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Home My WebLink AboutR-85-0047M J=85-41 RESOLUTION NO. 85-47 A RESOLUTION AWARDING SUN BANK OF MIAMI/FLAGSHIP NATL. BANK OF MIAMi $121000,000 BOND ANTICIPATION NOTES OF THE CITY OF MIAMI, FLORIDA, AND SETTING FORTH THE RATES OF INTEREST AND OTHER DETAILS RESPECTING SUCH NOTES BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. That the Commission has ascertained and determined and does hereby declare that: (a) In accordance with the provisions of Resolution No. 84-1326 duly passed and adopted by the Commission on November 15, 1984, a Request for Proposals was mailed dated December 20, 1984 (the "Request for Proposals"), calling for sealed bids to be received until 11:00 o'clock A.M., Miami time, January 10, 1985, for $12,000,000 Bond Anticipa- tion Notes of The City of Miami, dated January 1, 1985 (the "Notes"). (b) At the hour stated in said Request for Proposals, bidding was closed and the following bids were found to have been filed and to accord in all respects with the terms of said Request for Proposals: FLAGSHIP NATIGNAL BANK Or MffANII (1) Bid of SUN BANK OF MIAMI/ offering to pay par for $ 12,000,000 principal amount of the Notes (plus a premium of $ -0- for said Notes) and accrued interest on said Notes from January 1, 1985 to the date of their delivery, said Notes bearing interest at the rates set forth below in Column (1) of the tabulation headed "INTEREST RATES NAMED IN BIDS". CITY COMMISSION MEETING OF J AN 10 1985 or, ,a. 85--4 (2) Bid of Pan American Bank N.A. offering to pay par for $2,000,000 principal amount of the Notes (plus a premium of $ -0- for said Notes) and accrued interest on said Notes from January 1, 1985 to the date of their delivery, said Notes bearing interest at the rates set forth below in Column (2) of the tabulation headed "INTEREST RATES NAMED IN BIDS". 85r471 -2- mist Principal Amount $2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 Interest Rates Named In Bids Interest Rate Columns (1) (2) 6.94 7.50 6.99 - 7.04 - 7.04 - 7.04 - 7.04 - 85-471 Ilk Section 2. That the bid offering to purchase said Notes at the lowest net interest cost to the City, such cost being determined in accordance with the Request for Proposals, was the bid of the following listed institutions with respect to the principal amount of Notes set forth opposite such institution's name at the interest rate set forth below (herein called the "Awardees"): Principal Amount $2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 Institution Sun Bank/Flagship of it it to If of Interest Rate 6.94 6.99 7.04 7.04 7.04 7.04 Section 3. That said bid or bids of the Awardees is hereby accepted and said Notes are hereby awarded to the Awardees at the price set forth in Section 2 above and said Notes shall bear interest at said rates. Section 4. There shall be delivered with said Notes the legal opinion of Brown, Wood, Ivey, Mitchell & Petty, Bond Counsel, respecting the validity of ,the Notes. Section 5. The terms and details of the Notes shall be as provided in the Request for Proposals, a copy of which is attached hereto, and said Request for Proposals is hereby ratified and approved. -4- SSr-4 1 Section 6. This resolution shall be in full force and effect immediately upon its passage. PASSED AND ADOPTED THIS 10 day of January, 1985. Maurice A. Ferre MAYOR ATTEST: RaXPh G. Ongie, City Merk PREPARED AND APPROVED BY: Zeet�'a ;7. Deputy City Attorney APPROVEp'AS,�,W FORM AND CORRECTNESS: Lucia A. Doug erty CITY ATTORNEY -5- 8574 71 . CITY OF MIAMI* FLORIDA $12000000 BOND ANTICIPATION NOTES OFFICIAL BID FORK AND REQUEST FOR PROPOSALS The Notes are being offered for sale in accordance with this Request for Proposals. Sealed bids for the purchase of the Notes will be received by the Clerk of the City of Miami, Florida, at 3500 Pan American Drive, Dinner Key, Miami, Florida until 11:00 A.M. Miami time on Thursday, January 10, 1985. December 20, 1984 85747 Ww CITY OF MIAMI, FLORIDA $12000,000 BOND ANTICIPATION NOTES OFFICIAL BID FORM AND REQUEST FOR PROPOSALS The Notes are being offered for sale in accordance with this Request for Proposals. Sealed bids for the purchase of the Notes will be received by the Clerk of the City of Miami, Florida, at 