HomeMy WebLinkAboutR-85-0353J-85-314
RESOLUTION NO. 85- 85 -'3 j3
A RESOLUTION FIXING CERTAIN DETAILS CON-
CERNING $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, $9,0001000
STORM SEWER IMPROVEMENT BONDS AND
$6,000,000 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 sometimes called
the "City Commission") of The City of Miami, Florida (here-
inafter sometimes called the "City") duly passed and
adopted the following resolutions providing for the is-
suance of bonds of the City:
Resolution No. 81-1020, adopted by the City Commis-
sion on the 10th day of December, 1981, as amended -by
Resolution No. 82-3041 adopted on April 1, 1982,(such
i
amendment conforming to Ordinance No. 9406 adopted on
April 1, 1982, amending Ordinance No. 9296, adopted on
July 23, 1981), and as amended by Resolution No. 84-628,
adopted on June 14, 1984, providing for the issuance of
not exceeding $21,000,000 Fire Fighting, Fire Prevention
and Rescue Facilities Bonds, to consist of bonds of the
denomination of $5,000 each or any integral multiple there-
of, said bonds to be issued at one time or from time to
time and to be dated and sold as shall hereafter be deter-
mined by the City Commission and to mature in annual in-
stallments three (3) to twenty (20) ytirs, inclusive,
after the date of the bonds.
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CITY COMMISSION
MEETING OF
fAARdA IML
REMARKS,
Resolution No. 85- , adopted by the City Commis-
sion 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 mul-
tiple thereof, said bonds to be issued at one time or
from time to time and to be dated and sold as shall here-
after be determined by the City Commission, and to mature
in annual installments two (2) to twenty (20) years,
inclusive, after the date of the bonds.
Resolution No. 76-1060, adopted by the City Commis-
sion on the 18th day of November, 1976, providing for the
issuance of not exceeding $25,000,000 Sanitary Sewer Sys-
tem 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 and to be dated
and sold as shall hereafter be determined by the City
Commission, and to mature in the years and in the princi-
pal amounts as follows:
Years After
Principal
Years After
principal
Date or Dates
Amount
Date or Dates
Amount-
2
$1,350,000
11
$1,300,000
3
1,350,000
12
1,300,000
4
1,350,000
13
1,300,000
5
1,350,000
14
1,300,000
6
1,350,000
15
11300,000
7
1,350,000
16
1,300,000
8
11300,000
17
1,300,000
9
1,300,000
18
1,300,000
10
1,300,000
19
1,300,000
20
1,300,000
Resolution No 80-773, adopted by the City Commission
on the 30th day of October, 1980, providing for the issu-
ance of not exceeding $45,000,000 Sanitary Sewer System
Bonds to consist of bonds of the denomination of $5,000
2.
85-353,
V
V
each or any integral multiple thereof, said bonds to be
issued at one time or from time to time and to be dated
and sold as shall hereafter be determined by the City
Commission, and to mature in the years and in the princi-
pal amounts as follows:
Years After
Date or Dates
3
4
5
6
7
8
9
10
11
Principal
Years After
Principal
Amount
Date or Dates
Amount
$1,325,000
12
$2,435,OGG
1,415,000
13
2,640,000
1,515,000
14
2,790,000
1r620r000
15
2,985,OOO
1,735,000
16
3,190,000
1 , 855, 000
17
31415, 000
i,985,000
18
3,655,000
2,125,000
19
3,910,000
2,275,000
20
4,130,000
Resolution No. 85-,, adopted by the City Commis-
sion on the 21st day of March, 1985, providing for the
issuance of not exceeding $30,000,000 Storm Sewer 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 and 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 the bonds.
Resolution No. 80-774, adopted by the City Commis-
sion on the 30th day of October, 1980, as amended by Reso-
lution No. 84-628, adopted on June 14, 1984, providing
for the issuance of not exceeding $30,000,000 Street and
Highway Improvement Bonds, to consist of bonds of the
denomination of $5,000 each or any integral mutiple there-
of, said bonds to be issued at one time or from time to
time and to be dated and sold as shall hereafter be deter-
3.
