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RESOLUTION NO. 45
A RESOLUTION ACCEPTING THE PROPOSAL OF
CHEMICAL BANK FOR TRUSTEE, REGISTRAR, AND
PAYING AGENT SERVICES ON THE PROPOSED
SALE OF $659 0000 000 MULTI -FAMILY HOUSING
REVENUE BONDS; AUTHORIZING THE CITY
MANAGER TO EXECUTE A CONTRACT WITH SAID
BANK IN ACCORDANCE WITH THE TERMS AND
CONDITIONS OF SAID PROPOSAL, DATED
MARCH 99 19849 AS AMENDED.
WHEREAS, proposals for trustee, bond registrar and
i
paying agent services for the proposed sale of $6590009000
k
} Multi -Family Housing Revenue Bonds have been received and
tabulated; and
WHEREAS, the Finance Director reports that the Proposal
of the Chemical Bank is the lowest Proposal and recommends
that a contract be awarded
to said bank;
N NOW, THEREFORE, BE IT
RESOLVED BY THE COMMISSION
OF THE
? CITY OF MIAMI, FLORIDA:
Section 1. The Proposal from Chemical Bank, dated
March 9, 1984, as amended,
to provide trustee,
bond registrar
?i and paying agent services on
1
the proposed sale
of $65,000,000
'jjMulti-Family
Housing Revenue Bonds, is hereby
accepted.
jSection 2. The City
enter into an agreement on
Manager is hereby
behalf of the City
authorized to
of Miami with
—f the Chemical Bank for the life of said proposed Bonds in
accordance with the terms and conditions of said Proposal.
PASSED AND ADOPTED this loth day of October , 1984.
Maurice A. Ferre
v
64- r64i
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QC'i F�
PREPARED AND APPROVED BYs
DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
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A
CITY OF MIAMI. FLOORICA
INTEROFFICE
MEMORANDUM49
—r...�.
Howard Y. Gary
DATct July 11, 1984
nun
City Manager
suaACT: Agenda Item
-
FROM+
Carlos E. Garcia
�tsc�cNccst
Director of Finance
cNCLOsuRcsi
—
It is recommended that the attach-
ed resolution awarding a contract
to the Chemical Bank for trustee,
bond registrar, and paying agent
-
services on the proposed sale of
_
$65,000,000 Multi -Family Housing
Revenue Bonds be passed.
The City must obtain services of a qualified institution to
act as trustee, bond registrar and paying agent for the $65
Million Multi -Family Revenue bonds which are proposed to be
sold during the current year to finance the Affordable Hous-
ing Program. These services include receiving bond pro-
ceeds, disbursing construction funds, administering debt
service payments, registration of bonds, and serving as
paying agent.
Requests for proposals of services were mailed to all bank-
ing institutions in the City'of Miami certified by the State
of Florida as Public Depositories, and to Chemical Bank, the
New York paying agent for City bonds for the last several
t:
years.
Proposals received from the six responding banks are as
tT
shown in the attached tabulation. The lowest bidder, Chemi-
cal Bank, is recommended as•trustee, registrar and paying
agent for the $65,000,000 Multi -Family Housing Revenue
Bonds.
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=,4 Est Estimates for Life of Bond Harnett
Based on 1,000 Bond Holders
' 32v500
,acceptance Fee
f# Administration Fee 292.450
"3 Begistraton Fee
Fa1►ing Agent
Account Management
Other
Total : 24,950
BID TABULATION"
a
Chemical Fla. Natfl. Pan American Southeast
101400
i 190500
49000
t 17.500
19.088
18,000
2109250
1209000
165,000
tTB 888
629750
103,980
579000
105000
9Gv200
-
-
169250
79,500
-
30000
-
•
13 93AO
69700
109600
60700
.6..700
$18 0
:,3,.,.0 4 0
$ 221,600
294,200.
1...-.