3500 Pan American Drive, Dinner Key, Miami, Florida until 11:00 A.M. Miami time on Thursday, January 10, 1985. December 20, 1984 I - i 85--4 i r REOUEST FOR PROPOSALS $12000000 CITY OF MIAMI, FLORIDA BOND ANTICIPATION NOTES SEALED PROPOSALS Sealed proposals will be received at the offices of the City Clerk of the City of Miami at 3500 Pan American Drive, Miami, Florida, until 11.00 A.M. on Thursday, January 10, 1985 at which time all bids will be opened and read for the _ $12000000 City of Miami Bond Anticipation Notes, (the "Notes") dated January 1, 1985. NOTE DETAILS Interest on the Notes will be payable to the registered .,4. owner thereof at maturity on September 1, 1985 at the rate or rates specified in such proposal as may be accepted. _.' Principal and premium, if any, will be payable upon maturity of the Notes upon presentation of such Notes to the City at its principal place of business. PURPOSE Proceeds of the Notes will be used to initiate construction of storm drains and police facilities. sN SECURITY FOR AND SOURCE OF PAYMENT FOR THE NOTES The Notes shall be paid solely from the issuance of General Obligation Bonds to be issued by the City of Miami no later than August 15, 1985. On March 13, 1984, the voters of the City of Miami approved bond referendum questions authorizing the issuance of general obligation bonds in the amounts of up to $30 million for the construction of storm drain facilities and up to $20 million for police facilities. These referendum questions were subsequently validated as required by State Statutes. The Notes will be -paid from General Obligation Bonds issued under these two authorizations. The Notes do not constitute general obligations of the City and are not payable from any other revenues of the City. It is the City's intent that the Notes be privately placed with sophisticated investors.without reoffering to the 85-4: 85r-47 investing public. The purchaser will be required to represent to the City that the purchaser is buying the Notes for its own account for investment and not with a view to, and with no present intention of, distributing or reselling the Notes. INTEREST RATE AND BIDDING DETAILS ' Y The bidder may supply more than one interest rate proposal to the City, but in no event shall the interest rate bid exceed E a an average net interest cost rate, which shall be computed by 9 adding 150 basis points to the 20 "bond -buyer" Average Yield r; Index published immediately preceding the first day of the calendar month in which the Notes are sold. The Notes will not be subject to redemption prior to maturity. Each proposal shall be in the form of the official Bid Form attached herein as Appendix A. The Notes will be offered in denominations of $2,000,000 or any integral multiple thereof and each bidder will have the option to bid on any or all of the Notes. No bid for less than <; $2,000,000 or for less than par plus accrued interest for each block of Notes being offered will be entertained, and the City =r reserves the right to reject all bids if the total dollar amount ` bid is less than $12,000,000. ;f AWARD OF NOTES As between acceptable proposals complying with this Request for Proposal, the Notes will be sold to the responsible bidders whose proposals offer to purchase all the Notes at such rate or rates of interest as will produce the lowest net interest cost to the City. The lowest net interest cost will be derived by t�tr adding the total volume of interest payments (less the premium, y4 if any) for the Notes and dividing by the amount of Notes outstanding times the years they are outstanding. The right is reserved to reject all bids or any bid not conforming to this Request for Proposals 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. 85-4'71 . 