85-353,.
mined by the City Commission, and to mature in the
years and in the principal amounts as follows:
Years After
Date or Dates
3
4
5
6
7
8
9
10
11
Principal
Amount
$ 880,000
945,000
1,010,000
1,080,000
1,155,000
1,235,000
1,325,000
1,415,000
1,515,000
Years After
Date or Dates
12
13
14
15
16
17
18
19
20
Principal
Amount
$1,620,000
1,735,000
1,855,000
1,985,000
2,125,000
2,275,000
2,430,000
2,600,000
2,815,000
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 respective 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 the 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; and
WHEREAS, the City has not issued any of its Police
Headquarters and Crime Prevention Facilities Bonds under
said Resolution No. 85- or any of its Sanitary Sewer
System Bonds under said Resolution No. 80-773 or any of
its Storm Sewer Improvement Bonds under said Resolution
No. 85- ; the City has heretofore issued its (i) Fire
Fighting, Fire Prevention and Rescue Facilities Bonds
authorized under said Resolution No. 81-1020 in the prin-
cipal amount of $10,000,000 in two series dated May 1,
1983 and June 1, 1984, thereby reducing the authorized
4.
85-353.
but unissued portion of said Fire Fighting, Fire Preven-
tion and Rescue Facilities Bonds to $11,000,000; (2) Sani-
tary Sewer System Bonds authorized under said Resolution
No. 76-1060 in the principal amount of $25,000,000 in
three series dated May 1, 1977, December 1, 1978 and May
1, 1983, respectively, thereby reducing the authorized
but unissued portion of said Sanitary Sewer System Bonds
to $3,000,000; and (3) Street and Highway Improvement
Bonds authorized under said Resolution No. 80-774, in the
principal amount of $13,100,000 in two series, dated May
1, 1983 and June 1, 1984, respectively, thereby reducing
the unauthorized but unissued portion of said Street and
Highway Improvement Bonds to $16,900,000; and
WHEREAS, the City Commission has determined:
(a) that $5,000,000 principal amount of said authorized
but unissued $11,000,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds shall be issued and sold at this
time, said bonds to be dated, to be numbered and to mature
as hereinafter provided;
(b) that $5,000,000 principal amount of said author-
ized but unissued $20,000,000 Police Headquarters and
Crime Prevention Facilities Bonds shall be issued and
sold at this time, said bonds to be dated, to be numbered
and to mature as hereinafter provided;
(c) that $3,000,000 principal amount of said author-
ized but unissued $3,000#000 Sanitary Sewer System Bonds
under said Resolution No. 76-1060 shall be issued and
sold at this time, said bonds to be dated, to be numbered
and to mature as hereinafter provided;
(d) that $5,000,000 principal amount of said author-
5.
85-353,
A A
ized but unissued $45,000,000 Sanitary Sewer System Bonds
under said Resolution No. 80-773 shall be issued and sold
at this time, said bonds to be dated, to be numbered and
to mature as hereinafter provided;
(e) that $9,000,000 principal amount of said author-
ized but unissued $30,000,000 Storm Sewer Improvement
Bonds shall be issued and sold at this time, said bonds
to be dated, to be numbered and to mature as hereinafter
provided;
(f) that $6,000,000 principal amount of said author-
ized but unissued $16,900,000 Street and Highway Improvement
Bonds shall be issued and sold at this time, said bonds to
be dated, to be numbered and to mature as hereinafter
provided;
(g) that each of said bonds shall be redeemable prior
to its respective maturity as hereinafter provided;
(h) that the principal of and the interest on said bonds
shall be payable at the banks hereinafter designated; and
(i) that the sale of said bonds shall be held and
notice thereof given as hereinafter provided;
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 Fire Fighting, Fire Prevention and Rescue Facilities
Bonds, authorized under said Resolution No. 81-1020, as
amended, in the aggregate principal amount of Five Million
Dollars ($5,000,000), being a portion of the $21,000,000
principal amount of said bonds authorized as hereinabove
described. Said bonds shall be dated as of the 1st day
of April, 1985, shall consist of bonds of the denomination
6.
