brown, Wood, Ivey, Mitchell & Petty, New York, N.Y., Bond Counsel, and Greenberg, Traurig, Askew, Hoffman, Lipoff, Rosen & Quentel, P.A., Miami, Florida, Co -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 such bonds. The validity, sale, delivery or acceptance of the bonds will not be affected in any manner by any error in printing the CUSIP numbers on said bonds, or any of them. Section 7. That the Commission has ascertained and deter- mined and does hereby declare that in accordance with the provi- sions of Resolution No. 85-352 duly passed and adopted by the Commission on March 28, 1985, a Preliminary Official Statement, dated March 28, 1985, was issued with such changes therein from the form of such document submitted to the Commission at its meeting of March 28, 1985 as were approved by the Director of Finance, the issuance of such Preliminary Official Statement with such changes is hereby ratified and approved. 6. SS"390_ 4 Section S. This resolution shall be in full force and effect immediately upon its passage. PASSED AND ADOPTED this llth day of April, 1985. ST: alph G. Ongie, City Cleft PREPARED AND APPROVED BY: eputy City Attorney MAURICE A. FERRE Maurice A. Ferre, Mayor APPROVED E RM AND CORRECTNESS: Lucia A. Dougherty, City Attorney 7. 85-390" STATE OF FLORIDA ) COUNTY OF DADE CITY OF MIAMI ) I, RALPH G. ONGIE, Clerk of the City of Miami, Florida, and keeper of the records thereof, do hereby certify that the attached and foregoing pages 1 through 6, inclusive, contain a true and correct copy of a resolution adopted by the City of Miami Commission at a meeting held on the llth day of April, 1985. SAID RESOLUTION WAS DESIGNATED RESOLUTION NO. 85- IN WITNESS WHEREOF, I set my hand and impress the official seal of the City of Miami, Florida, this day of , 1985. (0 F F I C I A L S E A L) RALPH G. ONGIE CITY CLERK CITY OF MIAMI BY: Deputy Clerk 85-390: k Cl" CIF MIAMI, PL6111DA to. Randolph B. Rosencrantz DATIL March 289 1985 FILM City Manager .ma"! Carlos E. Garcia Director of Finance *urjfct: Agenda Item ktrit"EHCEst &FICLOlu11Es: It is recommended that the attached Resolution awarding 359000,000 Fire Fighting, Fire Prevention, and Rescue Facilities Bonds; $590009000 Police Headquarters and Crime Prevention Facilities Bonds; $890009000 Sanitary Sewer System Bonds; $9,000,000 Storm Sewer Improvement Bonds; and $61,0000000 Highway Improvement Bonds, of the City of Miami, Florida be approved by the City Commis- sion. The competitive sale of $33,000,000 general obligation bonds was approved by Resolution No. , adopted by the City 'Commission on March 28, 1985. This resolution awards the bonds and sets forth the rates of interest and, other details respecting such bonds. This item is recommended to be'scheduled at 12:45 p.m., on April 111, 1985, after underwriter's bids received in the morning have been properly verified by the City Manager. cc: City Attorney 85-390, . 85-390, . 1 Y CITY OF MIAMI, FLORIDA INTER-OMtE MEMORANDUM to Randolph B. Rosencrantz City Manager FROM: Carlos E. Garcia Director of Finance DATE: March 280 1985 PILE: SUBJECT: Agenda Item REFERENCES: ENCLOSURES: It is recommended that the attached Resolution awarding $5,000,000 Fire Fighting, Fire Prevention, and Rescue Facilities Bonds; $5,000,000 Police Headquarters and Crime Prevention Facilities Bonds; $8,000,000 Sanitary Sewer System Bonds; $9,000,000 Storm Sewer Improvement Bonds; and $6,000,000 Highway Improvement Bonds, of the City of Miami, Florida be approved by the City Commis- sion. The competitive sale of $33,000,000 general obligation bonds was approved by Resolution No. , adopted by the City Commission on March 28, 1985. This resolution awards the bonds and sets forth the rates of interest and other details respecting such bonds. This item is recommended. to be scheduled at 12: 45 p.m., on April 11, 1985, after underwriter's bids received in the morning have been properly verified by the City Manager. cc: City Attorney 85-390, .