85'"'"4'7 aw dXi CLOSING OF THE NOTHS Closing of the Notes will be made on or about January 24► 1985 in Miami, Florida against payment therefor in immediately available Federal Reserve Funds to the order of City of Miami. The unqualified approving legal opinion of Brown, Wood, Ivey, Mitchell & Petty, New York, will be furnished without cost to the purchaser(s) of the Note. There will also be furnished the usual closing documents; The successful bidder(s) shall have the right, at its (their) option, to cancel its (their) obligation(s) to purchase the Notes if the City shall fail to close the Notes within 60 days from the date herein fixed for the receipt of proposals. ADDITIONAL INFORMATION Attached as Appendix B is the City's most recent Official Statement, dated June 14, 1984. Additional information may be obtained upon request to the undersigned at the City, 3500 Pan American Drive, Miami, Florida 33133, telephone number (305) 579-6350, or to the Financial Advisor, James J. Lowrey & Co. Incorporated, 110 Wall Street, New York, New York 10005, telephone number (212) 363-2000. Carlos Garcia Director of Finance City of Miami APPENDIX A OFFICIAL, BID FORM Proposal for the Purchase of $12,OOOrO00 Mond Anticipation Notes of the City of Miami, Florida January 10► 1985 Commission of the City of Miami City Hall 3500 Pan American Drive Miami, Florida 33133 Gentlemen: on behalf of the financial institution represented by the undersigned, and in accordance with the terms and conditions of the attached Request for Proposals dated December 20, 1984, which is hereby made a part of this proposal, we offer to purchase all or a portion of the $12,000,000 City of Miami Bond Anticipation Notes to be dated January 11 1985 and we will pay therefor, at the time of delivery, in immediately available Federal Reserve Funds, an amount as specified below, plus accrued interest from January 1, 1985 to the date of delivery of the Notes for all or a portion of said Notes for which the purchase price has been indicated on the lines below at the rates of interest as outlined below: Maturity Date — September 1. 1985 Principal Fixed Interest Amount Rate $2000,000 $ 2,000,000 $ 2400000 $ 2000,000 $ 2,000,000 $ 2000,000 $ Purchase Price (including premium, if any) 85-4 i 857 (No addition or alterations except as provided above, is to be made to this bid and it must not be detached from the attached Request for Proposals.) Respectfully Submitted, Bidder By Title 85-4 r 1 . DISTRIBUTION LIST Mr. Wayne Stable The Chase Manhattan Bank, N.A. 1 Chase Manhattan Plaza New York, NY 10081 Mr. Robert Armstrong Chemical Bank 277 Park Avenue 9th Floor New York, NY 10172 Mr, John W. Wetzler Citibank, N.A. Sort 850 55 Water Street New York, NY 10043 Ms. Ruth McMorrow Manufacturers Hanover Trust Co. 270 Park Avenue New York, NY 10017 Mr. John K. Dierkes Bankers Trust Company One Bankers Trust Plaza 130 Liberty Street New York, NY 10015 Mr. Kenneth Kerzner Vice President First Chicago 1 First National Plaza Suite 8401 Chicago, IL 60670 Mr. Mel Mister Security Pacific National Bank One Penn Plaza Suite 1776 New York, NY 10119 Peter Clayton Pan American Bank 250 S.E. First Street Miami, FL 33131 552-4175 668-3774 286-2278 577-7750 85---4'7 BS�� -2- Mr. John Messing Florida National P.O. Box 010470 Miami, FL 33101 Ms. Maxine Kaplan Flagship Bank 777 Brickell Avenue Miami, FL 33131 Mr. Carlos Garcia Finance Director City of Miami 3500 Pan American Drive Miami, FL 33133 Michael Vaccari Brown, Wood, Ivey, Mitchell & Petty One World Trade Center New York, NY 10048 Mr. Robert Clark Deputy City Attorney City of Miami 169 East Flagler Street Miami, FL 33131 CITY OF MIAMI. FLORIDA INTER -OFFICE MEMORANDUM TO. Randolph B. Rosencrantz DATE: December 27, 1984 FILE: City Manager SUBJECT: Agenda Item FROM: Carlos E. Garcia REFERENCES: Director of Financ (A ENCLOSURES: It is recommended that the attached Resolution Awarding Sale of $12,000,000 Notes be adopted by the City Commis- sion. The City of Miami Commission adopted Resolution 84-1326 on November 15, 1984, authorizing competitive quotes from interested financial institutions for the purpose of borrowing up to $12.4 million in Notes to be repaid from the proceeds of the sale of authorized Storm Sewers and Police Facilities Bonds. Th bi cc CITY OF MIAMI. FLORIDA INTER-OFFICt-- .M10MORANDUM TO Ralph Ongie �, hye.cember 21, 1984 City Clerk DATE 1, �. FILE Official Bid • � � - S�J@hGI t , Carlos E. Garcia FROM Director of Finance �4rFRFN--VS E.N,A OSURFS As per official bid forms, for $12,000,000 Bond Anticipation Notes, bids are to be received in your office by 11:00 a.m. Thursday, January 10, 1985. Please make arrangements to have someone receive such documents. CEG:hb 85-47