8S-353
A A
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 April in the following years and
in the following amounts, respectively:
Year of
Principal
Year of
Principal
Maturity_
Amount
Maturity
Amount
1988
$115,000
1997
$260,000
1989
125,000
1998
285,000
1990
140,000
1999
315,000
1991
150,000
2000
345,000
1992
165,000
2001
375,000
1993
180,000
2002
410,000
1994
200,000
2003
450,000
1995
215,000
2004
490,000
1996
240,000
2005
540,000
Section 2. There shall be issued and sold at this
time Police Headquarters and Crime Prevention Facilities
Bonds, authorized under said Resolution No. 85- , in
the aggregate principal amount of Five Million Dollars
($5,000,000), being a portion of the $20,000,000 principal
amount of such bonds authorized as hereinabove described.
Said bonds shall be dated as of the 1st day of April,
1985, shall consist of bonds of the denomination of $5,000
each or any integral multiple thereof, numbered R-1 up-
wards, and shall mature, subject to redemption at the
option of the City, in numerical order, lowest numbers
first, on the 1st day of April in the following years and
in the following amounts, respectively:
7.
It
85- 353,
U
LI
Year of
Maturity
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
Principal
Amount
$105,000
110,000
125, 000
135,000
150,000
160,000
180,000
195,000
215,000
235,000
Year of
Maturity
1997
1998
1999
2000
2001
2002
2003
2004
2005
Principal
Amount
$255,000
280,000
305,000
335,000
365,000
400,000
440,000
480,000
530,000
Section 3. There shall be issued and sold at this
time Sanitary Sewer System Bonds, authorized under said
Resolution No. 76-1060, in the aggregate principal amount
of Three Million Dollars ($3,000,000), being the final
portion of the $25,000,000 principal amount of said bonus
authorized as hereinabove described. Said bonds shall be
dated as of the 1st day of April, 1985, shall consist of
bonds of 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 nu-
merical order, lowest numbers first, on the 1st day of
April in the following years and in the following amounts,
respectively:
Year of
Maturity
1987
1988
1989
1990
1991
1992
1993
1994
1995
Principal
Amount
$160,000
160,000
160,000
160,000
160,000
160,000
150,000
150,000
150,000
Year of
Maturity
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Principal
Amount
$150,000
160,000
160,000
160,000
160,000
160,000
160,000
160,000
160,000
160,000
Section 4. 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
8.
I
85-•1353,
Of Five Million Dollars ($5,000,000), being a portion of
the $45,000,000 principal amount of said bonds authorized
as hereinabove described. Said bonds shall be dated as
of the 1st day of April, 1985, shall consist of bonds of
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 April in
the following years and in the following amounts, respec-
tively:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1988
$150,000
1997
$270,000
1989
155,000
1998
295,000
1990
170,000
1999
310,000
1991
180,000
2000
330,000
1992
190,000
2001
355,000
1993
205,000
2002
380,000
1994
220,000
2003
405,000
1995
235,000
2004
435,000
1996
255,000
2005
460,000
Section 5. There shall be issued and sold at this
time Storm Sewer Improvement Bonds, authorized under said
Resolution No. 85- , in the aggregate principal amount
of Nine Million Dollars ($9,000,000), being a portion of
the $30,000,000 principal amount of said bonds authorized
as hereinabove described. Said bonds shall be dated as
of the 1st day of April, 1985, shall consist of bonds of
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 April in
the following years and in the following amounts, respec-
tively:
9.
i
ss-3�3.
0
Year of
Maturity
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
Principal
Amount
$110?000
120,000
130,000
145,000
155,000
170,000
190,000
205,000
225,000
250,000
270,000
295,000
Year of
Maturity
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Principal
Amount
$325,000
355,000
390,000
425,000
465,000
510,000
560,000
615,000
670,000
735,000
805,000
880,000
Section 6. There shall be issued and sold at this
time Street and Highway Improvement Bonds, authorized
under said Resolution No. 80-774, in the aggregate prin-
cipal amount of Six Million Dollars ($6,000,000), being a
portion of the $30,000,000 principal amount of said bonds
authorized as hereinabove described. Said bonds shall be
dated as of the 1st day of April 1985, shall consist of
bonds of 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
April in the following years and in the following amounts,
respectively:
Year of
Maturity
1988
1989
1990
1991
1992
1993
1994
1995
1996
Principal
Amount
$175,000
190,000
200,000
215,000
230,000
250,000
265,000
290,000
300,000
Year of
Maturity
1997
1998
1999
2000
2001
2002
2003
2004
2005
Principal
Amount
$325,000
345,000
370,000
400,000
425,000
455,000
485,000
520,000
560,000
Section 7. Interest on said Fire Fighting, Fire
Prevention and Rescue Facilities Bonds, Police Head-
10.
85-353.
U
quarters and Crime Prevention Facilities Bonds, Sanitary
Sewer System Bonds, Street and Highway Improvement Bonds
and Storm Sewer Improvement Bonds, shall be payable semi-
annually on the 1st day of April and October in each
year, first interest being payable on the 1st day of Octo-
ber, 1985, and both the principal of and the interest
on said 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,
I N.A., in the City of Miami, Florida.
Section 8. The Director of Finance is hereby authorized
and directed to publish a notice calling for bids for said
bonds in The Miami Review and The Miami News, daily newspapers
of general circulation published in the City of Miami, and
in The Bond Buyer, a financial journal published in New York
City and devoted primarily to municipal bonds, each of such
publications to be made at least ten (10) days before the
date for the receipt of bids, which notice shall be substan-
tially in the following form:
NOTICE OF SALE
$33,000,000
THE CITY OF MIAMI, FLORIDA
GENERAL OBLIGATION BONDS
Sealed Bids
'.Y
t., Sealed bids will be received by the Commission (the
"Commission") of The City of Miami, Florida (the "City")
at its regular place of meeting in the City Hall, 3500
Pan American Drive, Dinner Key, Miami, Florida, until
11:00 A.M. Miami time on Thursday, April 11, 1985, at
which time and place all bids will be publicly opened and
read, for The City of Miami, Florida General Obligation Bonds
in the principal amount of $33,000,000, consisting of
$5,000,000 Fire Fighting, Fire Prevention and Rescue Faci-
lities Bonds, $5,000,000 Police Headquarters and Crime
Prevention Facilities Bonds, $8,000,000 Sanitary Sewer
85-353.
W
System Borids, $9,000,000 Storm Sewer Improvement Bonds
and $6,000,000 Street and Highway Improvement Bonds,
dated April 1, 1985.
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. The Bonds will be dated and bear interest from
April 1, 1985, payable semi-annually on April 1 and Octo-
ber 1 in each year, first interest payable October 1,
1985, at the rate or rates specified in such proposal
as may be accepted, and will mature as follows:
MATURITY SCHEDULE
Fire Fighting,
Police
Fire
Headquarters
Prevention
and Crime
Sanitary
Street eud
and Rescue
Prevention
Sewer
Storm Sewer
Highway
Total
Maturity Date
Facilities
Facilities
System
Improvement
Improvement
Principal
(April 1)
Bonds
Bonds
Bonds
Bonds
Bonds
Amount
1987
$ -0-
$ 105,000
$160,000
$ 110,000
$ -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
88�,000
1990
140,000
135,000
330,000
145,000
200,000
950,000
1991
150,000
150,000
340,000
155,000
215,000
11010,000
1992
165,000
160,000
350,000
170,000
230,000
1,075,000
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
270,000
325,000
1,540,000
1998
285,000
280,000
455,000
295,000
345,000
1,660,000
1999
315,000
305,000
470,000
325,000
-370,000
1,785,000
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,p00
440,000
565,000
465,000
485,000
2,405,000
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
2007
670,000
670,000
2008
735,000
735,000
2009
805,000
805,000
2010
880,000
880,000
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,
) 12.
85--353
New York, New York, as Bond Registrar and Paying Agent,
or at Pan American Bank, N.A., Miami, Florida.
Optional Redemption
The Bonds maturing on or after April 1, 1996 are
subject to redemption at the option of the Commission of
the City on or after April 1, 1995, 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
(dates inclusive)
Redemption Price
(percentage of
principal amount)
April 1, 1995 to March 31, 1996 103 %
April 1, 1996 to March 31, 1997 102 1/2%
April 1, 1997 to March 31, 1998 102 %
April 1, 1998 to March 31, 1999 101 1/2%
April 11 1999 to March 31, 2000 101 %
April 1, 2000 to March 31, 2001 100 1/2%
April 1, 2001 and thereafter 100 %
Purpose; Validation
The Fire Fighting, Fire Prevention and Rescue Facili-
ties Bonds were authorized by Ordinance No. 9296 for the
purpose of paying the cost of fire fighting, fire prevention
and rescue facilities.
The Police Headquarters and Crime Prevention Facili-
ties Bonds were authorized by Ordinance No. 9787 for the
purpose of paying the cost of construction of additions
to the Police Headquarters building, the acquisition and
installation of electronic communications and computer
equipment, and facilities for training, property unit and
other police purposes, and the acquisition of any necessary
land and other equipment.
The Sanitary Sewer System Bonds were authorized by
Ordinance Nos. 8573 and 9128 for the purpose of paying
the cost of improvements and extensions to the sanitary
sewer system of the City.
The Storm Sewer Improvement Bonds were authorized by
Ordinance No. 9781 for the purpose of paying the cost of
s
;b
the construction of permanent drainage facilities within
the City.
The Street and Highway Improvement Bonds were author-
ized by Ordinance No. 9129 for the purpose of paying the
cost of street and highway improvements in the City.
All of the Bonds have been validated by judgments of
the Circuit Court of Dade County and no appeal was taken
A.
therefrom.
13.
85-353:
N
A
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
who are aged, disabled or otherwise qualified therefor,
as required by law).
Interest Rates and Biddinq Details
Each proposal must be in the form of the Official Bid
Form, and enclosed in a sealed envelope marked "Bid for
$33,000,000 City of Miami, Florida General Obligation
Bonds". Each bid constitutes a separate bid for each of
said series of Bonds and any premium bid shall be for all of
said Bonds and allocated to each series in the proportion
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 bidder
must specify in his bid 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 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 enter-
tained. 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 informal-
ity 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 $330,000, 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
14.
85-353.
I Ot .A
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 liqui-
dated damages. If it shall be found impossible to issue
and deliver the Bonds, the City will deliver to the suc-
cessful bidder a certified or bank cashier's or treas-
urer'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 such 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
said Bonds and the CUSIP Service Bureau charge for the
assignment of said numbers shall be paid for by the City of
Miami.
Delivery of Bonds
Delivery of the Bonds in definitive form will be
made on or about April 30, 1985 in New York, New York,
against payment therefor in immediately available Federal
Reserve Funds to the order of The City of Miami, Florida.
a The unqualified approving legal opinion of Brown, Wood,
Ivey, Mitchell & Petty of New York, New York and Green-
berg, Traurig, Askew, Hoffman, Lipoff, Rosen & Quentel,
P.A., Miami, Florida will be furnished without cost to
the purchasers of the Bonds. There will also be furnished
the usual closing documents.
1 Concurrently with the delivery of the Bonds, the
City Manager and the 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 an 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.
15.
85-353.
I' the date above stated for receipt of bids, and the checi%s
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 liqui-
dated damages. If it shall be found impossible to issue
and deliver the Bonds, the City will deliver to the suc-
cessful bidder a certified or bank cashier's or treas-
urer'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 such 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
said Bonds and the CUSIP Service Bureau charge for the
assignment of said numbers shall be paid for by the City of
Miami.
Delivery of Bonds
Delivery of the Bonds in definitive form will be
made on or about April 30, 1985 in New York, New York,
Y against payment therefor in immediately available Federal
Reserve Funds to the order of The City of Miami, Florida.
The unqualified approving legal opinion of Brown, Wood,
Ivey, Mitchell & Petty of New York, New York and Green-
berg, Traurig, Askew, Hoffman, Lipoff, Rosen & Quentel,
P.A., Miami, Florida will be furnished without cost to
the purchasers of the Bonds. There will also be furnished
the usual closing documents.
Concurrently with the delivery of the Bonds, the
City Manager and the 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 an 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.
15.
�35-353.
0
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") contain-
ing 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 finan-
cial 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 consul-
tants. The successful purchaser(s) is required to provide
to 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 with respect to any payment
made by the managing underwriter or financial consultant.
Section 218.38(1)(b)(2), Florida Statutes, requires the
successful purchaser(s) to file with the Division within
90 days after the delivery of the Bonds a sworn statement
containing the same 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, Dinner
Key, Miami, Florida 33133, telephone number (305) 579-6350,
or to the Financial Advisor, James J. Lowrey & Co. Incorpo-
rated, 110 Wall Street, New York, New York 10005, telephone
number (212) 363-2000.
Carlos E. Garcia, CPA
Director of Finance
The City of Miami, Florida
Section 9. The form referred to in the Notice of Sale
set forth in Section 8 above and on which all bids are
requested to be made shall be substantially as follows:
JFFICIAL BID FORM
Proposal
For the Purchase of
$33,000,000
THE CITY OF MIAMI, FLORIDA
General Obligations Bonds
April 11, 1985
Commission of The City of Miami
City Hall
3500 Pan American Drive
Dinner Key
Miami, Florida 33133
Gentlemen:
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 April 1, 1985, which is hereby made
a part of this proposal, we offer to purchase all of the
$33400,000 City of Miami, Florida General Obligation
Bonds (consisting of $5,000,000 Fire Fighting, Fire Pre-
vention 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 Street and High-
way Improvement Bonds) to be dated April 1, 1985 and we
will pay therefor, at the time of delivery, in immediately
available Federal Reserve Funds, Thirty -Three Million
Dollars ($33,000,000), plus accrued interest, if any,
from April 1, 1985 to the date of delivery of the Bonds
and a cash premium of $ for all of said
Bonds, which $331000,000 constitutes t e total of the
separate bids of par for each of the series of bonds
specified above. Such premium, if any, is to be al-
located 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
April 1
Amount Rate
April 1
Amount
1987
$ 375,000 $
1999
$ 1,785,000
1988
830,000
2000
1,925,000
1989
885,000
2001
2,070,000
1990
950,000
2002
2,230,000
1991
11010,000
2003
2,405,000
1992
1,075,000
2004
2,595,000
1993
1,155,000
2005
2,810,000
1994
1,235,000
2006
615,000
1995
1,330,000
2007
670,000
1996
1,430,000
2008
735,000
1997
1,540,000
2009
805,000
1998
1,660,000
2010
880,000
17.
Interest
Rate
85--353.
47F4:.
t .
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 $330,000 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 alteraticn, except as
provided above, is to be made to this
bid and it must not be detached from
the attached Notice of Sale.)
The following is for information only and is not 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 $
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
18.
85-353,
Section 10. The Bonds maturing on or after April 1,
1996 are subject to redemption prior to their respective
maturities, at the option of the City, on or after April
1, 1995, 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 the
date fixed for redemption:
Redemption Period
(dates inclusive)
April 1, 1995 to March 31, 1996
April 1, 1996 to March 31, 1997
April 1, 1997 to March 31, 1998
April 11 1998 to March 31, 1999
April 1, 1999 to March 31, 2000
April 1, 2000 to March 31, 2001
April 1, 2001 and thereafter
Redemption Price
(percentage of
principal amount)
103 %
102 1/2%
102 %
101 1/2%
101 %
100 1/2%
100 %
Notice of redemption of any bonds shall be given by
publication once in a newspaper of general circulation in
The City of Miami, Florida, and in a financial journal of
national circulation published in the City of New York, N.Y.
Said publication of the notice of redemption shall be at
least thirty (30) days but not more than sixty (60) days
prior to the date fixed for such redemption. Notice of
redemption shall also be mailed, first class postage pre-
paid, to all registered owners of Bonds to be redeemed at
their addresses as they appear on the registration books
of the City, as of the date forty-five (45) days prior to
such redemption date.
19.
� "�05a�.
The bond form for each of the series of 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 Director of Fi-
nance.
Section 11. The details of the Police Headquarters
and Crime Prevention Facilities Bonds, the Sanitary Sewer
System Bonds and the Storm Sewer Improvement Bonds, and
any other obligations to be issued pursuant to Resolution
No. 85- , Ordinance No. 9787, Resolution No. 76-1060,
Ordinance No. 8573, Resolution No. 80-773, Ordinance No.
9128, Resolution No. 85- and Ordinance No. 9781, on or
after the date hereof, shall be substantially the same as
the details of Bonds described in such resolutions and
ordinances except that the provisions of Section 9 of
Resolution No. 84-628, adopted on June 14, 1984, shall be
applicable to such Bonds and obligations and to the ex-
tent 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, the provisions of
this Resolution shall govern in all instances.
20.
85-351.
Section 12. This resolution shall be in force and
effect immediately upon its adoption.
PASSED AND ADOPTED this 28th day of March, 1985.
Maurice A. Ferre, Mayor
ATTEST:
Ralph G. Ongie, City Clerk
II -Al
CL.
Deputy City Attorney
AS TeFOAM AND CORRECTNESS:
u— g-O ZZ7. City Attorney
a A. �o
21.
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 numbered 1
to 21, inclusive, contain a true and correct copy of a
resolution adopted by the City of Miami Commission at a
meeting held on the 28th day of March, 1985.
SAID RESOLUTION WAS DESIGNATED RESOLUTION NO. 85- .
WITNESS MY HAND and the Official Seal of The City of
Miami, Florida, this day of , 1985.
RALPH G. ONGIE
CITY CLERK
CITY OF MIAMI, FLORIDA
(OFFICIAL SEAL)
CITY OF , FLORIDA
MI
25 INTER-OFFICEAMEMORANDUM al
TO. Randolph B. Rosencrantz DATE: March 11, 1985 ME:
City Manager
SUBJECT: Agenda Item
FROM: Carlos E. Garcia REFERENCES:
Director of Finance _..
ENCLOSURES.
It is recommended that the attached
resolution approving notice of sale relat-
ing to the issuance of S5,000,000 Fire
Fighting, Fire Prevention, and Rescue
Facilities Bonds; $5,000,000 Police Head-
quarters and Crime Prevention Facilities
Bonds, and 38,000,000 Sanitary Sewer
Improvement Bonds, $9,000,000 Storni Sewer
Improvement Bonds, $6,000,000 Street and
Highway Improvements Bonds, be adopted by
the City Commission.
The sale of $33,000,000 general obligations bonds is recommended
so that the City of Miami may continue to fund its capital pro-
jects as approved by the City Commission in the Capital Projects
Ordinance, and redeem the bond anticipation notes sold in
January, 1985. The City's financial advisor, James J. Lowrey,
has recommended that the City proceed immediately with bond sale
in order to take advantage of current market conditions.
It is necessary for the City Commission to approve the attached
resolution approving the notice of sale relating to the issuance
of these bonds in order to mail such notices of sale to
prospective purchasers and to publish it in newspapers of general
circulation in the City of Miami, Florida, and in a financial
journal of national circulation published in the City of New
York, N. Y.
cc: Law Department
Sr. -353.
11